# EDGAR Filing Document

**Accession Number:** 0002069785
**File Stem:** 0001193125-25-242216
**Filing Date:** 2025-10
**Character Count:** 2500043
**Document Hash:** 8ffaa5d9a7a521dee99b2d65f191fa2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-242216.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001193125-25-242216

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 54

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gloo Holdings, Inc.
- **CENTRAL INDEX KEY:** 0002069785
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290930
- **FILM NUMBER:** 251399728

**BUSINESS ADDRESS:**
- **STREET 1:** 831 PEARL STREET
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80302
- **BUSINESS PHONE:** (720) 505-1762

**MAIL ADDRESS:**
- **STREET 1:** 831 PEARL STREET
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80302

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**As filed with the Securities and Exchange Commission on October 17, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM S-1**

REGISTRATION STATEMENT

Under

The Securities Act of 1933

**GLOO HOLDINGS, INC.** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware**<br>(State or other jurisdiction of incorporation or organization) | **7374**<br>(Primary Standard Industrial<br>Classification Code Number) | **39-2250711**<br>(I.R.S. Employer<br>Identification Number) |

---

**831 Pearl Street**

**Boulder, Colorado 80302**

**(303) 381-2645**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Scott Beck**

**President and Chief Executive Officer**

**831 Pearl Street**

**Boulder, Colorado 80302**

**(303) 381-2645**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

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| | | |
|:---|:---|:---|
| **Matthew Dubofsky**<br>**Victor Nilsson**<br>**Wilson Sonsini Goodrich & Rosati,**<br>**Professional Corporation**<br>**1155 Canyon Boulevard, Suite 400**<br>**Boulder, CO 80302**<br>**(303) 256-5900** | **Jeffrey Bojar**<br>**General Counsel and Secretary**<br>**Gloo Holdings, Inc.**<br>**831 Pearl Street**<br>**Boulder, Colorado 80302**<br>**(303) 381-2645** | **Constantine Karides**<br>**Anne G. Peetz**<br>**Reed Smith LLP**<br>**1221 McKinney Street, Suite 2100**<br>**Houston, Texas 77010**<br>**(713) 469-3800** |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same <br>offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Accelerated filer  | ☐ |
| Non-accelerated filer  | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**EXPLANATORY NOTE**

We currently operate as Gloo Holdings, LLC, a Delaware limited liability company. For purposes of this offering, we formed Gloo Holdings, Inc., a Delaware corporation, which is the registrant whose name appears on the cover of this registration statement. Immediately prior to the completion of this offering, we will complete a series of internal reorganization transactions pursuant to which, among other things, a Delaware limited liability company and wholly owned subsidiary of Gloo Holdings, Inc. will merge with and into Gloo Holdings, LLC, with Gloo Holdings, LLC as the surviving entity. As a result, Gloo Holdings, LLC will become a wholly owned subsidiary of Gloo Holdings, Inc., and the members of Gloo Holdings, LLC immediately prior to the consummation of the merger will become holders of shares of Class B common stock of Gloo Holdings, Inc. We refer to the reorganization transactions throughout the prospectus collectively as the "Corporate Reorganization." See the section of the prospectus titled "Corporate Reorganization" for further details.

Except as disclosed in the prospectus, the consolidated financial statements and other financial information included in the prospectus are those of Gloo Holdings, LLC and its subsidiaries, and do not give effect to the Corporate Reorganization. Shares of Class A common stock of Gloo Holdings, Inc. are being offered by the prospectus included in this registration statement.

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The information contained in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.<br>

Subject to completion, dated , 2025

**PRELIMINARY PROSPECTUS**

**Shares**

![img208649736_0.jpg](img208649736_0.jpg)

**Gloo Holdings, Inc.**

**Class A Common Stock**

This is an initial public offering of shares of Class A common stock of Gloo Holdings, Inc. It is currently estimated that the initial public offering price will be between $ and $ per share, and the number of our Class A common stock offered hereby is based upon an assumed offering price of $ per share, the midpoint of such estimated price range.

Prior to this offering there has been no public market for our Class A common stock. We have applied to list our Class A common stock on the Nasdaq Global Select Market (Nasdaq) under the symbol "GLOO." No assurance can be given that our application will be approved. If our Class A common stock is not approved for listing on Nasdaq, we will not consummate this offering.

Following this offering, we will have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders of our Class A common stock and Class B common stock will be identical except with respect to voting and conversion rights. Each share of Class A common stock will be entitled to one vote per share. Each share of Class B common stock will be entitled to ten votes per share and will be convertible at any time into one share of Class A common stock. Immediately following the completion of this offering, Scott Beck, our co-founder, president and chief executive officer, will control % of the voting power of our outstanding capital stock.

We are an "emerging growth company" and a "smaller reporting company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced disclosure requirements in this prospectus and may elect to do so in future filings with the Securities and Exchange Commission. See the sections titled "Prospectus Summary—Implications of Being an Emerging Growth Company and a Smaller Reporting Company" and "Risk Factors."

**See the section titled "Risk Factors" beginning on page 33 to read about factors you should consider before deciding to invest in shares of our Class A common stock.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Exercise of<br>Over-Allotment Option** | **No Exercise of<br>Over-Allotment Option** | **Full Exercise of<br>Over-Allotment Option** | **Full Exercise of<br>Over-Allotment Option** |
|  | **Per Share** | **Total** | **Per Share** | **Total** |
| Initial public offering price | $— | $— | $— | $— |
| Underwriting discounts and commissions<sup>(1)</sup> | $— | $— | $— | $— |
| Proceeds, before expenses, to Gloo Holdings, Inc. | $— | $— | $— | $— |

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(1)See the section titled "Underwriting" for a description of the compensation payable to the underwriters.

At our request, the underwriters have reserved up to 5% of the shares of Class A common stock offered by this prospectus for sale at the initial public offering price through a directed share program to our directors, officers, employees and other persons and parties who do business with us. See the section titled "Underwriting" for additional information.

We have granted the underwriters an option to purchase up to an additional shares of our Class A common stock from us at the initial public offering price, less the underwriting discounts and commissions.

The underwriters expect to deliver the shares of Class A common stock to the purchasers on or about , 2025.

The date of this prospectus is , 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* |
| **Roth Capital Partners** | **Roth Capital Partners** | **Roth Capital Partners** | **Roth Capital Partners** | **Roth Capital Partners** |
| &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* |
| &nbsp;&nbsp;**Benchmark**<br>a StoneX Company | &nbsp;&nbsp;**Craig-Hallum** | &nbsp;&nbsp;**Lake Street** | &nbsp;&nbsp;**Loop Capital Markets** | &nbsp;&nbsp;**Texas Capital Securities** |

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![img208649736_1.jpg](img208649736_1.jpg)

**gloo Our mission is to build the leading vertical technology platform for the faith and flourishing ecosystem.**

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![img208649736_2.jpg](img208649736_2.jpg)

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![img208649736_3.jpg](img208649736_3.jpg)

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![img208649736_4.jpg](img208649736_4.jpg)

**High Tech. Higher Purpose. Principles that positon our future We Shape Technology for good So you can amplify your impact with tools you trust. We Release Collective Strength So you can achieve more together than alone We Enable Ecosystem Trust So you can collaborate with greater confidence. We Serve Those Who Serve So you can do more of what you are called to do**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>FOUNDER LETTER</u>](#founder_letter) | ii |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>PROSPECTUS SUMMARY</u>](#prospectus_summary) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>RISK FACTORS</u>](#risk_factors) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>](#note_regarding_forward_looking_statement) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>MARKET, INDUSTRY AND OTHER DATA</u>](#market_industry_and_other_data) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>USE OF PROCEEDS</u>](#use_of_proceeds) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>DIVIDEND POLICY</u>](#dividend_policy) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>CORPORATE REORGANIZATION</u>](#corporate_reorganization) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>CAPITALIZATION</u>](#capitalization) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>DILUTION</u>](#dilution) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION</u>](#unaudited_pro_forma_information) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>](#managements_discussion_and_analysis) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>BUSINESS</u>](#business) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>MANAGEMENT</u>](#management) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>EXECUTIVE COMPENSATION</u>](#executive_compensation) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</u>](#certain_relationships_and_related_party) | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>PRINCIPAL STOCKHOLDERS</u>](#principal_stockholders) | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>DESCRIPTION OF CAPITAL STOCK</u>](#description_of_capital_stock) | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>SHARES ELIGIBLE FOR FUTURE SALE</u>](#shares_eligible_for_future_sale) | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF OUR CLASS A COMMON STOCK</u>](#material_us_federal_income_tax) | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>UNDERWRITING</u>](#underwriting) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>LEGAL MATTERS</u>](#legal_matters) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>EXPERTS</u>](#experts) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>](#changes_in_independent_registered_public) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>WHERE YOU CAN FIND ADDITIONAL INFORMATION</u>](#where_you_can_find_additional_informatio) | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</u>](#indextofinancials) | F-1 |

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**Through and including , 2025 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

Neither we nor any of the underwriters have authorized anyone to provide you with information that is different than the information contained in this prospectus and any free writing prospectus prepared by or on behalf of us or to which we have referred you. Neither we nor the underwriters take any responsibility for, and cannot provide any assurance as to the reliability of, any other information that others may give you. The information contained in this prospectus or in any applicable free writing prospectus is accurate only as of the date of this prospectus or such free writing prospectus, as applicable, regardless of the time of delivery of this prospectus or any such free writing prospectus or of any sale of the securities offered hereby. Our business, results of operations, financial condition and prospects may have changed since that date.

This prospectus is an offer to sell only the securities offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. Neither we nor any of the underwriters have taken any action that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons who have come into possession of this prospectus in a jurisdiction outside the United States are required to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus outside of the United States.

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![img208649736_5.jpg](img208649736_5.jpg)

ii

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**PROSPECTUS SUMMARY**

*The following summary highlights selected information that is presented in greater detail elsewhere in this prospectus. It does not contain all the information you should consider before investing in our Class A common stock. You should read this entire prospectus carefully, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and related notes included elsewhere in this prospectus, before making an investment decision. In this prospectus, unless the context requires otherwise, all references to "we," "our," "us," "Gloo," and the "Company" prior to the Corporate Reorganization refer to Gloo Holdings, LLC and its subsidiaries taken as a whole, and after the Corporate Reorganization, to Gloo Holdings, Inc. and its subsidiaries taken as a whole. Our fiscal year ends on January 31, and our fiscal years ended January 31, 2024, 2025 and 2026 are referred to herein as "fiscal 2023," "fiscal 2024" and "fiscal 2025," respectively.*

**Our Mission and Purpose**

Gloo's mission is to build the leading vertical technology platform for the faith and flourishing ecosystem, which we believe is one of the largest, oldest and least-digitized ecosystems in the world. Our purpose is to shape technology as a force for good, so people can flourish and communities can thrive. This is grounded in our belief that relationships catalyze growth, and when technology is used to serve relationships, it transforms lives.

The faith and flourishing ecosystem is vast and, we believe, a technologically underserved vertical that includes traditional Christian (primarily Protestant and Catholic) churches and a diverse network of ministries, nonprofits and service providers. According to a 2016 analysis conducted by the Interdisciplinary Journal of Research on Religion, the faith sector, including all religions of which Christianity is the largest in America, contributes approximately $1.2 trillion to the United States economy each year. According to IBISWorld, Christian organizations, which comprise our primary customer focus, accounted for 88% of the aggregate revenue of religious organizations in the United States in 2024. Although we have not undertaken an independent analysis to estimate the total addressable market for all of our current offerings or determined with precision the portion of this market that we may serve, we are confident that Gloo has substantial opportunities for continued growth. In the United States alone, the faith and flourishing ecosystem is estimated to include over 415,000 Christian organizations, comprised of over 315,000 Christian congregations according to the 2020 U.S. Religion Census by the Association of Statisticians of American Religious Bodies, as well as over 100,000 Christian nonprofit organizations according to the Cause IQ directory of nonprofits as of July 2025.

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![img208649736_8.jpg](img208649736_8.jpg)

**Overview**

Since our founding in 2013, we have offered a breadth of products, services and solutions to the two primary stakeholders at the core of the faith and flourishing ecosystem, network capability providers (NCPs) and the churches and frontline organizations (CFLs) they serve.

NCPs play an enabling role in the faith and flourishing vertical by equipping CFLs with products and services so CFLs can focus on their mission. These products and services include technology solutions, content, marketing services and donor services. CFLs serve as the heart of the faith and flourishing ecosystem, and include churches, ministries, nonprofits and service organizations, providing worship, educational programs, community outreach efforts and other social services support.

We have established a platform that connects NCPs and CFLs and facilitates sales of products and services between the two groups. Through our platform, CFLs gain access to curated resources and NCPs benefit from targeted distribution of their products and services to members of the ecosystem. The Gloo platform includes a suite of technology, marketplace, advertising and service solutions offered directly by us and by our wholly owned or consolidated subsidiaries, which we refer to as Gloo Capital Partners.

We generate revenue from NCPs through sales of enterprise subscriptions to outsourced technology, artificial intelligence (AI) capabilities and advertising (all of which we account for as platform revenue), as well as platform solutions. We generate platform revenue from CFLs through sales of subscriptions to communication tools, content libraries, data insights and AI capabilities, as well as through transactions on our and Gloo Capital Partners' e-commerce marketplaces, including Outreach, Inc., our largest online marketplace.

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![img208649736_9.jpg](img208649736_9.jpg)

We launched our company by offering free tools and services to CFLs, such as messaging and texting services, curated content and access to resources, with the goal of addressing widespread communication and engagement challenges between CFLs and their constituents. This strategy allowed us to accumulate a large and diverse user base of CFLs, while also continuing to develop more products and solutions. From the outset, our focus has been to create infrastructure for the faith and flourishing ecosystem that enables greater coordination among its participants and unlocks value for both NCPs and CFLs. We believe there is significant market fragmentation in the ecosystem and, to our knowledge, no other company has aggregated a comparable breadth and diversity of churches and faith-based organizations. We believe this scale and scope positions Gloo as a unifying force in the ecosystem and creates a meaningful and durable competitive advantage.

The strength of our platform today is the result of a deliberate sequence of strategic initiatives. These are described below and include catalyzing large-scale engagement through national media campaigns, such as State of the Church, He Gets Us and Churches Care, and expanding our platform through acquisitions and investments.

In fiscal 2023, Gloo was chosen to provide technology infrastructure for He Gets Us, a large national faith-aligned media campaign. This campaign created engagement between campaign audiences and thousands of participating churches. The campaign drove significant platform adoption by churches and accounted for the majority of our fiscal 2023 revenue, helping to establish Gloo as a central connector in the faith and flourishing ecosystem.

To expand on this momentum, we acquired Outreach in fiscal 2024. According to Grips, an e-commerce research and comparison tool, Outreach is a leading business-to-business provider of church-focused products and services. The acquisition provided us with one of the largest faith-based e-commerce marketplaces in the world, added thousands of CFLs to our platform and accounted for 87.8% of total revenue in fiscal 2024.

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Together, the He Gets Us campaign and our Outreach acquisition significantly increased the scale and reach of our platform, bringing tens of thousands of new CFLs to the platform. Beginning in the first quarter of fiscal 2025, we further diversified our revenue by adding new offerings to our platform, including advertising and enterprise-level solutions, now driven by Gloo360, our technology, data and consulting services offered to larger faith and flourishing organizations through enterprise subscriptions. For the six months ended July 31, 2024, we generated the majority of our revenue from sales of products and services through Outreach, and for the six months ended July 31, 2025, one third of our revenue was generated from Outreach.

We have scaled our platform through a combination of product innovation, customer growth and product suite penetration, as well as targeted acquisitions and investments in several NCPs with complementary technologies, products and customer relationships. Looking ahead, we are focused on growing our platform across subscriptions, advertising, marketplace transactions and NCP platform solutions. We are actively investing in and growing the Gloo Media Network, which provides marketing and advertising services to and through NCPs. In parallel, we are developing Gloo AI, our proprietary AI infrastructure designed to enable new applications for engagement, data insights and content creation to serve NCPs, publishers, content creators, denominations, donor platforms and developers. We also expect to continue to pursue strategic acquisitions and investments that expand platform capabilities, deepen integration across ecosystem participants and solidify our position as a trusted, unifying platform for the faith and flourishing ecosystem.

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**The Faith and Flourishing Ecosystem**

The faith and flourishing ecosystem constitutes a large and expanding cornerstone of our country. It encompasses all religions and is estimated to contribute over $1.2 trillion annually to the U.S. economy in 2016 and to include over 450,000 organizations in the United States. According to research conducted by IBISWorld, in the United States, the religious organizations sector employed approximately 1.7 million people in 2024 and is forecasted to increase to approximately two million by 2029. The ecosystem is not limited to churches; it also includes ministries, service organizations, educational institutions, health providers, nonprofits and other values-aligned organizations.

![img208649736_10.jpg](img208649736_10.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to two separate studies conducted by Barna Group, a Gloo Capital Partner, and Pew Research Center across 2023 and 2024, more than 60% of Americans identify as Christian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Christian congregations range in size and structure, from large megachurches to small community gatherings, often affiliated with denominations and networks. According to the 2020 U.S. Religion Census, more than 315,000 Christian congregations operate across the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Religious participation remains a cornerstone of American life, bolstered by a culture of charitable giving. According to Pew Research Center, 33% of Americans attend a religious service monthly, making worship one of the most regular and widespread social gatherings in the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to 2025 Kentley Insights, from 2019 through 2023, religious organization revenue for all religions combined grew at a compound annual growth rate of 8.6% per year in the United States. This growth rate outpaced the 6.2% average for service industries in the same time period and ranked religious organizations in the top 20% of all service industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The growth rate is estimated to be 6.6% in 2024 and forecasted at 4.9% in 2025. According to 2025 Kentley Insights, faith-based organizations of all religions generated over $245 billion in revenue in 2024.

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The importance of faith in American life extends across generations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Younger generations are increasingly stepping into philanthropic roles. According to a Giving USA Special Report from 2024, Millennials and Gen Z, often presumed to be less religiously affiliated, are showing renewed engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to the same report, Gen Z donors more than doubled their giving to faith-based organizations between 2021 and 2024, while Millennials reported a 57% increase in donations to places of worship in the same time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to Barna, weekly church attendance is the strongest among Millennials, with nearly 40% reporting regular worship attendance as of 2022, suggesting a generational renewal in the faith landscape.

Religious organizations also play a pivotal role in broader philanthropic and social service landscapes. Faith-based entities operate a substantial portion of the nation's hospitals and educational institutions and have historically been major recipients of federal grants for social services.

***Human Flourishing***

The faith and flourishing ecosystem is far broader than churches alone. It includes a diverse set of for-profit and nonprofit organizations that help humans flourish across seven essential areas of life: spirituality, relationships, purpose, finances, health, character and contentment.

We define human flourishing as holistic well-being in these seven dimensions, a definition rooted in scripture, philosophy and psychological research. We believe that the rapid evolution of AI and other new technologies has the potential to either accelerate or undermine human flourishing. Gloo exists to help ensure that technology is shaped as a force for good. Our product development is informed by the ongoing Global Flourishing Study, a collaboration between Harvard, Baylor and Gallup, based on data from over 200,000 people across 22 countries.

Our platform serves organizations that specialize across the seven dimensions of the Global Flourishing Study framework, which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Spirituality**: churches, ministries, Christian universities, seminaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Relationships**: counseling centers, parenting and marriage resources, community outreach organizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Purpose**: vocational training, community development, philanthropic networks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Finances**: nonprofit lending, values-aligned insurance, human resources and retirement plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Health**: addiction recovery, mental health, wellness services, anti-trafficking organizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Character**: values-aligned content including faith-based films and digital media

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Contentment**: assessment tools, values-aligned publishers, wellness apps

Our platform connects and equips thousands of human flourishing organizations representing these dimensions, empowering them to serve millions of people within what we believe is one of the most resilient and purpose-driven verticals in the modern economy.

**The Gloo Platform**

Our platform is built on four revenue streams: subscriptions, advertising and marketing, marketplace offerings and platform solutions. Gloo AI is increasingly integrated with our solutions, which we are designing to work

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seamlessly together to enable data exchange, machine learning, large language models, content licensing, content delivery and services to flow across the faith and flourishing ecosystem. Several of our existing products are AI-native tools and agents that incorporate AI from the beginning of their lifecycle, however, some of our Gloo Capital Partners are still early in their AI adoption with AI powering a small but growing number of their current products and services.

![img208649736_11.jpg](img208649736_11.jpg)

***Subscriptions***

We offer free, premium and enterprise subscription-based software and solutions to NCPs and CFLs. These offerings represent the foundational layer of the Gloo platform, enabling NCPs and CFLs to communicate, organize and operate more effectively. Our subscription offerings generate revenue through monthly and annual subscription agreements. For the six months ended July 31, 2025, approximately 70% of our revenue was recurring and re-occurring. Recurring revenue is derived from monthly or annual subscriptions and ongoing contracts, and accounted for approximately 49% of our total revenue for the six months ended July 31, 2025. Re-occurring revenue is derived from repeat customer purchases, most often of digital and physical products from Outreach, and accounted for more than 20% of our total revenue for the six months ended July 31, 2025.

*Gloo Workspace*

Gloo Workspace is a single, online entry point for resources designed to help a pastor or ministry leader lead, grow and operate his or her church or ministry, including content and insights, communications, tools, data insights and an e-commerce marketplace. Gloo Workspace offers proprietary AI-powered products for CFLs to understand and engage with the people they serve and their communities. Through Gloo Workspace, registered users can access our free communications product, which enables automated SMS text and email outreach. Paying users can subscribe to Gloo+, a premium subscription that includes tools that we and Gloo Capital Partners have developed for enhanced engagement, sermon preparation, generative AI content creation and audience analytics. Gloo+ is designed to provide a comprehensive view of community needs, presenting patterns and trends benchmarked against peer organizations. Gloo+ also provides discounted subscriptions to our full suite of software products. Registered users can also subscribe to these products individually through Gloo Workspace or through the websites of our Gloo Capital Partners.

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The suite of software products and licenses that we offer to CFLs include:

![img208649736_12.jpg](img208649736_12.jpg)

*Gloo360*

Gloo360 launched in the first quarter of fiscal 2025 and provides NCPs with subscription-based enterprise technology, data and consulting to support growth and operations. Through annual subscriptions, Gloo360 provides a comprehensive suite of solutions that includes cloud services and managed information technology (IT), cybersecurity and data protection, business intelligence and strategic consulting, custom software and digital solutions, helpdesk support, project management and e-commerce infrastructure.

Our IT systems and customer-facing services are delivered through a combination of in-house and third-party infrastructure. More specifically, Gloo360 maintains proprietary software and workflow tools that are hosted on third-party cloud service providers, including Amazon Web Services. These third-party providers furnish the underlying compute, storage and networking resources, while Gloo360 configures, manages and integrates these environments to deliver secure, scalable solutions to our customers. In addition, we deliver technology development and infrastructure services through our Gloo Capital Partners, Servant.io and Midwestern Interactive (Midwestern).

As part of Gloo360, we also provide ongoing management and administration of customer IT systems that are themselves third-party products, such as Salesforce, Microsoft Office 365 and other enterprise applications. In these cases, Gloo360 acts as the managed service provider, configuring, customizing, securing and supporting such systems on behalf of its customers, while the underlying software and infrastructure remain licensed from and operated by the third-party vendors.

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***Advertising and Marketing***

*Gloo Media Network*

Gloo Media Network is our suite of advertising technologies, marketing technologies and services. In fiscal 2024, we generated advertising revenue by selling advertising placements across Gloo-owned and -managed media properties. We are expanding this effort by further developing these offerings to help our customers engage donors. Gloo Media Network enables advertisers to reach and engage values-aligned audiences through targeted, data-informed advertising on Gloo-owned and -managed media properties. We believe Gloo Media Network will position us to become a leading media network for the faith and flourishing ecosystem.

Advertising placements on our platform, Outreach and other Gloo Capital Partner websites are offered through both audience-based and cost-per-click models. In addition, we expect Gloo Media Network will deliver full-service marketing capabilities, including creative services, campaign strategy and audience targeting.

We acquired Masterworks, Inc., a full-service marketing technology and donor engagement agency dedicated to values-aligned nonprofits and ministries, in the second quarter of fiscal 2025. We believe Masterworks will be a foundational part of the Gloo Media Network because Masterworks brings a deep technology stack and expertise in donor engagement, creative development and digital and physical marketing capabilities to our platform. Masterworks' offerings are supported by its robust analytics and predictive modeling, which we believe will enhance campaign performance, expand distribution across the Gloo Media Network and drive both advertising revenue and marketing services growth.

*Outreach*

The Outreach portfolio of online brands also produces and curates ministry-specific content and resources that drive traffic by CFL leaders and generate advertising revenue. These brands include the following:

![img208649736_13.jpg](img208649736_13.jpg)

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***Marketplace***

We operate e-commerce marketplaces that enable CFLs to discover and purchase a combination of free and paid, physical and digital products, including curriculums, marketing collateral and church supplies from a select group of NCPs that serve the needs of the faith and flourishing ecosystem. Customers can access the marketplaces through Outreach and directly from Gloo Workspace.

Outreach brings many longstanding customer relationships allowing for targeted go-to-market CFL products, services and campaigns that increase product visibility and accelerate adoption. By leveraging this well-established brand, we are able to drive revenue. Sales through Outreach accounted for 98.3% and 96.4% of our marketplace revenue in fiscal 2024 and for the six months ended July 31, 2025, respectively. Revenue is generated through recurring, re-occurring and one-time marketplace purchases of physical and digital products.

