Document:

Exhibit 10.8

 

Execution Version 

 

iSpecimen Inc.

 

SERIES B PREFERRED STOCK PURCHASE AGREEMENT

 

This Series B
Preferred Stock Purchase Agreement (this “Agreement”) is made as of August 22, 2014,
by and among iSpecimen Inc., a Delaware corporation (the “Company”), and the investors listed
on Exhibit A attached to this Agreement, as such Exhibit A may be supplemented from time to time
to add New Investors (each an “Investor” and collectively, the “Investors”).

 

The parties hereby
agree as follows.

 

1.            Purchase
and Sale of Series B Preferred Stock.

 

1.1            Sale
and Issuance of Series B Preferred Stock.

 

1.1.1          Filing
of Restated Certificate. The Company shall adopt and file with the Secretary of State of the State of Delaware on or before
the Initial Closing (as defined below) the Third Amended and Restated Certificate of Incorporation in substantially the form of
Exhibit B attached to this Agreement (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Restated Certificate”).

 

1.1.2          Sale
of Series B Preferred Stock. Subject to the terms and conditions of this Agreement, each Investor that is not a Note Investor
(as defined below) agrees to purchase at the Initial Closing (as defined below) and the Company agrees to sell and issue to each
such Investor at the Initial Closing that number of shares of Series B Preferred Stock, $0.0001 par value per share (the “Series B
Preferred Stock”), set forth opposite such Investor’s name on Exhibit A (the “Series B
Shares”), at a purchase price of $2.52019 per share (the “Series B Price”), subject to Section 1.3
of this Agreement. The aggregate amount of Series B Shares to be sold pursuant to this Agreement shall not exceed 3,174,365
shares.

 

1.2            Conversion
of Promissory Notes and Issuance of Series A-1 Preferred Stock.

 

1.2.1          Conversion
of Promissory Notes. By execution of this Agreement, certain Investors who are holders of Convertible Promissory Notes (each
a “Note Investor” and collectively, the “Note Investors”) in the aggregate
principal amount of $550,000.00 (the “Convertible Notes”), hereby agree that, subject to Section 1.3
of this Agreement, the principal amount of (and all accrued interest thereon) all such Convertible Notes previously issued by the
Company to the Note Investors are cancelled, extinguished, terminated, retired and contributed to the capital of the Company as
of the date of the Initial Closing through the acquisition by the Note Investors of that number of shares of Series A-1 Preferred
Stock, $0.0001 par value per share (the “Series A-1 Preferred Stock”), set forth opposite such Note
Investor’s name on Exhibit A (the “Series A-1 Shares”), which shall be
calculated at the conversion rate of one (1) share of Series A-1 Preferred Stock for each $1.00808 per share in principal
amount of (and all accrued interest thereon) all Convertible Notes so converted (at a $10.0 million capped pre-money valuation).
The aggregate amount of Series A-1 Shares to be sold pursuant to this Agreement by cancellation or conversion of indebtedness
owed to the Note Investors by the Company shall not exceed 556,550 shares.

 

    iSpecimen Inc.
Series B Preferred Stock Purchase Agreement

    Execution Version 

    

 

1.3            Closing;
Delivery.

 

1.3.1         Initial
Closing. The initial closing of the purchase and sale of the Series B Shares and Series A-1 Shares (collectively,
the “Shares”) shall take place remotely via the exchange of documents and signatures on August 22,
2014 or at such other time and place as the Company and the Investors representing a majority of the Series B Shares to be
sold mutually agree upon, orally or in writing (which time and place are designated as the “Initial Closing”).
A minimum commitment of $3,000,000 of new proceeds shall be required for the Initial Closing (excluding any amounts related to
the conversion of the Convertible Notes described above). At the Initial Closing, each of the Investors shall deliver to the Company
the purchase price for the Shares by (i) check payable to the Company or by wire transfer to a bank account designated by
the Company, or (ii) cancellation of indebtedness owed by the Company to Note Investors holding Convertible Notes, as applicable.
In the event there is more than one closing, the term “Closing” shall apply to each such closing unless
otherwise specified herein.

 

1.3.2         Tranche
Closings. Subject to the terms of this Agreement and provided that an Investor commits at the Initial Closing to the purchase
and sale of that total number of Series B Shares as set forth opposite such Investor’s name on Exhibit A,
each such Investor shall have the option to make the balance of payments for such Investor’s Series B Shares at three
(3) successive closings following the Initial Closing (each such closing a “Tranche Closing” and
collectively, the “Tranche Closings”). Such Tranche Closings shall be triggered by and in accordance
with the Company’s achievement of certain milestones (as described below and on Schedule A). The Company shall
provide each Investor at least sixty (60) days’ prior written notice of each Tranche Closing. The Tranche Closings shall
take place not more than fifteen (15) days after satisfaction of the conditions to each Tranche Closing set forth below. Notwithstanding
the foregoing, each Investor may invest more than such Investor’s pro rata commitment in any Tranche Closing to satisfy
such Investor’s full commitment made at the Initial Closing.

 

1.3.3         Achievement
of Milestones. The obligations of the Investors to participate at the Tranche Closings are subject to the fulfillment by the
Company of the milestones and objectives set forth in Schedule A attached hereto. Any change to the milestones in
Schedule A must be approved by the Board of Directors of the Company (the “Board”), which
approval shall include the vote of OBF Investments, LLC and Andrew Ross (the “Series B Lead Investors”).
When the Board has determined that the objectives and milestones outlined in Schedule A have been achieved, the Company
may initiate the respective Tranche Closings by sending to the Investors sixty (60) days prior written notice. Following the end
of the sixty-day notice period, the Investors shall transfer funds to the Company within ten (10) business days. At each Tranche
Closing, each of the representations and warranties of the Company contained in Section 2 shall be true and correct as of
such Tranche Closing with the same effect as though such representations and warranties had been made on and as of the date of
the Initial Closing, except for changes to the extent required and immaterial matters arising in the ordinary course of business.
At each Tranche Closing, the Company shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by it on or before such Tranche Closing and shall have obtained
all approvals, consents and qualifications necessary to complete the purchase and sale described herein. As promptly as practicable,
the Company shall notify the Investors of the anticipated attainment or default of any of the milestones set forth in Schedule
A. The Company shall have ninety (90) days to remedy any missed milestone (the “Cure Period”).

 

Following the Initial
Closing and the provision of the Tranche 1 investment, the Series B Lead Investors may introduce substitute investors reasonably
acceptable to the Board (a “Substitute Investor”) in order for such Substitute Investor to subscribe
for all or a portion of the original Series B Lead Investor’s commitment in subsequent tranches set forth on Schedule
A in “Milestone Based Investment Tranches.” Subject to the approval of the Board (which approval shall not
be unreasonably withheld, conditioned or delayed), the Series B Lead Investors may assign, transfer or bestow their right
to invest in Tranches 2-4 to Substitute Investors. At any Tranche Closing, all Investors (other than New Investors or Substitute
Investors) shall have a right of oversubscription on Series B Shares not subscribed for by the original Investor participating
at the Initial Closing or a Substitute Investor following the Initial Closing (a “Right of Oversubscription”);
provided, however, that the Series B Lead Investors shall have the obligation to purchase all Series B Shares
not subscribed for an any Tranche Closing following such initial exercise of the Right of Oversubscription by all Investors and
any Substitute Investor. The Right of Oversubscription shall be allocated pro rata among all Investors (including a Substitute
Investor) exercising the Right of Oversubscription, with the numerator being the shares of Preferred Stock held by each Investor
(including a Substitute Investor) exercising the Right of Oversubscription, and the denominator being all shares of Preferred Stock
held by all Investors (including all Substitute Investors) exercising the Right of Oversubscription. For the avoidance of doubt,
the Right of Oversubscription shall not apply to a transfer, sale, gift or other disposition to a Substitute Investor by a Series B
Lead Investor, or otherwise to a New Investor (as defined below) introduced to the Company by any Investor or any existing stockholder
of the Company and participating at a Tranche Closing. For the avoidance of doubt, New Investors and Substitute Investors shall
enjoy the same rights and privileges with respect to the purchase and ownership of Series B Shares, except as expressly set
forth herein.

 

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Series B Preferred Stock Purchase Agreement

    Execution Version 

    

 

1.3.4         Failure
to Invest at Tranche Closing. If any Investor fails to participate fully for its complete pro rata commitment in any Tranche
Closing (a “Defaulting Investor”), the existing shares of Series B Shares then held by such Defaulting
Investor shall be automatically converted into Common Stock, and such Defaulting Investor shall forfeit all of its rights related
to the Series B Shares, other than registration rights and the right to obtain basic financial information afforded to all
other holders of Common Stock. Failure by any Series B Lead Investor to provide the committed capital upon satisfactory achievement
of a milestone (with exceptions, such as allowing approved affiliates or other investors approved by the Board to assume some of
the investment commitment for any milestone) shall result in automatic disqualification from participation in subsequent tranches
and/or rounds of investment and the conversion into Common Stock of any Series B Shares held by that Investor. All non-defaulting
Investors shall have the right to oversubscribe for the Defaulting Investor’s portion of the defaulted investment amount
(on a pro rata basis among the non-defaulting Investors). Notwithstanding the foregoing and for the avoidance of doubt, a holder
of Series B Shares may satisfy its obligation to make additional investments in the Company at a Tranche Closing pursuant
to this Agreement by assigning, transferring or otherwise substituting other investor(s) approved in advance by the Board
to satisfy such Investor’s commitment to make additional investments in the Company pursuant to this Agreement and to subscribe
for all or a portion of such Investor’s commitment in any Tranche Closing. Upon any such substitution for the full amount
of the Investor’s required subscription for that Tranche Closing, the Investor shall have satisfied the investment commitment
and shall not be deemed a Defaulting Investor. If less than all of the Investor’s commitment in any Tranche Closing is not
fully funded (whether by that Investor or its Substitute Investor(s), as defined below), a number of Series B Shares previously
or to be concurrently issued to such Investor equivalent in value to that portion of the amount which was not funded by that Investor
at any Tranche Closing shall be converted into Common Stock, and the Defaulting Investor shall forfeit all rights to participate
in any subsequent Tranche Closing. By way of illustration and example, if a holder of Series B Shares was required to purchase
300,000 shares of Series B Shares at a Tranche Closing, and such holder only purchases 200,000 shares (whether directly by
such holder or in conjunction with such holder’s substituted investor(s)), then 100,000 shares of Series B Shares previously
issued to any such holder shall be converted into Common Stock.

 

1.3.5         Failure
to Achieve Milestone. If the Company fails to achieve within the Cure Period a required milestone for a Tranche Closing set
forth on Schedule A, the Series B Lead Investors shall have the right: (i) to withhold funding for that
Tranche Closing; (ii) at their election fund the Tranche Closing and receive twenty percent (20%) warrant coverage for the
Tranche Closing connected to the missed milestone (calculated as twenty percent (20%) of those Series B Shares to be purchased
by each Investor at the Tranche Closing) for one cent ($0.01) per share (with an exercise period of five (5) years), or (iii) a
right of first refusal to fund on terms equal to those offered by any third party investor after the Cure Period. The Board and
the Series B Lead Investors shall discuss in good faith appropriate mechanisms for an adjustment of the valuation related
to the Series B Shares. The Board’s determination shall take in consideration how many milestones have been achieved
to date, the number of days or months by which the milestone was missed, the Company’s remediation efforts to correct the
missed milestone, the time required to obtain the milestone and the next milestone, the increase in valuation also achieved by
previously-obtained milestones, and other relevant factors. The Board, including the members of the Board designated by the Series B
Lead Investors, shall determine in good faith with the recommendations of management, significant stockholders, and external experts
an appropriate mechanism for addressing the change in valuation due to a missed milestone (including the issuance of the warrant
coverage).

 

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Series B Preferred Stock Purchase Agreement

    Execution Version 

    

 

1.3.6         Delivery
of Stock Certificates. As soon as practicable following the Initial Closing, the Company shall deliver to each Investor a certificate
representing the Shares being purchased by such Investor against payment of the purchase price or cancellation of indebtedness
therefor. The Note Investors shall tender to the Company at the Initial Closing the original of all outstanding Convertible Notes
and such Convertible Notes shall be marked “Cancelled.” By signing this Agreement, the Note Investors hereby further
agree that (i) regardless of the actual date of the Initial Closing, interest shall have stopped accruing under any Convertible
Note, as applicable, of the day immediately prior to such Initial Closing (the “Interest Accrual Date”),
and hereby waive any interest on such indebtedness after such Interest Accrual Date, (ii) the number of Series A-1 Shares
issued to the Note Investors pursuant hereto upon conversion of such Convertible Notes fully satisfies the Company’s obligation
to issue to the Note Investors shares of the Company’s capital stock under such Convertible Notes, and (iii) all outstanding
principal and interest which has accrued through the Interest Accrual Date under such Convertible Notes shall be automatically
converted into Series A-1 Shares without further action on the part of the Company or the holder, and such Convertible Notes
shall be automatically canceled in their entirety and thereafter represent only the right of the holder thereof to receive the
Series A-1 Shares issuable upon such conversion as set forth on Exhibit A.

 

1.3.7         New
Investors. The Company may, with the consent of the Series B Lead Investors (which consent shall not be unreasonably withheld,
conditioned or delayed), offer and sell to other accredited investors (as accredited under the federal securities laws, the “New
Investors”), at the Series B Price, up to that number of Series B Shares that is equal to the total number
of Series B Shares authorized by the Restated Certificate (that is, an aggregate of 3,174,362 Series B Shares are reserved
for aggregate financing gross proceeds of approximately $8,000,000) less the number of Series B Shares actually issued and
sold by the Company at the Initial Closing or any Tranche closing. New Investors may include persons or entities who are already
Investors under this Agreement. The Company and the New Investors purchasing Series B Shares at each Tranche Closing will
execute counterpart signature pages to this Agreement and that certain Investor Rights Agreement in the form of Exhibit D
attached hereto (the “Investors’ Rights Agreement,” and together with this Agreement, the “Transaction
Agreements”). Such New Investors will, upon delivery to the Company of such signature pages, become parties to, and
bound by, the Transaction Agreements, each to the same extent as if they had been Investors at the Initial Closing. Each Investor
hereby agrees to waive any rights of first refusal it may have in connection with the sale of any Series B Shares in such
Tranche Closing to New Investors. For the avoidance of doubt, the Right of Oversubscription set forth above in Section 1.3.3
shall not apply to the purchase of Series B Shares by a New Investor.

