SEC Contract Filing

Filing Date: 2019-03-25

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>3
<FILENAME>s116880_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY
NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROMISSORY NOTE</B></P>

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 <TD STYLE="width: 51%; font-size: 10pt">Principal Amount: $1,013,629.30</TD>
 <TD STYLE="width: 49%; font-size: 10pt; text-align: right">Dated as of January 24, 2019</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">CM Seven Star Acquisition Corporation, a Delaware
corporation (the &ldquo;<B>Maker</B>&rdquo;), promises to pay to the order of Shareholder Value Fund or its registered assigns
or successors in interest (the &ldquo;<B>Payee</B>&rdquo;) the principal sum of One Million Thirteen Thousand Six Hundred Twenty
Nine Dollars and Thirty Cents ($1,013,629.30) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of
this Note.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD><B>Principal. </B>The principal balance of this Promissory Note (this &ldquo;<B>Note</B>&rdquo;) shall be payable promptly
after the date on which the Maker consummates an initial business combination (a &ldquo;<B>Business Combination</B>&rdquo;) with
a target business (as described in its initial public offering prospectus dated October 25, 2017 (the &ldquo;<B>Prospectus</B>&rdquo;)).
The principal balance may not be prepaid without the consent of the Payee.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify"><B>Conversion Rights</B>. The Payee has the right, but not the obligation, to convert this Note,
in whole or in part, into private units (the &ldquo;<B>Units</B>&rdquo;) of the Maker, as described in the Prospectus, by providing
the Maker with written notice of its intention to convert this note at least one business day prior to the closing of a Business
Combination. The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by
dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $10.00.</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Fractional Shares</B>. No fractional Units will be issued upon conversion of this Note. In lieu
of any fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted
principal balance of this note that would otherwise be converted into such fractional share.</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Effect of Conversion</B>. If the Maker timely receives notice of the Payee&rsquo;s intention
to convert this note at least one business day prior to the closing of a Business Combination, this Note shall be deemed to be
converted on the date the Business Combination closes. At its expens