***Platform Solutions***

We deliver enterprise-level infrastructure and technology development services to NCPs, enabling their digital transformation. Our current and paying customers, to whom we provide full-service technology development, include some of the faith and flourishing ecosystem's most well-known brands, including YouVersion (a Bible app) and Come and See Foundation (The Chosen TV series). Our current infrastructure and technology development services are delivered primarily through two Gloo Capital Partners, Servant.io and Midwestern, which also provide technology development for Gloo's internal engineering teams. Platform solutions generate revenue through monthly and annual contracts with NCPs seeking scalable infrastructure, operational leverage and long-term strategic alignment.

Servant.io and Midwestern are digital and technology consultancies that offer specialized expertise in the faith and flourishing ecosystem, providing growth strategy, workflow automation and product development by leveraging the Gloo platform. Our teams bring deep experience in working with ministries and nonprofits, delivering services such as web and application design, product design and embedded talent solutions. These capabilities help customers scale digital experiences, maintain and modernize technology infrastructure and accelerate delivery.

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**Our Growth Drivers**

Our platform is built to capitalize on powerful network flywheel effects created through the addition of more NCPs, CFLs and their offerings to our platform, as illustrated below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**More NCPs Join the Platform**: Gloo attracts mission-aligned NCPs onto our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Creates More Subscription and Marketplace Offerings**: More NCPs joining the platform leads to more technology and marketplace offerings on our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Activates More CFLs and Platform Frequency**: As offerings grow, more CFLs engage with the platform, increasing adoption, daily usage and purchasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**More Data and Content**: With increased scale of CFLs, Gloo advances proprietary AI capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Provides More Value to NCPs and CFLs and Generates Diversified Revenue Streams**: The entire ecosystem drives subscription, advertising, marketplace and platform solutions revenue.

![img208649736_14.jpg](img208649736_14.jpg)

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This flywheel is accelerated by our four core growth drivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Acquisitions and Investments**: We expect acquisitions and investments to be the primary driver of our revenue growth. We focus on strategic acquisitions of, and investments in, NCPs to further expand the capabilities and users on our platform. However, we do not currently intend to use the proceeds from this offering for any specific acquisition or investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Enterprise Sales**: Our enterprise sales team focuses on sales of Gloo360, sales of advertising and platform solutions to NCPs and adding NCP offerings to our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Digital Growth**: Our digital growth team focuses on adding CFLs to our platform through digital-led marketing and lead generation, accelerating flywheel effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**AI Transformation**: We are developing easy-to-deploy AI capabilities for CFLs and NCPs that are designed to streamline operations, enhance content creation and improve community engagement.

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![img208649736_15.jpg](img208649736_15.jpg)

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***Acquisitions and Investments***

Gloo Capital Partners refers to the portfolio of organizations that we have acquired or in which we hold a consolidating interest to expand the breadth, depth and value of our platform. These mission-aligned businesses represent core strategic assets that expand our capabilities across media, content, software and services. By integrating these businesses into our platform and go-to-market infrastructure, we seek to enhance product offerings, deepen network engagement and drive scalable impact across the faith and flourishing ecosystem.

Through July 31, 2025, we have acquired a full or consolidating interest in more than 15 mission-aligned Gloo Capital Partners that develop and sell products through online marketplaces or provide software and solutions to the faith and flourishing ecosystem, through transactions that qualified as either business combinations or asset acquisitions. Revenue generated by Gloo Capital Partners accounted for a substantial percentage of our revenue in fiscal 2024 and for the six months ended July 31, 2025, which we believe is indicative of the critical role of Gloo Capital Partners in our platform expansion and value creation.

***Enterprise Sales***

NCPs are an integral part of our business, delivering their offerings to CFLs through our platform while also purchasing platform capabilities and services to power their own operations. Through our enterprise NCP sales model, we engage directly with NCPs to provide access to our technology and advertising services, Gloo360 technology services and platform solutions. Our approach is designed to fuel platform expansion by onboarding new offerings and driving sustained customer growth.

Additionally, we intend to offer Gloo Impact, which is a product in beta that we are designing to enhance philanthropic outreach and charitable contributions by visualizing real time impact through AI generated data dashboards, escrow-like fund management and capital deployment based on verified milestones of ministry outcome. This potential growth driver holds money in escrow within a donor impact fund, distributes that money to qualified NCPs or CFLs based on verifying milestone achievement and visualizes the outcomes with a real-time impact dashboard.

***Digital Growth***

Our self-service onboarding gives users access to Gloo Workspace and is designed to empower churches to independently access both free and premium tools, driving scalable, organic adoption across the platform. With platform adoption growing to over 140,000 churches and ministry leaders as of July 31, 2025, up from 74,000 as of January 31, 2024, we offer a ready-made distribution channel for NCPs and a powerful engine for potential reach, engagement and recurring revenue.

***AI Transformation***

We are developing vertical-specific, values-aligned AI designed to serve the unique needs of the faith and flourishing ecosystem. Our AI approach is primarily developed by us but accelerated through third-party, open-source foundation models. For example, our data engine, ingestion, enrichment and other business logic and domain-specific fine-tuning are all internally developed and proprietary, while many of our conversational and generative AI features and APIs are underpinned by third-party and open-source base models.

*Strategic Areas of AI Development*

Our strategy is to lead AI deployments in three important areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Values-Aligned AI** – AI designed to help humans flourish in all areas of life based on flourishing principles, rather than optimizing for engagement metrics that may harm mental health.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Language and Voice AI** – World-class translation and voice technology that serves a large number of languages and prioritizes underserved populations where AI is not yet available in their language. We expect this to be further enhanced after our pending acquisition of XRI Global, a leading provider of AI-driven language and translation technologies for the faith and flourishing ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**AI Licensing** – Facilitating the exchange that gives AI companies and developers ethical access to high-quality content with fair compensation models for publishers and creators.

*AI Product Maturity Framework*

In our suite of products and services, we distinguish between three stages of AI maturity: AI-native, AI-enhanced or early AI-adoption and non-AI enhanced. This framework helps illustrate where AI is embedded from inception and where it is being incrementally integrated.

<u>AI-Native Products and Services</u>

These are architected with AI at their core, leveraging our proprietary multi-agent orchestration, data engine and licensing infrastructure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI Chat** – Our flagship conversational AI tool, providing multimodal values-aligned experiences grounded in spiritual wisdom, ethical guidance and practical life support. Architected with retrieval-augmented generation (RAG) pipelines, profile- and memory-aware inference and rights-aware sourcing, Gloo AI Chat serves business-to-business teams, enterprises and white-label deployments. It is currently in beta and is expected to launch this fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI Data Engine** – A proprietary enrichment and retrieval service that transforms raw content, including books, sermons, transcripts and media, into structured, AI-optimized knowledge bases. Through ingestion, tagging, indexing and enrichment pipelines, it produces transcripts, metadata, embeddings and derivative assets optimized for semantic retrieval and integration into AI tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI APIs** – Developer-facing services for enrichment, retrieval, inference and orchestration. These include:

o**Data Engine Service API** – enabling ingestion and enrichment of content.

o**Search API** – hybrid semantic and symbolic search across theological, scriptural and flourishing categories.

o**Completions API** – orchestrated inference routed through expert models and tool agents.

o**Chat API** – retrieval-augmented conversational output with citations and values alignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI Licensing Platform** – A transparent digital rights management and licensing infrastructure that enables ethical access to content for AI training and inference. It embeds enforceable licensing terms, attribution and automated royalty distribution, giving publishers and creators control and revenue while allowing developers to safely integrate licensed content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Church.Tech** – Soon to be integrated into Gloo Workspace, an AI-native platform for ministry operations that acts as a content studio for churches. Designed from inception as an AI-first product, it enables pastors and ministry leaders to generate, adapt and distribute content using values-aligned generative AI.

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<u>AI-Enhanced or Early AI-Adoption</u>

These are established products where AI features are being introduced to augment existing workflows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo Workspace** – A comprehensive platform for pastors and ministry leaders that incorporates AI to support communications, sermon preparation, community engagement insights, generative content and outcome measurement. It also offers Gloo+, a subscription tier with enhanced engagement and analytics tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo360** – Enterprise services that leverage AI for managed operations, advanced analytics, agentic workflows, recommendation systems and custom enterprise builds for faith-based organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Visitor Reach** – A product embedding AI to optimize outreach strategies and improve church visitor engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Carey Nieuwhof Platform** – Experimenting with AI-powered content generation, personalization and recommendation features for ministry and leadership resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Igniter Media –** Integrating AI into its creative content platform to enhance media discovery, automate tagging and recommendations, and provide churches with generative tools for producing and customizing visual and video assets.

For these products, AI is not yet the foundational architecture, as is the case for the majority of software products today, but rather a growing set of enhancements layered onto proven products. Over time, many of these offerings are expected to evolve toward AI-native states.

*Proprietary, Open Source, Licensed and Frontier AI*

All of our AI products rely on a hybrid approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Proprietary AI** – Gloo-developed orchestration, domain-specific fine-tuning, RAG pipelines, alignment and safety layers, licensing enforcement and data enrichment systems. These represent the core of our proprietary AI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Open Source AI** – We are model-agnostic and accelerate development through widely adopted open-source large language models, such as LLaMA, Qwen and DeepSeek, which we fine-tune and RAG-enhance using our proprietary methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Licensed AI** – Where beneficial, we incorporate licensed AI frameworks, such as LangChain, Open Meter and Weaviate, or specialized APIs to complement our proprietary AI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Frontier AI** –We use major frontier AI technologies from providers such as OpenAI, Anthropic and Google to provide values-aligned AI capabilities to the faith and flourishing ecosystem, but we are not substantially dependent on any single frontier LLM provider. We are selectively modest on the use of these technologies.

Our hybrid approach to AI allows us to benefit from global advances in open-source and frontier AI while maintaining differentiation through our proprietary orchestration, datasets and alignment layers.

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*Datasets and Training Sources*

Our AI products are differentiated by one of the largest vertically aligned datasets for faith and flourishing, covering books, sermons, media and academic content. Our models and applications are trained and grounded on a combination of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Internal Datasets** – Gloo and Gloo Capital Partner-owned content ingested and enriched by the Gloo AI data engine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Licensed Datasets** – Subset of faith-based publishers, ministries and creators who have licensed their content managed by the Gloo AI licensing platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Public Datasets** – Responsibly sourced open content that complements proprietary and licensed corpora.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Synthetic Datasets** – AI-generated content and datasets produced through proprietary approaches.

All datasets are peer-reviewed by theological and domain experts to ensure accuracy, alignment and trustworthiness.

*Ecosystem and Partnerships*

Beyond our internal products, Gloo AI is integrated into Gloo Capital Partner offerings. We are also seeing strong traction with developers, publishers and next-generation content providers. We are in active discussions with several leading faith-based technology platforms to power new audio, language and conversational capabilities through Gloo AI. We believe these potential partnerships will accelerate adoption of Gloo AI across the global faith ecosystem.

**Our Competitive Strengths**

Connecting what we believe to be one of the largest ecosystems in humanity requires a diverse set of skills and strengths. We believe our competitive strengths include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Connecting a Large, Diverse and Fragmented Faith and Flourishing Ecosystem** – With over 140,000 churches and ministry leaders and over 3,000 active NCPs on our platform as of July 31, 2025, we believe we have built a trusted digital environment at scale in the faith and flourishing ecosystem. To our knowledge, no other company has aggregated a comparable breadth and diversity of ecosystem participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Differentiated Access to Ecosystem Relationships** – We believe our ability to convene the ecosystem is a core differentiator. This is rooted in our extensive relational capital, cultivated through over ten years of trust-building and delivering value to the ecosystem. We facilitate dialogues that lead to actionable solutions and strengthened partnerships, contributing to current and future customers, as well as Gloo Capital Partner acquisitions and investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Developing AI for the Faith and Flourishing Ecosystem** – As a pioneer in leveraging AI specifically for the faith and flourishing ecosystem, we believe Gloo is positioned to unite stakeholders (including publishers, developers and consumers) around the transformative potential of AI and to further expand our revenue models. We are uniting AI experts, theologians and ministry leaders in co-creating solutions that are designed to be ethical, effective and aligned with the values of human flourishing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Demonstrated Strategic Vision and Execution** – As of July 31, 2025, we have executed more than 15 strategic investments and acquisitions across key segments of the faith and flourishing ecosystem, integrating high-value NCPs with proprietary products, strong customer relationships and established market presence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Experienced Board and Management Team** – We are led by what we believe is a world-class board and executive team with deep expertise in both technology and the markets in which we operate. The team brings a proven track record in building scalable platforms, driving digital transformation, and forging high-impact partnerships. Scott Beck, our co-founder, president and chief executive officer, is a veteran entrepreneur with over 40 years of experience in scaling businesses such as Blockbuster and Home Advisor. Pat Gelsinger, our executive chair and head of technology, brings more than 45 years of technology leadership, including his most recent role as chief executive officer of Intel. They are joined by seasoned leaders with experience from Meta, YouVersion, McKinsey, Christianity Today and Hobby Lobby, forming a strongly qualified team to execute our growth strategy and scale Gloo's impact across the faith and flourishing ecosystem.

**Risk Factors Summary**

Our business is subject to numerous risks and uncertainties, including those highlighted in the section titled "Risk Factors" immediately following this prospectus summary. The following is a summary of the principal risks we face:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have limited operating history and experience with scaling our platform, which makes it difficult to evaluate our business and prospects and forecast our future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our recent growth may not be sustainable or indicative of future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a history of net losses and may not achieve profitability in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is no assurance that we will be able to continue as a going concern without achieving profitable operations or raising additional capital through potential equity or debt financing transactions, which we may not be able to obtain on favorable terms or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we fail to acquire new customers or the faith and flourishing ecosystem does not develop as we anticipate, our sales will not grow as quickly as expected, or at all, and our business, financial condition and results of operations will be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we fail to retain our customers, or our customers do not renew or extend their subscriptions or other contracts, or renew or extend on less favorable terms, our revenue may decline or grow less quickly than anticipated, which would harm our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A decrease in charitable donations or other external funding of our customers and potential customers may result in reduced demand for our platform offerings, which could adversely affect our business, results of operations, financial condition and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failure to effectively develop and expand our sales and marketing capabilities, including reliance on product-led sales efforts, could harm our ability to increase our customer base and achieve broader market acceptance and utilization of our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are subject to certain risks as a mission-driven company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We depend on Mr. Beck and our senior management team to operate our business, and the loss of one or more of them could adversely affect our business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we do not continue to innovate and further develop our platform offerings, if our platform developments do not perform as anticipated or if we are not able to keep pace with technological developments, we may not remain competitive, and our business, results of operations, financial condition and prospects could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we fail to develop, maintain and enhance our brand and reputation cost-effectively, our business, financial condition and results of operations could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The markets in which we participate are competitive, and if we do not compete effectively, our business, financial condition and results of operations could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may require additional capital to support the growth of our business, and this capital might not be available on favorable terms or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues and profits generated through our acquisitions and investments may be less than anticipated, and we may fail to uncover all acquired liabilities that could result in unanticipated costs, losses, declines in profits and potential impairment charges, and for which we may not be indemnified in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are unable to identify attractive acquisition or investment targets, acquire or invest in them at attractive prices or successfully integrate their operations or otherwise realize their anticipated benefits, we may be unsuccessful in growing our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sellers in our acquisition of Visitor Reach and investment in Midwestern have repurchase rights during specified periods, and any exercise of such rights could adversely affect our business, financial condition and results of operations. The existence of the repurchase rights may increase the likelihood of impairment charge, complicate the overall integration process and decrease the benefits potentially realizable from investment synergies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interruptions or performance problems associated with our platform and the technology we use might harm our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are developing new AI platform offerings and incorporating AI-technology into certain of our platform offerings, which may result in operational, financial and reputational harm and other adverse consequences to our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business is subject to complex and evolving laws, regulations and industry standards, and unfavorable interpretations of, or changes in, or our actual and perceived failure to comply with these laws, regulations and industry standards could substantially harm our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We identified material weaknesses in our internal control over financial reporting in connection with the preparation and audit of our financial statements for the fiscal years ended January 31, 2024 and 2025, and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate existing material weaknesses, identify additional material weaknesses or fail to establish and maintain effective internal control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•After this offering, you will own single-vote-per-share Class A common stock while our co-founder, president and chief executive officer, Mr. Beck, and his affiliates will own shares of our ten-votes-per-share Class B common stock. Accordingly, Mr. Beck will control a significant portion of the voting power of our outstanding capital stock and your ability to influence or direct the outcome of key corporate actions and transactions, including a change in control, will be limited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our quarterly results might fluctuate and if we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially.

Our Risk Factors are not guarantees that no such conditions exist as of the date of this prospectus and should not be interpreted as an affirmative statement that such risks or conditions have not materialized, in whole or in part.

**Channels for Disclosure of Information**

Investors, the media and others should note that, following the effectiveness of the registration statement of which this prospectus forms a part, we intend to announce material information to the public through filings with the Securities and Exchange Commission (SEC), the investor relations page on our website, press releases, public conference calls and webcasts.

The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media and others to follow the channels listed above and to review the information disclosed through such channels. However, information disclosed through these channels does not constitute part of this prospectus and is not incorporated by reference herein.

Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

**Corporate Reorganization**

We currently operate as Gloo Holdings, LLC, a Delaware limited liability company. For purposes of this offering, we formed Gloo Holdings, Inc., a Delaware corporation, which is the registrant in this offering. Immediately prior to the completion of this offering, we will complete a series of internal reorganization transactions pursuant to which, among other things, a Delaware limited liability company and wholly owned subsidiary of Gloo Holdings, Inc. will merge with and into Gloo Holdings, LLC, with Gloo Holdings, LLC as the surviving entity. As a result, Gloo Holdings, LLC will become a wholly owned subsidiary of Gloo Holdings, Inc., and the members of Gloo Holdings, LLC immediately prior to the consummation of the merger will become holders of shares of Class B common stock of Gloo Holdings, Inc. We refer to the reorganization transactions throughout this prospectus collectively as the "Corporate Reorganization." For more information, see the section titled "Corporate Reorganization."

**Corporate Information**

We were originally formed as Gloo Holdings, LLC, a Delaware limited liability company, in November 2013. Gloo Holdings, Inc., a Delaware corporation, was incorporated on May 9, 2025 as a wholly owned subsidiary of Gloo Holdings, LLC and, following the Corporate Reorganization that will be completed prior to the completion of this offering, Gloo Holdings, Inc. will become the parent company of Gloo Holdings, LLC and the holding company of all of our operations. Our principal executive offices are located at 831 Pearl Street, Boulder, Colorado 80302 and our telephone number is (303) 381-2645. Our website address is *www.gloo.com*. Information contained on, or that can be accessed through, our website or linked therein or otherwise connected thereto is not a part of, and is not incorporated into, this prospectus or the registration statement of which this prospectus forms a part. We have included our website address in this prospectus solely as an inactive textual reference.

We use Gloo, the Gloo logo and other marks as trademarks in the United States and other countries. This prospectus contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus, including logos, artwork and other visual displays, may appear without the <sup>®</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

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**Implications of Being an Emerging Growth Company and a Smaller Reporting Company**

We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the JOBS Act). As such, we may take advantage of reduced disclosure and other requirements otherwise generally applicable to public companies, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•presentation of only two years of audited financial statements and related financial disclosure, in addition to any required unaudited interim financial statements, with correspondingly reduced disclosure in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exemption from the requirement to have our registered independent public accounting firm attest to management's assessment of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exemption from compliance with the requirement of the Public Company Accounting Oversight Board (PCAOB) regarding the communication of critical audit matters in the auditor's report on the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduced disclosure about our executive compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exemptions from the requirements to hold non-binding advisory votes on executive compensation and on the frequency of such votes as well as stockholder approval of any golden parachute arrangements not previously approved.

We will remain an emerging growth company until the earliest to occur of: (1) the last day of the fiscal year in which we have at least $1.235 billion in annual revenue; (2) the date we qualify as a "large accelerated filer," with at least $700.0 million of equity securities held by non-affiliates as of the last business day of our most recently completed second fiscal quarter; (3) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; and (4) the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

As a result of this status, we have taken advantage of reduced disclosure requirements in this prospectus and may elect to take advantage of other reduced reporting requirements in our future filings with the SEC. In particular, in this prospectus, we have provided only two years of audited financial statements and only two years of related management's discussion and analysis of financial condition and results of operations, and we have not included all of the executive compensation-related information that would be required if we were not an emerging growth company. In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies unless it otherwise irrevocably elects not to avail itself of this exemption. We have elected to use this extended transition period for complying with new or revised accounting standards until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

See the section titled "Risk Factors—Risks Related to Regulation and Taxation—We are an emerging growth company and a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our Class A common stock less attractive to investors."

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We are also a "smaller reporting company" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the Exchange Act). We will remain a smaller reporting company until the last day of the fiscal year in which the aggregate market value of our Class A common stock that is held by non-affiliates is at least $250 million or the last day of the fiscal year in which we have at least $100 million in revenue and the aggregate market value of our Class A common stock that is held by non-affiliates is at least $700 million (in each case, with respect to the aggregate market value of our Class A common stock held by non-affiliates, as measured as of the last business day of the second quarter of such fiscal year). If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation. See the section titled "Risk Factors—Risks Related to Regulation and Taxation—We are an emerging growth company and a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our Class A common stock less attractive to investors."

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**THE OFFERING**

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| | |
|:---|:---|
| Class A common stock offered by us | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Underwriters' option to purchase additional shares from us | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Class A common stock to be outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (or shares if the underwriters exercise their option to purchase additional shares in full). |
| Class B common stock to be outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Total Class A common stock and Class B common stock to be outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (or shares if the underwriters exercise their option to purchase additional shares in full). |
| Use of proceeds | We estimate that the net proceeds from the sale of shares of our Class A common stock in this offering will be approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares in full), based on the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.<br>The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock, facilitate future access to the public equity markets by us, our employees and our stockholders, and increase our visibility in the marketplace. We currently intend to use the net proceeds from this offering for general corporate purposes, including acquisitions and investments in businesses, products, services or technologies, working capital, operating expenses and capital expenditures. However, we do not have agreements or commitments for any such acquisitions or investments at this time. See the section titled "Use of Proceeds."<br>|
| Voting rights | Each share of our Class A common stock will be entitled to one vote per share and each share of our Class B common stock will be entitled to ten votes per share. Holders of our Class A common stock and Class B common stock will generally vote together as a single class, unless otherwise required by law or our certificate of incorporation. Immediately following the completion of this offering, Scott Beck, our co-founder, president and chief executive officer, will control % of the voting power of our outstanding capital stock. As a result, Mr. Beck will be able to significantly influence any action requiring the approval of our stockholders, including the election of our board of directors, the adoption of amendments to our certificate of incorporation and bylaws and the approval of any merger,  |

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|:---|:---|
|  | consolidation, sale of all or substantially all of our assets, or other major corporate transaction. See the section titled "Description of Capital Stock." |
| Directed share program | At our request, the underwriters have reserved up to 5% of the shares of Class A common stock offered by this prospectus for sale at the initial public offering price through a directed share program available to our directors, officers, employees and other persons and parties who do business with us. The sales will be administered by Fidelity Capital Markets, a division of National Financial Services LLC (Fidelity). We do not know if these parties will choose to purchase all or any portion of these reserved shares, but any purchases they do make will reduce the number of shares available to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of Class A common stock offered by this prospectus. See the section titled "Underwriting" for additional information. |
| Risk factors | See the section titled "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A common stock. |
| Proposed trading symbol | "GLOO" |

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The total number of shares of Class A common stock and Class B common stock that will be outstanding immediately after this offering is based on shares of our Class A common stock and shares of our Class B common stock outstanding as of July 31, 2025, after giving effect to the Corporate Reorganization, including the Reverse Split (as defined below), and the Notes Conversion as if they had occurred on July 31, 2025, and reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series A preferred units that will be exchanged for shares of our Class B common stock as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• common units that will be exchanged for shares of our Class B common stock as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incentive Units that will be exchanged for shares of our Class B common stock as part of the Corporate Reorganization, of which will be restricted stock subject to time-based vesting conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the automatic conversion of $ million of our A&R Senior Secured Notes (as defined herein), which will occur concurrently upon the closing of this offering as detailed in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Sources and Uses of Funds," calculated based on an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus (the Notes Conversion).

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For illustrative purposes only, the following table sets forth, at various initial public offering prices, the number of shares of our Class B common stock issuable in the Notes Conversion. The conversion price per share underlying the A&R Senior Secured Notes is the lesser of 80% of the initial public offering price per share and $30.00.

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| | |
|:---|:---|
| **<u>IPO Price</u>** | **<u>Class B Common Stock Issuable</u>** |

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The total number of shares of our Class A common stock and Class B common stock to be outstanding as of July 31, 2025, after giving effect to the Corporate Reorganization and the Notes Conversion as if they had occurred on July 31, 2025, excludes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• common units of Gloo Holdings, LLC issuable upon the exercise of outstanding common unit options under the Gloo Holdings, LLC Membership Unit Option Plan (the 2014 Plan), as of July 31, 2025, with a weighted-average exercise price of $, which will be exchanged for options to purchase our Class B common stock on a three-for-one basis as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock reserved for issuance under the 2014 Plan as of July 31, 2025, which number of shares will be added to the shares of our Class A common stock to be reserved under our 2025 Equity Incentive Plan (the 2025 Plan) upon its effectiveness, at which time we will cease granting awards under the 2014 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the exercise of warrants outstanding as of July 31, 2025, with a weighted-average exercise price of $ per share, based on a three-for-one warrant-to-Class B common stock share exchange ratio as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock reserved for future issuance under the 2025 Plan, which will become effective on the business day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan (the ESPP), which will become effective on the business day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the exchange of exchangeable shares of our wholly owned subsidiary Art of Leadership Ltd. as of July 31, 2025, based on a three-for-one exchangeable share-to-Class B common stock share exchange ratio as part of the Corporate Reorganization.