 

1.3.8         Use
of Proceeds. The proceeds from the issuance of the Series B Shares will be used for working capital, sales and marketing,
the achievement of the milestones set forth in Schedule A, and general corporate purposes.

 

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Series B Preferred Stock Purchase Agreement

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2.            Representations
and Warranties of the Company. The Company hereby represents and warrants to each Investor that, except as set forth on the
Disclosure Schedule attached as Exhibit C to this Agreement (the “Disclosure Schedule”),
if any, which exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations
are true and complete as of the date of the Closing, except as otherwise indicated.

 

2.1            Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has all corporate power and corporate authority required (a) to carry
on its business as presently conducted and as presently proposed to be conducted and (b) to execute, deliver and perform its
obligations under the Transaction Agreements. The Company is duly qualified and has the power and authority to transact business
as a foreign corporation and is in good standing under the laws of each jurisdiction in which the failure to so qualify would have
a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, prospects, property,
or results of operations of the Company (a “Material Adverse Effect”).

 

2.2            Capitalization.
The authorized capital of the Company consists, immediately prior to the Closing (unless otherwise noted), of the following.

 

2.2.1          A
total of 16,000,000 shares of common stock of the Company, $0.0001 par value per share (the “Common Stock”),
5,402,783 shares of which are issued and outstanding immediately prior to the Closing, 97,440 shares of which are issuable on conversion
of those certain Warrants to Purchase Common Stock, 3,427,871 shares of which are issuable on conversion of the Company’s
Series A Preferred Stock (the “Series A Preferred Stock”), 556,550 shares of which are issuable
on conversion of the Series A-1 Shares, 3,200,000 shares of which are issuable on conversion of the Series B Shares,
and up to 991,785 additional shares of which are issuable pursuant to the Company’s 2013 Stock Incentive Plan (as described
in Section 2.2.3 of this Agreement). All of the outstanding shares of Common Stock and Series A Preferred Stock are duly
authorized, validly issued, fully paid and non-assessable and were issued in material compliance with all applicable federal and
state securities laws.

 

2.2.2          A
total of 8,000,000 shares of preferred stock of the Company, $0.0001 par value per share (the “Preferred Stock”),
of which (i) 3,427,871 shares are designated as Series A Preferred Stock, all of which are issued and outstanding immediately
prior to the Closing, (ii) 556,550 shares are designated as Series A-1 Preferred Stock, none of which are issued and
outstanding immediately prior to the Closing, and (iii) 3,200,000 shares are designated as Series B Preferred Stock,
none of which are issued and outstanding immediately prior to the Closing.

 

2.2.3          A
total of up to 991,785 additional shares of Common Stock are subject to issuance to officers, directors, employees and consultants
of the Company pursuant to the Company’s 2013 Stock Incentive Plan (the “Stock Plan”). All such
shares of Common Stock reserved under the Stock Plan remain available for issuance to officers, directors, employees, advisors
and consultants pursuant to the Stock Plan.

 

2.2.4          There
are no outstanding preemptive rights, options, warrants, conversion privileges or rights (including but not limited to rights of
first refusal or similar rights), orally or in writing, to purchase or acquire any securities from the Company including, without
limitation, any shares of Common Stock, or Preferred Stock, or any securities convertible into or exchangeable or exercisable for
shares of Common Stock or Preferred Stock, except for (a) the conversion privileges of the Series B Shares and Series A-1
Shares to be issued under this Agreement pursuant to the terms of the Restated Certificate, (b) the conversion privileges
of the shares of Series A Preferred Stock pursuant to the terms of the Restated Certificate, (c) the Warrants described
in Section 2.2.2 of this Agreement, (d) the rights provided in the Investors’ Rights Agreement, and (e) the
securities and rights described in Section 2.2.3 of this Agreement.

 

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Series B Preferred Stock Purchase Agreement

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2.2.5          Except
at set forth on the Disclosure Schedule, none of the Company’s stock purchase agreements or stock option documents contains
provision(s) for acceleration of vesting (or lapse of a repurchase right) or other changes in the vesting provisions or other
terms of such agreement or understanding upon the occurrence of any event or combination of events, and no such acceleration or
changes in vesting provisions or terms would be triggered by the sale(s) contemplated hereunder and/or the Transaction Agreements.
The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether through amendment,
cancellation, replacement grant, repricing, or any other means. Except as set forth in the Restated Certificate, the Company has
no obligation (contingent or otherwise) to purchase or redeem any of its capital stock.

 

2.2.6          The
Company has not issued or sold any of its securities at less than fair market value to any employee, consultant or other provider
of services to the Company. The Company has not accelerated vesting of any of the Company’s securities in such a way as to
cause the holder of such security to recognize ordinary income subject to an excise tax pursuant to Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”).

 

2.3            Subsidiaries.
The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust,
joint venture, limited liability company, association, or other business entity. The Company is not a participant in any joint
venture, partnership or similar arrangement.

 

2.4            Authorization.
All corporate action has been taken, or will be taken prior to the Closing, on the part of the Board and stockholders that is necessary
for the authorization, execution and delivery of the Transaction Agreements by the Company and the performance by the Company of
the obligations to be performed by the Company as of the date hereof under the Transaction Agreements. The Transaction Agreements,
when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their respective terms except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally, or (b) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.

 

2.5            Valid
Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set
forth in this Agreement, will be duly authorized, validly issued, fully paid and non-assessable and free of restrictions on transfer
other than restrictions on transfer under the Transaction Agreements, applicable state and federal securities laws and liens or
encumbrances created by or imposed by an Investor. Based in part on the accuracy of the representations of the Investors in Section 3
of this Agreement and subject to filings pursuant to Regulation D of the Securities Act of 1933, as amended (the “Securities
Act”), and applicable state securities laws, the offer, sale and issuance of the Shares to be issued pursuant to
and in conformity with the terms of this Agreement and the issuance of the Common Stock, if any, to be issued upon conversion thereof
for no additional consideration and pursuant to the Restated Certificate, will be issued in compliance with all applicable federal
and state securities laws. The Common Stock issuable upon conversion of the Shares has been duly reserved for issuance, and upon
issuance in accordance with the terms of the Restated Certificate, will be duly authorized, validly issued, fully paid and non-assessable
and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, applicable federal and
state securities laws and liens or encumbrances created by or imposed by an Investor. Based in part upon the representations of
the Investors in Section 3 of this Agreement, and subject to filings pursuant to Regulation D of the Securities Act and applicable
state securities laws, the Common Stock issuable upon conversion of the Shares will be issued in compliance with all applicable
federal and state securities laws.

 

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Series B Preferred Stock Purchase Agreement

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2.6            Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the
consummation of the transactions contemplated by this Agreement, except for (a) the filing of the Restated Certificate, which
will have been filed as of the Closing, and (b) filings pursuant to Regulation D of the Securities Act, and applicable state
securities laws, which have been made or will be made in a timely manner.

 

2.7            Litigation.
There is no pending action, suit, proceeding, arbitration, mediation, complaint, claim, charge or investigation before any court,
arbitrator, mediator or governmental body, or to the Company’s knowledge, currently threatened in writing (a) against
the Company or (b) against any consultant, officer, director or key employee of the Company arising out of his or her consulting,
employment or board relationship with the Company or that could otherwise materially and adversely impact the Company.

 

2.8            Intellectual
Property. The Company owns or possesses sufficient legal rights to all Intellectual Property (as defined below) that is necessary
to the conduct of the Company’s business as now conducted and as presently proposed to be conducted (the “Company
Intellectual Property”) without any violation or infringement (or in the case of third-party patents, patent applications,
trademarks, trademark applications, service marks, or service mark applications, without any violation or infringement known to
the Company) of the rights of others. No product or service marketed or sold (or proposed to be marketed or sold) by the Company
violates or will violate any license or infringes or will infringe any rights to any patents, patent applications, trademarks,
trademark applications, service marks, trade names, copyrights, trade secrets, licenses, domain names, mask works, information
and proprietary rights and processes (collectively, “Intellectual Property”) of any other party, except
that with respect to third-party patents, patent applications, trademarks, trademark applications, service marks, or service mark
applications the foregoing representation is made to the Company’s knowledge only. Other than with respect to commercially
available software products under standard end-user object code license agreements, there is no outstanding option, license, agreement,
claim, encumbrance or shared ownership interest of any kind relating to the Company Intellectual Property, nor is the Company bound
by or a party to any options, licenses or agreements of any kind with respect to the Intellectual Property of any other person.
The Company has not received any written communications alleging that the Company has violated or, by conducting its business,
would violate any of the Intellectual Property of any other person. The Company has obtained and possesses valid licenses to use
all of the software programs present on the computers and other software-enabled electronic devices that it owns or leases or that
it has otherwise provided to its employees for their use in connection with the Company’s business. Section 2.8
of the Disclosure Schedule lists all Intellectual Property as are necessary to the conduct of its business as is now conducted.
None of the Company Intellectual Property includes or incorporates into its source code any open source software that is licensed
under the General Public License or another open source code license having a similar “contaminating” effect on the
Company Intellectual Property or that would otherwise require the Company or any of its subsidiaries to release any portion of
its source code, or to permit free redistribution, reverse engineering or modification of any of the Company Intellectual Property.

 

2.9            Employee
and Consultant Matters. Each current and former employee, consultant and officer of the Company has executed an agreement with
the Company regarding confidentiality and proprietary information substantially in the form or forms delivered to the counsel for
the Investors. No current or former employee or consultant has excluded works or inventions from his or her assignment of inventions
pursuant to such agreement. To the Company’s knowledge, no such employees or consultants is in violation thereof. To the
Company’s knowledge, none of its employees is obligated under any judgment, decree, contract, covenant or agreement that
would materially interfere with such employee’s ability to promote the interests of the Company or that would interfere with
such employee’s ability to promote the interests of the Company or that would conflict with the Company’s business.
To the best of the Company’s knowledge, all individuals who have purchased unvested shares of the Company’s Common
Stock have timely filed elections under Section 83(b) of the Internal Revenue Code. To the Company’s knowledge,
it will not be necessary to use any inventions of any of its employees or consultants (or persons it currently intends to hire)
made prior to their employment by the Company. Each employee and consultant has assigned to the Company all Intellectual Property
rights he or she owns that are related to the Company’s business as now conducted and as presently proposed to be conducted.

 

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2.10            Compliance
with Other Instruments. The Company is not in violation or default (a) of any provisions of the Restated Certificate or
Bylaws, (b) of any judgment, order, writ or decree of any court or governmental entity, (c) under any agreement, instrument,
contract, lease, note, indenture, mortgage or purchase order to which it is a party that is required to be listed on the Disclosure
Schedule, or, (d) to its knowledge, of any provision of federal or state statute, rule or regulation materially applicable
to the Company. The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions
contemplated by the Transaction Agreements will not result in any such violation or default, or constitute, with or without the
passage of time and giving of notice, either (i) a default under any such judgment, order, writ, decree, agreement, instrument,
contract, lease, note, indenture, mortgage or purchase order or (ii) an event which results in the creation of any lien, charge
or encumbrance upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or
license applicable to the Company.

 

2.11          Title
to Property and Assets. The Company owns its properties and assets free and clear of all mortgages, deeds of trust, liens,
encumbrances and security interests except for statutory liens for the payment of current taxes that are not yet delinquent and
liens, encumbrances and security interests which arise in the ordinary course of business and which do not affect material properties
and assets of the Company. With respect to the property and assets it leases, the Company is in material compliance with each such
lease.

 

2.12          Agreements.
Except for the Transaction Agreements and as set forth on the Disclosure Schedule, there are no agreements, understandings, instruments,
contracts or proposed transactions to which the Company is a party that involve (a) obligations (contingent or otherwise)
of, or payments to, the Company in excess of $15,000, (b) the license of any Intellectual Property to or from the Company
other than licenses with respect to commercially available software products under standard end-user object code license agreements
or standard customer terms of service and privacy policies for Internet sites, (c) the grant of rights to manufacture, produce,
assemble, license, market, or sell its products to any other person, or that limit the Company’s exclusive right to develop,
manufacture, assemble, distribute, market or sell its products, or (d) indemnification by the Company with respect to infringements
of proprietary rights other than standard customer or channel agreements (each, a “Material Agreement”).
The Company is not in material breach of any Material Agreement. Each Material Agreement is in full force and effect and is enforceable
by the Company in accordance with its respective terms, except as may be limited by (i) applicable bankruptcy, insolvency,
reorganization or other laws of general application relating to or affecting the enforcement of creditors’ rights generally,
or (ii) the effect of rules of law governing the availability of equitable remedies.

 

2.13          Liabilities.
Except as set forth in the Disclosure Schedule, the Company has no liabilities or obligations, contingent or otherwise, in excess
of $15,000 individually or $30,000 in the aggregate. The Company has not (i) declared or paid any dividends, or authorized
or made any distribution upon or with respect to any class or series of its capital stock, (ii) made any loans or advances
to any person, other than ordinary advances for travel expenses, or (iii) sold, exchanged or otherwise disposed of any of
its assets or rights, other than the sale of its inventory in the ordinary course of business.

 

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2.14          Certain
Transactions. Except as set forth on Section 2.14 of the Disclosure Schedule, other than (i) employment compensation,
including payment of salary, (ii) standard employee benefits generally made available to all employees, (iii) standard
director and officer indemnification agreements approved by the Board, and (iv) the purchase of shares of the Company’s
capital stock and the issuance of options to purchase shares of the Company’s Common Stock, in each instance, approved in
the written minutes of the Board, there are no agreements, understandings or proposed transactions between the Company and any
of its officers, directors, consultants or key employees, or any affiliate thereof.