The 2025 Plan and the ESPP each provide for annual automatic increases in the number of shares of our Class A common stock reserved thereunder, and the 2025 Plan also provides for increases to the number of shares of our Class A common stock that may be granted thereunder based on shares under the 2014 Plan that expire, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited or are repurchased by us, as more fully described in the section titled "Executive Compensation—Employee Benefit and Stock Plans."

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Except as otherwise indicated, all information in this prospectus assumes or gives effect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the filing and effectiveness of our amended and restated certificate of incorporation and the adoption of our amended and restated bylaws, which will occur prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the completion of the Corporate Reorganization, including a three-for-one unit-to-stock exchange (the Reverse Split);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the completion of the Notes Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise of outstanding options or warrants described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no purchase of shares of our Class A common stock in this offering, including pursuant to our directed share program, by our directors, executive officers or existing stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise of the underwriters' option to purchase additional shares.

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**SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA**

The following tables set forth our summary consolidated financial and other data. The summary consolidated statements of operations data for the years ended January 31, 2024 and 2025 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary condensed statements of operations data for the six months ended July 31, 2024 and 2025, and the summary condensed consolidated balance sheet data as of July 31, 2025, are derived from our unaudited interim consolidated financial statements that are included elsewhere in this prospectus. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair statement of our unaudited interim consolidated financial statements. Our historical results are not necessarily indicative of the results that may be expected in the future.

You should read the following summary consolidated financial data in conjunction with the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Capitalization" and "Unaudited Pro Forma Consolidated Financial Information," as well as our consolidated financial statements and

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related notes included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace, and are qualified in their entirety by, the consolidated financial statements and related notes.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Historical** | **Pro Forma**<sup>(1)</sup> | **Pro Forma**<sup>(1)</sup> |
|  | **Years Ended January 31,** | **Years Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** | **Year Ended** | **Six Months Ended** |
|  | **2024** | **2025** | **2024** | **2025** | **January 31,<br>2025** | **July 31, 2025** |
|  | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** |
| **Consolidated Statements of Operations Data:** |  |  |  |  |  |  |
| Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform revenue | $2176 | $22873 | $10463 | $17241 | $| $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform solutions revenue | 13325 | 330 | 121 | 11234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 5788 | 13 | 13 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 21289 | 23216 | 10597 | 28475 |  |  |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization)<sup>(2)</sup> | 6471 | 19749 | 9394 | 20968 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product development<sup>(2)</sup> | 17780 | 13551 | 6105 | 10730 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing<sup>(2)</sup> | 23560 | 22619 | 10824 | 15823 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(2)</sup> | 13300 | 15098 | 7535 | 22206 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4685 | 7714 | 3611 | 5200 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 27753 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 65796 | 106484 | 37469 | 74927 |  |  |
| Operating loss | (44507) | (83268) | (26872) | (46452) |  |  |
| Other expense (income): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 3796 | 4738 | 1075 | 6003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net | (45) | (687) | (194) | (473) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments |  | (1301) | (220) | 11436 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | 7473 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income), net | 3751 | 2750 | 661 | 24439 |  |  |
| Net loss before income taxes | (48258) | (86018) | (27533) | (70891) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | 106 | 796 | 412 | 293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from equity method investments, net | (161) | (580) | (273) | (460) |  |  |
| Net loss | (48313) | (85802) | (27394) | (71058) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net loss attributable to noncontrolling interests |  | (113) |  | (1307) |  |  |
| Net loss attributable to common members/stockholders | $(48313) | $(85689) | $(27394) | $(69751) | $ | $ |
| Net loss per unit attributable to common members/stockholders, basic and diluted | $(3.37) | $(4.55) | $(1.64) | $(3.47) | $ | $ |
| Weighted average units used in computing net loss per unit attributable to common members/stockholders | 22739574 | 23293429 | 22739574 | 24650701 |  |  |

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(1)This column gives effect to (a) the acquisition of Midwestern on June 11, 2025 (the Midwestern Acquisition) as if it had occurred on February 1, 2024; (b) the Corporate Reorganization as if it had occurred on February 1, 2024; (c) the Notes Conversion as if it had occurred on February 1, 2024; and (d) the issuance and sale by us of shares of Class A common stock in this offering at the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. See the section titled "Unaudited Pro Forma Consolidated Financial Information."

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(2)Equity-based compensation expense was allocated in cost of revenue and operating expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Cost of revenue (exclusive of depreciation and amortization) | $3 | $23 | $8 | $18 |
| Product development | 328 | 1056 | 198 | 1080 |
| Sales and marketing | 66 | 551 | 260 | 394 |
| General and administrative | 1471 | 2157 | 2381 | 1783 |
| Total equity-based compensation | $1868 | $3787 | $2847 | $3275 |

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| | | | |
|:---|:---|:---|:---|
|  | **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
|  | **Actual** | **Pro Forma**<sup>(1)</sup> | **Pro Forma, <br>As Adjusted**<sup>(2)(3)</sup> |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Consolidated Balance Sheet Data:** |  |  |  |
| Cash and cash equivalents | $22589 | $| $|
| Working capital<sup>(4)</sup> | 4617 |  |  |
| Total assets | 185797 |  |  |
| Total liabilities | 204596 |  |  |
| Mezzanine equity | 363446 |  |  |
| Preferred stock |  |  |  |
| Common stock |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock |  |  |  |
| &nbsp;&nbsp;&nbsp;Class B common stock |  |  |  |
| Common member units |  |  |  |
| Additional paid-in capital | 36134 |  |  |
| Equity attributable to noncontrolling interests | 19422 |  |  |
| Total members'/stockholders' equity (deficit) | (382245) |  |  |

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(1)This column gives effect to (a) the Corporate Reorganization as if it had occurred on July 31, 2025; and (b) the Notes Conversion as if it had occurred on July 31, 2025.

(2)This column gives effect to (a) the pro forma adjustments set forth in footnote (1) above; and (b) the issuance and sale by us of shares of Class A common stock in this offering at the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

(3)Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease the amount of our pro forma as adjusted cash and cash equivalents, working capital, total assets, total liabilities and total members' deficit by $ million, assuming that the number of shares of Class A common stock offered, as set forth on the cover page of this prospectus, remains the same, after deducting estimated underwriting discounts and commissions payable by us. An increase or decrease of 1.0 million shares in the number of shares offered by us would increase or decrease, as applicable, the amount of our pro forma as adjusted cash and cash equivalents, working capital, total assets, total liabilities and total members' deficit by $ million, assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions payable by us.

(4)Working capital is defined as current assets less current liabilities.

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**Non-GAAP Financial Measure** 

In addition to our results and measures of performance determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), we also evaluate our operating performance using Adjusted EBITDA, a non-GAAP financial measure. We use this non-GAAP financial measure to evaluate our core operating performance, support planning and forecasting, and assess strategic opportunities. This non-GAAP financial measure is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with U.S. GAAP, and may be different from a similarly titled measure used by other companies. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measure" for more information regarding our use of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss attributable to common members, the most directly comparable financial measure calculated in accordance with U.S. GAAP.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended January 31,** | **Years Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net loss attributable to common members | $(48313) | $(85689) | $(27394) | $(69751) |
| Adjusted EBITDA | $(36287) | $(43375) | $(20395) | $(36249) |

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![img208649736_16.jpg](img208649736_16.jpg)

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**RISK FACTORS**

*Investing in our Class A common stock involves a high degree of risk. Before making an investment decision, you should consider carefully the risks and uncertainties described below, together with all of the other information in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes thereto included elsewhere in this prospectus. Our business, results of operations, financial condition or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material. If any of the following risks occur, our business, results of operations, financial condition and prospects could be adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose part or all of your investment. Our risk factors are not guarantees that no such conditions exist as of the date of this prospectus and should not be interpreted as an affirmative statement that such risks or conditions have not materialized, in whole or in part.*

**Risks Related to Our Business and Industry**

***We have limited operating history and experience with scaling our platform, which makes it difficult to evaluate our business and prospects and forecast our future results.***

We have limited operating history and experience with scaling our platform, which makes it difficult to evaluate our business and prospects and forecast our future results. In fiscal 2023 we generated the majority of our revenue from the *He Gets Us* media campaign, and in fiscal 2024 we generated the majority of our revenue from sales of products and services through Outreach, which we acquired in January 2024. For the six months ended July 31, 2024, we generated the majority of our revenue from sales of products and services through Outreach, and for the six months ended July 31, 2025, one third of our revenue was generated from Outreach. Managing and expanding our operations is expensive and time-consuming, and our growth could be inhibited if we are unable to leverage our organization and resources effectively.

Our limited history and experience operating our current business may also negatively impact our ability to plan strategic acquisitions, investments and initiatives to further expand our business and platform offerings. In addition, existing and future operational and strategic initiatives may have long return-on-investment time-horizons. As a result, we will not be able to adequately assess the benefits of such acquisitions, investments and initiatives until we have already made substantial investments of time and capital, resulting in high opportunity costs. We are also devoting significant resources to bolstering our technology infrastructure, financial and accounting systems and controls, sales, marketing and engineering capabilities, and operations and support infrastructure, as well as to retain, manage and train employees in geographically dispersed locations to service new and existing customers. We may not successfully accomplish any of these objectives in a timely manner or at all.

We have encountered and will continue to encounter risks and uncertainties frequently experienced by growing companies with limited operating histories. If our assumptions regarding such risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results of operations could differ materially from our and our investors' expectations and any longer-term benefits to our investors may not materialize within the timeframe we expect or at all, which could harm our business, results of operations, financial condition and prospects.

***Our recent growth may not be sustainable or indicative of future performance.*** 

Our recent growth has placed and is expected to continue to place significant demands on our management, financial, operational, technological and other resources. The continued growth and expansion of our business depends on a number of factors, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintain and grow our platform offerings and user engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•manage increasingly complex business operations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acquire and invest in additional NCPs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell and renew subscriptions to our platform offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase the number of customers on our platform, including converting free users to customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase the number and volume of transactions on our marketplace;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expand our sales and marketing organization to drive our sales pipeline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expand our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase awareness of our brands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continue to innovate and introduce new platform offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintain operational and financial systems that can support our expected growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continue to increase operational and financial systems automation to reduce reliance on manual operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintain and improve our technology infrastructure.

The growth and expansion of our business will require significant additional resources, financial and otherwise, to meet our needs, which may not be available in a cost-effective manner or at all. Our investments may not result in the growth of our business. Even if our investments do result in the growth of our business, if we do not effectively manage our growth, we may not be able to successfully execute on our business plan, respond to competitive pressures, take advantage of market opportunities, maintain the quality of our platform or satisfy customer expectations, any of which could adversely affect our business, results of operations, financial condition and prospects. You should not rely on our historical rate of growth as an indication of our future performance or the rate of growth we may experience going forward or with respect to any new offerings we may introduce.

***We have a history of net losses and may not achieve profitability in the future.*** 

We have incurred net losses since our inception, and we may not be able to achieve or maintain profitability in the future. Our expenses will likely increase in the future as we expect to invest significant additional funds to develop and expand our platform, increase our sales and marketing efforts and operate as a public company, and we may not be able to increase our revenue enough to offset our increased operating expenses. Our efforts to grow our business may be more costly than we expect and may not result in increased revenue or growth in our business. We may make significant capital investments and incur recurring or new costs, and our investments may not generate sufficient returns. We may also be required to raise additional capital, which may not be available to us on favorable terms or at all. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent basis or at all.

If we are unable to successfully address these risks and challenges as we encounter them, our business, results of operations, financial condition and prospects could be adversely affected. We may also incur significant losses in the future for a number of reasons, including the other risks described in this prospectus, and unforeseen expenses, difficulties, complications or delays, and other unknown events. We cannot assure you that we will ever achieve or sustain profitability and may continue to incur significant losses going forward. Any failure by us to achieve or sustain profitability on a consistent basis could have a material adverse effect on our business, financial condition and results of operations and cause the market price of our Class A common stock to decline.

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***There is no assurance that we will be able to continue as a going concern without achieving profitable operations or raising additional capital through potential equity or debt financing transactions, which we may not be able to obtain on favorable terms or at all.***

As of July 31, 2025, we held cash and cash equivalents of $22.6 million and had an accumulated deficit of $438.1 million. Additionally, since our inception, we have generated significant operating losses and we incurred net losses of $85.8 million and $71.1 million, and used $46.1 million and $44.2 million of cash in operating activities for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively. Our management assessed our current financial condition, characterized by recurring operating losses, negative cash flows, limited liquid resources and dependence on external financing, as well as the funds required to execute our business plan over the evaluation period. Based on these factors, our management has concluded there is substantial doubt about our ability to continue as a going concern for at least 12 months from the date the financial statements are available to be issued. Because it is not possible at this time to predict the outcome of future equity placements or additional borrowings, substantial doubt remains regarding our ability to continue as a going concern during the following year.

Our ability to continue as a going concern will be dependent on ultimately achieving profitable operations or raising additional capital through potential equity or debt financing transactions or both. Additionally, our plans include, but are not limited to, generating revenue through subscriptions of our expanding technology and AI offerings, increased marketplace offerings and growing advertising services, as well as seeking external sources of liquidity. If adequate funds are not available, we may be required to delay or modify our business plans, potentially including the timing of planned capital expenditures, development and other activities, all of which, individually or in the aggregate, could have material negative consequences to us and our results of operations and business relationships. Additionally, the sale of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to currently outstanding shares of our common stock. Issued debt securities may contain covenants and limit our ability to pay dividends or make other distributions to stockholders.

***If we fail to acquire new customers or the faith and flourishing ecosystem does not develop as we anticipate, our sales will not grow as quickly as expected, or at all, and our business, financial condition and results of operations will be harmed.*** 

We believe the market for our platform is substantial. However, it is uncertain to what extent or how widespread market acceptance of our platform will be or how long such acceptance, if achieved, may be sustained. Many NCPs and CFLs have not traditionally used integrated and comprehensive platforms like ours for their specific needs. We cannot be certain that the market for our offerings will continue to develop and grow or that NCPs and CFLs will elect to use our platform over alternatives. Potential customers that have already invested substantial resources in alternatives to our platform might be reluctant to switch to our platform. If the demand for and market acceptance of our platform offerings do not increase, we might not be able to effectively grow our business.

If our existing customers and potential customers do not perceive our offerings to be beneficial, or choose not to adopt them as a result of concerns regarding privacy, cybersecurity, accessibility or other reasons, or as a result of negative incidents or experiences they encounter through our platform, or instead opt to use alternatives to our platform, then the market for the platform may not continue to grow, may grow slower than we expect or may not achieve the growth potential we expect, any of which could materially adversely affect our business, financial condition, results of operations and prospects.

***If we fail to retain our customers, or our customers do not renew or extend their subscriptions or other contracts, or renew or extend on less favorable terms, our revenue may decline or grow less quickly than anticipated, which would harm our business, financial condition and results of operations.*** 

In order to continue to grow our business, it is important that our customers renew or extend their subscriptions or other contracts with us and that we expand our relationships with our existing customers. Most of our customers have no obligation to renew their subscriptions or extend their contracts with us, and they may decide not to do so at the same prices and on the same terms or at all. Additionally, some of our customers may terminate their

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relationship with us for convenience. It is difficult to accurately predict whether we will have future success in retaining customers or expanding our relationships with them. We have experienced growth in the number of customers, but we do not know whether we will continue to achieve similar growth or achieve any growth at all. Our ability to retain customers and expand our offerings with them may decline or fluctuate as a result of a number of factors, including customers' satisfaction with our offerings, the quality and timeliness of our customer support services, our prices, the prices and features of competing solutions, reductions in customers' spending levels and our release of future offerings. If customers do not renew their existing subscriptions or extend their contracts with us, renew or extend on less favorable terms, or fail to expand their engagement with us, our revenue may decline or grow less quickly than anticipated, which would harm our business, financial condition and results of operations.

***A decrease in charitable donations or other external funding of our customers and potential customers may result in reduced demand for our platform offerings, which could adversely affect our business, results of operations, financial condition and prospects.*** 

Our current and potential customers include churches, ministries, foundations, nonprofit organizations and other members of the faith and flourishing ecosystem that fully or partially rely on charitable donations, grants, government aid and philanthropic contributions to fund their operations, including to pay for offerings like ours. Consequently, a significant portion of our revenue indirectly depends on the availability of such external funding. We have limited ability to influence the fundraising efforts and external funding decisions that impact our customers and potential customers, and any reduction in their ability to secure necessary funding for their operations exposes us to fluctuations in demand for our platform offerings, which could adversely affect our business, financial condition and results of operations. For example, the frequency and amounts of charitable donations may decrease from time to time as a result of deteriorating general economic conditions, changes to applicable tax laws, a sustained or significant decline in religious affiliation or participation in the faith and flourishing ecosystem, shifts in philanthropic priorities and other factors that limit available financial resources.

***Failure to effectively develop and expand our sales and marketing capabilities, including reliance on product-led sales efforts, could harm our ability to increase our customer base and achieve broader market acceptance and utilization of our platform.***

Our ability to increase our customer base and achieve broader market acceptance of our platform will depend significantly on our ability to expand our sales and marketing organizations and deploy our resources efficiently. An important component of our growth strategy is to increase the cross-selling of our platform and services to current and future customers. However, if we are not successful in doing so, or our existing and potential customers find our additional solutions and services unnecessary or unattractive, we may not be able to increase our customer base.

In addition to expanding our direct sales force, we rely on product-led sales efforts to drive growth, where our platform is designed to attract users through self-service and organic adoption. While this strategy can reduce reliance on traditional sales methods, it poses unique challenges. Product-led efforts may have limited success if our platform does not gain sufficient visibility or resonate with prospective users, or fails to create compelling pathways for conversion into paying customers. Furthermore, product-led growth requires significant investment in continuous innovation and optimization of our platform to maintain its attractiveness and utility, which may not always yield the desired results.

We have invested, and plan to continue to invest, significant resources in expanding our sales initiatives as well as our sales force focused on identifying new strategic partners. However, we may not achieve anticipated revenue growth from expanding our sales force if we are unable to hire, develop, integrate and retain talented and effective sales personnel, or if our new and existing sales personnel are unable to achieve desired productivity levels in a reasonable period of time.

We also dedicate significant resources to sales and marketing programs. The effectiveness and cost of our online advertising has varied over time and may vary in the future due to competition for key search terms, changes in search engine use and changes in the search algorithms and rules used by major search engines. These efforts will require us to invest significant financial and other resources. Our business, financial condition and results of operations will be harmed if our sales and marketing efforts, including our reliance on product-led sales strategies, do not generate significant increases in revenue.

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***We are subject to certain risks as a mission-driven company.*** 

Our mission and company values are a significant part of our business strategy and who we are as a company. We believe that customers and users value our commitment to our mission. However, because we hold ourselves to such high standards, and because we believe our customers and users have high expectations of us, we may be more severely affected by negative reports or publicity if we fail, or are perceived to have failed, to live up to our mission. As a result, our brand and reputation may be negatively affected by actions we take that are viewed as contrary to that mission. In certain situations, the damage to our reputation may be greater than to other companies that do not share similar values with us, and it may take us longer to recover from such an incident and gain back the trust of our existing and potential customers. We may make decisions regarding our business and platform offerings in accordance with our mission and values that may reduce our short- or medium-term results of operations if we believe those decisions are consistent with our mission and will improve the aggregate customer and user experience. Although we expect that our commitment to our mission will, accordingly, improve our financial performance over the long term, these decisions may not be consistent with the expectations of investors and any longer-term benefits may not materialize within the time frame we expect or at all, which could harm our business, results of operations, financial condition and prospects.

***We depend on Mr. Beck and our senior management team to operate our business, and the loss of one or more of them could adversely affect our business.***

We depend on the continued services and performance of our co-founder, president and chief executive officer, Mr. Beck, as well as other members of our senior management team. Mr. Beck has been responsible for setting our strategic vision since our inception, and should he or other members of our senior management team discontinue serving us due to death, disability or any other reason, we may be significantly disadvantaged as it could disrupt our operations, create uncertainty among investors, adversely impact employee retention and morale, and otherwise harm our business. Their departure or the departure of other key contributors to our technology and other development efforts could adversely affect the continued growth of our business and negatively impact our financial condition and results of operations. We may have difficulty finding, or be unable to find, qualified successors to any such persons should they depart.

***The failure to attract and retain additional qualified personnel could harm our business and prevent us from executing our business strategy.*** 

We believe our success has depended, and continues to depend, on the efforts and talents of our executives and employees. Our future success depends on our continuing ability to retain, develop, motivate and attract highly qualified and skilled employees. Qualified individuals are in high demand, and we may incur significant costs to retain and attract them. If any new hires that we make fail to work together effectively and execute our plans and strategies on a timely basis, then our business and future growth prospects could be harmed. In addition, we issue equity awards to certain of our employees as part of our hiring and retention efforts, and job candidates and existing employees often consider the value of the equity awards they receive in connection with their employment. If the perceived value of our equity awards declines, including as a result of volatility or declines in the market price of our Class A common stock or changes in perception about our future prospects (including as valuations of companies comparable to us decline due to overall market trends, inflation and related market effects or otherwise), it may adversely affect our ability to recruit and retain highly qualified employees. In addition, we may periodically change our equity compensation practices, which may include reducing the number of employees eligible for equity awards, reducing the size or value of equity awards granted per employee or undertaking other efforts that may prove to be an unsuccessful retention mechanism. If we are unable to attract, integrate or retain the qualified and highly skilled personnel required to fulfill our current or future needs, our business and prospects could be harmed.

***If we do not continue to innovate and further develop our platform offerings, if our platform developments do not perform as anticipated or if we are not able to keep pace with technological developments, we may not remain competitive, and our business, results of operations, financial condition and prospects could be adversely affected.*** 

We have made substantial investments in our technologies to capitalize on new and unproven business opportunities. Our future performance is dependent on continued investments in technology and our ability to

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innovate, enhance and introduce compelling new platform offerings for our customers and potential customers. We intend to make continued investments in these areas through hiring of highly qualified employees and ongoing technology transformation. We plan to further invest in AI-powered capabilities and leverage our unique dataset to further improve our platform offerings. If competitors introduce new offerings embodying new technologies, or if new industry standards and practices emerge, our existing technology may become obsolete. Our future success could depend on our ability to respond to technological advances and emerging industry standards and practices in a cost-effective and timely manner. These initiatives also have a high degree of risk, as they involve unproven business strategies and technologies with which we have limited development or operating experience. The success of enhancements to existing offerings and introductions of new offerings depends on several factors, including timely completion, market introduction and market acceptance. Further, our development efforts with respect to new technologies could distract management from current operations and divert capital and other resources from other initiatives, and may not result in long-term revenue growth.

***If we fail to develop, maintain and enhance our brand and reputation cost-effectively, our business, financial condition and results of operations could be adversely affected.***

We believe that the brand identity, reputation and awareness of Gloo and Gloo Capital Partners is critical to our sales and marketing efforts and continued business growth. In the faith and flourishing ecosystem, our reputation and the quality of our brand are uniquely important to our business, and the faith and flourishing ecosystem is particularly susceptible to scrutiny and criticism. We also believe that maintaining and enhancing these brands are critical to maintaining and expanding our customer base. Any unfavorable publicity about our company or our management, including about the quality, stability and reliability of our platform, changes to our platform, our privacy and cybersecurity practices, litigation, employee relations, regulatory enforcement and other actions involving us, as well as the perception of us and our platform by our customers and users, even if inaccurate, could cause a loss of confidence in us and adversely affect our brand.

Additionally, widespread use of social media platforms and other forms of internet-based communication provide individuals with access to a broad audience of consumers and other interested persons. Many social media platforms immediately publish the content their users post, often without filters or checks on the accuracy of the content. Adverse or inaccurate information concerning us may be posted on such platforms at any time, and such posts can be amplified quickly, potentially harming our reputation, performance, prospects or business.

We also rely on the reputation of third parties affiliated with us, such as partners across the faith and flourishing ecosystem, to reflect positively on our business. Unfavorable media coverage or public controversy involving these affiliated third parties, even if we are not directly involved, may be perceived by our users and customers as reflecting poorly on us or our values. Although our acceptable use policy incorporated into our terms of service provides for express limitations on how our customers can use our platform and we reserve our right to remove content that violates our acceptable use policy, it may not always be possible to remove such content prior to it receiving unfavorable attention or publicity. Any such harm to our brand and reputation could diminish trust among our customers and users, negatively impact demand for our platform and adversely affect our business. Negative publicity involving us or affiliated third parties could also have an adverse effect on the size and engagement of our customer base and could result in decreased revenue, which could have an adverse effect on our business, financial condition and results of operations.

***The markets in which we participate are competitive, and if we do not compete effectively, our business, financial condition and results of operations could be harmed.***

Our platform operates across a broad and highly fragmented market. We believe our competition primarily falls into five categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Faith-tech and general market point solutions, including providers of church management systems, communications tools and engagement platforms such as Subsplash, Ministry Brands, Planning Center and Mailchimp that compete with the Gloo Workspace communications and insights products;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Proprietary and custom systems, including larger ministries that build internal technology stacks that compete with our Gloo360 solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Traditional advertising networks, including large media and marketing platforms that offer reach and audience access such as Meta and Google that compete with the Gloo Media Network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Technology development solutions, including providers that compete with the platform solutions offered by our Gloo Capital Partners, Midwestern and Servant.io; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Specialized and general e-commerce marketplaces, including providers of physical and digital products sold to CFLs for their operations, such as Amazon and Concordia Supply that compete with Outreach and our other e-commerce marketplaces.