 

2.15          Rights
of Registration and Voting Rights. The Company is not under any obligation to register under the Securities Act any of its
currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding securities,
except for the registration rights contained in the Investors’ Rights Agreement. To the Company’s knowledge, except
as contemplated in the Investors’ Rights Agreement, no stockholder of the Company has entered into any agreements with respect
to the voting of capital shares of the Company.

 

2.16          Absence
of Liens. The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens, loans and
encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens
that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property
or assets. With respect to the property and assets it leases, the Company is in compliance with such leases and, to its knowledge,
holds a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors of such property or
assets.

 

2.17          Financial
Statements. The Company has delivered to each Investor (1) its unaudited financial statements as of December 31,
2013, and the related unaudited statement of income for the twelve (12) months then ended, and (2) its unaudited financial
statements as of June 30, 2014, and the related unaudited statement of income for the six (6) months then ended (collectively,
the “Financial Statements”). The Financial Statements have been prepared in accordance with generally
accepted accounting principles (“GAAP”) applied on a consistent basis through the relevant period, except
that the Financial Statements do not contain the footnotes required by GAAP. The Financial Statements fairly present in all material
respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated therein,
subject to normal year-end audit adjustments. Except as set forth in the Financial Statements, the Company has no material liabilities
or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent
to the date of the most recent balance sheet included in the Financial Statements, (ii) obligations under contracts and commitments
incurred in the ordinary course of business and (iii) liabilities and obligations of a type or nature not required under GAAP
to be reflected in the Financial Statements, which, in all such cases, individually and in the aggregate would not have a Material
Adverse Effect.

 

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2.18          Changes.
Since January 1, 2014, there has not been: (i) any change in the assets, liabilities, financial condition or operating
results of the Company from that reflected in the Financial Statements, except changes in the ordinary course of business that
have not caused, in the aggregate, a Material Adverse Effect; (ii) any satisfaction or discharge of any lien, claim, or encumbrance
or payment of any obligation by the Company, except in the ordinary course of business and the satisfaction or discharge of which
is not material to the Company; (iii) any change or amendment to a material contract or agreement by which the Company or
any of its assets is bound or subject; (iv) any change in any compensation arrangement or agreement with any employee, officer,
director or stockholder; (v) any resignation or termination of employment of any officer or founder of the Company; (vi) any
mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially
impair the Company’s ownership or use of such property or assets; (vii) any loans or guarantees made by the Company
to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances
and other advances made in the ordinary course of its business; (viii) any declaration, setting aside or payment or other
distribution in respect of any of the Company’s capital stock, or any direct or indirect redemption, purchase, or other
acquisition of any such stock by the Company; (ix) any sale, assignment or transfer of any Company Intellectual Property
that could reasonably be expected to result in a Material Adverse Effect; (x) receipt of notice that there has been a loss
of, or material order cancellation by, any major customer of the Company; (xi) to the Company’s knowledge, any other
event or condition of any character, other than events affecting the economy or the Company’s industry generally, that could
reasonably be expected to result in a Material Adverse Effect; or (xii) any arrangement or commitment by the Company to do
any of the things described in this Section 2.18.

 

2.19          Employee
Matters.

 

2.19.1       As
of the date hereof, the Company employs nine (9) full-time employee, two (2) part-time employees, and six (6) consultants
or independent contractors. To the Company’s knowledge, none of its employees is obligated under any contract (including
licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court
or administrative agency, that would materially interfere with such employee’s ability to promote the interest of the Company
or that would conflict with the Company’s business. Neither the execution or delivery of the Transaction Agreements, nor
the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s business
as now conducted and as presently proposed to be conducted, will, to the Company’s knowledge, conflict with or result in
a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under
which any such employee is now obligated.

 

2.19.2      The
Company is not delinquent in payments to any of its employees, consultants, or independent contractors for any wages, salaries,
commissions, bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be
reimbursed to such employees, consultants, or independent contractors. The Company has complied in all material respects with all
applicable state and federal equal employment opportunity laws and with other laws related to employment, including those related
to wages, hours, worker classification, and collective bargaining. The Company has withheld and paid to the appropriate governmental
entity or is holding for payment not yet due to such governmental entity all amounts required to be withheld from employees of
the Company and is not liable for any arrears of wages, taxes, penalties, or other sums for failure to comply with any of the foregoing.

 

2.19.3      The
employment of each employee of the Company is terminable at the will of the Company. Except as set forth in Section 2.19 of
the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other
payments will become due. Except as set forth in Section 2.19 of the Disclosure Schedule, the Company has no policy, practice,
plan, or program of paying severance pay or any form of severance compensation in connection with the termination of employment
services.

 

2.19.4      The
Company has not made any representations regarding equity incentives to any officer, employees, director or consultant that are
inconsistent with the share amounts and terms set forth in the minutes of meetings of the Company’s Board.

 

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2.19.5      Section 2.19
of the Disclosure Schedule sets forth each employee benefit plan maintained, established or sponsored by the Company, or which
the Company participates in or contributes to, which is subject to the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). The Company has made all required contributions and has no liability to any such employee
benefit plan, other than liability for health plan continuation coverage described in Part 6 of Title I(B) of ERISA,
and has complied in all material respects with all applicable laws for any such employee benefit plan.

 

2.19.6      Each
current and former employee, officer and consultant of the Company has executed and delivered a proprietary information and inventions
agreement or similar proprietary agreement pursuant to which such employee, officer and consultant has assigned all intellectual
property rights to the Company. Each such agreement remains in full force and effect and to the Company’s knowledge, no employee,
officer or consultant is in violation of such agreement.

 

2.20          Tax
Returns and Payments. There are no material federal, state, county, local or foreign taxes due and payable by the Company which
have not been timely paid. There are no material accrued and unpaid federal, state, country, local or foreign taxes of the Company
which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by
any applicable federal, state, local or foreign governmental agency. The Company has duly and timely filed all federal, state,
county, local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes
of limitations with respect to taxes for any year.

 

2.21          Permits.
The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack
of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default under any of such franchises,
permits, licenses or other similar authority, which default could reasonably be expected to have a Material Adverse Effect.

 

2.22          Corporate
Documents. The Restated Certificate and Bylaws of the Company are in the form made available to the Investors. The copy of
the minute books of the Company made available to the Investors contains minutes of all meetings of directors and stockholders
and all actions by written consent without a meeting by the directors and stockholders since the date of incorporation and accurately
reflects in all material respects all actions by the directors (and any committee of directors) and stockholders with respect to
all transactions referred to in such minutes.

 

2.23          Insurance.
The Company maintains insurance with respect to its properties and business of the kinds and in the amounts not less than are customarily
obtained by corporations of established reputation engaged in the same or similar business and similarly situated, including, without
limitation, insurance against loss, damage, fire, theft and public liability

 

2.24          Property
and Assets. The Company has good and marketable title to all of its material properties and assets, and good title to its leasehold
estates, in each case subject to no mortgage, pledge, lien, security interest, lease, charge or encumbrance, other than liens resulting
from taxes which have not yet become delinquent and liens and encumbrances which do not in any case materially detract from the
value of the property subject thereto or materially impair the operations of the Company, and which have not arisen otherwise than
in the ordinary course of business.

 

2.25          Broker
and Finders. The Company has not retained any investment banker, broker, or finder in connection with the transaction contemplated
by this Agreement.

 

2.26          Disclosure
of Material Information. Neither this Agreement, the Restated Certificate, the Investors’ Rights Agreement, nor any document
or certificate furnished to the Investors by or on behalf of the Company contains any untrue statement of a material fact, and
none of this Agreement or such other documents and certificates omits to state a material fact necessary in order to make the statements
contained herein or therein not misleading.

 

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3.            Representations
and Warranties of the Investors. Each Investor hereby represents and warrants to the Company, severally and not jointly, as
follows in connection with the investment in the Shares.

 

3.1            Authorization.
The Investor has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which such Investor
is a party, when executed and delivered by the Investor, will constitute valid and legally binding obligations of the Investor,
enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, and any other laws of general application relating to or affecting the enforcement of creditors’ rights
generally, or (b) the effect of rules of law governing the availability of equitable remedies.

 

3.2            Purchase
Entirely for Own Account. This Agreement is made with the Investor in reliance upon the Investor’s representation to
the Company, which by the Investor’s execution of this Agreement, the Investor hereby confirms, that the Shares to be acquired
by the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a
view to the resale or distribution of any part thereof, and that the Investor has no present intention of selling, granting any
participation in, or otherwise distributing the same. By executing this Agreement, the Investor further represents that the Investor
does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations
to such person or to any third person, with respect to any of the Shares. The Investor has not been formed for the specific purpose
of acquiring the Shares.

 

3.3            Disclosure
of Information. The Investor has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering of the Shares with the Company’s management. Nothing in this Section 3,
including the foregoing sentence, limits or modifies the representations and warranties of the Company in Section 2 of this
Agreement or the right of the Investors to rely thereon.

 

3.4            Restricted
Securities. The Investor understands that the Shares have not been, and will not be, registered under the Securities Act, by
reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Investor’s representations as expressed herein. The Investor
understands that the Shares are “restricted securities” under applicable United States federal and state securities
laws and that, pursuant to these laws, the Investor must hold the Shares indefinitely unless they are registered with the Securities
and Exchange Commission and qualified by state authorities or an exemption from such registration and qualification requirements
is available. The Investor acknowledges that the Company has no obligation to register or qualify the Shares, or the Common Stock
into which it may be converted, for resale except as set forth in the Investors’ Rights Agreement. The Investor further acknowledges
that if an exemption from registration or qualification is available, it may be conditioned on various requirements including,
but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company
which are outside of the Investor’s control, and which the Company is under no obligation and may not be able to satisfy.

 

3.5            No
Public Market. The Investor understands that no public market now exists for the Shares, and that the Company has made no assurances
that a public market will ever exist for the Shares.

 

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3.6            Legends.
The Investor understands that the Shares and any securities issued in respect of or exchange for the Shares, may bear any one or
more of the following legends: (a) any legend set forth in, or required by, the other Transaction Agreements; (b) any
legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the certificate
so legended; and (c) the following legend:

 

“THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.”

 

3.7            Accredited
and Sophisticated Investor. The Investor is an accredited investor as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act. The Investor is an investor in securities of companies in the development stage and acknowledges that
Investor is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. If other than an individual, Investor
also represents it has not been organized for the purpose of acquiring the Shares.

 

3.8            No
General Solicitation. Neither the Investor nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including through a broker or finder (a) engaged in any general solicitation with respect
to the offer and sale of the Shares, or (b) published any advertisement in connection with the offer and sale of the Shares.

 

3.9            Exculpation
Among Investors. The Investor acknowledges that it is not relying upon any person, other than the Company and its officers
and directors, in making its investment or decision to invest in the Company. The Investor agrees that neither any Investor nor
the respective controlling persons, officers, directors, partners, agents, or employees of any Investor shall be liable to any
other Investor for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Shares.

 

3.10          Residence.
If the Investor is an individual, then the Investor resides in the state identified in the address of the Investor set forth on
Exhibit A; if the Investor is a partnership, corporation, limited liability company or other entity, then the
office or offices of the Investor in which its principal place of business is identified in the address or addresses of the Investor
set forth on Exhibit A.

 

3.11          Broker
and Finders. The Investor has not retained any investment banker, broker, or finder in connection with the transaction contemplated
by this Agreement.

 

4.            Conditions
to the Investors’ Obligations at Closing.

 

The obligations of
each Investor to acquire the Shares at the Initial Closing are subject to the fulfillment, on or before the Closing, of each of
the following conditions, unless otherwise waived:

 

4.1            Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct in
all respects as of the Closing.

 

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4.2            Performance.
The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by the Company on or before the Closing and shall have obtained all approvals,
consents and qualifications necessary to complete the purchase and sale described herein.

 

4.3            Compliance
Certificate. The President of the Company shall deliver to the Investors at the Closing a certificate certifying that the conditions
specified in Sections 4.1 and 4.2 have been fulfilled.

 

4.4            Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the Series B Shares pursuant to this Agreement
shall be obtained and effective as of the Closing.

 

4.5            Board
of Directors. As of the Closing, the authorized size of the Board shall be set at five (5) members and the Board shall
be comprised of (i) Christopher J. Ianelli, the Chief Executive Officer, (ii) Andrew L. Ross, designated to represent
the holders of the Series A Preferred Stock, (iii) George Scholl, designated by OBF Investments, LLC to represent the
holders of the Series B Preferred Stock, (iv) a director to be designated by the Chief Executive Officer to represent
the holders of the Common Stock, initially Jill Mullan, and (v) one independent director to be agreed upon by the other directors.

 

4.6            Investors’
Rights Agreement. The Company, each Investor (other than the Investor relying upon this condition to excuse such Investor’s
performance hereunder) and the other stockholders of the Company named as parties thereto shall have executed and delivered the
Investors’ Rights Agreement.

 

4.7            Delaware
Filing. The Company shall have filed the Restated Certificate with the Secretary of State of Delaware on or prior to the Initial
Closing, which shall continue to be in full force and effect as of the Closing.

 

4.8            Secretary’s
Certificate. The Secretary of the Company shall have delivered to the Investors at the Closing a certificate certifying (i) the
Bylaws of the Company, (ii) resolutions of the Board approving the Transaction Agreements and the transactions contemplated
under the Transaction Agreements, (iii) resolutions of the stockholders of the Company approving the Restated Certificate;
and (iv) that the Company is in good standing in Delaware and each other jurisdiction in which the failure to so qualify would
have a Material Adverse Effect, and attach a copy of each such good standing certificate issued by the Delaware Secretary of State
and each other secretary of state, as applicable.