Our competitors may have greater resources, broader brand recognition, deeper relationships with customers or more experience with certain technologies. If we fail to differentiate our offerings, maintain or grow our relationship with key ministry leaders and churches, or effectively adapt to evolving technology and customer preferences, we may fail to achieve widespread adoption of our platform and our business, financial condition and results of operations could be harmed.

***We have been and may in the future become subject to claims, lawsuits, investigations, litigation and other proceedings that may harm our business, financial condition and results of operations.***

We have from time to time been subject to claims, disputes, regulatory investigations or legal proceedings. We may in the future be subject to claims, disputes, regulatory investigations, class action, whistleblower and other litigation, and other proceedings, including those relating to intellectual property, privacy, commercial, recordings, AI-technologies, product liability, employment or the use of cookies, pixels or other tracking technology. The number and significance of any claim, dispute, investigation, litigation or other proceeding may increase as our business expands. Any such actual or threatened matter, even if unfounded, can be time-consuming, divert management's attention and resources, cause us to incur significant expenses or liability or require us to change our business practices. In addition, the amount and timing of expenses that we may need to incur in response to any of the foregoing matters from period to period are difficult to estimate, subject to change and may harm our financial condition and results of operations. Because of the potential risks, expenses and uncertainties of any claim, dispute, regulatory investigation, litigation or other proceeding, we may choose to settle these matters even where we have meritorious claims or defenses. Any of the foregoing matters may harm our business, financial condition and results of operations.

***We may require additional capital to support the growth of our business, and this capital might not be available on favorable terms or at all.***

Operating and growing our business have consumed substantial amounts of cash since inception and we intend to continue to make significant investments to support our business growth, acquire or invest in complementary businesses and technologies, respond to business challenges or opportunities, develop new offerings and enhance our existing platform and technology infrastructure. Our future capital requirements may be significantly different from our current estimates and will depend on many factors, including the need to finance unanticipated working capital requirements, develop or enhance our technological infrastructure and our existing offerings and manage costs associated with adverse market conditions or other macroeconomic factors. We may be presented with opportunities that we want to pursue, and unforeseen challenges may present themselves, any of which could cause us to require additional capital. If, in the future, we aim to rely on funds raised through equity or debt financing, those funds may prove to be unavailable, may only be available on terms that are not acceptable to us or may result in significant dilution to our stockholders or higher levels of leverage, which will expose our business to additional risks. Any debt financing secured by us in the future could involve additional restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. If we are unable to obtain adequate financing or financing on terms satisfactory to us, it could have a material adverse effect on our business, financial condition and results of operations.

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***We are subject to payment-related risks and may incur significant losses from fraud.***

We accept payments using a variety of methods, including credit card, debit card, and other third-party payment vendors, which subjects us to certain regulations and the risk of fraud, and we may in the future offer new payment options to customers that would be subject to additional regulations and risks. We pay interchange and other fees in connection with credit card payments, which may increase over time and adversely affect our operating results. While we use a third party to process payments, we are subject to payment card association operating rules and certification requirements, including the Payment Card Industry Data Security Standard and rules governing electronic funds transfers. If we fail to comply with applicable rules and regulations, we may be subject to fines or higher transaction fees and may lose our ability to accept online payments or other payment card transactions. In addition, we may become liable for fraudulent transactions and our failure to adequately prevent fraudulent transactions could damage our reputation, result in litigation or regulatory action and lead to expenses that could substantially impact our operating results. If any of these events were to occur, our business, financial condition and results of operations could be adversely affected.

***Dependence on third-party banking relationships and regulatory compliance risks that relate to our efforts to enhance philanthropic outreach could adversely affect our business.***

We intend to offer Gloo Impact, which is a product in beta that we are designing to enhance philanthropic outreach and charitable contributions by visualizing real time impact through AI generated data dashboards, escrow-like fund management and capital deployment based on verified milestones of ministry outcome. The Gloo Impact product will depend on integrations with third-party banking and financial institutions to facilitate milestone-based payments. Any disruption, termination or adverse change in these banking relationships could materially impact our ability to facilitate payments. The platform's functionality and reliability will be directly tied to the services provided by these banking partners, and interruptions or failures in their systems could delay or prevent payments, eroding user trust and damaging our reputation. Additionally, changes in financial regulations or increased scrutiny on payment and grant-making activities could impose significant compliance costs or operational burdens. The platform will also be exposed to risks of fraud, cybersecurity breaches and unauthorized transactions, which could result in financial losses and harm our reputation. Furthermore, a lack of diversification among banking providers heightens the impact of disruptions or adverse terms imposed by any single partner.

***Engagement by users on our platform and our ability to monetize our platform depend upon effective operation within and compatibility with operating systems, networks, devices, web browsers and standards, including mobile operating systems, networks and standards that we do not control.***

We make our platform available across a variety of operating systems and through websites. We are dependent on the compatibility of our platform with popular devices, desktop and mobile operating systems, and web browsers that we do not control, such as Android and iOS. Any changes in such systems, devices or web browsers that degrade the functionality of our platform or give preferential treatment to competitive content could adversely affect usage of our platform.

***We rely primarily on third-party insurance policies to insure our operations-related risks. If our insurance coverage is insufficient for the needs of our business or our insurance providers are unable to meet their obligations, we may not be able to mitigate the risks facing our business, which could adversely affect our business, financial condition, results of operations and prospects.***

We procure third-party insurance policies to cover various operations-related risks, including employment practices liability, workers' compensation, business interruptions, errors and omissions, cybersecurity and data breaches, crime, directors' and officers' liability, and general business liabilities. For certain types of operations-related risks or future risks related to our new and evolving offerings, we are not able to, or may not be able to, acquire insurance. In addition, we may not obtain enough insurance to adequately mitigate such operations-related risks or risks related to our new and evolving offerings, and we may have to pay high premiums, co-insurance, self-insured retentions or deductibles for the coverage we do obtain. We rely on a limited number of insurance providers, and should such providers discontinue or increase the cost of coverage, we cannot guarantee that we would be able to secure replacement coverage on reasonable terms or at all. If our insurance carriers change the terms of our policies in a manner not favorable to us, our insurance costs could increase. Further, if the insurance coverage we

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maintain is not adequate to cover losses that occur, or if we are required to purchase additional insurance for other aspects of our business, we could be liable for significant additional costs. Additionally, if any of our insurance providers becomes insolvent, it would be unable to pay any operations-related claims that we make.

If the amount of one or more operations-related claims were to exceed our applicable aggregate coverage limits, we would bear the excess, in addition to amounts already incurred in connection with deductibles, self- insured retentions, co-insurance, or otherwise paid by our insurance policy. Insurance providers have raised premiums and deductibles for many businesses and may do so in the future. As a result, our insurance costs and claims expense could increase, or we may decide to raise our deductibles or self-insured retentions when our policies are renewed or replaced. The foregoing factors could adversely affect our business, financial condition, results of operations and prospects.

We are also subject to certain contractual requirements to obtain insurance. For example, some of our agreements with partners require that we procure certain types of insurance, and if we are unable to obtain and maintain such insurance, we may be in violation of the terms of these agreements. In addition, we are subject to local laws, rules, and regulations relating to insurance coverage which could result in proceedings or actions against us by governmental entities or others. Any failure or perceived failure by us to comply with existing or future local laws, rules and regulations, or contractual obligations relating to insurance coverage could result in proceedings or actions against us by governmental entities or others. Additionally, anticipated or future local laws, rules, and regulations relating to insurance coverage, could require additional fees and costs. Compliance with these rules and any related lawsuits, proceedings, or actions may subject us to significant penalties and negative publicity, require us to increase our insurance coverage, require us to amend our insurance policy disclosure, increase our costs, and disrupt our business.

***We are subject to risks related to the banking ecosystem, including through our bank partnership, FDIC regulations and policies, and other regulatory obligations, which could adversely affect our liquidity and financial performance.***

Volatility in the banking and financial services sectors, including bank failures, may impact our bank partnership and negatively impact our business. For example, we maintain domestic cash deposits in Federal Deposit Insurance Corporation (FDIC) insured banks that exceed the FDIC insurance limits and we intend to offer access to FDIC-insured deposit products through our partnership with our bank partner, which is a member of the FDIC. Bank failures, events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, or concerns or rumors about such events, may lead to liquidity constraints. The failure of a bank, or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, could adversely impact our liquidity and financial performance. There can be no assurance that our deposits in excess of the FDIC or other comparable insurance limits will be backstopped by the U.S. or applicable foreign government, or that any bank or financial institution with which we do business will be able to obtain needed liquidity from other banks, government institutions or by acquisition in the event of a failure or liquidity crisis.

Additionally, through contractual obligations to our bank partner in connection with these programs, we are subject to risk management standards for third-party relationships in accordance with federal bank regulatory guidance and examinations by our bank partner's federal banking regulator. Should we or our bank partner be unable to satisfy these standards, we may have to discontinue certain products or third-party relationships, and our business, financial condition and results of operations may be adversely affected.

**Risks Related to Our Acquisitions and Investments**

***Revenues and profits generated through our acquisitions and investments may be less than anticipated, and we may fail to uncover all acquired liabilities that could result in unanticipated costs, losses, declines in profits and potential impairment charges, and for which we may not be indemnified in full.*** 

In fiscal 2023 and fiscal 2024, we acquired or invested in, among others, Midwestern, Outreach and Visitor Reach. For additional details about those acquisitions and investments, see Notes 4 and 5 to our audited consolidated financial statements included elsewhere in this prospectus. During the six months ended July 31, 2025, we acquired

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or invested in Barna, Carey Nieuwhof Communications, Servant and Masterworks, and obtained control of Midwestern, thereby consolidating Midwestern. For additional details, see Notes 4 and 5 to our unaudited consolidated financial statements as of and for the six months ended July 31, 2025 included elsewhere in this prospectus. We expect to continue to pursue strategic acquisitions and investments intended to enhance and grow our platform and business. In evaluating and determining the purchase price for a prospective acquisition or investment, we estimate future revenues and profits based largely on historical financial performance and expected future contribution value to our platform. Following a transaction, the business we acquired or invested in may not perform as we expected and the anticipated benefits of the transaction, including our revenue or return on investment assumptions, may not be fully realized or at all. For example, for fiscal 2024, primarily because of delays in executing on strategic initiatives related to our Outreach acquisition consummated during fiscal 2023, we recorded a $27.8 million impairment charge to goodwill. For additional details about the impairment charge recorded to goodwill, see Note 11 to our audited consolidated financial statements included elsewhere in this prospectus.

We perform a due diligence review of each of our acquisition and investment targets. This due diligence review, however, may not adequately uncover all of the contingent or undisclosed liabilities we may incur as a consequence of the proposed acquisition, exposing us to potentially significant, unanticipated costs, as well as potential impairment charges. Although a seller generally will have indemnification obligations to us under an acquisition or merger agreement, these obligations usually will be subject to financial limitations, such as general deductibles and maximum recovery amounts, as well as time limitations and risks related to collection. We cannot assure you that our right to indemnification from any seller will be enforceable, collectible or sufficient in amount, scope or duration to fully offset the amount of any undiscovered or underestimated liabilities that we may incur. Any such liabilities, individually or in the aggregate, could have a material adverse effect on our business, financial condition and results of operations. In addition, our insurance does not cover all of our potential losses, and we are subject to various self-insured retentions and deductibles under our insurance. Although we believe we have sufficient reserves for contingencies, a judgment may be rendered against us in cases in which we could be uninsured or which exceed the amounts that we currently have reserved or anticipate incurring for such matters.

***If we are unable to identify attractive acquisition or investment targets, acquire or invest in them at attractive prices or successfully integrate their operations or otherwise realize their anticipated benefits, we may be unsuccessful in growing our business.***

A significant portion of our growth has been driven by our acquisitions of and investments in complementary businesses and technologies that grow our platform offerings, expand our reach and strengthen valuable relationships. However, there can be no assurance that we will find attractive acquisition or investment targets in the future, that we will acquire or invest in them at attractive prices, that we will succeed at effectively managing integration into our existing operations or that such acquisitions or investments will be well received by our current and potential customers or our investors. We could also encounter higher-than-expected earn-out payments, unforeseen transaction- and integration-related costs or delays or other circumstances such as disputes with or the loss of key or other personnel from acquired businesses, challenges or delays in integrating systems or technology of acquired businesses, a deterioration in our key relationships, harm to our reputation with customers, interruptions in our business activities or unforeseen or higher-than-expected inherited liabilities. Many of these potential circumstances are outside of our control and any of them could result in increased costs, decreased revenue, decreased synergies or the diversion of management time and attention.

In order for us to continue to grow our business through acquisitions and investments we will need to identify appropriate opportunities and acquire them at attractive prices. We may choose to pay cash, incur debt or issue equity securities to pay for any such acquisition. The incurrence of indebtedness would result in increased fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations. The sale of equity to finance any such acquisition, or the issuance of equity to pay purchase consideration, would result in dilution to our stockholders.

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***Sellers in our acquisition of Visitor Reach and investment in Midwestern have repurchase rights during specified periods, and any exercise of such rights could adversely affect our business, financial condition and results of operations. The existence of the repurchase rights may increase the likelihood of impairment charge, complicate the overall integration process and decrease the benefits potentially realizable from investment synergies.***

In connection with our acquisition of Visitor Reach and investment in Midwestern, we granted the counterparties contractual rights to repurchase a portion of the business interests that we acquired, subject to certain conditions and over specified periods. If any such repurchase rights are exercised, we may be required to unwind part or all of a completed acquisition or divest all or a portion of a completed investment, on terms that may not be favorable to us, which could result in the loss of strategic or core assets or future revenue streams. The exercise of these repurchase rights may also require us to deconsolidate such entities from our consolidated financial statements, which would adversely affect our financial condition, results of operations and prospects. For example, if all repurchase rights outstanding as of January 31, 2025 were exercisable as of such date and were exercised on such date, we would be required to deconsolidate $0.2 million, or 0.8%, of our fiscal 2024 revenue and $0.1 million, or an immaterial percent, of our fiscal 2024 net loss. If all repurchase rights outstanding as of July 31, 2025 were exercisable as of such date and were exercised on such date, we would be required to deconsolidate $3.6 million, or 12.7%, of our revenue and $0.9 million, or 1.2%, of our net loss for the six months ended July 31, 2025.

The exercise of repurchase rights may also lead to other financial and operational disruption and require us to restructure our operations or write down previously recognized goodwill or intangible assets. Moreover, the existence of repurchase rights may affect our ability to integrate acquired businesses and reduce the certainty of long-term ownership, which could adversely affect our ability to realize the benefits of these acquisitions and investments. Such repurchase rights increase the consideration paid for acquisitions, which then may also increase the likelihood that we take impairment charges subsequent to the closing of acquisitions or investments, for example, as occurred subsequent to our acquisition of Outreach.

***Sellers in certain of our prior investments have the right to require Mr. Beck and certain of his affiliates to purchase the Gloo shares received in such transaction at a given price during specified periods. If such rights are exercised and Mr. Beck chooses to sell a substantial number of the shares of Class A common stock owned by him or his affiliates to obtain funding for such purchases, the market price of our Class A common stock could decline.***

In connection with certain of our prior investments, Mr. Beck has granted sellers the right to require him and certain of his affiliates, who collectively own a significant number of our outstanding shares of common stock, to purchase the Gloo shares received in the transaction at a given price during specified periods. If any such rights are exercised, Mr. Beck and his affiliates may choose to liquidate a substantial number of our shares of Class A common stock to finance the purchase price. Any substantial sale of shares by Mr. Beck or his affiliates could cause the market price of our Class A common stock to decline.

***We may be required to acquire full ownership of Barna Holdings LLC under unfavorable terms upon the termination of an executive officer of such third-party company, which could materially adversely affect our financial condition and operating results.***

In February 2025, we acquired a 49% equity interest in Barna Holdings LLC. Under the organizational documents of Barna Holdings LLC and an employment agreement with one of its executives, if such executive is terminated under certain conditions and circumstances, we may be obligated to acquire the remaining ownership interest in Barna Holdings LLC at fair market value as determined by an independent qualified appraiser. Such acquisition may occur at a time or on terms that we do not believe to be favorable to us and may require us to make a significant unplanned capital expenditure. Such acquisition could materially affect our liquidity, require us to raise additional capital and divert management attention, each of which could materially adversely affect our financial condition and results of operations.

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***Acquisitions and investments could divert the attention of management, disrupt our business and otherwise adversely affect our business, financial condition and results of operations.*** 

As part of our business strategy, we have made and intend to continue to make acquisitions and investments to expand our platform offerings and grow our business in response to changing technologies and competitive pressures. Any acquisition or investment, including the integration process, requires significant time and resources that may divert the attention of our management from day-to-day operations, strain our internal resources and disrupt our business, and we may not be able to manage the process successfully. Even when acquisitions and investments are completed successfully, we may face challenges integrating the acquired business, including aligning cultures, systems, personnel, customer relationships and operational processes. If we fail to successfully integrate acquisitions or investments, our business, results of operations, financial condition and prospects could be harmed. Our strategy may change over time and future acquisitions and investments we complete could be viewed negatively by customers, users, advertisers, investors or other parties with whom we do business. We may not successfully evaluate or utilize the acquired technology and accurately forecast the financial impact of an acquisition, including accounting charges. We may also incur unanticipated liabilities that we assume as a result of acquiring companies.

***If we cannot maintain our company culture as we grow through acquisitions and investments, our business, financial condition, results of operations and prospects may be harmed.*** 

We believe our culture is a critical component of our success to date. Any failure to preserve our culture as we grow through acquisitions and investments could negatively affect our ability to retain and recruit personnel, which is critical to our growth, and to effectively focus on and pursue our corporate objectives. As we grow and develop, we may find it difficult to maintain core values and mission alignment. If we are unable to successfully preserve our culture during periods of growth, we may experience reduced morale, lower retention rates of key personnel and decreased engagement. If we are not able to maintain our culture, we could lose the innovation, passion and dedication of our team. A failure to maintain our culture may adversely affect our business, financial condition, results of operations and prospects.

**Risks Related to Our Technology and Intellectual Property**

***Interruptions or performance problems associated with our platform and the technology we use might harm our business, financial condition and results of operations.*** 

Our reputation and ability to attract, retain and serve our customers is dependent upon the reliable performance and security of our technology systems and those of third parties, including data center hosting facilities, that we use in our operations. These systems may be subject to damage or interruption, including from earthquakes, adverse weather conditions, other natural disasters, terrorist attacks, power loss, telecommunications failures and cybersecurity breaches. We believe the risk of us suffering physical- and cyber-attacks is uniquely heightened due to our close affiliation with the faith and flourishing ecosystem. Interruptions in these systems, or with the internet in general, could leave our service unavailable or degraded, or otherwise hinder our ability to deliver our platform offerings to our customers. Service interruptions, errors in our software or the unavailability of technology systems used in our operations could diminish the overall attractiveness of our platform offerings to existing and potential customers. Such systems are also vulnerable to cybersecurity breaches, including cyber-attacks such as computer viruses, denial-of-service attacks, physical or electronic break-ins and similar disruptions. These systems periodically experience directed attacks intended to lead to interruptions and delays in our service and operations as well as loss, misuse or theft of data. Any attempt by hackers to obtain our data (including customer and corporate information) or technology (including digital content assets), disrupt our service or otherwise access our systems, or those of third parties we use, if successful, could harm our business, be expensive to remedy and damage our reputation. We have implemented certain systems and processes to thwart hackers and protect our data and systems. To date, hackers have not had a material impact on our service or systems; however, there can be no assurance that hackers may not be successful in the future. Efforts to prevent hackers from disrupting our service or otherwise accessing our systems are expensive to implement and may limit the functionality of or otherwise negatively impact our service offering and systems. Any significant disruption to our service or access to our systems could result in a loss of customers and adversely affect our business and results of operation.

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We depend on the ability of users and customers to access the internet. Currently, this access is provided by companies that have significant market power in the broadband and internet access marketplace, including incumbent telephone companies, cable companies, mobile communications companies, government-owned service providers, device manufacturers and operating system providers, any of whom could take actions that degrade, disrupt or increase the cost of access to our platform offerings, which would, in turn, negatively impact our business. The adoption of any laws, rules or regulations that adversely affect the use of the internet, including laws, rules, regulations or practices limiting internet neutrality, could decrease the demand for, or the usage of, our platform offerings, increase our cost of doing business and adversely affect our business, financial condition and results of operations. We also rely on other companies to maintain reliable network systems that provide adequate speed, data capacity and security to us and our users. Because our customers use these services for important aspects of their organizations and ministries, any defects, delays or disruptions in service or other performance problems with our platform could hurt our reputation and damage our customers' operations. Frequent or persistent service interruptions could cause customers to believe that our platform offerings are unreliable and undermine our operations. To the extent that we do not effectively address capacity constraints, upgrade our systems as needed or continually develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business, results of operations, financial condition and prospects could be harmed.

***We depend on the interoperability of our platform across third-party applications and services that we do not control.*** 

Our platform is designed to integrate with, and operate alongside, a wide range of third-party applications and services, some of which are critical to the operation of our platform. These include, for example, Amazon Web Services, Bandwidth and Stripe. As our platform expands and evolves, we may have an increasing number of integrations with other third-party applications, products and services. Third-party applications, products and services are constantly evolving, and we may not be able to maintain or modify our platform to ensure its compatibility with our publishers following development changes. In addition, some of our competitors or technology partners may take actions that disrupt the interoperability of our platform with their own products or services, or exert strong business influence on our ability to, and the terms on which we operate. As our platform evolves, we expect the types and levels of competition to increase. Should any of our competitors or technology partners modify their solutions, standards or terms of use in a manner that degrades the functionality or performance of our platform or is otherwise unsatisfactory to us or gives preferential treatment to competitive solutions or services, our business, financial condition, results of operations and prospects could be adversely affected.

***We are developing new AI platform offerings and incorporating AI-technology into certain of our platform offerings, which may result in operational, financial and reputational harm and other adverse consequences to our business.*** 

We are focused on developing AI-powered offerings on our platform and incorporating AI into existing offerings. The technologies underpinning these features are in the early stages of commercial use and exist in an emerging regulatory environment, which presents regulatory, litigation, ethical, reputational, operational and financial risks. U.S. and international governmental bodies and regulators have proposed, or are in the process of developing, new laws and regulations related to the use of AI and machine learning technologies. For example, the EU Artificial Intelligence Act and the Colorado Artificial Intelligence Act regulate the development and deployment of AI technologies. The way in which regulators and governments ultimately interpret or enforce new and proposed AI regulations may impose obligations related to our development, offering and use of AI technologies and expose us to increased risk of regulatory enforcement and litigation. It may also impact our customers' and potential customers' demand for our AI-powered offerings.

We also expect that many of our generative AI features will include the processing of confidential information and may be subject to laws, policies, legal obligations and codes of conduct related to privacy. There is uncertainty about the extent to which privacy laws apply to AI technologies, and any delay in addressing privacy concerns relating to our AI features may result in liability or regulatory investigations and fines, as well as harm to our sales and reputation. In addition, issues relating to intellectual property rights in AI-generated content have not been fully addressed by the courts, laws or regulations. Accordingly, the use of AI technologies and the implementation of generative AI technologies into our platform offerings may result in exposure to claims related to infringement or other violation of a third party's intellectual property rights or other third-party rights.

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Furthermore, many of our AI features may rely on third-party service providers. As such, any improper processing of confidential information or personal information by these service providers could harm our reputation, business or customers, or expose us to legal liability. Any disruption or failure in our AI systems or infrastructure, or those of our third-party service providers, could result in delays or errors in our operations, which could harm our business and financial results. As with many innovations, AI presents risks and challenges that could affect its adoption, and therefore our business. AI algorithms or training methodologies may be flawed. Datasets may be overbroad, insufficient, or contain biased information. Our generative AI technology features may also generate output that is misleading, insecure, inaccurate, harmful or otherwise flawed, which may harm our reputation, business or customers, or expose us to legal liability. Also, some AI scenarios present ethical issues. If we enable or offer AI solutions that are controversial because of their purported or actual impact on human rights, privacy, employment or other social issues, we may experience reputational harm.

New and emerging AI technologies may require additional investment in the development and maintenance of various models, approaches and processes, as well as development of protections and safeguards for the use of AI technologies, which may be expensive and could impact our financial results if we decide to further expand generative AI into our platform offerings. Likewise, the use of AI involves significant technical complexity and requires specialized expertise. The success of any enhancement or new product depends on many factors, including its relevance to our customers, timely implementation and market acceptance. If our AI-powered platform offerings fail to achieve widespread market adoption or there is a reduction in demand due to a lack of customer acceptance, technology challenges, strengthening competition, weakening economic conditions or cybersecurity or privacy concerns, our business could be harmed and our financial results could be adversely affected.

***If we or our third-party service providers experience a cybersecurity breach or other incident, including any breach or incident that allows, or is perceived to allow, unauthorized access to our platform or our data, our reputation and brand, business, financial condition and results of operations could be adversely affected.*** 

We rely on our own and our third-party service providers' platforms, computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, IT Systems). We own and manage some of these IT Systems but also rely on third parties for a range of IT Systems and related products and services, including but not limited to cloud computing services. Because we make extensive use of third-party suppliers and service providers, such as cloud services that support our internal and customer-facing operations, disruptions to or unauthorized access to third-party IT Systems can adversely affect our business, financial condition and results of operations. If we experience difficulties in implementing new or upgraded IT systems or experience significant failures of our IT Systems, or if we are unable to successfully modify our IT systems to respond to changes in our business needs, our ability to run our business could be adversely affected. It is also possible that our competitors could develop better platforms than ours, which could adversely affect obtaining and retaining our customers. Any of these or other related problems could, in turn, adversely affect our business, reputation and brand, financial condition and results of operations.

We may rely on third parties when deploying, servicing or otherwise operating our IT Systems, and in doing so, expose them and therefore us to security risks outside of our direct control. Specifically, certain third parties who create applications that integrate with our platform may receive, store or otherwise process our and our customers' information, including confidential, sensitive or personal information and other information about individuals, our customers, employees, contractors and business partners (Sensitive Information). Our third-party service providers may fail to adequately secure their or our IT Systems or our data. Our ability to monitor our service providers' security is limited, and, in any event, third parties may be able to circumvent those security measures. Moreover, techniques used to obtain unauthorized access to systems and networks change frequently and may not be known until launched against us or our third-party service providers. These risks also are heightened when service providers work remotely. The use of our platform involves the transmission, storage and processing of Sensitive Information. The secure processing, maintenance, transmission and storage of our Sensitive Information is critical to us, and we devote significant resources to protecting this information.

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Additionally, remote working arrangements at our company, and many of our third-party providers, increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. The unprecedented scale of remote work may require additional personnel and resources, which nevertheless cannot be guaranteed to fully safeguard all IT Systems and information upon which we rely.

We face numerous and evolving cybersecurity risks, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing (including on our customers and end customers), malware (including ransomware attacks), malfeasance by insiders, human or technological error, or other techniques used to obtain unauthorized access, disable or degrade services or sabotage systems, and as a result of malicious code embedded in open-source software, or misconfigurations, "bugs" or other vulnerabilities in commercial software that is integrated into our (or our suppliers' or service providers') IT Systems. We may be unable to detect, prevent, mitigate, remediate or otherwise respond to cybersecurity breaches or other incidents, or to avoid a material adverse impact to our IT Systems, data or business. Notwithstanding our efforts, we and our third-party service providers have failed to and may in the future fail to detect cybersecurity breaches or other incidents, including potential breaches or incidents that may compromise our IT Systems or data, and may face difficulties or delays in identifying any such breaches or incidents. Such breaches or incidents have resulted in and may in the future result in theft, loss, damage, unavailability of, or unauthorized access to or use, disclosure, modification or other processing of, our data, loss of access to our data or IT Systems or cause other business delays or disruptions.

In providing our platform we often manage, use and store Sensitive Information, and we expect these activities to increase, including through the use of AI and our managed IT services. Any actual or perceived cybersecurity breach or other incident, including any unauthorized or inadvertent access to, our IT Systems and the loss or unavailability of, unauthorized access to, or unauthorized use, disclosure, modification or other processing of, our data, could result in regulatory investigations and other proceedings, orders and other obligations, claims, demands, litigation and other proceedings, indemnity obligations, damages, penalties, fines and incurring other costs, violations of applicable laws and regulations and other liabilities, the perception that our platform offerings are insecure and the loss of existing customers or failure to attract and retain new customers, which could have a material and adverse effect on our business, financial condition and results of operations. We also could be required to divert substantial resources to prevent further cybersecurity breaches or other incidents. We have experienced such incidents in the past, and may experience similar incidents in the future. While to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. We cannot be certain that our insurance coverage will be adequate for all liabilities incurred relating to any cybersecurity breach or incident, or that insurance will continue to be available to us on economically reasonable terms, if at all.

***If we do not adequately maintain or protect or effectively enforce our technology or intellectual property rights, our business, financial condition and results of operations could be materially adversely affected.*** 

We rely on a combination of trademark, trade secret and copyright protections, and contractual restrictions to protect our intellectual property rights. However, effective intellectual property rights protection is expensive to obtain and maintain, including with respect to the expenses and costs of clearing, prosecuting, registering, maintaining, defending and enforcing our intellectual property rights. Although we may incur substantial costs in protecting our technology and intellectual property, we cannot be certain that we have adequately protected or will be able to adequately protect our technology and intellectual property or that our competitors will not be able to utilize our existing technology or develop similar technology independently. Given the costs and expenses of registering and maintaining, protecting, defending and enforcing our intellectual property rights, we may choose not to register, maintain, protect, defend or enforce certain intellectual property rights that later turn out to be important. Further, we may not timely or successfully register our trademarks or otherwise secure our intellectual property rights, or timely challenge the intellectual property rights of others. Our efforts to protect, maintain or enforce our intellectual property rights may be ineffective and could result in substantial costs and diversion of resources, which could adversely affect our business, financial condition and results of operations.

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Despite our efforts to protect our technology and intellectual property rights, it may be possible for third parties to obtain and use our technology and intellectual property without our consent. In addition, unauthorized parties may also independently develop technology and intellectual property similar to ours, or obtain access to our trade secrets, know-how or other technology through various methods, including through cybersecurity attacks, or reverse engineering, and our methods of protecting this technology may be inadequate. We have in the past been, and may in the future be, subject to others infringing or otherwise violating our intellectual property rights. Competitors have adopted, and may in the future adopt, trademarks similar to ours, thereby harming our ability to build brand identity and possibly leading to end-customer confusion. We believe that the protection of our trademark rights is an important factor in product recognition, protecting our brand and maintaining goodwill and if we do not adequately protect our rights in our trademarks from infringement, any goodwill that we have developed in those trademarks could be lost or impaired, which could harm our brand and our business. Additionally, litigation or proceedings before state and federal courts of the Unites States, the U.S. Patent and Trademark Office or other governmental authorities and administrative bodies in the United States and abroad may be necessary in the future to protect or enforce our intellectual property rights, defend our business activities and determine the validity and scope of the intellectual property rights of others.

***Intellectual property infringement assertions or other assertions of violations of intellectual property rights by third parties could result in significant costs and adversely affect our business, financial condition, results of operations and reputation.*** 

We operate in an industry with relatively frequent intellectual property disputes and litigation. Other parties have in the past asserted, and may assert in the future, that we have infringed or otherwise violated their intellectual property rights. We could be required to pay substantial damages or cease using technology, trademarks or other intellectual property or taking actions that are deemed infringing or otherwise violating third party intellectual property rights. In addition, despite our efforts to ensure that our employees, consultants, vendors and service providers do not infringe or otherwise violate the intellectual property rights of third parties in their work for us, we have in the past been, and may in the future be, subject to claims that we or our employees, consultants, vendors or service providers have inadvertently or otherwise infringed or otherwise violated a third party's intellectual property rights. Further, we cannot predict whether claims of infringement or other violations of a third-party's intellectual property rights would substantially adversely affect our business, financial condition and results of operations. The defense of these claims, whether they are with or without merit or are determined in our favor, may result in costly litigation and diversion of technical and management personnel. In addition, we may be unable to meet our obligations to customers under our customer contracts or to compete effectively, and our revenue and results of operations could be adversely impacted. We may need to license intellectual property rights or technology from third parties which may require us to pay royalties or make one-time payments. We might also be obligated to indemnify our customers or other companies in connection with any such litigation and to obtain licenses, modify our technology or refund fees, which could harm our financial results. Further, an adverse outcome of any such claim may harm our brand and reputation, and require us to pay damages, potentially including treble damages and attorneys' fees if we are found to have willfully infringed a party's patent, trademark or copyright rights, cease use of intellectual property alleged to infringe or otherwise violate the intellectual property of others, or otherwise cease making, licensing or using technology that is alleged to infringe or otherwise violate the intellectual property rights of others, expend additional development resources to redesign our offerings, or enter into potentially unfavorable royalty or license agreements in order to obtain the necessary rights under such third party's intellectual property rights. Royalty or licensing agreements with respect to intellectual property rights of third parties, if required, may not be available on terms favorable to us, or available at all. Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, the time and resources necessary to resolve them could adversely affect our business, reputation, financial condition, results of operations and reputation.

***Our business involves hosting, distributing and training AI models on large quantities of third-party content.***

Our business involves hosting, distributing and training AI models on content supplied by others, including licensed and public datasets. Some of that content may violate a third party's rights or a law, rule or regulation, and we could face lawsuits, liability or negative publicity for hosting or distributing such content, such as claims for fraud, defamation, libel, invasion of privacy, negligence, copyright or trademark infringement or other theories based on the nature of such information or content. Such lawsuits, liability, negative publicity or claims, with or without merit, could be costly to defend or divert the attention of our management or other personnel.

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While we take steps to mitigate such risks, we cannot guarantee that those steps will be effective or sufficient to protect us from liability or to minimize our costs. Preventing or responding to these actions may require us to make substantial investments in people and technology and these investments may not be successful, adversely affecting our business, financial condition and results of operations. For example, we take steps to avail ourselves of the safe harbor for copyright infringement under the Digital Millennium Copyright Act of 1998 (DMCA). The DMCA is intended, among other things, to reduce the liability of online service providers with respect to user-uploaded content. Under the DMCA there are safe harbors for copyright infringement available for online service providers that provide specific services, if they take certain affirmative steps as required under the DMCA. The applications and interpretations of the statutory requirements of the DMCA are evolving and may be modified by court rulings and industry practice. We therefore cannot guarantee that we will meet the safe harbor requirements of the DMCA, despite our efforts to do so. If we fail to comply with such statutory requirements or if the interpretations of the DMCA change, we may be subject to liability for copyright infringement resulting from our hosting and distribution of user-generated content.

***Our platform offerings contain third-party open-source software components, and failure to comply with the terms of the underlying open source software licenses could adversely affect our business, results of operations, financial condition and prospects.*** 

Our platform contains software modules licensed to us by third-party authors under "open source" licenses. In addition to our proprietary algorithms, we use open source large language models as the base for our fine-tuned models. Use and distribution of open source software may entail greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification or other contractual protections regarding infringement claims or the quality of the code. In addition, the public availability of such software may make it easier for others to compromise our platform.

Some open source licenses contain requirements that may, depending on how the licensed software is used, modified or distributed, require that licensees make available source code for modifications or derivative works created based upon the licensed open source software, authorize further modification and redistribution of that source code, make that source code available at little or no cost, or grant other licenses to the licensee's intellectual property. If we combine our proprietary software with open source software in a certain manner, we could, under certain open source licenses, be required to release the source code of our proprietary software under the terms of an open source software license. This could enable our competitors to create similar offerings with lower development effort and time and ultimately could result in a loss of our competitive advantages. Alternatively, to avoid the release of the affected portions of our source code, we could be required to purchase additional licenses, expend substantial time and resources to re-engineer some or all of our software or cease use or distribution of some or all of our software until we can adequately address the concerns.

Although we require vendors of open source software to be reviewed by our vendor management process, compliance with that policy may be inconsistent. We have not formalized the policies or procedures to monitor our use of open source software. The terms of many open source licenses have not been interpreted by U.S. or foreign courts, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide or distribute our platform offerings. From time to time, there have been claims against companies that incorporate open source software into their offerings alleging that the use of such open source software infringes upon the intellectual property rights of a third party. As a result, we could be subject to similar lawsuits by third parties with respect to our use of software that we believe to be open source software. If we are held to have breached or failed to fully comply with all the terms and conditions of an open source software license, we could face infringement or other liability, or be required to seek licenses from third parties to continue providing our platform on terms that are costly or not economically feasible, to re-engineer our platform, to discontinue or delay the provision of our platform if re-engineering could not be accomplished on a timely basis, or to make our proprietary code generally available in source code form, any of which could adversely affect our business, financial condition or results of operations.

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**Risks Related to Regulation and Taxation**

***Our business is subject to complex and evolving laws, regulations and industry standards, and unfavorable interpretations of, or changes in, or our actual and perceived failure to comply with these laws, regulations and industry standards could substantially harm our business and results of operations.*** 

We are subject to a number of laws and regulations that apply generally to businesses, including laws and regulations governing the internet and the marketing, sale and delivery of services over the internet. These laws and regulations, which continue to evolve, cover, among other things, taxation, tariffs, privacy, cybersecurity, pricing, content, copyrights, distribution, mobile and telecommunications, advertising practices, electronic contracts, sales procedures, automatic subscription renewals, credit card processing procedures, consumer and business financial products, insurance products, consumer protection, payroll compliance, the design and operation of websites and the characteristics and quality of products that are offered online. We cannot guarantee that we have been or will in the future be fully compliant with such laws and regulations in every jurisdiction, as it is not entirely clear in every jurisdiction how existing laws and regulations governing such areas apply or will be enforced. Moreover, as the regulatory landscape continues to evolve, increasing regulation and enforcement efforts by federal, state and foreign authorities, and the prospects for private litigation claims, become more likely. In addition, the adoption of new laws or regulations, or the imposition of other legal requirements, that adversely affect our ability to market or sell our platform could harm our ability to offer, or negatively affect contractor demand for, our platform, which could impact our revenue, impair our ability to expand our platform and service offerings, and make us more vulnerable to competition. Future regulations, or changes in laws and regulations or their existing interpretations or applications, could also require us to change our business practices and raise compliance costs or other costs of doing business. Additionally, various federal, state and foreign labor laws govern our relationships with our employees and affect operating costs. These laws include employee classifications as exempt or non-exempt, minimum wage requirements, unemployment tax rates, workers' compensation rates, overtime, family leave, workplace health and safety standards, payroll taxes, citizenship requirements and other laws and regulations. The number and type of laws applicable to us and our workforce will grow as our remote workforce increases. Significant additional laws or regulations, or our failure to comply with any laws and regulations that now, or could in the future, apply to our business could materially adversely affect our business, financial condition, results of operations and prospects. In addition, changes in regulations could negatively impact the business environment for the industry we operate in. Laws and regulations are rapidly evolving and may change significantly in the future.

***If we fail or are alleged to fail to comply with privacy or cybersecurity laws, regulations and other obligations, our business, financial condition, results of operations and reputation could be materially adversely affected.*** 

We receive, collect, store, use and otherwise process personal information and other confidential or proprietary data, for numerous purposes, including legal, marketing and other business-related purposes. Depending on various factors, including the nature of the information and the relationship with our users, we may act as either a data controller or business, or a data processor or service provider, each of which carries distinct legal and regulatory commitments under applicable privacy laws. As a data controller or business, we are directly responsible for determining the purposes and means of processing personal information, which subjects us to stringent requirements, including regarding privacy, transparency and accountability. Conversely, when we act as a data processor or service provider on behalf of our clients, we are obligated to process personal information in accordance with their instructions and applicable contractual terms and privacy laws.

We are subject to laws, regulations and other obligations that govern privacy and cybersecurity, including with respect to marketing, consumer protection and our collection, storage, sharing, use, disclosure, protection, sale and other processing of personal information. The regulatory framework for privacy and cybersecurity may be subject to new or differing interpretations, inconsistent, or conflicting with, other obligations, and is expected to remain rapidly evolving and to increase our compliance costs and liability exposure.

Many of these laws, regulations and other obligations impose differing obligations depending on whether we are acting as a data controller or business, or a data processor or service provider. For example, as a data controller or business, we are required to meet obligations around obtaining data subject consents, enabling individuals to exercise their rights under applicable laws, and ensuring data accuracy. As a data processor or service provider, our primary obligations focus on implementing appropriate security measures, following the instructions of the data

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controller or business and assisting the controller or business in meeting its own compliance requirements. These dual roles increase the complexity of our compliance efforts and the potential for liability in the event of a breach or regulatory violation.

In the United States, privacy and cybersecurity laws include rules and regulations promulgated under the authority of the Federal Trade Commission, the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, the California Consumer Privacy Act of 2018 (CCPA) and other state and federal laws relating to privacy and cybersecurity. The CCPA requires covered companies to make certain disclosures to California consumers about their data collection, use and sharing practices, allows consumers to opt out of the sale of personal information to third parties, and provides a private right of action and statutory damages for data breaches. The California Privacy Rights Act of 2020 (CPRA), which took effect on January 1, 2023, amended the CCPA by imposing additional requirements, including granting California residents the ability to limit the use of their sensitive information, imposing penalties for violations concerning California residents under the age of 16, and establishing the California Privacy Protection Agency to implement and enforce the law. While the CPRA regulations introduced more stringent requirements, many of these regulations remain incomplete or subject to legal challenges, creating significant uncertainty and compliance challenges.

The enactment of the CCPA has spurred a wave of similar legislative developments in other states, resulting in a complex patchwork of overlapping but sometimes differing privacy laws. For example, Virginia, Colorado, Utah and Connecticut have enacted general privacy laws that became effective in 2023; Florida, Montana, Oregon and Texas have enacted privacy laws that became effective in 2024; Delaware, Iowa, Maryland, Minnesota, Nebraska, New Hampshire, New Jersey and Tennessee have enacted privacy laws that became effective in 2025; and Indiana, Kentucky and Rhode Island have enacted privacy laws that become effective in 2026. Each of these laws imposes unique compliance requirements and creates additional challenges for maintaining consistency across jurisdictions. At the federal level, there is ongoing discussion about the possibility of comprehensive privacy legislation. However, no uniform standard has been enacted, and state-level activity continues to shape the regulatory landscape. The evolving nature of privacy and cybersecurity laws increases our compliance costs and potential liability as we navigate variations in requirements across jurisdictions.

Additionally, the Department of Justice recently issued a final rule which took effect in April 2025 that places limitations, and in some cases prohibitions, on certain transfers of sensitive personal data to business partners located in China or with other specified links to China (and other designated countries). These rules also may broadly require us to extract promises from business partners that they will not transfer data we share with them onward to parties linked to countries of concern.

We are also subject to a variety of industry standards, contractual and other obligations, such as self-regulatory guidelines, that govern our privacy and cybersecurity practices. These obligations require us to, for example, implement opt-out mechanisms, provide detailed disclosures and adhere to principles such as transparency and accountability. Failure to comply or to meet industry expectations with respect to these obligations could result in regulatory investigations, negative publicity, private litigation or other proceedings, which could adversely impact our reputation, increase costs and damage our business.

As we expand our operations and data-related solutions, the scrutiny on our data collection, use, sharing and processing practices may increase. Future laws and regulations could impose additional restrictions on data processing, including requirements for explicit consent, limitations on data retention or increased data subject rights. These changes may require us to redesign our platform, increase compliance costs or limit our ability to collect and use data, potentially reducing demand for our offerings. Additionally, as we continue to expand and develop new products and services, we may face challenges in uniformly applying compliance standards, particularly as requirements evolve or as certain legacy systems and processes are integrated into our broader platform. Any failure to fully implement or apply these standards across our offerings could result in increased compliance costs, reputational harm, loss of customer trust, regulatory scrutiny or legal liability, which could adversely affect our business, financial condition and results of operations.

While we have implemented measures designed to address privacy and cybersecurity laws, regulations and other obligations, we may, or may be perceived to have, not done so consistently across all our products and services. For instance, while we have completed a SOC 2 Type II audit, the scope of the system for this certification

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does not incorporate all of our products and services. This limitation may expose us to risks if customers or regulators expect all our offerings to meet the standards set forth in the certification or if gaps in compliance across different products create vulnerabilities.

Compliance with privacy and cybersecurity laws, regulations and other obligations is, and is likely to remain, uncertain for the foreseeable future. We cannot guarantee that we have been or will in the future be fully compliant with such laws, regulations and other obligations in every jurisdiction. Complying with these laws, regulations or other obligations may require us to modify our platform offerings, incur substantial compliance, technical and operational costs, modify our practices and restrict our business operations. Any failure or perceived failure to comply with these laws, regulations and other obligations relating to privacy or cybersecurity, including our own privacy policies, may result in regulatory investigations or enforcement actions, litigation (including individual or class action lawsuits), claims or public statements against us by consumer advocacy groups or others, and could result in significant monetary liability, fines, penalties, loss of customers, reputational harm and loss of goodwill and trust, which could have a material and adverse effect on our business, financial condition, results of operations and reputation.

***Failure to comply with anti-bribery and anti-corruption laws and anti-money laundering laws, export controls, trade and economic sanctions and similar laws, could subject us to penalties and other adverse consequences.***

Failure to comply with anti-bribery, anti-corruption, anti-money laundering, export controls, trade and economic sanctions, and similar laws could subject us to penalties and other adverse consequences. We are subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended (the FCPA), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the USA PATRIOT Act and other federal, state and local laws that address anti-bribery, anti-corruption and anti-money laundering. If we expand internationally, we may become subject to the anti-corruption, anti-bribery and anti-money laundering laws of other countries. Anti-corruption and anti-bribery laws have been enforced aggressively in recent years and are interpreted broadly to generally prohibit companies, their employees, agents, representatives, business partners and third-party intermediaries from authorizing, offering or providing, directly or indirectly, improper payments or benefits to recipients in the public or private sector.

If we pursue international expansion, our risks under these laws may increase as we, our employees, agents, representatives, business partners and third-party intermediaries may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and we may be held liable for the corrupt or other illegal activities of these employees, agents, representatives, business partners or third-party intermediaries even if we do not explicitly authorize such activities. These laws also require that we keep accurate books and records and maintain internal controls and compliance procedures designed to prevent any such actions. While we will have policies and procedures to address compliance with such laws, we cannot assure you that none of our employees, agents, representatives, business partners or third-party intermediaries will take actions in violation of our policies and applicable law, for which we may be ultimately held responsible.

In some cases, our solutions may be subject to U.S. and foreign export controls, trade and economic sanctions and import laws and regulations. Governmental regulation related to the import or export of our solutions or our failure to obtain any required import or export authorization for our solutions, when applicable, could harm future international sales and adversely affect our revenue. U.S. export control laws and trade and economic sanctions prohibit the shipment of certain products and services to countries, governments, and persons targeted by U.S. sanctions without government authorization. In addition, various foreign governments may also impose controls, export license requirements, and/or restrictions that could be applicable to our solutions. If we fail to comply with export and import regulations and such trade and economic sanctions, penalties could be imposed, including fines and/or denial of certain export privileges. Compliance with applicable regulatory requirements regarding the export of our solutions may create delays in the introduction of our solutions in international markets or, in some cases, prevent the export of our solutions to some countries altogether. Moreover, any new export or import restrictions, new legislation or shifting approaches in the enforcement or scope of existing regulations, or in the countries, persons or products targeted by such regulations, could result in decreased use of our solutions by, or in our decreased ability to export our solutions to, existing or potential customers with international operations. Any decreased use of our platform offerings or limitation on our ability to export or sell our offerings could adversely affect our business, financial condition and results of operations.

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Any allegations or violation of the FCPA or other applicable anti-bribery or anti-corruption laws, anti-money laundering laws or export controls and trade and economic sanctions could result in whistleblower complaints, sanctions, settlements, prosecution, enforcement actions, fines, damages, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions or suspension or debarment from U.S. government contracts, all of which may have an adverse effect on our reputation, business, results of operations and prospects. Responding to any investigation or action could result in significant diversion of management's attention and resources and significant defense costs and other professional fees. In addition, the U.S. government may seek to hold us liable for successor liability for FCPA, export control or trade and economic sanctions violations committed by companies in which we invest or that we acquire. As a general matter, investigations, enforcement actions and sanctions could harm our reputation, business, financial condition and results of operations.

***We identified material weaknesses in our internal control over financial reporting in connection with the preparation and audit of our financial statements for the fiscal years ended January 31, 2024 and 2025, and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate existing material weaknesses, identify additional material weaknesses or fail to establish and maintain effective internal control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.***

We have been a private company since our inception and, as such, we have not had the internal control over financial reporting requirements of a publicly traded company. As a result of becoming a public company, we will be required to furnish a report by management on the effectiveness of our internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis. To date, we have had limited financial and accounting personnel to fully execute our accounting processes and address our internal control over financial reporting. In connection with the preparation and audit of our financial statements for the fiscal years ended January 31, 2024 and 2025, we have identified material weaknesses in our internal control over financial reporting that could adversely affect our ability to accurately and timely report our financial results.

Specifically, we have identified deficiencies in our information technology general control (ITGC) environment, including deficiencies related to logical access and segregation of duties. These deficiencies exist within (1) certain enterprise resource planning systems (ERPs), (2) third-party financial systems that are integrated with these ERPs and are used in our financial reporting processes and (3) internally developed systems. Improper logical access management in these systems may increase the risk of unauthorized access to critical financial data, while inadequate segregation of duties could result in inappropriate or undetected changes to financial systems and data.

Additionally, we identified insufficient documentation supporting the performance and effectiveness of certain control activities related to the financial close and reporting process. This includes the lack of timely execution of reviews and inadequate evidence of review procedures, which diminishes our ability to demonstrate that controls operated effectively throughout the reporting period.

We are in the process of implementing remediation plans to address these material weaknesses, including enhancements to our ITGC environment, improvements to segregation of duties and strengthening documentation and execution of our financial reporting controls. The material weaknesses will be considered remediated when our management designs and implements effective controls that operate for a sufficient period of time and management has concluded, through testing, that these controls are effective. Our management will monitor the effectiveness of our remediation plans and will make changes management determines to be appropriate. We cannot assure you that the measures we will implement will be sufficient to remediate the material weaknesses we have identified or avoid potential future material weaknesses. If the steps we take do not correct the material weaknesses in a timely manner, we will be unable to conclude that we maintain effective internal controls over financial reporting. Accordingly, there could continue to be a reasonable possibility that these deficiencies or others, individually and in the aggregate, could result in errors in our financial statements that may not be prevented or detected on a timely basis, potentially leading to a material misstatement, resulting in a restatement of financial statements, causing us to fail to timely meet our reporting obligations or causing investors to lose confidence in our reported financial information, which

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could cause a decline in the market price of our Class A common stock and we could be subject to sanctions or investigations by the SEC or other regulatory authorities including equivalent foreign authorities.