 

4.9            Indemnification
Agreement. The Company shall have executed and delivered an Indemnification Agreement with each member of the Board
as of the Closing in substantially the form attached hereto as Exhibit E.

 

4.10            Minimum
Investment. At the Initial Closing, the Investors shall invest a minimum of not less than $3,000,000 in new proceeds in the
aggregate (excluding the conversion of the Convertible Notes).

 

4.11            Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all
documents incident thereto shall be reasonably satisfactory in form and substance to each Investor, and each Investor (or its counsel)
shall have received all such counterpart original and certified or other copies of such documents as reasonably requested. Such
documents may include good standing certificates.

 

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    Execution Version 

    

 

5.            Conditions
of the Company’s Obligations at Closing.

 

The obligations of
the Company to sell Series B Shares to the Investors at the Closing are subject to the fulfillment, on or before the Closing,
of each of the following conditions, unless otherwise waived:

 

5.1            Representations
and Warranties. The representations and warranties of each Investor contained in Section 3 shall be true and correct in
all material respects as of the Closing.

 

5.2            Performance.
The Investors shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by them on or before the Closing.

 

5.3            Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the Series B Shares pursuant to this Agreement
shall be obtained and effective as of the Closing.

 

5.4            Investors’
Rights Agreement. Each Investor shall have executed and delivered the Investors’ Rights Agreement.

 

6.            General
Provisions.

 

6.1            Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason
of this Agreement, except as expressly provided in this Agreement.

 

6.2            Governing
Law. This Agreement shall be governed by, and construed in accordance with, (i) the General Corporation Law of the State
of Delaware as to matters within the scope thereof, and (ii) as to matters of contract law, the law of the Commonwealth of
Massachusetts, regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

 

6.3            Counterparts;
Facsimile. This Agreement may be executed and delivered by facsimile signature and in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

6.4            Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

6.5            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent
by facsimile or electronic transmission (including PDF) during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by first class
mail, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective
parties at their address as set forth on the signature page or Exhibit A, or to such address or facsimile
number as subsequently modified by written notice given in accordance with this Section 6.5. If notice is given to the Company,
it shall be sent to iSpecimen Inc., 450 Bedford Street, Lexington, MA 02420, Attention: Christopher Ianelli, MD, PhD, Chief Executive
Officer, with a copy (which shall not constitute notice) sent to Cooley LLP, 500 Boylston Street, Boston MA 02116-3736, Attention:
John Hession. If notice is given to the Investors, a copy (which shall not constitute notice) shall be sent to Foley &
Lardner LLP, 111 North Orange Avenue, Suite 1800, Orlando, FL 32801-2386, Attention: Michael A. Okaty.

 

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

 

6.7            Attorneys’
Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the
Transaction Agreements, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements
in addition to any other relief to which such party may be entitled.

 

6.8            Fees
and Expenses. Each party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery
and performance of the Agreement; provided, however, that the Company shall, at the Closing, reimburse the fees of and expenses
of Foley & Lardner LLP, as counsel for the Investors, for a fee estimate of $25,000 plus expenses.

 

6.9            Amendments
and Waivers. Except as specified in Section 1.2.1, any term of this Agreement may be amended, terminated or waived only
with the written consent of the Company and the holders of a majority of the then-outstanding Series B Shares (or Common Stock
issued on conversion thereof). Any amendment or waiver effected in accordance with this Section 6.9 shall be binding upon
the Investors and each transferee of the Series B Shares (or the Common Stock issuable upon conversion thereof), each future
holder of all such securities, and the Company.

 

6.10            Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

6.11            Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character
on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

6.12            Entire
Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate and the other Transaction Agreements constitute
the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written
or oral agreement relating to the subject matter hereof existing between the parties are expressly cancelled.

 

    16 
iSpecimen Inc.
Series B Preferred Stock Purchase Agreement

    

    

 

iSpecimen Inc.

 

SERIES B PREFERRED STOCK PURCHASE AGREEMENT

 

In
Witness Whereof, the parties have executed this Series B Preferred Stock
Purchase Agreement as of the date first written above.

 

	 	iSpecimen Inc.
	 	 
	 	By:	/s/ Christopher Ianelli, M.D., Ph.D.
	 	Name: 	Christopher Ianelli, M.D., Ph.D.
	 	Title: 	President, Chief Executive Officer

 

	INVESTORS:	 
	 	 
	OBF Investments, LLC	 

 

	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 

 

	/s/
    Andrew L. Ross	 
	Andrew L. Ross	 
	 	 
	/s/ Jill
    Preotle	 
	Jill Preotle	 
	 	 
	/s/ Peter
    Aldrich	 
	Peter Aldrich	 
	 	 
	/s/ Brad
    Callow	 
	Brad Callow	 
	 	 
	/s/ David
    Ianelli	 
	David Ianelli	 
	 	 
	/s/ Jonathan
    Ianelli	 
	Jonathan Ianelli	 

 

    iSpecimen Inc.
Signature Page to Series B Preferred Stock Purchase Agreement

    

    

 

EXHIBIT A

 

Schedule
of Investors

 

	Name and Address of Investor	 	TOTAL

Cash Purchase Price 

Committed
	 	 	TOTAL 
 Series B 

Shares Purchased	 	 	Cash
Purchase

Price at 1st

 Closing
	 	 	Series B Shares

                                                                                                                         Purchased
at 1st

 Closing
	 	 	Cancellation of

 Indebtedness*	 	 	Series A-1

 Shares

 Converted at 

1st Closing	 
	OBF Investments, LLC
 c/o John Murphy
 8669 Commodity Circle
 Orlando,
FL 32819
	 	$	5,999,997.79	 	 	 	2,380,772	 	 	$	2,250,000.44	 	 	 	892,790	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Andrew Ross
 75 Myles Standish Road
 Weston,
MA 02493
	 	$	1,817,838.25	 	 	 	721,310	 	 	$	681,691.24	 	 	 	270,492	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jill Preotle
 27 Commonwealth Avenue
 Boston,
MA 02116
	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	256,780.82	 	 	 	254,722	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Peter C. Aldrich Revocable Trust
 c/o Peter C. Aldrich
 151 Coolidge Hill
 Cambridge,
MA 02138
	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	203,534.25	 	 	 	201,901	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Brad Callow
 179 Florence Road
 Waltham,
MA 02453
	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	50,363.01	 	 	 	49,959	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	David Ianelli
 33 Glen Road
 Hopkinton, MA 01748
	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	25,181.51	 	 	 	24,979	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Marisa Ianelli
 104 Cross Street
 Belmont, MA 02478
  
	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	25,181.51	 	 	 	24,979	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kevin Richard
 6 Holmes Road
 Lexington,
MA 02420
	 	$	75,605.70	 	 	 	30,000	 	 	$	75,605.70	 	 	 	30,000	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	David Wages
 31 Pinecone Lane
 Southborough,
MA 01772
	 	$	5,040.38	 	 	 	2,000	 	 	$	5,040.38	 	 	 	2,000	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gregory Netland
 8 Fieldstone Way
 Boxford,
MA 01921
	 	$	504.04	 	 	 	200	 	 	$	504.04	 	 	 	200	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	J. Michael Grenon
 12 Woodstone Road
 Northborough,
MA 01532
	 	$	50,000.57	 	 	 	19,840	 	 	$	50,000.57	 	 	 	19,840	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MRNGL Trust
 c/o David Grenon
 15 Tournament Way
 Sutton,
MA 01590
	 	$	50,000.57	 	 	 	19,840	 	 	$	50,000.57	 	 	 	19,840	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Seagull Investments, LLC
 100 Grove Street, Suite 200
 Wocester,
MA 01605
	 	$	1,008.08	 	 	 	400	 	 	$	1,008.08	 	 	 	400	 	 	 	N/A	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTALS:	 	$	7,999,995.38	 	 	 	3,174,362	 	 	$	3,113,851.02	 	 	 	1,235,562	 	 	$	561,041.10	 	 	 	556,540	 

 

*Includes interest accrued as of and through August 22,
2014 of $11,041.10.

 

    iSpecimen Inc.
Series B Preferred Stock Purchase Agreement

    

    

 

EXHIBIT B

 

Amended and Restated Certificate of Incorporation

 

(See tab 3)

 

 

EXHIBIT C

 

Disclosure Schedule

 

(See tab 2)

 

 

EXHIBIT D

 

Investors’ Rights Agreement

 

(See tab 4)

 

 

EXHIBIT E

 

Director Indemnification Agreements

 

(See tab 3)

 

    iSpecimen Inc.
Series B Preferred Stock Purchase Agreement

    

    

 

Schedule
A

 

Tranche
Closings and Milestones

 

The Initial Closing:

 

		Milestone:	Initial Series B Financing

 

		Measurement:	Series B Financing Closing Date by August 10, 2014

 

Investment Amount for Lead Investor
I:                  $2,250,000

 

Investment Amount for Lead Investor
II:                  $750,000

 

1st Tranche Closing:

 

		Milestone:	Supply Network Development

 

		Measurement:	Definitive agreements executed with healthcare facilities providing access to a total of 9M specimens, on an annualized
basis by April 30, 2015.

 

Investment Amount for Lead Investor
I:$1,250,000

 

Investment Amount for Lead Investor
II:$425,000

 

2nd Tranche Closing:

 

		Milestone:	Supply Network Implementations

 

		Measurement:	iSpecimen software implemented at signed supply sites providing access to 9M specimens on an annualized basis by November 30,
2015.

 

Investment Amount for Lead Investor
I:$1,250,000

 

Investment Amount for Lead Investor
II:$425,000

 

3rd Tranche Closing:

 

		Milestone:	Revenue Achievement

 

		Measurement:	Revenue achievement of ≥ $1.5M from any preceding 180 day time period by June 30, 2016.

 

Investment Amount for Lead Investor
I:$1,250,000

 

Investment Amount for Lead Investor
II:$400,000

 

    iSpecimen Inc.
Series B Preferred Stock Purchase Agreement

    

    

 

Addendum

 

This addendum to the “Series B Preferred Stock Purchase
Agreement” provides the details of all corrections and revisions made to the original document, all of which have been made
and inserted above, as follows:

 

Page 5 – Section 2.2.1

 

		Original:	A total of 16,000,000 shares of common stock of the Company, $0.0001 par value per share (the “Common Stock”),
5,402,783 shares of which are issued and outstanding immediately prior to the Closing, 97,440 shares of which are issuable on conversion
of those certain Warrants to Purchase Common Stock, 3,427,871 shares of which are issuable on conversion of the Company’s
Series A Preferred Stock (the “Series A Preferred Stock”), 556,550 shares of which are issuable
on conversion of the Series A-1 Shares, 3,200,000 shares of which are issuable on conversion of the Series B Shares,
and up to 991,785 additional shares of which are issuable pursuant to the Company’s 2013 Stock Incentive Plan (as described
in Section 2.2.3 of this Agreement). All of the outstanding shares of Common Stock and Series A Preferred Stock are duly
authorized, validly issued, fully paid and non-assessable and were issued in material compliance with all applicable federal and
state securities laws.

 

		Revised:	A total of 16,000,000 shares of common stock of the Company, $0.0001 par value per share (the “Common Stock”),
5,402,783 shares of which are issued and outstanding immediately prior to the Closing, 97,440 shares of which are issuable on conversion
of those certain Warrants to Purchase Common Stock, 3,427,871 shares of which are issuable on conversion of the Company’s
Series A Preferred Stock (the “Series A Preferred Stock”), 556,550 shares of which are issuable
on conversion of the Series A-1 Shares, 3,200,000 shares of which are issuable on conversion of the Series B Shares,
and up to 1,257,945 shares of which are issuable pursuant to the Company’s 2013 Stock Incentive Plan (as further described
in Section 2.2.3 of this Agreement). All of the outstanding shares of Common Stock and Series A Preferred Stock are duly
authorized, validly issued, fully paid and non-assessable and were issued in material compliance with all applicable federal and
state securities laws.

 

Page 5 – Section 2.2.3

 

		Original:	A total of up to 991,785 additional shares of Common Stock are subject to issuance to officers, directors, employees and consultants
of the Company pursuant to the Company’s 2013 Stock Incentive Plan (the “Stock Plan”). All such
shares of Common Stock reserved under the Stock Plan remain available for issuance to officers, directors, employees, advisors
and consultants pursuant to the Stock Plan.

 

		Revised:	A total of up to 1,257,945 additional shares of Common Stock are subject to issuance to officers, directors, employees and
consultants of the Company pursuant to the Company’s 2013 Stock Incentive Plan (the “Stock Plan”).
All such shares of Common Stock reserved under the Stock Plan remain available for issuance to officers, directors, employees,
advisors and consultants pursuant to the Stock Plan.

 

    iSpecimen Inc.
Series B Preferred Stock Purchase AgreementExhibit 10.9

 

Execution Version

 

iSpecimen Inc.

 

INVESTORS’ RIGHTS AGREEMENT

 

This Investors’
Rights Agreement (this “Agreement”) is made and entered into and effective as of August 22,
2014, by and among iSpecimen Inc., a Delaware corporation (the “Company”), the parties listed
on Exhibit A attached hereto (the “Investors”) and the parties listed on Exhibit B
attached hereto (the “Key Holders”). The Investors and the Key Holders are referred to collectively
as the “Stockholders.”

 

RECITALS

 

A.           Certain
of the Investors have agreed to purchase from the Company, and the Company has agreed to sell to the Investors, up to 3,174,365
shares of the Company’s Series B Preferred Stock (the “Series B Preferred Stock”) and
certain of the Investors have agreed to cancel indebtedness owed to them by the Company for up to 556,540 shares of the Company’s
Series A-1 Preferred Stock (the “Series A-1 Preferred Stock”) on the terms and conditions
set forth in that certain Series B Preferred Stock Purchase Agreement dated of even date herewith by and among the Company
and the Investors, as amended from time to time (the “Series B Agreement”).

 

B.            It
is a condition to the closing of the sale of the Shares (as defined below) that the parties hereto execute and deliver this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows:

 

		1.	COVENANTS OF THE COMPANY.

 

		1.1	Information Rights.

 

(a)           Basic
Financial Information. The Company will furnish to each Investor: (1) within 120 days of the close of the applicable
fiscal year, annual unaudited financial statements for the fiscal year ending 2013 and audited financial statements starting with
the fiscal year ending December 31, 2014 of the Company, including an unaudited balance sheet as of the end of such fiscal
year, an unaudited statement of operations and an unaudited statement of cash flows of the Company for such year, all prepared
in accordance with generally accepted accounting principles and practices; and (2) within 45 days of the close of each quarter
and if requested by an Investor, quarterly unaudited financial statements for each fiscal quarter of the Company (except the last
quarter of the Company’s fiscal year), including an unaudited balance sheet as of the end of such fiscal year, an unaudited
statement of operations and an unaudited statement of cash flows of the Company for such quarter, all prepared in accordance with
generally accepted accounting principles and practices, subject to changes resulting from normal year-end audit adjustments.

 

(b)           Confidentiality.
Anything in this Agreement to the contrary notwithstanding, no Investor by reason of this Agreement shall have access to any
trade secrets or confidential information of the Company. The Company shall not be required to comply with any information rights
in respect of any Investor whom the Board of Directors of the Company (the “Board of Directors”) reasonably
determines to be a competitor or an officer, employee, or holder of ten percent (10%) or more of a competitor. Each Investor agrees
that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment
in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement other than to any
of the Investor’s attorneys, accountants, consultants, and other professionals, to the extent necessary to obtain their
services in connection with monitoring the Investor’s investment in the Company.

 

    iSpecimen Inc.
Investors’ Rights Agreement

     

    

 

Execution Version

 

(c)           Inspection
Rights. The Company shall permit each Investor to visit and inspect the Company’s properties, to examine its books of
account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable
times as may be requested by such Investor.

 

1.2          Key
Man Life Insurance. The Company shall use its commercially reasonable efforts to obtain, within ninety (90) days of the date
hereof, from financially sound and reputable insurers term “key-person” insurance for Christopher Ianelli, MD, PhD
in an amount satisfactory to the Board of Directors and will use commercially reasonable efforts to cause such insurance policies
to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The key-person
policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company without prior approval of the
Board of Directors.

 

1.3          Additional
Rights. In the event that the Company issues securities in its next equity financing after the date hereof (the “Next
Financing”) which have (a) rights, preferences or privileges that are more favorable than the terms of the
Shares, such as price based anti-dilution protection or (b) provides all such future investors other contractual terms such
as preemptive rights or improved registration rights, the Company shall provide substantially equivalent rights to the Investors
with respect to the Shares (with appropriate adjustment for economic terms or other contractual rights), subject to such Investor’s
execution of any documents, including, if applicable, investors’ rights, co-sale, voting and other agreements, executed
by the investors purchasing securities in the Next Financing (such documents referred to herein as the “Next Financing
Documents”). Any Investor will qualify as a “Major Investor” for all purposes in the Next Financing
Documents to the extent such concept exists in any Next Financing. Notwithstanding anything herein to the contrary, upon the execution
and delivery of the Next Financing Documents by Investors holding a majority of the then outstanding Shares held by all Investors,
this Agreement (excluding any then-existing obligations) shall be amended and restated by and into such Next Financing Documents.

 

		2.	RESTRICTIONS ON TRANSFER.

 

2.1          Limitations
on Disposition. Each person owning of record shares of Common Stock of the Company issued or issuable pursuant to the conversion
of the Shares and any shares of Common Stock of the Company issued as a dividend or other distribution with respect thereto or
in exchange therefor or in replacement thereof (collectively, the “Securities”) or any assignee of record
of Securities (each such person, a “Holder”) hereby agrees not to make any disposition of all or any
portion of any Securities unless and until:

 

(a)           there
is then in effect a registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
covering such proposed disposition and such disposition is made in accordance with such registration statement; or

 

(b)           such
Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the
circumstances surrounding the proposed disposition, and, at the expense of such Holder or its transferee, with an opinion of counsel,
reasonably satisfactory to the Company, that such disposition will not require registration of such securities under the Securities
Act.

 

(c)           Notwithstanding
the provisions of Sections 2.1(a) and (b) above, no such registration statement or opinion of counsel shall be required:
(i) for any transfer of any Securities in compliance with SEC Rule 144 or Rule 144A, or (ii) for any Permitted
Transfers (as defined in Section 6.3(c) below);

 

    	iSpecimen Inc.
Investors’ Rights Agreement
	Page 2

     

    

 

Execution Version

 

provided that in the case
of clause (ii) the transferee agrees in writing to be subject to the terms of this Agreement to the same extent as if the
transferee were an original Investor or Key Holder hereunder and in the case of Permitted Transfers by individuals for estate
planning purposes, the transfer was without additional consideration or at no greater than cost.

 

2.2          “Market
Stand-Off” Agreement. Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter
of securities of the Company, sell or otherwise transfer or dispose of any Securities or other shares of stock of the Company
then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for up to one hundred
eighty (180) days following the effective date of any registration statement of the Company filed under the Securities Act; provided,
however that, if during the last seventeen (17) days of the restricted period the Company issues an earnings release or
material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company
announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period, and
if the Company’s securities are listed on the Nasdaq Stock Market and Rule 2711 thereof applies, then the restrictions
imposed by this Section 2.2 shall continue to apply until the expiration of the 18-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond
two hundred fifteen (215) days after the effective date of the registration statement.

 

For purposes of this
Section 2.2, the term “Company” shall include any wholly-owned subsidiary of the Company into which the Company
merges or consolidates. To enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the
certificates representing the shares subject to this Section 2.2 and to impose stop transfer instructions with respect to
the Securities and such other shares of stock of each Holder (and the shares or securities of every other person subject to the
foregoing restriction) until the end of such period. Each Holder further agrees to enter into any agreement reasonably required
by the underwriters to implement the foregoing within any reasonable timeframe so requested.

 

2.3          Drag
Along Right. In the event that each of (i) the holders of a majority of the shares of Common Stock and Preferred Stock,
voting together as a single class on an “as-converted” basis, and (ii) a majority of the Board of Directors approve
a Liquidation Event or Deemed Liquidity Event (as such terms are defined in the Company’s Third Amended & Restated
Certificate of Incorporation, such Liquidation Event, a “Drag Along Sale”), then each Stockholder hereby
agrees to vote (in person, by proxy or by action by written consent, as applicable) all shares of capital stock of the Company
now or hereafter directly or indirectly owned of record or beneficially by such Stockholder in favor of, and adopt, such Drag
Along Sale and to execute and deliver all related documentation and take such other action in support of the Drag Along Sale as
shall reasonably be requested by the Company in order to carry out the terms and provision of this Section 2.3, including
without limitation executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement,
indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free
and clear of impermissible liens, claims and encumbrances) and any similar or related documents. The obligation of any party to
participate in a Drag Along Sale pursuant to this Section shall not apply to a Liquidation Event, where the other party involved
in such transaction is an affiliate or stockholder holding more than ten percent (10%) of the voting power of the Company. Notwithstanding
the foregoing, to the extent the Investors would receive less than two times (2x) the Original Issue Price (as defined in the
Restated Certificate of Incorporation) for each share of Series B Preferred Stock held by each Investor in connection with
such Liquidation Event, then the approval of the Stockholders required above shall also require the approval of Investors holding
at least sixty percent (60%) of the outstanding shares of Series B Preferred Stock, voting as a separate class.

 

    	iSpecimen Inc.
Investors’ Rights Agreement
	Page 3

     

    

 

Execution Version

 

		3.	PARTICIPATION RIGHT.

 

3.1          General.
Each holder of Series A Preferred Stock, Series A-1 Preferred Stock or Series B Preferred Stock (collectively,
the “Preferred Stock”) has the right of first refusal to purchase such holder’s Pro Rata Share
(as defined below) of all (or any part) of any New Securities (as defined in Section 3.2 below) that the Company may from
time to time issue after the date of this Agreement, provided, however, such holder of Preferred Stock shall have
no right to purchase any such New Securities if such holder cannot demonstrate to the Company’s reasonable satisfaction
that such holder is at the time of the proposed issuance of such New Securities an “accredited investor” as such term
is defined in Regulation D under the Securities Act. A holder of Preferred Stock’s “Pro Rata Share”
for purposes of this right of first refusal is the ratio of (a) the number of shares of the Company’s Common Stock
issued or issuable upon conversion of the shares of Preferred Stock owned by such holder, to (b) a number of shares of Common
Stock of the Company equal to the sum of (1) the total number of shares of Common Stock of the Company then outstanding plus
(2) the total number of shares of Common Stock of the Company into which all then outstanding shares of Preferred Stock are
then convertible plus (3) the number of shares of Common Stock of the Company reserved for issuance under any stock purchase
and stock option plans of the Company and outstanding warrants or other rights to acquire capital stock.

 

3.2          New
Securities. “New Securities” shall mean any Common Stock or Preferred Stock of the Company, whether
now authorized or not, and rights, options or warrants to purchase such Common Stock or Preferred Stock, and securities of any
type whatsoever that are, or may become, convertible or exchangeable into such Common Stock or Preferred Stock; provided,
however, that the term “New Securities” does not include: (a) shares of Common Stock issued
or issuable upon conversion of the outstanding shares of all the series of the Preferred Stock; (b) shares of Common Stock
or Preferred Stock issuable upon exercise of any options, warrants or rights to purchase any securities of the Company outstanding
as of the date of this Agreement and any securities issuable upon the conversion thereof; (c) shares of Common Stock or Preferred
Stock issued in connection with any stock split or stock dividend or recapitalization; (d) shares of Common Stock (or options,
warrants or rights therefor) granted or issued hereafter to employees, officers, directors, contractors, consultants or advisers
to, the Company or any subsidiary of the Company pursuant to incentive agreements, stock purchase or stock option plans, stock
bonuses or awards, warrants, contracts or other arrangements that are approved by the Company’s Board of Directors; (e) shares
of the Company’s Series A-1 Preferred Stock and Series B Preferred Stock issued pursuant to the Series B
Agreement; and (f) shares of Common Stock issued or issuable by the Company to the public pursuant to a registration statement
filed under the Securities Act.

 

3.3          Procedures.
In the event that the Company proposes to undertake an issuance of New Securities, it shall give to each Investor a written
notice of its intention to issue New Securities (the “Notice”), describing the type of New Securities
and the price and the general terms upon which the Company proposes to issue such New Securities given in accordance with Section 3.1.
Each Investor shall have twenty (20) days from the date such Notice is effective, as determined pursuant to Section 7.2,
based upon the manner or method of notice, to agree in writing to purchase such Investor’s Pro Rata Share of such New Securities
for the price and upon the general terms specified in the Notice by giving written notice to the Company and stating therein the
quantity of New Securities to be purchased (not to exceed such Investor’s Pro Rata Share).

 

3.4          Failure
to Exercise. In the event that the Investors fail to exercise in full the right of first refusal within such twenty (20) day
period, then the Company shall have ninety (90) days thereafter to sell the New Securities with respect to which the Investors’
rights of first refusal hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers
thereof than specified in the Company’s Notice to the Investors. In the event that the Company has not issued and sold the
New Securities within such ninety (90) day period, then the Company shall not thereafter issue or sell any New Securities without
again first offering such New Securities to the Investors pursuant to this Section 3.

 

    	iSpecimen Inc.
Investors’ Rights Agreement
	Page 4

     

    

 

Execution Version

 

		4.	ELECTION OF BOARD OF DIRECTORS.

 

4.1          Size
of the Board. Each Investor and Key Holder (collectively, each a “Stockholder”) agrees to vote,
or cause to be voted, all Shares (as defined below) owned by such Stockholder, or over which such Stockholder has voting control,
from time to time and at all times, in whatever manner as shall be necessary, to ensure that the size of the Board of Directors
shall be set and remain at five (5) directors. For purposes of this Agreement, the term “Shares”
shall mean and include any securities of the Company the holders of which are entitled to vote for members of the Board of Directors,
including without limitation, all shares of Common Stock and Preferred Stock, by whatever name called, now owned or subsequently
acquired by a Stockholder, however and whenever acquired, whether through stock splits, stock dividends, reclassifications, recapitalizations,
similar events or otherwise.

 

4.2          Voting;
Board Composition. Subject to the rights of the stockholders of the Company to remove a director for cause in accordance with
the applicable provisions of the Delaware General Corporation Law, during the term of this Agreement, each Stockholder agrees
to vote (or consent pursuant to an action by written consent of the stockholders of the Company) all Shares, or to cause such
shares of shares of capital stock of the Company to be voted, in such manner as may be necessary to elect (and maintain in office)
as members of the Board of Directors the following designees or nominees:

 

(a)           The
Company’s Chief Executive Officer, who shall initially by Christopher J. Ianelli (the “CEO Director”),
provided that if for any reason the CEO Director shall cease to serve as the Chief Executive Officer of the Company,
the holders of record of the shares of Common Stock, exclusively and as a separate class, shall promptly vote their respective
Shares (i) to remove the former Chief Executive Officer from the Board of Directors if such person has not resigned as a
member of the Board of Directors; and (ii) to elect such person’s replacement as Chief Executive Officer of the Company
as the new CEO Director.

 

(b)           The
CEO Director shall be entitled to designate one (1) director of the Company to represent the holders of Common Stock (the
 “Common Director” and collectively with the CEO Director, the “Common Directors”).

 

(c)           For
so long as at least twenty five percent (25%) of the initially issued shares of Series A Preferred Stock and Series A-1
Preferred Stock, as adjusted for stock splits, stock dividends, combinations, recapitalizations or the like (together, the “Series A/A-1
Preferred Stock”), remain outstanding, the holders of record of the shares of Series A/A-1 Preferred Stock,
exclusively and voting together as a single class, shall be entitled to elect one (1) director of the Company (the “Series A/A-1
Director”), who shall initially be Andrew L. Ross.