When we cease to be an "emerging growth company" as defined under the JOBS Act, our auditors will be required to express an opinion on the effectiveness of our internal controls, unless we are then eligible for any other exemption from such requirement. At such time, our independent registered public accounting firm may issue a report that is adverse, which would occur in the event we have a material weakness in our internal control over financial reporting. If new material weaknesses are identified in our internal control over financial reporting, our ability to record, process and report financial information accurately, and to prepare financial statements within the time periods specified by the rules and forms of the SEC, could be adversely affected which, in turn, may adversely affect our reputation and business and the market price of our Class A common stock. In addition, any such failures could result in litigation or regulatory actions by the SEC or other regulatory authorities, loss of investor confidence, delisting of our securities and harm to our reputation and financial condition, or diversion of financial and management resources from the operation of our business.

***We engage in the solicitation of charitable contributions on behalf of nonprofit organizations from time to time, and as a result we are subject to regulatory, reputational and financial risks.*** 

Many jurisdictions, both at the federal and state level, impose strict regulations on entities that engage in the solicitation of charitable funds on behalf of nonprofit organizations, including strict state-specific registration requirements. Any failure to maintain compliance with these laws and regulations could result in fines, enforcement actions or reputational damage. Organizations like ours that solicit and receive charitable contributions may be exploited and expose us to heightened money laundering risks and subject us to liability under applicable anti-money laundering laws. While we maintain stringent and comprehensive efforts to screen and monitor charitable contributions, there can be no assurance that these controls will be effective. Our success depends on the trust we maintain with our customers, and any failure to comply with the foregoing regulations could severely harm our brand and reputation and materially adversely affect our business.

***Our estimates or judgments relating to our critical accounting policies may be based on assumptions that change or prove to be incorrect, which could cause our results of operations to fall below expectations of securities analysts and investors, resulting in a decline in the market price of our Class A common stock.*** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as described in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." The results of these estimates form the basis for making judgments about the recognition and measurement of certain assets and liabilities and revenue and expenses that is not readily apparent from other sources. Our accounting policies that involve judgment and use of estimates include the fair value of assets acquired and liabilities assumed in acquisitions and investments. If our assumptions change or if actual circumstances differ from those in our assumptions, our results of operations could be adversely affected, which could cause our results of operations to fall below the expectations of securities analysts and investors, resulting in a decline in the market price of our Class A common stock.

***Our ability to use our net operating losses and certain other tax attributes to offset future taxable income may be subject to certain limitations.*** 

As of January 31, 2025, the Company had approximately $1.3 million and $1.2 million of federal and state net operating loss carryforwards (NOLs), respectively. All of these NOLs carryforward indefinitely. The amount of federal NOLs arising in taxable years beginning after December 31, 2017, that we are permitted to deduct in a taxable year is limited to 80% of our federal taxable income in each such year to which the NOLs are applied. Similar limitations may apply to our state NOLs. Utilization of our NOLs and certain other tax attributes depends on many factors, including us attaining profitability, which cannot be assured. Due to our cumulative losses, we have recorded a full valuation allowance against our NOLs as of July 31, 2025.

In addition, our ability to utilize our federal NOLs and certain other tax attributes, may be limited under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the Code). These limitations apply if we

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experience an "ownership change," which generally occurs if one or more stockholders who own at least 5% of our stock increase their ownership (by value) by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state and local tax laws.

If we have undergone ownership changes, or if we undergo an ownership change in the future, including as a result of this offering, our ability to use our pre-change NOLs and other pre-change tax attributes (such as research and development tax credits) to offset our post-change income or taxes may be limited. Similar provisions of state tax law may also apply to limit the use of our state NOLs. Future changes in our stock ownership, some of which may be outside of our control, may result in an ownership change under these rules.

There is a risk that due to changes in tax law, regulatory changes or other unforeseen reasons, our existing NOLs or business tax credits could expire or otherwise become unavailable to offset future income tax liabilities. At the state level, there may also be periods during which the use of NOLs or business tax credits is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed by us. For these reasons, we may not be able to realize a tax benefit from the use of our NOLs or tax credits, even if we attain profitability.

***Our results of operations may be harmed if we are required to collect or pay sales or other taxes in jurisdictions where we have not historically done so.*** 

The application of federal, state, local and foreign tax laws to services provided electronically is evolving. In particular, the applicability of sales and use taxes and other taxes, such as gross receipts, excise, digital service and telecom taxes, to our platform in various jurisdictions is unclear, and these rules and regulations are subject to varying interpretations that may change over time. We collect and remit sales tax and other taxes in the United States. It is possible, however, that we could face sales tax or other tax audits and that our liability for these taxes could exceed our estimates as tax authorities in the United States or other jurisdictions could still assert that we are obligated to collect additional tax amounts from our paying customers and remit those taxes to those authorities. We could also be subject to audits in states and foreign jurisdictions for which we have not accrued tax liabilities. A successful assertion that we should be collecting additional sales or other taxes in jurisdictions where we have not historically done so and do not accrue for such taxes could result in substantial tax liabilities for past sales, discourage organizations from using our platform or otherwise harm our business, financial condition and results of operations.

Further, one or more state or other tax authorities could seek to impose additional sales, use, telecommunications tax or other tax collection and record-keeping obligations on us or may determine that such taxes should have, but have not been, paid by us. Liability for past taxes may also include substantial interest and penalty charges. Any successful action by state or other authorities to compel us to collect and remit sales tax, use tax, telecommunication tax or other taxes, either retroactively, prospectively or both, may harm our business, financial condition and results of operations.

***Changes in tax laws and regulations and those which we are subject to in various tax jurisdictions could adversely affect our business, financial condition and results of operations.*** 

We operate in multiple jurisdictions and are subject to tax laws and regulations of the U.S. federal, state and local and foreign governments. New income, sales, use, digital service or other tax laws, statutes, rules, regulations or ordinances could be enacted at any time. Those enactments could harm our domestic and international business operations and our business, financial condition and results of operations. Further, existing tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us. For example, on July 4, 2025, the United States enacted new U.S. federal tax legislation commonly referred to as the One Big Beautiful Bill Act. We are currently evaluating the full impact of this legislation on us. The introduction of new, or changes to existing, tax laws could require us or our customers to pay additional tax amounts on a prospective or retroactive basis, as well as require us or our customers to pay fines and/or penalties and interest for past amounts deemed to be due. If we raise our prices to offset the costs of these changes, existing and prospective customers may elect not to purchase our offerings in the future. Additionally, new, changed, modified or newly interpreted or applied tax laws could increase our customers and our compliance, operating and other costs, as well as the costs of our offerings. Further, these events could decrease the capital we have available to operate our business. Any or all of these events may harm our business, financial condition and results of operations.

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If we expand the scale of our international business activities, any changes in the U.S. or foreign taxation of such activities may increase our worldwide effective tax rate and harm our business, financial condition and results of operations. We may be subject to taxation in several jurisdictions around the world with increasingly complex tax laws, the application of which can be uncertain. The amount of taxes we pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws or revised interpretations of existing tax laws and precedents. An increase in our tax liabilities could harm our liquidity and results of operations. In addition, the authorities in these jurisdictions could review our tax returns and impose additional tax, interest and penalties, and the authorities could claim that various withholding requirements apply to us or assert that benefits of tax treaties are not available to us, any of which may harm us and our results of operations.

***We are an emerging growth company and a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our Class A common stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to "emerging growth companies," including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•presentation of only two years of audited financial statements and related financial disclosure in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exemption from the requirement to have our registered independent public accounting firm attest to management's assessment of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exemption from compliance with the requirement of the PCAOB regarding the communication of critical audit matters in the auditor's report on the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduced disclosure about our executive compensation arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exemption from the requirement to hold non-binding advisory votes on executive compensation or golden parachute arrangements.

We could continue to be an emerging growth company for up to five years following the completion of this offering. Our status as an emerging growth company will end as soon as any of the following takes place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of the fiscal year in which we have at least $1.235 billion in annual revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date we qualify as a "large accelerated filer," with at least $700.0 million of equity securities held by non-affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date on which we have issued, in any three-year period, more than $1.0 billion in non-convertible debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies unless it otherwise irrevocably elects not to avail itself of this exemption. We have elected to use this extended transition period until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

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We are also a "smaller reporting company" because our annual revenue was less than $100 million during the year ended January 31, 2025. We may continue to be a smaller reporting company after this offering in any given fiscal year if either (1) the market value of our common stock held by non-affiliates is less than $250 million as of the last business day of the second fiscal quarter of such fiscal year or (2) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700 million as of the last business day of the second fiscal quarter of such fiscal year. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

We cannot predict if investors will find our Class A common stock less attractive if we choose to rely on any of the exemptions afforded emerging growth companies and smaller reporting companies. If some investors find our Class A common stock less attractive because we rely on any of these exemptions, there may be a less active trading market for our Class A common stock and the market price of our Class A common stock may be more volatile and may decline.

***We will incur increased costs and demands upon management as a public company, which could adversely affect our business, financial condition and results of operations.***

As a public company, we will incur substantial legal, accounting and other expenses that we did not incur as a private company, and these expenses may increase even more after we are no longer an "emerging growth company." For example, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market. Our management and other personnel will need to devote a substantial amount of time to compliance with these requirements and we expect these rules and regulations to substantially increase our legal and financial compliance costs. For example, we expect these rules and regulations to make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to maintain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors, particularly to serve on our audit committee and compensation committee, or as our executive officers. In addition, we have expended, and anticipate that we will continue to expend, significant resources in order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting. In that regard, we will need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge. In addition, as a public company, we may be subject to stockholder activism, which can lead to substantial costs, distract management and impact the manner in which we operate our business in ways we cannot currently anticipate. As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and results of operations could be adversely affected, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business and results of operations. These increased costs and demands upon management could adversely affect our business, financial condition and results of operations.

***We may face challenges in closing our books and preparing timely and accurate financial reports, which could adversely impact our business, investor confidence and our ability to meet SEC reporting obligations.***

We have experienced significant growth in recent years through both organic expansion and a series of strategic acquisitions. As we continue to scale our operations, integrate multiple acquired businesses and expand our geographic and product footprint, we face increasing complexity in our financial reporting environment. Our recent acquisitions require integration of financial systems, controls, accounting policies and personnel. These rapid developments place significant demands on our finance, accounting and internal controls functions. Given the pace of our growth and acquisitions, there is a risk that we may not be able to timely or accurately close our books, integrate acquired entities or produce consolidated financial statements in accordance with U.S. GAAP or SEC

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requirements. This may result in delayed filings with the SEC, the restatement of previously issued financial statements or deficiencies in our internal control over financial reporting. Any of these outcomes could harm our reputation, trigger penalties or enforcement actions from the SEC, delay or impair our ability to access capital markets and reduce investor confidence in our company and financial reporting.

**Risks Related to Ownership of Our Class A Common Stock and this Offering** 

***After this offering, you will own single-vote-per-share Class A common stock while our co-founder, president and chief executive officer, Mr. Beck, and his affiliates will own shares of our ten-votes-per-share Class B common stock. Accordingly, Mr. Beck will control a significant portion of the voting power of our outstanding capital stock and your ability to influence or direct the outcome of key corporate actions and transactions, including a change in control, will be limited.***

Our Class A common stock sold in this offering entitles each holder to one vote per share. Our co-founder, president and chief executive officer, Mr. Beck, and his affiliates will hold shares of Class B common stock that are entitled to ten votes per share.

Immediately following this offering, the shares beneficially owned by Mr. Beck will represent % of the aggregate voting power of our outstanding common stock. As a result, for the foreseeable future, Mr. Beck will be able to significantly influence all matters requiring approval by our stockholders, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major transaction requiring stockholder approval. Mr. Beck may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interest. The concentration of influence will limit or preclude your ability to influence corporate matters for the foreseeable future and could have the effect of delaying, preventing or deterring a change in control of our company, could deprive you and other holders of Class A common stock of an opportunity to receive a premium for your Class A common stock as part of a sale of our company and could negatively affect the market price of our Class A common stock. In addition, this may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel are in your best interest as one of our stockholders.

Additionally, future transfers by holders of our Class B common stock will generally result in those shares converting into our Class A common stock, subject to limited exceptions. The conversion of our Class B common stock to our Class A common stock will have the effect, over time, of increasing the relative voting power of those holders of our Class B common stock who retain their shares in the long term. As a result, it is possible that one or more holders of our Class B common stock, including Mr. Beck, could gain significant influence or majority control as other holders of our Class B common stock sell or otherwise convert their shares into our Class A common stock. In addition, the conversion of our Class B common stock into our Class A common stock will dilute holders of our Class A common stock, including holders of shares purchased in this offering, in terms of their voting power within our Class A common stock.

***We do not know whether an active market will develop for our Class A common stock or what the market price of our Class A common stock will be, and, as a result, it may be difficult for you to sell your shares of our Class A common stock.*** 

We have applied to list our Class A common stock on the Nasdaq Global Select Stock Market under the symbol "GLOO." However, prior to this offering, there has been no prior public trading market for our Class A common stock. We cannot assure you that an active trading market for our Class A common stock will develop on that exchange or elsewhere or, if developed, that any market will be sustained. If an active trading market does not develop, or develops but is not maintained, you may have difficulty selling any of our Class A common stock due to the limited public float. We cannot predict the prices at which our Class A common stock will trade. It is possible that in one or more future periods our results of operations and financial condition may not meet the expectations of public market analysts and investors, and, as a result of these and other factors, the price of our Class A common stock may fall. Accordingly, we cannot assure you of the liquidity of any trading market, your ability to sell your shares of our Class A common stock when desired or the prices that you may obtain for your shares.

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***Our quarterly results might fluctuate and if we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially.*** 

Our quarterly financial results might fluctuate as a result of a variety of factors, many of which are outside of our control. If our quarterly financial results fall below the expectations of investors or any securities analysts who might follow our stock, the price of our Class A common stock could decline substantially. Some of the important factors that might cause our revenue, operating results and cash flows to fluctuate from quarter to quarter include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to attract new customers and retain and increase sales to existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and size of new customer subscriptions and other agreements, renewals or cancellations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in customer budgets or priorities, particularly within mission-driven organizations that may be subject to significant shifts in funding or leadership based on various factors outside of our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the variability in demand from CFLs, which can influence our revenue directly or indirectly from NCPs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and size of our acquisitions and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the number of new employees added;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount and timing of our equity-based compensation expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the productivity of our sales force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount and timing of operating expenses and capital expenditures that we may incur to grow and expand our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the development and introduction of new offerings by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant cybersecurity breaches, technical difficulties or interruptions in the availability of our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of customer payments and payment defaults by customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic conditions that might harm either our customers' ability or willingness to expand their usage of our platform, delay a prospective customer's purchasing decision or affect customer retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of applicable tax laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of new accounting pronouncements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to navigate reputational risks related to the faith-based nature of our business.

Many of these factors are outside of our control, and the occurrence of one or more of them might cause our revenue, operating results and cash flows to vary widely. As such, we believe that quarter-to-quarter comparisons of our revenue, operating results and cash flows might not be an indication of future performance. If our operating or financial results fall below the expectations of investors or analysts, the market price of our Class A common stock could decline, potentially significantly.

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***The market price of our Class A common stock might be volatile or might decline regardless of our operating performance, resulting in substantial losses for investors purchasing shares in this offering.*** 

The initial public offering price of our Class A common stock will be determined through negotiation among us and the underwriters. This price does not necessarily reflect the price at which investors in the market will be willing to buy and sell shares of our Class A common stock following this offering. In addition, the market price of our Class A common stock following this offering is likely to be volatile and could be subject to fluctuations in response to various factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our Class A common stock since you might be unable to sell your shares at or above the price you paid in this offering. Factors that could cause fluctuations in the market price of our Class A common stock include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•price and volume fluctuations in the overall stock market from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sales of shares of our Class A common stock by us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the recruitment or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the public's reaction to our press releases, other public announcements and filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•rumors and market speculation involving us or other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in the trading volume of our shares or the size of our public float;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated changes or fluctuations in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated developments in our business, our competitors' businesses or the competitive landscape generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure of securities analysts to maintain coverage of us, changes in actual or future expectations of investors or securities analysts or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•litigation involving us, our industry or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•governmental or regulatory actions or audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory or legal developments in the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic conditions and trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•announcement or expectation of additional financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expiration of lock-up agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting standards, policies, guidelines, interpretations or principles.

The realization of any of the above risks or any of a broad range of other risks, including those described in this "Risk Factors" section, could have an adverse impact on the market price of our Class A common stock.

In addition to allocations made to retail investors by the underwriters and through our directed share program, we anticipate that a portion of our Class A common stock offered hereby will, at our request, be offered to retail investors through () and (), via their respective online brokerage platforms. and will act as selling group members for this offering. These platforms are not affiliated with us. There may be risks associated with the use of such platforms that we cannot foresee, including risks related

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to the technology and operation of such platforms, and the publicity and the use of social media by users of such platforms that we cannot control.

In addition, in the past, following periods of volatility in the overall market and the market price of a particular company's securities, securities class action litigation has often been instituted against these companies. Such litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

***The dual-class structure of our common stock may adversely affect the trading market for our Class A common stock.***

Certain stock index providers have excluded companies with multiple classes of shares of common stock from being added to certain stock indices. Accordingly, the dual-class structure of our common stock would make us ineligible for inclusion in indices with such restrictions and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices may not invest in our Class A common stock. In addition, several stockholder advisory firms and large institutional investors have been critical of the use of multi-class structures. Such stockholder advisory firms may publish negative commentary about our corporate governance practices or our capital structure, which may dissuade large institutional investors from purchasing shares of our Class A common stock. These actions could make our Class A common stock less attractive to other investors and may result in a less active trading market for our Class A common stock.

***If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business or our market, or if they adversely change their recommendations regarding our Class A common stock, the market price or trading volume of our Class A common stock could decline.*** 

The trading market for our Class A common stock will be influenced in part by the research and reports that securities or industry analysts may publish about us, our business, our market or our competitors. If one or more securities analysts initiate research with an unfavorable rating or downgrade our Class A common stock, provide a more favorable recommendation about our competitors or publish inaccurate or unfavorable research about our business, our Class A common stock price would likely decline. If few securities analysts commence coverage of us, or if one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets and demand for our securities could decrease, which in turn could cause the price and trading volume of our Class A common stock to decline.

***We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.*** 

Our management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in the section titled "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. The failure by our management to apply these proceeds effectively could adversely affect our business, financial condition and results of operations. Pending their use, we may invest our net proceeds in a manner that does not produce income or that loses value. Our investments may not yield a favorable return to our investors and may negatively impact the price of our common stock.

***A significant portion of our total outstanding shares after this offering will be restricted from immediate resale but may be sold into the market in the near future, which could cause the market price of our Class A common stock to decline significantly, even if our business is doing well.***

The market price of our Class A common stock could decline as a result of sales of a large number of shares of our Class A common stock in the market after this offering, including upon the conversion of a substantial number of shares of our Class B common stock, or the perception that these sales may occur.

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Our directors and officers and substantially all of the holders of our equity securities have entered into or will enter into lock-up agreements with the underwriters under which they have agreed or will agree, subject to specific exceptions described in the section titled "Underwriting," not to sell any of our stock for 180 days following the date of this prospectus. We refer to such period as the lock-up period. We and the underwriters may release certain stockholders from the lock-up agreements prior to the end of the lock-up period. As a result of these lock-up agreements and subject to the provisions of Rule 144 or Rule 701 under the Securities Act of 1933, as amended (the Securities Act), the shares of our Class A common stock will be available for sale in the public market following the completion of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•beginning on the date of this prospectus, all shares of our Class A common stock sold in this offering will be immediately available for sale in the public market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•beginning 181 days after the date of this prospectus, subject to the terms of the lock-up agreements described above, the remainder of the shares of our Class A common stock will be eligible for sale in the public market, subject in some cases to the volume and other restrictions of Rule 144.

Sales of our Class A common stock as restrictions end may make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. These sales also could cause the market price of our Class A common stock to fall and make it more difficult for you to sell shares of our Class A common stock at a time and price that you deem appropriate.

***Our issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise will dilute all other stockholders.***

We expect to issue additional capital stock in the future that will result in dilution to all other stockholders. We expect to grant equity awards to employees, directors and consultants under our equity incentive plans. We may also raise capital through equity financings in the future. If we acquire or make investments in complementary companies, products or technologies, we may issue equity securities to pay for any such acquisition or investment. Any such issuances of additional capital stock may cause stockholders to experience significant dilution of their ownership interests and the per share value of our Class A common stock to decline.

***We do not intend to pay dividends on our Class A common stock for the foreseeable future.***

We currently intend to retain all available funds and any future earnings to fund the development and growth of our businesses. As a result, we do not anticipate declaring or paying any cash dividends on our Class A common stock in the foreseeable future. As a result, stockholders must rely on appreciation in the price of our Class A common stock for a return on their investment. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, our business prospects, results of operations, financial condition, cash requirements and availability, industry trends and other factors that our board of directors may deem relevant. Any such decision also will be subject to compliance with contractual restrictions and covenants in the agreements governing our current indebtedness. In addition, our ability to pay dividends may be restricted by the terms of any future incurrence of debt.

***Delaware law and provisions in our certificate of incorporation and bylaws might delay, discourage or prevent a change in control of our company or changes in our management, thereby depressing the market price of our Class A common stock.***

Our status as a Delaware corporation and the anti-takeover provisions of the Delaware General Corporation Law (DGCL), may discourage, delay or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder, even if a change of control would be beneficial to our existing stockholders. In addition, our certificate of incorporation and bylaws that will be in effect upon the completion of

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this offering will contain provisions that may make the acquisition of our company more difficult or delay or prevent changes in control of our management. Among other things, these provisions will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish a dual-class common stock structure, with differing voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•authorize our board of directors to issue shares of preferred stock and determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•permit only the board of directors to establish the number of directors and fill vacancies on the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish that our board of directors is divided into three classes, Class I, Class II and Class III, with each class serving staggered three-year terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide that our directors may only be removed for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•permit stockholders to only take actions at a duly called annual or special meeting and not by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require that stockholders give advance notice to nominate directors or submit proposals for consideration at stockholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•eliminate cumulative voting in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•prohibit stockholders from calling a special meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require a super-majority vote of stockholders to amend some of the provisions described above.

These provisions, alone or together, could delay, discourage or prevent a transaction involving a change in control of our company. These provisions could also discourage proxy contests and make it more difficult for stockholders to elect directors of their choosing and to cause us to take other corporate actions they desire, any of which, under certain circumstances, could limit the opportunity for our stockholders to receive a premium for their shares of our Class A common stock, and could also affect the price that some investors are willing to pay for our Class A common stock.

***Our bylaws will designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, and also provide that the federal district courts will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, each of which could limit our stockholders' ability to choose the judicial forum for disputes with us or our directors, officers, stockholders or employees.*** 

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Section 22 of the Securities Act establishes concurrent jurisdiction for federal and state courts over Securities Act claims. Accordingly, both state and federal courts have jurisdiction to hear such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our bylaws will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act.

Any person or entity purchasing or otherwise acquiring or holding or owning (or continuing to hold or own) any interest in any of our securities shall be deemed to have notice of and consented to the foregoing bylaw provisions. Although we believe these exclusive forum provisions benefit us by providing increased consistency in the application of Delaware law and federal securities laws in the types of lawsuits to which each applies, the exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or our current or former directors, officers, stockholders or other employees, which may discourage such lawsuits against us and our current and former directors, officers, stockholders and other employees. Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder as a result of our exclusive forum provisions.

Further, the enforceability of similar exclusive forum provisions in other companies' organizational documents has been challenged in legal proceedings, and it is possible that a court of law could rule that these types of provisions are inapplicable or unenforceable if they are challenged in a proceeding or otherwise. If a court were to find either exclusive forum provision contained in our bylaws to be inapplicable or unenforceable in an action, we may incur significant additional costs associated with resolving such dispute, as well as resolving such action in other jurisdictions, all of which could harm our results of operations.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this prospectus include statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to scale our platform, manage our growth and expand our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•anticipated trends in our business and the faith and flourishing ecosystem;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future acquisitions and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to remediate material weaknesses in our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise additional capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to retain and expand our customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to remain competitive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to develop new products and enhance our platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to retain our senior management team and attract talented employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations of the performance, capabilities and attractiveness to our customers of our AI offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain and enhance our brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic conditions and their impact on customer demand and charitable donations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to defend against claims, lawsuits, investigations, litigation and other proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to comply with laws and regulations that currently apply or become applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations regarding our ability to obtain, maintain, enforce, defend and enhance our intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our anticipated use of the proceeds from this offering.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

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You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, results of operations, financial condition and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in the section titled "Risk Factors" and elsewhere in this prospectus. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law. You should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

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**MARKET, INDUSTRY AND OTHER DATA**

This prospectus contains estimates and information concerning the faith and flourishing ecosystem that are based on various third-party sources, industry publications and reports, none of which were commissioned by us, as well as our own internal information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and information. The sources of certain statistical data, estimates and forecasts contained in this prospectus include the following industry publications and reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Association of Statisticians of American Religious Bodies, 2020 U.S. Religion Census.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Barna Group, "A New Chapter in Millennial Church Attendance," August 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cause IQ Database (last accessed July 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Giving Institute, *Giving by Generation: Examining the Shifts in Giving Among Donor Generations* (last updated for 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Grim, B.J. & Grim, M.E., *The Socio-economic Contribution of Religion to American Society: An Empirical Analysis*, Interdisciplinary Journal of Research on Religion (2016).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Grips E-Commerce Analysis Database (last accessed July 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Kentley Insights, *Market Research Report: Churches and Religious Organizations* (2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Kim A.H. & Lu V.E., *Harvard Researchers Launch $43M Global Human Flourishing Study*, The Harvard Crimson (2021).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NGO Base Database (last accessed July 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Smith G.A, Cooperman A., Alper B.A., Mohamed B., Rotolo C., Tevington P., Nortey J., Kallo A., Diamant J., & Fahmy D., *Decline of Christianity in the U.S. Has Slowed, May Have Leveled Off: Findings from the 2023-24 Religious Landscape Study*, Pew Research Center (2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tang, L., *Religious Organizations in the US*, IBISWorld (2024).