 

(d)           For
so long as OneBlood, Inc. or its affiliates (“OneBlood”) hold at least fifty percent (50%) of the
shares of Series B Preferred Stock originally issued to OneBlood, as adjusted for stock splits, stock dividends, combinations,
recapitalizations or the like, the “Series B Director” shall be nominated unilaterally by OneBlood.
George “Bud” Scholl shall initially be deemed to be the Series B Director. Notwithstanding the foregoing, if
OneBlood fails to participate fully for its complete pro rata commitment in any Tranche Closing (as defined in and required by
the Series B Agreement), then OneBlood shall forfeit its right to designate the Series B Director. Notwithstanding the
foregoing and for the avoidance of doubt, OneBlood shall not forfeit its right to designate the Series B Director if it satisfies
its obligation to make additional investments in the Company at any Tranche Closing by assigning, transferring or otherwise substituting
other investor(s) to satisfy OneBlood’s commitment to make additional investments as permitted by the Series B
Agreement. At any time when OneBlood does not hold at least fifty percent (50%) of the shares of Series B Preferred Stock
originally issued to it or its affiliates (as adjusted for stock splits, stock dividends, combinations, recapitalizations or the
like) or in the event that OneBlood forfeits its right to designate the Series B Director (as described above), then the
Series B Director shall be nominated by the holders of a majority of the outstanding Series B Shares whereby such nomination
shall take the form of a notice sent to each holder of Series B Shares soliciting nominations for the Series B Director
and shall contain instructions that each holder of Series B Shares is to return such notice, indicating his, her or its nominations
for the Series B Director, to the Secretary of the Company within ten (10) days of the effective date of such notice.
After all notices have been received by the Secretary of the Company, the Stockholders shall elect the person nominated by holders
of a majority of the outstanding Series B Shares. The Stockholders shall elect the Series B Director as a director elected
by the holders of the outstanding Series B Shares, voting separately as a class.

 

    	iSpecimen Inc.
Investors’ Rights Agreement
	Page 5

     

    

 

Execution Version

 

(e)           One
(1) independent, outside person with relevant industry, scientific or academic experience (the “Independent Director”)
to be agreed upon by the Common Directors, Series A/A-1 Director and Series B Director.

 

Each of the Series A/A-1
Director, Series B Director, the Common Directors, and the Independent Director is referred to as a “Board Designee.”
Any director elected as provided in the preceding sentences may be removed with or without cause by, and only by, the affirmative
vote of the holders of the shares of the class, classes, or series of capital stock entitled to elect such director or directors,
given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent of stockholders.
At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority of
the outstanding shares of the class, classes, or series entitled to elect such director shall constitute a quorum for the purpose
of electing such director. Subject to the rights of the stockholders of the Company to remove a director for cause in accordance
with provisions of the Delaware General Corporation Law, during the term of this Agreement, no Stockholder shall take any action
to remove an incumbent Board Designee or to designate a new Board Designee unless such removal and/or designation of a Board Designee
is approved in a writing signed by that class of Stockholders entitled to nominate and elect a Board Designee as set forth above
in the preceding paragraph.

 

4.3          Proxy
to Elect Board Designees. Each Stockholder hereby appoints the then current Chief Executive Officer of the Company, as such
Stockholder’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to vote
all of such Stockholder’s Shares as set forth in this Agreement and to execute all appropriate instruments consistent with
this Agreement on behalf of such Stockholder if, and only if, such Stockholder (a) fails to vote or (b) attempts to
vote (whether by proxy, in person or by written consent), in a manner which is inconsistent with the terms of this Agreement,
all of such Stockholder’s Shares or execute such other instruments in accordance with the provisions of Section 4.1
of this Agreement within five (5) days of the Company’s or any other party’s written request for such Stockholder’s
written consent or signature. The proxy and power granted by each Stockholder pursuant to this Section are coupled with an
interest and are given to secure the performance of such party’s duties under this Agreement. Each such proxy and power
will be irrevocable for the term hereof. The proxy and power, so long as any party hereto is an individual, will survive the death,
incompetency and disability of such party or any other individual Stockholder of Shares and, so long as any party hereto is an
entity, will survive the merger or reorganization of such party or any other entity holding Shares.

 

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Investors’ Rights Agreement
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Execution Version

 

		5.	REGISTRATION RIGHTS.

 

5.1          Registration
Rights. The Company hereby grants the following registration rights with respect to the shares of Common Stock issuable upon
the conversion of the Preferred Stock issued to the Investors (the “Registrable Securities”).

 

5.2.         “Piggy-Back”
Registrations. For a period of five (5) years from the closing of the Company’s first underwritten, registered
public offering of shares, if at any time the Company shall determine to register in a public offering for its own account (or
the account of selling stockholders) under the Securities Act any of its Common Stock, it shall send to the Investor written notice
of such determination and, if within fifteen (15) days after receipt of such notice, the Investor shall so request in writing,
the Company shall use its best efforts to include in such registration statement all or any part of the Registrable Securities
such holder requests to be registered. This right shall not apply to a registration of shares of Common Stock on Form S-4
or Form S-8 (or their then equivalents) relating to shares of Common Stock to be issued by the Company in connection with
any acquisition of any entity or other business combination involving the Company, or shares of Common Stock issuable in connection
with any stock option, stock compensation or other employee benefits plan of the Company for the benefit of directors, officers,
employees or consultants of the Company.

 

If, in connection with
any offering involving an underwriting of Common Stock to be issued by the Company and/or selling stockholders, the managing underwriter
or the Company shall impose a limitation on the number of shares of such Common Stock which may be included in any such registration
statement because, in its good faith judgment, such limitation is necessary to effect an orderly public distribution of the Common
Stock and to maintain a stable market for the securities of the Company, then the Company shall be obligated to include in such
registration statement only such limited portion (which may be none) of the Registrable Securities with respect to which the Investor
has requested inclusion hereunder, pro rata based upon the number of shares originally requested for inclusion in such
registration statement by all selling stockholders requesting inclusion thereunder.

 

5.3.         Expenses.
In the case of a registration under Section 5.2, the Company shall bear the expenses of any filing of any registration,
including, but not limited to, printing, legal and accounting expenses, Securities and Exchange Commission and NASD filing fees
and all related “Blue Sky” fees and expenses; provided, however, that the Company shall have no obligation
to pay or otherwise bear any portion of the underwriters’ commissions or discounts attributable to the Registrable Securities
being offered and sold by the Investor, or the fees and expenses of any counsel, tax advisor or accountant selected by the Investor
in connection with the registration of the Registrable Securities.

 

5.4.         Expiration
of Registration Rights. The obligations of the Company under this Section 5 to register the Registrable Securities shall
expire and terminate at such time as the Investor shall not be deemed to be an “affiliate” of the Company and shall
be otherwise entitled or eligible to sell such securities without the need for the filing of a registration statement under the
Securities Act, including without limitation, for any resales of restricted securities made pursuant to Rule 144 as promulgated
by the Securities and Exchange Commission, or a sale made pursuant to Section 4(1) and/or 4(2) under the Securities
Act; provided, however, that the Investor shall continue to possess its registration rights granted hereunder if
the average daily trading volume of the Company following the initial public offering of Common Stock does not permit the Investor
to sell all of its holdings to the public in one transaction under Rule 144, or the liquidity in the shares of Common Stock
held by the Investor would be adversely affected by the absence of the registration rights set forth herein, determined in the
reasonable good faith judgment of the Investor.

 

5.5          No
Registration Rights to Third Parties. The Company shall not grant registration rights to any new investor or other third party
which exceeds or is more beneficial to such investor or third party unless the Company first amends this Agreement to afford the
Investors hereunder the benefits of such new registration rights.

 

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Investors’ Rights Agreement
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Execution Version

 

		6.	RIGHTS OF FIRST REFUSAL AND CO-SALE RIGHTS.

 

6.1          Right
of First Refusal. In the event that any Stockholder (for purposes of this Section 6.1, a “Transferring Stockholder”)
proposes to Transfer (as defined below) all or any portion of the Securities (the “Transfer Shares”)
held by such Person (a “Proposed Transaction”) to a Person (a “Proposed Transferee”)
other than a Permitted Transferee (as defined below), such Transferring Stockholder shall, subject to the “Co Sale”
provisions of Section 6.2 hereof, Transfer such Transfer Shares pursuant to and in accordance with the following provisions
of this Section 6.1. For purposes of Sections 6.1 and 6.2, “Transfer” shall mean any assignment,
sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition of or any other like transfer or encumbering of
any Transfer Shares (or any interest therein) proposed by any Transferring Stockholder.

 

(a)           Offer
Notice and Company’s Right of First Refusal. Such Transferring Stockholder shall deliver written notice (the “Offer
Notice”) of its desire to consummate the Proposed Transaction to the Company and to the other Stockholders (a “Non-Selling
Holder”) and shall otherwise comply with the provisions of this Section 6.1 and, if applicable, Section 6.2.
The Offer Notice shall specify (i) the number of Transfer Shares and type of securities of the Transferring Stockholder proposed
to be Transferred in the Proposed Transaction (the “Offered Shares”), (ii) the consideration per
Share to be paid for the Offered Shares (the “Offer Price”), (iii) the identities of the Proposed
Transferees, and (iii)  all other material terms and conditions of the Proposed Transaction. In the event that the price
set forth in the Offer Notice is stated in consideration other than cash or cash equivalents, a majority of the Board of Directors
may determine the fair market value of such consideration, reasonably and in good faith, and the Company may exercise its right
to accept the offer to purchase the Offered Shares for the consideration per share and on the terms and conditions specified in
the Offer Notice (the “Right of First Refusal”) by payment of such fair market value in cash. If the
Transferring Stockholder has not previously sought a Determination (as defined below) and wishes to do so, the Offer Notice shall
also include the information required by Section 6.5, at which point, the Determination shall be made during the Right of
First Refusal period. The Offer Notice shall constitute an irrevocable offer to sell all of the Offered Shares to the Company
on the basis described below at a purchase price per share equal to the Offer Price, and on the same terms as set forth in the
Offer Notice. To exercise its Right of First Refusal under this Section 6.1, the Company must deliver a notice to the Transferring
Stockholder within fifteen (15) days after delivery of the Offer Notice.

 

(b)           Grant
of Secondary Refusal Right to Stockholders. Each Stockholder hereby grants to the Non-Selling Holders the right to purchase
up to that number of Offered Shares as shall be equal to the product obtained by multiplying (X) the total number of Offered
Shares by (Y) a fraction, the numerator of which is the total number of shares of Common Stock (determined
on an “as converted to Common Stock” basis) owned by such Non-Selling Holder on the date of the Offer Notice and the
denominator of which is the total number of shares of Common Stock (determined on an “as converted to Common
Stock” basis) then held by all of the Non-Selling Holders on the date of the Offer Notice, subject to increase as hereinafter
provided (such number of Offered Shares shall be referred to herein as a “ROFR Fraction”) of any Offered
Shares not purchased by the Company pursuant to its Right of First Refusal, on the terms and conditions specified in the Offer
Notice (the “Secondary Refusal Right”). If the Company does not intend to exercise its Right of First
Refusal with respect to any or all of such Offered Shares, the Company shall deliver a written notice to the Transferring Stockholder
and to each Non-Selling Holder to that effect no later than fifteen (15) days after the Transferring Stockholder delivers the
Offer Notice to the Company (the “Secondary Notice”). To exercise its Secondary Refusal Right, a Non-Selling
Holder must deliver a notice to the Transferring Stockholder and the Company within ten (10) days after the Company’s
deadline for its delivery of the Secondary Notice as provided in the preceding sentence.

 

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Investors’ Rights Agreement
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Execution Version

 

(c)           Undersubscription
of Transfer Shares. In the event that (a) the Company fails to elect to purchase any of the Offered Shares pursuant to
its Right of First Refusal and (b) any Non-Selling Holder fails to elect to purchase its ROFR Fraction, then all the other
Non-Selling Holders who so elect shall have the right to accept the offer to purchase, on a pro rata basis (based on their respective
holdings of shares of Common Stock and determined on an “as converted to Common Stock” basis) with all other Non-Selling
Holders who so elect (as hereinafter provided), any ROFR Fraction not purchased by such Non-Selling Holder. Each Non-Selling Holder
shall have the right to accept the Proposed Transaction by giving notice of such acceptance to the Transferring Stockholder within
thirty (30) days (the “Subsequent Option Period”), which notice shall indicate the maximum number of
Offered Shares subject thereto which such Non-Selling Holder is willing to purchase in the event fewer than all of the Non-Selling
Holders elect to purchase their ROFR Fraction. The Transferring Stockholder shall notify the Company and the Non-Selling Holders
promptly following any lapse of the Right of First Refusal and Secondary Refusal Rights without acceptance thereof or any rejection
of the Secondary Refusal Rights. The closing for the purchase of the Offered Shares by the Non-Selling Holders hereunder shall
take place within fifteen (15) business days after the expiration of the Subsequent Option Period.

 

(d)           Sale
to Proposed Transferee. In the event that the Company does not elect to exercise its Right of First Refusal and the Non-Selling
Holders do not elect to exercise their respective Secondary Refusal Rights with respect to all of the Offered Shares, the Transferring
Stockholder may consummate the sale of the remaining non-purchased Offered Shares to the Proposed Transferee on the terms and
conditions set forth in the Offer Notice, subject to the provisions of Section 6.2. If the Transferring Stockholder’s
Transfer to the Proposed Transferee is not consummated in accordance with the terms of the Proposed Transaction within the later
of (i) thirty (30) days after the expiration of the later of the Secondary Refusal Rights or the Co-Sale Option set forth
in Section 6.2 (if applicable), and (ii) the satisfaction of all applicable governmental approval or filing requirements,
the Proposed Transaction shall be deemed to lapse, and any Transfers of Transfer Shares pursuant to such Proposed Transaction
shall be deemed to be in violation of the provisions of this Agreement unless the Company and the Non-Selling Holders are once
again afforded the Right of First Refusal and Secondary Refusal Rights provided for herein with respect to such Proposed Transaction.

 

(e)           Exempt
Transfers. Notwithstanding the foregoing or anything to the contrary contained herein, the restrictions on transfers contained
herein shall not apply to the assignment or transfer to any substitute investor(s) made by the Investors pursuant to the
Series B Agreement.

 

6.2.         Co-Sale
Option. In the event that a Stockholder or any of his Permitted Transferees (a “Co-Sale Transferor”)
proposes to Transfer all or any portion of the shares of Common Stock held by such Person to a Person other than a Permitted Transferee
(a “Co-Sale Transferee”), and the Right of First Refusal and Secondary Refusal Rights under Section 6.1
above (to the extent applicable) are not exercised with respect to any of the Offered Shares proposed to be Transferred (a “Co-Sale
Transaction”), such Co-Sale Transferor may Transfer such shares of Common Stock (the “Co-Sale Shares”)
only pursuant to and in accordance with the following provisions of this Section 6.2.

 

(a)           Co-Sale
Offer Notice. Any Co-Sale Transferor proposing to effect a Co-Sale Transaction shall first provide written notice to the Company
and the Stockholders specifying (i) the number of Co-Sale Shares and type of securities of the Co-Sale Transferor subject
to the Co-Sale Transaction and, a statement that the Company and the Stockholders have not elected to exercise their Rights of
First Refusal with respect to all of the Co-Sale Shares, (ii) the Offer Price to be paid for such Co-Sale Shares, (iii) the
identities of the Co-Sale Transferees and (iv) all other material terms and conditions of the Co-Sale Transaction (the “Co-Sale
Offer Notice”).

 

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Investors’ Rights Agreement
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Execution Version

 

(b)           Acceptance
Notice. Each Stockholder shall have the right to participate in the Co-Sale Transaction on the terms and conditions herein
stated (the “Co-Sale Option”), which right shall be exercisable within fifteen (15) business days after
receipt of the Co-Sale Offer Notice upon written notice (the “Acceptance Notice”) to the Co-Sale Transferor.
The Acceptance Notice shall indicate the maximum number of Co-Sale Shares such Stockholder wishes to Transfer (including the number
of Co- Sale Shares it would Transfer if one or more Stockholders do not elect to participate in the sale) on the terms and conditions
stated in the Co-Sale Offer Notice.

 

(c)           Participation
in Co-Sale. Each such Stockholder shall have the right to exercise its Co- Sale Option and sell a portion of its Securities
pursuant to the Co-Sale Transaction which is equal to or less than the product obtained by multiplying (i) the total number
of Co-Sale Shares to be sold to a Co- Sale Transferee pursuant to the Co-Sale Transaction by (ii) a fraction, the numerator
of which is the total number of shares of Common Stock (determined on an “as converted to Common Stock” basis) deemed
to be held by such Stockholder on the date of the Co-Sale Offer Notice, and the denominator of which is the total number of shares
of Common Stock (determined on an “as converted to Common Stock” basis) held by the Co-Sale Transferor and deemed
to be held by all of the Investors and the Co-Sale Transferor. To the extent one or more Investors elect not to exercise their
Co-Sale Option, then the rights of the other Investors (who exercise their Co-Sale Option) to sell Co-Sale Shares shall be increased
proportionately based on their relative holdings by the full amount of Co-Sale Shares which the non-electing Investors were entitled
to sell pursuant to this Section 6.2. Within fifteen (15) business days after the date by which the Investors were required
to deliver the Acceptance Notice to the Co-Sale Transferor, the Co-Sale Transferor shall notify each participating Stockholder
of the number of Co-Sale Shares elected to be sold by such Stockholder that will be included in the sale and the date on which
the Co-Sale Transaction will be consummated, which shall be no later than the later of (i) thirty (30) days after the date
by which the Investors were required to notify the Co-Sale Transferor of their intent to exercise the Co-Sale Option and (ii) the
satisfaction of governmental approval or filing requirements, if any.

 

(d)           Tender
of Transfer Shares. Any Stockholder may effect its participation in any Co- Sale Transaction hereunder by delivery to the
Co-Sale Transferee, or to the Co-Sale Transferor for delivery to the Co-Sale Transferee, of one or more instruments or certificates,
properly endorsed for Transfer, representing the Co-Sale Shares it elects to sell therein, provided that no such
Stockholder shall be required to make any representations or warranties or provide any indemnities in connection therewith other
than with respect to its ownership of the Co-Sale Shares being conveyed and only to the extent of the consideration received by
such Stockholder in such Co-Sale Transaction. At the time of consummation of the Co-Sale Transaction, the Co-Sale Transferee shall
remit directly to each such Stockholder that portion of the sale proceeds to which such Stockholder is entitled by reason of its
participation therein (less any adjustments due to the conversion of any convertible securities or the exercise of any exercisable
securities). For the avoidance of doubt, each Co-Sale Transferee shall be entitled to the same amount and form of consideration
in such Co-Sale Transaction as the Co-Sale Transferor and each other Co-Sale Transferee in such Co-Sale Transaction.

 

(e)           Time
of Sale; Failure to Comply. Promptly after such sale, the Co-Sale Transferor shall notify each participating Stockholder of
the consummation thereof and shall furnish such evidence of the completion and time of completion of such sale and of the terms
thereof as may reasonably be requested by any such Stockholder. So long as the Co-Sale Transferee is neither a party, nor an Affiliate
of a party, to this Agreement, such Co-Sale Transferee shall take the Co-Sale Shares so Transferred free and clear of any further
restrictions of this Section 6. In the event that the Co-Sale Transaction is not consummated within the period required by
subparagraph (c) hereof or the Co-Sale Transferee fails timely to remit to each participating Stockholder its portion of
the sale proceeds, the Co-Sale Transaction shall be deemed to lapse, and any Transfers of Offered Shares or Co-Sale Shares pursuant
to a Proposed Transaction, to the extent applicable, or Co-Sale Transaction shall be deemed to be in violation of the provisions
of this Agreement unless the Transferring Stockholder or Co-Sale Transferor once again complies with the provisions of Sections
6.1 and 6.2 hereof, to the extent applicable, with respect to such Proposed Transaction or Co-Sale Transaction.

 

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Investors’ Rights Agreement
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Execution Version

 

(f)           Continuity
of Restrictions. Any shares sold by the Transferring Stockholder and/or any participating Investors to any third party pursuant
to Sections 6.1 and 6.2 shall nevertheless be subject to the restrictions imposed or entitled to any of the benefits conferred
by this Agreement, including Section 6 hereof.

 

		6.3.	Restrictions on Transfer.

 

(a)           General
Prohibition on Transfers by Stockholders. No Stockholder shall sell, assign, transfer, grant an option to or for, pledge,
hypothecate, mortgage, encumber or dispose of all or any of his shares of capital stock of the Company except as expressly provided
in Sections 6.1, 6.2 and 6.3(b) of this Agreement.

 

(b)           Permitted
Transfers by Stockholders. Notwithstanding the foregoing, a Stockholder may be able to transfer any of the Securities without
the restrictions set forth in Sections 6.1 and 6.2 in any Permitted Transfer.

 

(c)           Definitions.
 “Affiliate” means, with respect to any Stockholder, any other person who directly or indirectly, controls,
is controlled by or is under common control with such Stockholder, including without limitation any general partner, managing
member, manager, officer or director and other affiliated persons or equity holders of such Stockholder, or any venture capital
fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same
management company with, such Stockholder. As used herein, the word “family” shall include any spouse,
lineal ancestor or descendant, brother, sister, niece or nephew. As used in this Section 6.1, 6.2 and 6.3, the
term Stockholder is deemed to include any (i) Permitted Transferees of the Stockholder, except as expressly provided otherwise,
and (ii) any other person who has acquired securities prior to the date of this Agreement. As used, herein, “Permitted
Transfers” shall mean any of the following permitted transfers: (i) a Stockholder that is a partnership, limited
liability company, a corporation or a venture capital fund may transfer any securities held by such Stockholder (A) to a
partner of such partnership, a member of such limited liability company or stockholder of such corporation, (B) to an Affiliate
of such partnership, limited liability company or corporation, (C) to a retired partner of such partnership or a retired
member of such limited liability company, (D) to the estate of any such partner, member or stockholder, (E) to another
Stockholder or such other Stockholder’s Affiliate(s) and (F) pursuant to a sale, disposition, transfer or other
hypothecation by that Stockholder of its portfolio securities to a third party where the primary purpose of such disposition is
to effect or achieve liquidity by the Stockholder through the sale of substantially all of the portfolio securities held by that
Stockholder entity, and such sale involves the sale, disposition, transfer or other hypothecation by that Stockholder of more
than two (2) securities of portfolio companies (including the Company); and (ii) a Stockholder who is an individual
may (A) transfer up to 25% of his securities by way of gift for estate planning purposes to any member of his immediate family
or to any trust for the benefit of any such family member, provided that any transferee shall agree in writing with the Company
and the Investors, as a condition precedent to such transfer, to be bound by all of the provisions of this Agreement to the same
extent as if such transferee were the original stockholder hereunder, (B) transfer any of his shares of capital stock to
another Stockholder or such other Stockholder’s Affiliate(s), and (C) transfer any of his shares of capital stock by
will or the laws of descent and distribution to the heirs of the Stockholder, or in the event of the disability of the Stockholder,
to the legal representatives of the Stockholder; provided, in each case, such transferee shall be bound (and shall
agree to be bound) by all of the provisions of this Agreement to the same extent as if such transferee were the Stockholder. The
foregoing permitted transferees shall be referred to herein as the “Permitted Transferees.”

 

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Investors’ Rights Agreement
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Execution Version

 

6.4.         Duration
of Restrictions. The rights and obligations of the Company and each Stockholder under Section 6 of this Agreement shall
terminate and be of no further force or effect (a) immediately before the consummation of the Company’s first underwritten
public offering of Common Stock under the Securities Act (an “IPO”) or (b) immediately prior to
and expressly conditioned upon the consummation of the sale of all of the Company’s assets or capital stock either through
a direct sale, merger, reorganization, consolidation or other form of business combination or acquisition (and not an equity financing),
and a transaction in which the Investors receive cash or freely-tradable or registered securities in exchange for the shares of
Preferred Stock owned by them.

 

6.5.         Sales
to Competitors Prohibited. Any other provision of this Agreement to the contrary notwithstanding, prior to an IPO, no Transfer
of securities, unless in connection with a Drag Along Sale, may be made by a Stockholder to a competitor of the Company, as determined
in good faith by the Board of Directors; provided that an entity the primary purpose of which is to make investments
in companies shall not be deemed to be a competitor solely on the basis of such entity holding a non-controlling interest in a
company that engages in a business that is competitive with the business of the Company. A Stockholder proposing to Transfer securities
shall request that the Board of Directors make a determination of whether the proposed transferee is a competitor of the Company.
Such Stockholder shall make such request in writing to the Board of Directors, which request may be incorporated in, or accompanied
by, an Offer Notice as provided in this Section 6, and may provide such other relevant information about such transferee
as may be appropriate. The Board of Directors shall consider such request and make a good faith determination (the “Determination”)
within ten (10) days of receipt of such Stockholder request and shall notify the requesting Stockholder of the Determination
within five (5) business days of the date of such Determination.

 

		7.	GENERAL PROVISIONS.

 

7.1          Amendment
and Waiver of Rights. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investors
(and/or any of their permitted successors or assigns) holding Transfer Shares representing and/or convertible into at least a
majority of all the Investors’ Shares (as defined below); provided, however, that any amendment to this Agreement
that adversely effects the Key Holders shall require the additional written consent of the holders of a majority of the outstanding
shares of the Company’s Common Stock then held by the Key Holders. Notwithstanding anything contained herein to the contrary,
and for the avoidance of doubt, nothing in this Section shall prevent, impair or prohibit the Investors from exercising any
rights provided to such Investors under this Agreement. As used herein, the term “Investors’ Shares”
shall mean the shares of Common Stock then issuable upon conversion of all then outstanding shares of Preferred Stock of all series
outstanding. Any amendment or waiver effected in accordance with this Section 7.1 shall be binding upon each Stockholder,
each permitted successor or assignee of such Stockholder and the Company.

 

7.2          Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent
by facsimile or electronic transmission (including PDF) during normal business hours of the recipient, and if not sent during
normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by
first class mail, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight
courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall
be sent to the respective parties at their address as set forth on the signature page or Exhibit A or Exhibit B
hereto, or to such address or facsimile number as subsequently modified by written notice given in accordance with this Section 7.2.
If notice is given to the Company, it shall be sent to iSpecimen Inc., 450 Bedford Street, Lexington, MA 02420, Attention: Christopher
Ianelli, M.D., Ph.D., Chief Executive Officer. If notice is given to the Investors, a copy (which shall not constitute notice)
shall be sent to Foley & Lardner LLP, 111 North Orange Avenue, Suite 1800, Orlando, FL 32801-2386, Attention: Michael
A. Okaty.

 

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Investors’ Rights Agreement
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Execution Version

 

7.3          Entire
Agreement. This Agreement and the documents referred to herein, together with all the Exhibits hereto, constitute the entire
agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede any and all prior
understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject
matter hereof.

 

7.4          Governing
Law. This Agreement shall be governed by, and construed in accordance with, (i) the General Corporation Law of the State
of Delaware as to matters within the scope thereof, and (ii) as to matters of contract law, the law of the Commonwealth of
Massachusetts, regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

 

7.5          Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision.

 

7.6          Third
Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto
and their successors and assigns, any rights or remedies under or by reason of this Agreement.