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**USE OF PROCEEDS**

We estimate that the net proceeds from this offering will be approximately $ million, based on the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters exercise their option to purchase additional shares in full, we estimate that the net proceeds will be approximately $ million, after deducting underwriting discounts and commissions and offering expenses payable by us.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the net proceeds to us from this offering by $ million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. Each increase or decrease of 1.0 million shares in the number of shares offered by us would increase or decrease, as applicable, the net proceeds to us from this offering by $ million, assuming that the assumed initial public offering price remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We do not expect that a change in the initial public offering price or the number of shares by these amounts would have a material effect on our use of the proceeds from this offering, although it may accelerate the time when we need to seek additional capital.

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock, facilitate future access to the public equity markets by us, our employees and our stockholders, and increase our visibility in the marketplace. We currently intend to use the net proceeds from this offering for general corporate purposes, including acquisitions and investments in businesses, products, services or technologies, working capital, operating expenses and capital expenditures. However, we do not have agreements or commitments for any such acquisitions or investments at this time.

The expected use of net proceeds from this offering represents our intentions based upon our present plans and business conditions. We cannot predict with certainty all of the particular uses for the proceeds of this offering or the amounts that we will actually spend on the uses set forth above. Because we expect to use the net proceeds from this offering for working capital and other general corporate purposes, our management will have broad discretion over the use of the net proceeds from this offering. The timing and amount of our actual expenditures will be based on many factors, including cash flow from operations and the anticipated growth of our business. As of the date of this prospectus, we intend to invest the net proceeds that are not used as described above in capital-preservation investments, including short-term interest-bearing debt instruments or bank deposits.

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**DIVIDEND POLICY**

We have never declared or paid any cash dividends on our capital stock, and we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to support operations and to finance the growth and development of our business. Any future determination to pay dividends will be made at the discretion of our board of directors subject to applicable laws and will depend upon, among other factors that our board of directors may deem relevant, our results of operations, financial condition, contractual restrictions and capital requirements. Our future ability to pay cash dividends on our capital stock may be limited by any existing or future debt instruments or preferred securities.

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**CORPORATE REORGANIZATION**

We currently operate as a Delaware limited liability company under the name Gloo Holdings, LLC. The membership interests of Gloo Holdings, LLC currently consist of common units and Series A preferred units. Gloo Holdings, Inc., which will issue the shares of Class A common stock offered hereby, is currently a direct, wholly owned subsidiary of Gloo Holdings, LLC and was formed to complete the Corporate Reorganization and the offering being made hereby.

Immediately prior to the completion of this offering, we will complete the following transactions, which we refer to throughout this prospectus as the "Corporate Reorganization":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gloo Holdings, Inc. will form a Delaware limited liability company as a wholly owned subsidiary (Merger Sub).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Merger Sub will merge with and into Gloo Holdings, LLC, with Gloo Holdings, LLC surviving the merger as a wholly owned subsidiary of Gloo Holdings, Inc., which will become a holding company for all of our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the merger of Merger Sub with and into Gloo Holdings, LLC, members of Gloo Holdings, LLC will receive one share of Class B common stock of Gloo Holdings, Inc. for every three units that they hold in Gloo Holdings, LLC, and common unit options and Incentive Units (as defined below) will be exchanged according to the same ratio, taking into account the threshold price with respect to the Incentive Units (which we refer to as the Reverse Split).

oHolders of Gloo Holdings, LLC's outstanding Series A preferred units will receive an aggregate of shares of Gloo Holdings, Inc.'s Class B common stock.

oHolders of Gloo Holdings, LLC's outstanding common units will receive an aggregate of shares of Gloo Holdings, Inc.'s Class B common stock.

oHolders of outstanding incentive unit awards issued by Gloo Incentives, LLC and Gloo Holdings, LLC (collectively, the Incentive Units), that have vested as of the consummation of the Corporate Reorganization will receive an aggregate of shares of Class B common stock of Gloo Holdings, Inc., and holders of outstanding Incentive Units that have not vested will receive an aggregate of shares of restricted Class B common stock. The shares of restricted Class B common stock will be subject to time-based vesting conditions consistent with the vesting conditions of the unvested Incentive Units.

We will take any other steps necessary to reorganize our corporate structure so that Gloo Holdings, Inc., the entity that is offering Class A common stock to the public in this offering, is the holding company for all of our operations, and so that our existing investors immediately prior to the completion of this offering will own shares of Gloo Holdings, Inc.'s Class B common stock rather than membership units in Gloo Holdings, LLC upon the consummation of this offering.

Except as otherwise noted herein, the consolidated financial statements included elsewhere in this prospectus are those of Gloo Holdings, LLC and its consolidated operations. We do not expect that the Corporate Reorganization will have a material effect on the results of our core operations.

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**CAPITALIZATION**

The following table summarizes our cash and cash equivalents, as well as our capitalization, as of July 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a pro forma basis to give effect to (1) the Corporate Reorganization (including the Reverse Split) as if it had occurred on July 31, 2025; (2) the Notes Conversion as if it had occurred on July 31, 2025; and (3) the filing and effectiveness of our amended and restated certificate of incorporation, each of which will occur prior to the closing of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a pro forma as adjusted basis to reflect (1) the pro forma adjustments set forth above, and (2) the issuance and sale by us of shares of Class A common stock in this offering at the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The pro forma as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table together with our consolidated financial statements and the related notes included elsewhere in this prospectus

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and the sections titled "Corporate Reorganization," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Description of Capital Stock."

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|:---|:---|:---|:---|
|  | **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma,** |
|  |  |  | **As Adjusted** |
|  | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** | **(in thousands, except unit/share data)** |
| Cash, cash equivalents and restricted cash | $22589 | $ | $ |
| Debt, current and non-current | 130499 |  |  |
| Mezzanine equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A preferred units, no par value, 117,751,845 units authorized, 115,368,634 issued and outstanding, actual; and no units authorized, issued or outstanding, pro forma and pro forma as adjusted | 360063 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemable NCI | 3383 |  |  |
| Members'/stockholders' equity (deficit): |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, par value $0.001 per share, no shares authorized, issued or outstanding, actual; and shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.001 per share, 1,000 shares authorized, issued and outstanding, actual; and shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, par value $0.001 per share, no shares authorized, issued or outstanding, actual; shares authorized and no shares issued or outstanding, pro forma; and shares authorized, shares issued and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, par value $0.001 per share, no shares authorized, issued or outstanding, actual; shares authorized, shares issued and outstanding, pro forma; and shares authorized, shares issued and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;Common member units, no par value, 39,667,849 units authorized, 24,651,074 issued and outstanding, actual; and units authorized and no units issued or outstanding, pro forma and pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 36134 |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (438063) |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 262 |  |  |
| &nbsp;&nbsp;&nbsp;Equity (deficit) attributable to common members/stockholders | (401667) |  |  |
| &nbsp;&nbsp;&nbsp;Equity attributable to noncontrolling interests | 19422 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total members'/stockholders' equity (deficit) | (382245) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | $111700 | $ | $ |

---

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the amount of our pro forma as adjusted cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares offered by us would increase or decrease, as applicable, each of our cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization by approximately $ million, assuming that the assumed initial public offering price remains the same, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. The pro forma as adjusted information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at pricing.

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If the underwriters' option to purchase additional shares is exercised in full, pro forma as adjusted cash and cash equivalents, additional paid-in capital, total members' equity (deficit) and total capitalization and shares outstanding as of July 31, 2025 would be $ million, $ million, $ million, $ million and shares, respectively.

The pro forma and pro forma as adjusted columns in the table above are based on shares of our Class A common stock and shares of our Class B common stock outstanding as of July 31, 2025 (after giving effect to the Corporate Reorganization, including the Reverse Split, and the Notes Conversion), and exclude the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• common units of Gloo Holdings, LLC issuable upon the exercise of outstanding common unit options under the 2014 Plan as of July 31, 2025, with a weighted-average exercise price of $, which will be exchanged for options to purchase our Class B common stock on a three-for-one basis as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock reserved for issuance under the 2014 Plan, as of July 31, 2025, which number of shares will be added to the shares of our Class A common stock to be reserved under the 2025 Plan upon its effectiveness, at which time we will cease granting awards under the 2014 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the exercise of warrants outstanding as of July 31, 2025, with a weighted-average exercise price of $ per share, based on a three-for-one warrant-to-Class B common stock share exchange ratio as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock reserved for future issuance under the 2025 Plan, which will become effective on the business day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock reserved for future issuance under the ESPP, which will become effective on the business day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the exchange of exchangeable shares of our wholly owned subsidiary Art of Leadership Ltd. as of July 31, 2025, based on a three-for-one exchangeable share-to-Class B common stock share exchange ratio as part of the Corporate Reorganization.

The 2025 Plan and the ESPP each provide for annual automatic increases in the number of shares of our Class A common stock reserved thereunder, and the 2025 Plan also provides for increases to the number of shares of our Class A common stock that may be granted thereunder based on shares under the 2014 Plan that expire, are forfeited or are repurchased by us, as more fully described in the section titled "Executive Compensation—Employee Benefit and Stock Plans."

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**DILUTION**

If you invest in our Class A common stock in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma as adjusted net tangible book value per share of our Class A common stock immediately after this offering. Net tangible book value dilution per share to investors participating in this offering represents the difference between the amount per share paid by purchasers of shares of our Class A common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock immediately after this offering.

Net tangible book value (deficit) per share is determined by dividing our total tangible assets less our total liabilities by the number of shares of our common stock outstanding. Our historical net tangible book value (deficit) as of July 31, 2025, after giving effect to the Reverse Split, was $, or $ per share. After giving effect to the Corporate Reorganization (including the Reverse Split) and the Notes Conversion, our pro forma net tangible book value as of July 31, 2025 was $ million, or $ per share, based on the total number of shares of our Class A common stock and Class B common stock outstanding as of July 31, 2025.

After giving effect to the sale by us of shares of our Class A common stock in this offering at the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us our pro forma as adjusted net tangible book value to give effect to this offering as of July 31, 2025 would have been $ million, or $ per share. This represents an immediate increase in pro forma net tangible book value of $ per share to our existing stockholders and an immediate dilution in pro forma as adjusted net tangible book value of $ per share to investors purchasing shares of our Class A common stock in this offering at the assumed initial public offering price. The following table illustrates this dilution:

---

| | |
|:---|:---|
| Assumed initial public offering price per share | $|
| &nbsp;&nbsp;Historical net tangible book value (deficit) per share as of July 31, 2025 |  |
| &nbsp;&nbsp;Pro forma increase in net tangible book value per share as of July 31, 2025 |  |
| &nbsp;&nbsp;Pro forma net tangible book value per share as of July 31, 2025 |  |
| &nbsp;&nbsp;Increase in pro forma net tangible book value per share attributable to<br> investors purchasing shares of Class A common stock in this offering |  |
| Pro forma as adjusted net tangible book value per share immediately<br> after this offering |  |
| Dilution in pro forma as adjusted net tangible book value per share to<br> investors in this offering | $|

---

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our pro forma as adjusted net tangible book value per share immediately after this offering by approximately $, and would increase or decrease, as applicable, dilution per share to investors purchasing shares of Class A common stock in this offering by $, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million shares in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, our pro forma as adjusted net tangible book value immediately after this offering by approximately $ per share and increase or decrease, as applicable, the dilution to investors purchasing shares of Class A common stock in this offering by $ per share, assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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If the underwriters exercise their option in full to purchase additional shares of Class A common stock in this offering, the pro forma as adjusted net tangible book value per share after the offering would be $ per share, the increase in the pro forma net tangible book value per share to existing stockholders would be $ per share and the pro forma as adjusted dilution to investors purchasing Class A common stock in this offering would be $ per share.

The following table presents as of July 31, 2025, on a pro forma as adjusted basis to give effect to this offering and the Notes Conversion, as if such conversion had occurred on July 31, 2025, the differences between the existing stockholders and the investors purchasing shares of our Class A common stock in this offering with respect to the number of shares purchased from us, the total consideration paid or to be paid to us and the average price per share paid or to be paid to us at the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Average** |
|  | **Number** | **Percent** | **Percent** | **Price Per<br>Share** |
| Existing stockholders before this<br> offering% |  |  | % | $|
| Investors participating in this offering |  |  |  |  |
| &nbsp;&nbsp;Total |  | % | $% | $ |

---

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the total consideration paid by investors participating in this offering and the total consideration paid by all stockholders by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares offered by us would increase or decrease, as applicable, total consideration paid by investors participating in this offering and total consideration paid by all stockholders, by approximately $ million, assuming that the assumed initial public offering price remains the same, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

The table above assumes no exercise of the underwriters' option to purchase additional shares in this offering. If the underwriters' option to purchase additional shares is exercised in full, the total number of shares of our common stock held by existing stockholders would be reduced to % of the total number of shares of our common stock outstanding after this offering, and the total number of shares of common stock held by investors purchasing shares of Class A common stock in the offering would be increased to % of the total number of shares outstanding after this offering.

The number of shares of our Class A common stock and Class B common stock to be outstanding after this offering is based on shares of our Class A common stock and shares of our Class B common stock outstanding as of July 31, 2025 (after giving effect to the Corporate Reorganization, including the Reverse Split, and the Notes Conversion), and exclude the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• common units of Gloo Holdings, LLC issuable upon the exercise of outstanding common unit options under the 2014 Plan as of July 31, 2025, with a weighted-average exercise price of $, which will be exchanged for options to purchase our Class B common stock on a three-for-one basis as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock reserved for issuance under the 2014 Plan, as of July 31, 2025, which number of shares will be added to the shares of our Class A common stock to be reserved under the 2025 Plan upon its effectiveness, at which time we will cease granting awards under the 2014 Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the exercise of warrants outstanding as of July 31, 2025, with a weighted-average exercise price of $ per share, based on a three-for-one warrant-to-Class B common stock share exchange ratio as part of the Corporate Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock reserved for future issuance under the 2025 Plan, which will become effective on the business day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock reserved for future issuance under the ESPP, which will become effective on the business day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock issuable upon the exchange of exchangeable shares of our wholly owned subsidiary Art of Leadership Ltd. as of July 31, 2025, based on a three-for-one exchangeable share-to-Class B common stock share exchange ratio as part of the Corporate Reorganization.

The 2025 Plan and the ESPP each provide for annual automatic increases in the number of shares of our Class A common stock reserved thereunder, and the 2025 Plan also provides for increases to the number of shares of our Class A common stock that may be granted thereunder based on shares under the 2014 Plan that expire, are forfeited or are repurchased by us, as more fully described in the section titled "Executive Compensation—Employee Benefit and Stock Plans."

To the extent that any outstanding options to purchase our common stock are exercised or new awards are granted under our equity compensation plans, or additional shares of our common stock are issued, there will be further dilution to investors participating in this offering.

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**UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION**

The following unaudited pro forma consolidated financial information presents the historical financial information of Gloo Holdings, LLC, which will become a wholly owned subsidiary of Gloo Holdings, Inc. (collectively, the Company) pursuant to the Corporate Reorganization, and the historical financial information of Midwestern Interactive, LLC (Midwestern), adjusted to give pro forma effect principally to the following events and transactions (collectively, the Transactions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the acquisition of Midwestern by the Company on June 11, 2025 (the Midwestern Acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Corporate Reorganization, including the Reverse Split (see the section titled "Corporate Reorganization");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Notes Conversion, which represents the automatic conversion of $ million of the Company's A&R Senior Secured Notes at a conversion price per share equal to the lesser of (1) 80.0% of the Company's assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and (2) $30.00 (see the sections titled "The Offering" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Sources and Uses of Funds"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the issuance and sale by the Company of shares of Class A common stock in this offering at the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by the Company (the Offering).

The unaudited pro forma condensed consolidated balance sheet as of July 31, 2025 presents the historical unaudited condensed consolidated balance sheet of the Company as of July 31, 2025, on a pro forma basis adjusted to give effect to the Corporate Reorganization, including the Reverse Split, Notes Conversion, and Offering as if they had occurred on July 31, 2025. The unaudited pro forma condensed consolidated balance sheet as of July 31, 2025 does not give effect to the Midwestern Acquisition because this event is reflected in the historical unaudited condensed consolidated balance sheet of the Company as of July 31, 2025.

The unaudited pro forma condensed consolidated statement of operations for the six months ended July 31, 2025 combines the historical unaudited condensed consolidated statement of operations of the Company for the six months ended July 31, 2025 and the historical unaudited statement of operations of Midwestern for the period from February 1, 2025 through May 31, 2025, on a pro forma basis adjusted to give effect to the Transactions as if they had occurred on February 1, 2024, the first day of the Company's most recently completed fiscal year.

The unaudited pro forma consolidated statement of operations for the year ended January 31, 2025 combines the historical audited consolidated statement of operations of the Company for the year ended January 31, 2025 and the historical audited statement of operations of Midwestern for the year ended December 31, 2024 on a pro forma basis adjusted to give effect to the Transactions as if they had occurred on February 1, 2024, the first day of the Company's most recently completed fiscal year.

The pro forma adjustments are based upon available information and certain assumptions that management believes are reasonable in order to present the historical audited financial information of the Company and Midwestern adjusted to give pro forma effect to the Transactions. The unaudited pro forma consolidated financial information has been prepared pursuant to Article 11 of Regulation S-X. The pro forma adjustments and their underlying assumptions are described more fully in the notes hereto. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not intended to represent or be indicative of the results of operations or financial position that would have occurred had the Transactions taken place on the dates indicated, or that may be expected to occur in the future. The actual results may differ materially from those presented herein due to a variety of factors, including the finalization of the estimated purchase price, preliminary purchase price allocation, market conditions and integration outcomes.

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The unaudited pro forma consolidated financial information does not give effect to any cost savings, operating synergies, revenue enhancements or integration expenses that the combined company may achieve as a result of the Midwestern Acquisition, costs necessary to achieve such measures or costs to integrate the operations of the combined company.

See the sections titled "The Offering," "Risk Factors," "Corporate Reorganization," and "Management's Discussion and Analysis of Financial Condition and Results of Operations;" the historical consolidated financial statements and related notes of Gloo Holdings, LLC as of and for the year ended January 31, 2025; the historical unaudited consolidated financial statements and related notes of Gloo Holdings, LLC as of and for the six months ended July 31, 2025; and the historical consolidated financial statements and related notes of Midwestern as of and for the year ended December 31, 2024, included elsewhere in this prospectus.

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Unaudited Pro Forma Condensed Consolidated Balance Sheet as of July 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical** |  | **Pro Forma** |  | **Pro Forma** |
| *(in thousands, except unit/stock data)* | **Gloo** |  | **Gloo, Prior to<br>the Offering** |  | **Gloo, As<br>Adjusted for the<br>Transactions** |
| **ASSETS** |  |  |  |  |  |
| Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | 22589 |  | $— | **(e)** | $— |
| &nbsp;&nbsp;Restricted cash | 254 |  |  |  |  |
| &nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $33 | 6050 |  |  |  |  |
| &nbsp;&nbsp;Inventory, net | 1248 |  |  |  |  |
| &nbsp;&nbsp;Contract assets | 3098 |  |  |  |  |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 6582 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 39821 |  |  |  |  |
| Property and equipment, net | 2634 |  |  |  |  |
| Capitalized software, net | 26717 |  |  |  |  |
| ROU operating lease asset | 6834 |  |  |  |  |
| Long-term investments | 1181 |  |  |  |  |
| Other non-current assets | 1381 |  |  |  |  |
| Intangible assets, net | 26951 |  |  |  |  |
| Goodwill | 80278 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $185797 | $— | $ | $— | $ |
| **LIABILITIES, MEZZANINE EQUITY, AND MEMBERS' DEFICIT** |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Accounts payable | 8279 |  | $— | **(e)** | $— |
| &nbsp;&nbsp;Accrued compensation | 6181 |  |  |  |  |
| &nbsp;&nbsp;Accrued liabilities | 6402 |  |  |  |  |
| &nbsp;&nbsp;Acquisition-related liabilities, current | 2522 |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue | 5622 |  |  |  |  |
| &nbsp;&nbsp;Debt, current | 5011 |  |  |  |  |
| &nbsp;&nbsp;Lease liabilities, current | 1187 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 35204 |  |  |  |  |
| Acquisition-related liabilities, non-current | 708 |  |  |  |  |
| Debt, non-current | 125488 |  |  |  |  |
| Lease liabilities, non-current | 5609 |  |  |  |  |
| Derivative liability | 23410 |  |  |  |  |
| Deferred income taxes | 2675 |  |  |  |  |
| Other non-current liabilities | 11502 | **(d)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 204596 |  |  |  |  |
| Mezzanine Equity: |  |  |  |  |  |
| &nbsp;&nbsp;Series A preferred units, no par value, 117,751,845 units authorized, 115,368,634 issued and outstanding, actual; and no units authorized, issued or outstanding, pro forma and pro forma as adjusted | 360063 | **(b)** |  |  |  |
| &nbsp;&nbsp;Redeemable NCI | 3383 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mezzanine equity | 363446 |  |  |  |  |
| Members'/stockholders' equity (deficit): |  |  |  |  |  |
| &nbsp;&nbsp;Preferred stock, par value $0.001 per share, no shares authorized, issued or outstanding, actual; and shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |  | **(b)** |  |  |  |
| &nbsp;&nbsp;Common stock, par value $0.001 per share, 1,000 shares authorized, issued and outstanding, actual; and shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |  | **(b), (d)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, par value $0.001 per share, no shares authorized, issued or outstanding, actual; shares authorized and no shares issued or outstanding, pro forma; and shares authorized, shares issued and outstanding, pro forma as adjusted |  |  |  | **(e)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, par value $0.001 per share, no shares authorized, issued or outstanding, actual; shares authorized, shares issued and outstanding, pro forma; and shares authorized, shares issued and outstanding, pro forma as adjusted |  | **(b), (d)** |  |  |  |
| &nbsp;&nbsp;Common member units, par value $0.001 per share, units authorized, issued and outstanding, actual; and units authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |  | **(c)** |  |  |  |
| &nbsp;&nbsp;Additional paid-in capital | 36134 | **(b), (d)** |  | **(e)** |  |
| &nbsp;&nbsp;Accumulated deficit | (438063) | **(m)** |  |  |  |
| &nbsp;&nbsp;Accumulated other comprehensive income | 262 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit attributable to common members/stockholders | (401667) |  |  |  |  |
| Equity attributable to noncontrolling interests | 19422 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total members'/stockholders' deficit | (382245) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, mezzanine equity, and members'/stockholders' equity (deficit) | $185797 | $— | $ | $— | $ |

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Unaudited Pro Forma Condensed Consolidated Statement of Operations for the Six Months Ended July 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Adjustments** | **Adjustments** | **Adjustments** | **Pro Forma** |
| *(in thousands, except unit/stock data)* | **Gloo** | **Midwestern, (Note 3)** | **Midwestern Acquisition** | **Corporate<br>Reorganization<br>and Notes Conversion** | **Offering** | **Gloo, As Adjusted for the Transactions** |
| Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;Platform revenue | 17241 |  |  |  |  | 17241 |
| &nbsp;&nbsp;Platform solutions revenue | 11234 | 5755 | (1770) **(f)** |  |  | 15219 |
| &nbsp;&nbsp;Other revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 28475 | 5755 | (1770) |  |  | 32460 |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) | 20968 | 3741 | (1770) **(f)** |  |  | 22939 |
| &nbsp;&nbsp;Product development | 10730 |  |  |  |  | 10730 |
| &nbsp;&nbsp;Sales and marketing | 15823 | 129 |  |  |  | 15951 |
| &nbsp;&nbsp;General and administrative | 22206 | 597 |  | —<br> **(m)** |  | 22802 |
| &nbsp;&nbsp;Depreciation and amortization | 5200 | 30 | 157<br> **(g)** |  |  | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 74927 | 4496 | (1613) |  |  | 77810 |
| Operating loss | (46452) | 1259 | (157) |  |  | (45350) |
| Other expense (income): |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense | 6003 | 74 |  |  |  | 6077 |
| &nbsp;&nbsp;Other expense (income), net | (473) | 2 |  |  |  | (471) |
| &nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments | 11436 |  | (2439) **(l)** |  |  | 8997 |
| &nbsp;&nbsp;Loss on extinguishment of debt | 7473 |  |  |  |  | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income), net | 24439 | 76 | (2439) |  |  | 22076 |
| Net loss before income taxes | (70891) | 1183 | 2282 |  |  | (67426) |
| &nbsp;&nbsp;Income tax (expense) benefit | 293 |  | —<br> **(i)** |  |  | 293 |
| &nbsp;&nbsp;Income (loss) from equity method investments, net | (460) |  |  |  |  | (460) |
| Net loss | (71058) | 1183 | 2282 |  |  | (67593) |
| &nbsp;&nbsp;Less: net loss attributable to noncontrolling interests | (1307) |  | 693<br> **(k)** |  |  | (614) |
| Net loss attributable to common members/stockholders | $(69751) | $1183 | $1589 | $— | $— | $(66979) |
| Net loss per unit attributable to common members/stockholders, basic | (3.47) |  |  |  |  |  |
| Net loss per unit attributable to common members/stockholders, diluted | $(3.47) |  |  |  |  | $— |
| Weighted-average common units used to compute net loss per unit attributable to common members/stockholders, basic and diluted | 24650701 |  |  |  |  |  |