 

7.7          Successors
and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred,
delegated or sublicensed by an Investors without the prior written consent of the Company. Any attempt by an Investor without
such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement
shall be void. Subject to the foregoing, and except as otherwise provided herein, this Agreement, and the rights and obligations
of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors,
administrators and legal representatives.

 

7.8          Titles
and Headings. The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded
in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections”
and “exhibits” will mean “sections” and “exhibits” to this Agreement.

 

7.9          Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed
an original, and all of which together shall constitute one and the same agreement.

 

7.10        Costs
and Attorneys’ Fees. In the event that any action, suit or other proceeding is instituted concerning or arising out
of this Agreement or any transaction contemplated hereunder, the prevailing party shall recover all of such party’s costs
and attorneys’ fees incurred in each such action, suit or other proceeding, including any and all appeals or petitions therefrom.

 

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Investors’ Rights Agreement
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Execution Version

 

7.11        Adjustments
for Stock Splits, Etc. Wherever in this Agreement there is a reference to a specific number of shares of Common Stock or Preferred
Stock of the Company of any class or series, then, upon the occurrence of any subdivision, combination or stock dividend of such
class or series of stock, the specific number of shares so referenced in this Agreement shall automatically be proportionally
adjusted to reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination or
stock dividend.

 

7.12        Further
Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be
reasonably necessary to carry out the purposes and intent of this Agreement.

 

7.13        Facsimile
Signatures. This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will
be deemed to have the same effect as if the original signature had been delivered to the other party.

 

7.14        Termination.
The rights, duties and obligations under Sections 1, 2.3, 3, 4 and 6 of this Agreement shall terminate immediately prior to
the closing of the Company’s IPO. Notwithstanding anything to the contrary herein, this Agreement (excluding any then-existing
obligations) shall terminate upon the closing of a Deemed Liquidation Event as defined in the Restated Certificate of Incorporation,
as amended from time to time. Section 1.1(b) shall survive any such termination of the Agreement.

 

7.15        Dispute
Resolution. Each party (a) hereby irrevocably and unconditionally submits to the jurisdiction of the federal or state
courts located in the Commonwealth of Massachusetts for the purpose of any suit, action or other proceeding arising out of or
based upon this Agreement or the Transaction Documents (as defined in the Series B Agreement dated of even date herewith),
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement or the Transaction
Documents except in the federal or state courts located in the Commonwealth of Massachusetts, and (c) hereby waive, and agree
not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper
or that this Agreement, the Transaction Documents or the subject matter hereof and thereof may not be enforced in or by such court.

 

    	iSpecimen Inc.
Investors’ Rights Agreement
	Page 14

     

    

 

 

 

    

     

    

 

 

    

     

    

 

 

    

     

    

 

iSpecimen Inc.

 

Series A-1 and
Series B Preferred Stock Financing 

Master Signature Page

 

IN
WITNESS WHEREOF, iSpecimen Inc., a Delaware corporation (the “Company”), and each of the
undersigned Investors, severally and not jointly, by his, her or its signature below, are executing the Series B Preferred
Stock Purchase Agreement relating to an investment of approximately $8 million in the Company at a price of $2.52019 per share
(the “Purchase Agreement”), and the Investors’ Rights Agreement (the “Investors’ Rights
Agreement”), each dated as of August 22, 2014, among the Company and the undersigned investor and the other investors
participating in this financing (as an “Investor” under the Purchase Agreement and the Investors’ Rights
Agreement).

 

iSpecimen Inc.

 

	By:	/s/ Christopher Ianelli, M.D., Ph.D.
	 
	Name: 	Christopher Ianelli, M.D., Ph.D.
    	 
	Title: 	President
    and Chief Executive Officer	 

 

SIGNATURE OF INVESTOR:
The undersigned Investor, as a condition precedent to becoming a holder of shares of Series A-1 Preferred Stock or Series B
Preferred Stock, hereby agrees to become a party to the Purchase Agreement and the Investors’ Rights Agreement. The undersigned
Investor shall become a party to and become bound by the Purchase Agreement and the Investors’ Rights Agreement upon (i) execution
and delivery to the Company of this Master Signature Page, and (ii) receipt by the Company of the investment consideration
required under the Purchase Agreement. Upon execution of this Master Signature Page and the delivery by the Investor of the
investment proceeds (whether through the cancellation of indebtedness for money borrowed, cash or otherwise), the undersigned
Investor shall therefore be entitled to all of the rights, and be bound by all of the obligations, set forth in each of the Purchase
Agreement and the Investors’ Rights Agreement, as the interests of the undersigned shall appear as an Investor thereunder.
By execution of this Master Signature Page, the undersigned Investor, if a holder of Convertible Promissory Notes of the Company,
also agrees that such Notes are hereby cancelled, extinguished and retired, and the obligations represented thereby contributed
to the capital of the Company.

 

IN
WITNESS WHEREOF, this Master Signature Page has been duly executed by or on behalf of the undersigned Investor, as of
the date below written. When so executed and delivered by the Company and each of the Investors named in the Purchase Agreement,
the Purchase Agreement and the Investors’ Rights Agreement shall become binding obligations of the parties thereto.

 

	Please
Date: August 22, 2014	 	Brad
                                         Callow	Digitally
                                         signed by Brad Callow

                                         DN: cn=Brad Callow, o, ou,

email=bcallow@ispecimen.com,
c=US

Date:
2014.08.22 12:22:22 -04'00'

	 	 	Signature
                                         of Investor

 

	Cash Investment
    Amount:	$	N/A	 	 	Bradford Callow
	 	 	 	 	(Print Name of Investor)
	 	 	 	 	 
	Amount of Notes Converted: 	$	50,363.01	*	 	179 Florence Road

	*	This amount includes $50,000 in outstanding principal
plus $363.01 in accrued interest, assuming a note conversion date of August 22, 2014.	 	 	Street
                                         Address

                                                                                 

                                                                                Waltham
	MA	                    02453
	 	 	 	 	City	State	                    Zip

iSpecimen
Inc., Series A-1 Preferred Stock and Series B Preferred Stock 

Master Signature Page

 

    

     

    

 

 

 

    

     

    

 

 

 

    

     

    

 

 

    

     

    

 

 

    

     

    

 

iSpecimen
Inc.

 

Series A-1
and Series B Preferred Stock Financing 

Master Signature Page

 

IN
WITNESS WHEREOF, iSpecimen Inc., a Delaware corporation (the “Company”), and each of the
undersigned Investors, severally and not jointly, by his, her or its signature below, are executing the Series B Preferred
Stock Purchase Agreement relating to an investment of approximately $8 million in the Company at a price of $2.52019 per share
(the “Purchase Agreement”), and the Investors’ Rights Agreement (the “Investors’ Rights
Agreement”), each dated as of August 22 , 2014, among the Company and the undersigned investor and the other
investors participating in this financing (as an “Investor” under the Purchase Agreement and the Investors’
Rights Agreement).

 

	By:	/s/ Christopher Ianelli, M.D., Ph.D.
	 
	Name: 	Christopher Ianelli, M.D., Ph.D.
    	 
	Title: 	President
    and Chief Executive Officer	 

 

SIGNATURE OF INVESTOR:
The undersigned Investor, as a condition precedent to becoming a holder of shares of Series A-1 Preferred Stock or Series B
Preferred Stock, hereby agrees to become a party to the Purchase Agreement and the Investors’ Rights Agreement. The undersigned
Investor shall become a party to and become bound by the Purchase Agreement and the Investors’ Rights Agreement upon (i) execution
and delivery to the Company of this Master Signature Page, and (ii) receipt by the Company of the investment consideration
required under the Purchase Agreement. Upon execution of this Master Signature Page and the delivery by the Investor of the
investment proceeds (whether through the cancellation of indebtedness for money borrowed, cash or otherwise), the undersigned
Investor shall therefore be entitled to all of the rights, and be bound by all of the obligations, set forth in each of the Purchase
Agreement and the Investors’ Rights Agreement, as the interests of the undersigned shall appear as an Investor thereunder.
By execution of this Master Signature Page, the undersigned Investor, if a holder of Convertible Promissory Notes of the Company,
also agrees that such Notes are hereby cancelled, extinguished and retired, and the obligations represented thereby contributed
to the capital of the Company.

 

IN
WITNESS WHEREOF, this Master Signature Page has been duly executed by or on behalf of the undersigned Investor, as of
the date below written. When so executed and delivered by the Company and each of the Investors named in the Purchase Agreement,
the Purchase Agreement and the Investors’ Rights Agreement shall become binding obligations of the parties thereto.

 

	Please
Date: August __22_, 2014	 	Michael
                                         Grenon	Digitally
                                         signed by Michael Grenon

DN:
cn=Michael Grenon, o=Grimes and Company,

ou, email=mgrenon@grimesco.com, c=US

Date:
2014.08.20 10:55:17 -04'00'

	 	 	Signature
                                         of Investor

 

	Cash Investment
    Amount:	$	50,000	 	 	J. Michael
    Grenon
	 	 	 	 	(Print Name of Investor)
	 	 	 	 	 
	Amount of Notes Converted: 	$	N/A	*	 	12 Woodstone Road

			 	 	Street
                                         Address

                                                                                 

                                                                                Northborough
	MA	                    01532
	 	 	 	 	City	State	                    Zip

iSpecimen
Inc., Series A-1 Preferred Stock and Series B Preferred Stock 

Master Signature Page

 

    

     

    

 

iSpecimen
Inc.

 

Series A-1
and Series B Preferred Stock Financing 

Master Signature Page

 

IN
WITNESS WHEREOF, iSpecimen Inc., a Delaware corporation (the “Company”), and each of the
undersigned Investors, severally and not jointly, by his, her or its signature below, are executing the Series B Preferred
Stock Purchase Agreement relating to an investment of approximately $8 million in the Company at a price of $2.52019 per share
(the “Purchase Agreement”), and the Investors’ Rights Agreement (the “Investors’ Rights
Agreement”), each dated as of August 22 , 2014, among the Company and the undersigned investor and the other
investors participating in this financing (as an “Investor” under the Purchase Agreement and the Investors’
Rights Agreement).

 

	By:	  /s/ Christopher
    Ianelli, M.D., Ph.D. 	 
	Name: 	Christopher Ianelli, M.D., Ph.D.
    	 
	Title: 	President
    and Chief Executive Officer	 

 

SIGNATURE OF INVESTOR:
The undersigned Investor, as a condition precedent to becoming a holder of shares of Series A-1 Preferred Stock or Series B
Preferred Stock, hereby agrees to become a party to the Purchase Agreement and the Investors’ Rights Agreement. The undersigned
Investor shall become a party to and become bound by the Purchase Agreement and the Investors’ Rights Agreement upon (i) execution
and delivery to the Company of this Master Signature Page, and (ii) receipt by the Company of the investment consideration
required under the Purchase Agreement. Upon execution of this Master Signature Page and the delivery by the Investor of the
investment proceeds (whether through the cancellation of indebtedness for money borrowed, cash or otherwise), the undersigned
Investor shall therefore be entitled to all of the rights, and be bound by all of the obligations, set forth in each of the Purchase
Agreement and the Investors’ Rights Agreement, as the interests of the undersigned shall appear as an Investor thereunder.
By execution of this Master Signature Page, the undersigned Investor, if a holder of Convertible Promissory Notes of the Company,
also agrees that such Notes are hereby cancelled, extinguished and retired, and the obligations represented thereby contributed
to the capital of the Company.

 

IN
WITNESS WHEREOF, this Master Signature Page has been duly executed by or on behalf of the undersigned Investor, as of
the date below written. When so executed and delivered by the Company and each of the Investors named in the Purchase Agreement,
the Purchase Agreement and the Investors’ Rights Agreement shall become binding obligations of the parties thereto.

 

	Please Date: August __22_,
2014	 	Michael
                                         Grenon	Digitally
                                         signed by Michael Grenon

DN: cn=Michael Grenon, o=Grimes
and Company,

ou, email=mgrenon@grimesco.com, c=US

Date: 2014.08.20 10:55:17 -04'00'

	 	 	Signature
                                         of Investor

 

	Cash Investment
    Amount:	$	50,000	 	 	MRNGL Trust
	 	 	 	 	(Print Name of Investor)
	 	 	 	 	 
	Amount of Notes Converted: 	$	N/A	*	 	15 Tournament Way

			 	 	Street
                                         Address

                                                                                 

                                                                                Sutton
	MA	                    01590
	 	 	 	 	City	State	                    Zip

iSpecimen Inc., Series A-1 Preferred Stock
and Series B Preferred Stock 

Master Signature Page

 

    

     

    

 

    

     

    

 

Exhibit A

 

LIST OF INVESTORS

 

Name and Address of Investors

 

OBF Investments, LLC

c/o John Murphy

8669 Commodity Circle

Orlando, FL 32819

 

Andrew Ross

75 Myles Standish Road Weston, MA 02493

 

Jill Preotle

27 Commonwealth Avenue

Boston, MA 02116

 

Peter C. Aldrich Revocable Trust

c/o Peter C. Aldrich 151 Coolidge Hill

Cambridge, MA 02138

 

Brad Callow

179 Florence Road

Waltham, MA 02453

 

David Ianelli

33 Glen Road

Hopkinton, MA 01748

 

Marisa Ianelli

104 Cross Street

Belmont, MA 02478

 

Kevin Richard

6 Holmes Road

Lexington, MA 02420

 

    iSpecimen Inc.
 Investors’ Rights Agreement

     

    

 

Exhibit B

 

LIST OF KEY HOLDERS

 

	Name, Address and E-Mail	 	Number
                                         of Shares

                                         of Common Stock Held
	 Christopher Ianelli, MD PhD

c/o iSpecimen Inc.

450 Bedford Street, Suite 2050

Lexington, MA 02420 

cianelli@ispecimen.com

	 	 

                                                                                1,886,540

	 Andrew Ross

75 Myles Standish Road 

Weston, MA 02493

 alr0624@msn.com

	 	 

                                                                                2,020,283

 

    iSpecimen Inc.
Investors’ Rights Agreement

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