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Unaudited Pro Forma Consolidated Statement of Operations for the Year Ended January 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Adjustments** | **Adjustments** | **Adjustments** | **Pro Forma** |
| *(in thousands, except unit/stock data)* | **Gloo** | **Midwestern, (Note 3)** | **Midwestern Acquisition** | **Corporate<br>Reorganization<br>and Notes Conversion** | **Offering** | **Gloo, As Adjusted for the Transactions** |
| Revenue: |  |  |  |  |  |  |
| Platform revenue | 22873 |  |  |  |  | 22873 |
| &nbsp;&nbsp;Platform solutions revenue | 330 | 11975 | (1981) **(f)** |  |  | 10324 |
| &nbsp;&nbsp;Other revenue | 13 |  |  |  |  | 13 |
| Total revenue | 23216 | 11975 | (1981) |  |  | 33210 |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) | 19749 | 8106 | (1981) **(f)** |  |  | 25873 |
| &nbsp;&nbsp;Product development | 13551 |  |  |  |  | 13551 |
| &nbsp;&nbsp;Sales and marketing | 22619 | 424 |  |  |  | 23043 |
| &nbsp;&nbsp;General and administrative | 15098 | 2317 | 69<br> **(h)** |  |  | 17484 |
| &nbsp;&nbsp;Depreciation and amortization | 7714 | 93 | 472<br> **(g)** |  |  | 8278 |
| &nbsp;&nbsp;Impairment of goodwill | 27753 |  |  |  |  | 27753 |
| Total operating expenses | 106484 | 10940 | (1441) |  |  | 115983 |
| Operating loss | (83268) | 1035 | (541) |  |  | (82773) |
| Other expense (income): |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense | 4738 | 306 | 795<br> **(j)** |  |  | 5840 |
| &nbsp;&nbsp;Other expense (income), net | (687) | 41 |  |  |  | (646) |
| &nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments | (1301) |  | 2439<br> **(l)** |  |  | 1138 |
| Total other expense (income), net | 2750 | 347 | 3234 |  |  | 6332 |
| Net loss before income taxes | (86018) | 689 | (3775) |  |  | (89105) |
| &nbsp;&nbsp;Income tax (expense) benefit | 796 |  | —<br> **(i)** |  |  | 796 |
| &nbsp;&nbsp;Income (loss) from equity method investments, net | (580) |  |  |  |  | (580) |
| Net loss | (85802) | 689 | (3775) |  |  | (88889) |
| &nbsp;&nbsp;Less: net loss attributable to noncontrolling interests | (113) |  | (129) **(k)** |  |  | (243) |
| Net loss attributable to common members | $(85689) | $689 | $(3645) | $— | $— | $(88646) |
| Net loss per unit attributable to common members/stockholders, basic and diluted | $(4.55) |  |  |  |  | $— |
| Weighted-average common units used to compute net loss per unit attributable to common members/stockholders, basic and diluted | 23293429 |  |  |  |  |  |

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**1.** **Basis of Presentation**

This unaudited pro forma consolidated financial information has been prepared in accordance with the requirements of Article 11 of Regulation S-X, as amended by SEC Release No. 33-10786 *(Amendments to Financial Disclosures about Acquired and Disposed Businesses)* and, where applicable, reflects the application of the accounting required for the Transactions in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

**2.** **Corporate Reorganization**

Immediately prior to the effectiveness of the registration statement, Gloo Holdings, Inc. will form a wholly owned Delaware limited liability company, Merger Sub, and merge Merger Sub with and into Gloo Holdings, LLC, with Gloo Holdings, LLC surviving as a wholly owned subsidiary of Gloo Holdings, Inc. (the Corporate Reorganization). As part of the Corporate Reorganization, holders of Series A preferred units and common units of Gloo Holdings, LLC will receive one share of Class B common stock of Gloo Holdings, Inc. for every three units that they hold in Gloo Holdings, LLC, and common unit options and profit incentive units (Incentive Units) will be exchanged according to the same ratio, taking into account the threshold price with respect to the Incentive Units. In the merger, holders of Gloo Holdings, LLC Series A preferred units and common units will receive, in the aggregate, and shares, respectively, of Gloo Holdings, Inc.'s Class B common stock; vested Incentive Units of Gloo Incentives, LLC will receive an aggregate of shares of Class B common stock; and unvested Incentive Units will receive an aggregate of shares of restricted Class B common stock, subject to transfer restrictions that remain in effect until the original time-based vesting conditions applicable to the original Incentive Units are satisfied.

The Corporate Reorganization will be accounted for as a common-control recapitalization in accordance with ASC Topic 805, *Business Combinations—Related Issues (ASC 805-50)*. No new basis of accounting or goodwill will be recognized. Accordingly, the pro forma adjustments are limited to eliminating historical mezzanine equity and members' deficit and reclassifying these balances to common stock (par value $ per share) and additional paid-in capital. Pro forma basic and diluted net income (loss) per share is presented as if the common shares issued as part of the Corporate Reorganization and Offering were outstanding for all periods shown.

**3.** **Midwestern Acquisition**

On January 3, 2025, the Company acquired an 80.0% membership interest in Midwestern in exchange for approximately $31.7 million in purchase consideration. As part of this transaction, the Company entered into a call option agreement with the minority interest holder of Midwestern, granting them the right to repurchase at least 80.0% of the Midwestern units held by the Company at a fixed price (the MW Call Option). The MW Call Option becomes exercisable on the third anniversary of January 3, 2025, or upon a qualifying event, including an initial public offering, subject to certain conditions. Upon assessing its relationship with Midwestern, the Company determined that it could not consolidate Midwestern as of January 3, 2025, because the participating rights held by Midwestern's minority interest holder limited the Company from unilaterally controlling Midwestern and it should instead account for Midwestern using the equity method of accounting.

As part of the January 2025 transaction, the Company entered into several financing arrangements, including promissory notes and an installment payment. The Company entered into Promissory Note 1 with a principal amount of $6.5 million and Promissory Note 2 with a principal amount of $2.4 million (collectively, the Promissory Notes). Promissory Note 1 provides for payments in equal monthly installments over approximately two hundred ten months. Promissory Note 2 provides for payments in monthly installments for the first fifty-three months, followed by a balloon payment of the remaining principal balance in month fifty-four. Additionally, the Company entered into an installment payment obligation with a principal amount of $3.2 million (the Installment Payment). The installment payment bears interest at a fixed rate of five percent and matures in January 2027. In conjunction with the issuance of the notes, the Company recognized debt discounts of 52.3%, 79.3% and 97.6% as of the measurement date for Promissory Note 1, Promissory Note 2 and the Installment Payment, respectively.

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On June 11, 2025, Midwestern amended its governing documents without additional consideration transferred from the Company. Following these changes to the governance of Midwestern, the Company determined that it had obtained control and should consolidate Midwestern as of June 11, 2025, in accordance with ASC Topic 810, *Consolidation (ASC 810)*. Additionally, the Company recognized a $2.8 million reduction of the MW Call Option's value, reflecting the modification to the original agreement.

The historical financial information has been adjusted to present the Midwestern Acquisition on a pro forma basis, including adjustments to reflect the effect of accounting for Midwestern using the acquisition method of accounting in accordance with ASC Topic 805, *Business Combinations (ASC 805)*. The Company completed the Midwestern acquisition and has accounted for the transaction as a business combination in accordance with ASC 805, using the acquisition method of accounting, which results in acquired assets and assumed liabilities being measured at their estimated fair values as of the acquisition date, with Goodwill being measured as excess of the consideration transferred over the fair value of net assets acquired.

The total purchase price of the acquisition includes the following (in thousands):

---

| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration | $2120 |
| Equity consideration | 8479 |
| Promissory notes to seller | 12045 |
| Fair value of call option | 8792 |
| Initial investment | 31436 |
| Less: reduction in option due to June modification | (2822) |
| &nbsp;&nbsp;Fair value of total consideration transferred | $28614 |

---

The estimated purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed of Midwestern based on their estimated fair values as of the acquisition date, with any excess estimated purchase price transferred allocated to goodwill (in thousands):

---

| | |
|:---|:---|
|  | **(in thousands)** |
| Consideration: |  |
| Consideration transferred (June option modification) | $(2822) |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | 1182 |
| Accounts receivable | 241 |
| Prepaid expense and other assets | 343 |
| Fixed assets | 155 |
| Right-of-use assets | 1475 |
| Intangible assets | 6050 |
| Other LT Assets | 6 |
| Accrued liabilities | (407) |
| Lease liabilities | (1475) |
| Notes payable | (717) |
| Total identifiable net assets acquired | 6853 |
| Noncontrolling interest | 7154 |
| Total | 14007 |
| Fair value of previously held equity interest | 31438 |
| Goodwill | $28917 |

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The Company recorded finite-lived intangible assets related to customer relationships and trademarks of $4.6 million and $1.5 million, respectively. Fair value of the customer relationships was determined using the multi-period excess earnings method under the income approach and the fair value of the trademarks was determined using the relief from royalty rate method under the income approach. Acquired intangible assets are amortized over the estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values (in thousands) and estimated useful lives for the identifiable intangible assets acquired as of the acquisition date:

---

| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 16 years | $4550 |
| Trademarks | 8 years | 1500 |
|  |  | $6050 |

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**4.** **Reclassification Adjustment** 

As part of the unaudited pro forma condensed consolidated financial information, certain reclassification adjustments were made to conform the presentation of Midwestern to that of the Company. These adjustments had no impact on total assets, total liabilities, net equity or net income as historically reported by Midwestern, but were necessary to align financial statement line items with the Company's accounting and financial reporting framework. The reclassifications were applied to both the unaudited pro forma consolidated statement of operations for the six months ended July 31, 2025 and for the year ended January 31, 2025.

On the unaudited pro forma consolidated statement of operations for the six months ended July 31, 2025, the following adjustments were made:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Gloo<br>Presentation** | **Midwestern<br>Presentation** | **Historical<br>Midwestern, As<br>Presented** | **Notes** | **Historical Midwestern, As Reclassified** |
|  |  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue: | Revenue: |  |  |  |
| N/A | Revenue | $5755 | **(1)** | $— |
| Platform revenue | N/A |  |  |  |
| Platform solutions revenue | N/A |  | **(1)** | 5755 |
| Other revenue | N/A |  |  |  |
| Total revenue | Total revenue | 5755 |  | 5755 |
| Cost of revenue (exclusive of depreciation and amortization) | Cost of revenue | 3741 |  | 3741 |
| Product development | N/A |  |  |  |
| Sales and marketing | Sales and marketing | 129 |  | 129 |
| General and administrative | General and administrative | 597 |  | 597 |
| Depreciation and amortization | Depreciation | 30 |  | 30 |
| Total operating expenses | Total operating expenses | 4496 |  | 4496 |
| Operating loss | Operating income | 1259 |  | 1259 |
| Other expense (income): | N/A |  |  |  |
| Interest expense | Interest expense | 74 |  | 74 |
| Other expense (income), net | Other expense, net | 2 |  | 2 |
| Loss (gain) from change in fair value of financial instruments | N/A |  |  |  |
| Loss on extinguishment of debt | N/A |  |  |  |
| Total other expense (income), net | N/A | 76 |  | 76 |
| Net loss before income taxes | N/A | 1183 |  | 1183 |
| Income tax (expense) benefit | N/A |  |  |  |
| Income (loss) from equity method investments, net | N/A |  |  |  |
| Net income (loss) | Net income | 1183 |  | 1183 |
| Less: net income (loss) attributable to noncontrolling interests | N/A |  |  |  |
| Net loss attributable to common members | N/A | $1183 | $— | $1183 |

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(1)Allocated $5,754,801 of revenue to 'Platform revenue' in accordance with our accounting classification for comparable revenue generated from similar services.

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On the unaudited pro forma consolidated statement of operations for the year ended January 31, 2025, the following adjustments were made:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Gloo<br>Presentation** | **Midwestern<br>Presentation** | **Historical<br>Midwestern, As<br>Presented** | **Notes** | **Historical Midwestern, As Reclassified** |
|  |  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue: | Revenue: |  |  |  |
| N/A | Revenue | $11975 | **(2)** | $— |
| Platform revenue | N/A |  |  |  |
| Platform solutions revenue | N/A |  | **(2)** | 11975 |
| Other revenue | N/A |  |  |  |
| Total revenue | Total revenue | 11975 |  | 11975 |
| Cost of revenue (exclusive of depreciation and amortization) | Cost of revenue | 8106 |  | 8106 |
| Product development | N/A |  |  |  |
| Sales and marketing | Sales and marketing | 424 |  | 424 |
| General and administrative | General and administrative | 2317 |  | 2317 |
| Depreciation and amortization | Depreciation | 93 |  | 93 |
| Impairment of goodwill | N/A |  |  |  |
| Total operating expenses | Total operating expenses | 10940 |  | 10940 |
| Operating loss | Operating income | 1035 |  | 1035 |
| Other expense (income): | N/A |  |  |  |
| Interest expense (income), net | Interest expense | 306 |  | 306 |
| Other expense (income), net | Other expense, net | 41 |  | 41 |
| Loss (gain) from change in fair value of financial instruments | N/A |  |  |  |
| Total other expense (income), net | N/A | 347 |  | 347 |
| Net loss before income taxes | N/A | 688 |  | 688 |
| Income tax (expense) benefit | N/A |  |  |  |
| Income (loss) from equity method investments, net | N/A |  |  |  |
| Net income (loss) | Net income | 688 |  | 688 |
| Less: net income (loss) attributable to noncontrolling interests | N/A |  |  |  |
| Net loss attributable to common members | N/A | $688 | $— | $688 |

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(2)Allocated $11,975,344 of revenue to 'Platform revenue' in accordance with the Company's accounting classification for comparable revenue generated from similar services.

These reclassification adjustments are presented solely to conform presentation formats and may not reflect all reclassifications necessary to conform Midwestern's historical presentation to that of the Company due to limitations on the availability of information as of the date of this Prospectus. As such, accounting policy differences and additional reclassification adjustments may be identified in future reporting periods.

**5.** **Unaudited Pro Forma Adjustments and Assumptions**

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma balance sheet:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Reflects $ million of deferred tax liabilities arising from the temporary difference between the historical cost basis and tax basis of the Company's assets and liabilities as a result of the Corporate Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Reflects the issuance of million shares of Class B common stock of Gloo Holdings, Inc. in exchange for million Series A preferred units of Gloo Holdings, LLC based on a three-for-one Series A preferred units-to-Class B common stock share exchange ratio as part of the Corporate Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Reflects the issuance of million shares of Class B common stock of Gloo Holdings, Inc. in exchange for million common units of Gloo Holdings, LLC, based on a three-for-one common units-to-Class B common stock share exchange ratio as part of the Corporate Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reflects the issuance of million shares of Class B of Gloo Holdings, Inc. in exchange for million Incentive Units of Gloo Holdings, LLC; which includes both liability-classified and equity-classified Incentive Units, based on a three-for-one incentive units-to-Class B common stock share exchange ratio as part of the Corporate Reorganization. All vested and unvested incentive units are exchanged for unrestricted and restricted shares of Class B common stock, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Reflects estimate net cash proceeds of $ million from the issuance and sale of shares of Gloo Holdings, Inc.'s Class A common stock to investors in this offering at an assumed public offering price of $ per share (the midpoint of the price range set forth on the cover of this Prospectus), after deducting the estimated underwriting discounts and commissions of $ million and estimated offering expenses payable by the Company related to the Offering of approximately $ million, of which $ million were incurred prior to and reflected as of January 31, 2025 in the historical consolidated balance sheet of the Company.

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma statement of operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Reflects the elimination of transactions that would have been treated as intercompany transactions and eliminated upon consolidation between the Company and Midwestern had the Midwestern Acquisition occurred on February 1, 2024. These adjustments include the elimination of $1.9 million of revenue and $1.9 million of cost of revenue (exclusive of depreciation and amortization) for the year ended January 31, 2025, and $1.7 million of revenue and $1.7 million of cost of revenue (exclusive of depreciation and amortization) for the six months ended July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Reflects additional amortization expense of finite-lived intangible assets that would have been recognized had the Midwestern Acquisition occurred on February 1, 2024, consisting of amortization of customer relationships and trademarks. The adjustments are calculated using the straight-line method over the estimated useful lives and are based on the step-up in fair value identified in the purchase price allocation (see Note 3). Historical amortization expense recorded by Midwestern has been eliminated in the pro forma adjustments, as applicable in thousands:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Pro Forma Amortization Expense** | **Pro Forma Amortization Expense** |
|  | **Estimated Useful Life** | **Estimated Fair Value** | **Estimated Fair Value** | **For the Year Ended January 31, 2025** | **For the Six Months Ended July 31, 2025** |
| Customer relationships | 16 years | $— | 4550 | 284 | 95 |
| Trademarks | 8 years |  | 1500 | 188 | 63 |
| Total amortization expense |  |  |  | $472 | $158 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Reflects $0.1 million of non-recurring transaction costs incurred by the Company in connection with the Midwestern Acquisition recognized for the six months ended July 31, 2025. The historical consolidated statements of operations of the Company includes $0.1 million for the six months ended July 31, 2025. Non-recurring transaction costs are included in general and administrative expenses in the historical consolidated statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reflects the estimated income tax effect of the pro forma adjustments using the Company's estimated tax rate of % and % for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively. The actual tax rate of the combined group could be materially different based on future tax planning strategies, jurisdictional income mix and the activities of the combined group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Reflects $0.8 million of incremental interest expense related to the issuance of the Promissory Notes and installment payment obligation, including $0.8 million of contractual interest expense and $0.8 million of accretion of debt discount associated with the incremental borrowing. The statement of operations for the six months ended July 31, 2025 included all incremental interest expense related to the Promissory Notes and installment payment obligation. Contractual interest expense and the accretion of debt discount are included in interest expense in the historical consolidated statement of operations. The following table presents the pro forma adjustments for interest expense:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>January 31, 2025** | **For the Year Ended<br>January 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contractual interest expense | $— | 795282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of debt discount |  | 795282 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Reflects the effect of the pro forma adjustments on net income (loss) attributable to non-controlling interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Reflects the loss on warrants due to the revaluation and fair market value change in the warrant liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Reflects $ million recognition of incremental stock-based compensation expense associated with the acceleration of the incentive units of Gloo Holdings, LLC before these incentive units are exchanged for shares of Class B common stock of Gloo Holdings, Inc. in connection with the Corporate Reorganization.

**6.** **Unaudited Pro Forma Net Loss Per Share**

Pro forma net loss per share, basic and diluted, is computed by dividing pro forma net loss attributable to common stockholders by the weighted-average number of common shares that would have been outstanding during the period, adjusted to give effect to the Transactions, as if they had occurred on February 1, 2024. The pro forma net loss per share calculation does not give effect to potential dilutive securities where the impact would be anti-dilutive.

The following table sets forth the computation of pro forma net loss per share, basic and diluted, attributable to common stockholders:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31, 2025** | **For the Six Months Ended July 31, 2025** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net loss attributable to common stockholders, basic and diluted |  |  |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares – basic and diluted |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma adjustment to reflect the issuance of common stock upon completion of the Corporate Reorganization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pro forma weighted-average common shares and equivalents – basic and diluted |  |  |
| Pro forma net loss per share, basic and diluted | $— | $— |

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![img208649736_17.jpg](img208649736_17.jpg)

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes, and other financial information, included elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The last day of our fiscal year is January 31 and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal years ended January 31, 2024 and 2025 are referred to herein as "fiscal 2023" and "fiscal 2024", respectively.*

**Overview**

Gloo's mission is to build the leading technology platform for the faith and flourishing ecosystem. Our purpose is to shape technology as a force for good, so people can flourish and communities can thrive. This is grounded in our belief that relationships catalyze growth, and when technology is used to serve relationships, it transforms lives. There are two primary stakeholders at the core of the faith and flourishing ecosystem, network capability providers (NCPs) and the churches and frontline organizations (CFLs) they serve.

NCPs play an enabling role in the faith and flourishing vertical by equipping CFLs with products and services so CFLs can focus on their mission. These products and services include technology solutions, content, marketing services and donor services. CFLs serve as the heart of the faith and flourishing ecosystem, and include churches, ministries, nonprofits and service organizations, providing worship, educational programs, community outreach efforts and other social services support.

We have established a platform that connects NCPs and CFLs and facilitates sales of products and services between the two groups. Through our platform, CFLs gain access to curated resources and NCPs benefit from targeted distribution of their products and services to members of the ecosystem. The Gloo platform includes a suite of technology, marketplace, advertising and service solutions offered directly by us and by our wholly owned or consolidated subsidiaries, which we refer to as Gloo Capital Partners.

We generate revenue from NCPs through sales of enterprise subscriptions to outsourced technology, artificial intelligence (AI) capabilities and advertising (all of which we account for as platform revenue), as well as platform solutions. We generate platform revenue from CFLs through sales of subscriptions to communication tools, content libraries, data insights and AI capabilities, as well as through transactions on our and Gloo Capital Partners' e-commerce marketplaces, including Outreach, Inc., our largest online marketplace.

We generate four types of revenue (the first three of which we account for as platform revenue): (1) subscriptions, which are primarily recurring revenue streams, (2) marketplace, which consists primarily of one-time revenue streams, (3) advertising, which are primarily re-occurring revenue streams, and (4) platform solutions, which includes both recurring and re-occurring revenue streams. For the six months ended July 31, 2025, approximately 70% of our revenue was recurring and re-occurring. Recurring revenue is derived from monthly or annual subscriptions and ongoing contracts, and accounted for approximately 49% of our total revenue for the six months ended July 31, 2025. Re-occurring revenue is derived from repeat customer purchases, most often of digital and physical products from Outreach, and accounted for more than 20% of our total revenue for the six months ended July 31, 2025.

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**Factors Affecting Our Performance**

The following are key factors that affect our performance:

***Completing and Integrating Acquisitions and Investments to Expand our Reach***

We intend to continue to pursue strategic acquisitions and investments to enhance our capabilities, expand distribution and increase the value of our platform. Our acquisition and investment strategy is focused on mission-aligned companies with strong recurring and re-occurring revenue, high engagement among faith and flourishing organizations and differentiated products or solutions. We believe future acquisitions and investments are important to our ability to grow revenue because they allow us to enhance product offerings, deepen the faith and flourishing ecosystem engagement and drive scalable change for NCPs and CFLs. Our ability to efficiently and effectively identify, complete and integrate acquisitions and investments will impact whether and how quickly our expected operational and financial benefits are achieved.

In connection with our acquisition of Visitor Reach and investment in Midwestern, we granted the counterparties contractual rights to repurchase a portion of the business interests that we acquired, subject to certain conditions and over specified periods. If any such repurchase rights are exercised, we may be required to unwind part or all of a completed acquisition or divest all or a portion of a completed investment, on terms that may not be favorable to us, which could result in the loss of strategic or core assets or future revenue streams. The exercise of these repurchase rights may also require us to deconsolidate such entities from our consolidated financial statements, which would adversely affect our financial condition, results of operations and prospects. For example, if all repurchase rights outstanding as of January 31, 2025 were exercisable as of such date and were exercised on such date, we would be required to deconsolidate $0.2 million, or 0.8%, of our fiscal 2024 revenue and $0.1 million, or an immaterial percent, of our fiscal 2024 net loss. If all repurchase rights outstanding as of July 31, 2025 were exercisable as of such date and were exercised on such date, we would be required to deconsolidate $3.6 million, or 12.7%, of our revenue and $0.9 million, or 1.2%, of our net loss for the six months ended July 31, 2025.

The exercise of repurchase rights may also lead to other financial and operational disruption and require us to restructure our operations or write down previously recognized goodwill or intangible assets. Moreover, the existence of repurchase rights may affect our ability to integrate acquired businesses and reduce the certainty of long-term ownership, which could adversely affect our ability to realize the benefits of these acquisitions and investments. Such repurchase rights increase the consideration paid for acquisitions, which then may also increase the likelihood that we take impairment charges subsequent to the closing of acquisitions or investments, for example, as occurred subsequent to our acquisition of Outreach. Although we may enter into similar repurchase right arrangements in connection with future acquisitions and investments, we have historically maintained strong commercial relationships with the counterparties holding such rights, which we believe mitigates the associated risks.

***Expanding AI Capabilities for the Faith and Flourishing Ecosystem***

We are developing Gloo AI, a vertical-specific faith- and flourishing-based AI. Our AI infrastructure and how we embed our AI capabilities into our products and the products of Gloo Capital Partners are designed to enable new applications for engagement, data insights and content creation to serve NCPs, publishers, content creators, denominations, donor platforms and developers. Several of our existing products are AI-native tools that incorporate AI from the beginning of their lifecycle, while many of our Gloo Capital Partners are still early in their AI adoption with AI powering a small but growing number of their current products and services. Our ability to realize returns on our investment in Gloo AI will depend on a number of factors, including our ability to successfully develop and market our AI capabilities, the effectiveness and pricing of these capabilities and our ability to differentiate these capabilities from competitive offerings.

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***Cross-Selling and Upselling of Brands***

We are focused on cross selling and upselling the brands of Gloo Capital Partners to our customer base. At times, different Gloo Capital Partners serve the same customers and we believe that providing bundled offerings that include our core Gloo products and the products of Gloo Capital Partners has the potential to increase our revenue. Our ability to accurately identify, market and sell value-enhancing bundles for our customers will impact the extent to which we are able to realize the potential financial benefits of cross-sell and upsell opportunities.

***Retain and Expand Our Existing Customer Relationships***

Our business model integrates both enterprise NCP sales and digital-led growth to drive platform adoption, expansion and sustainable revenue. NCPs play a pivotal role by delivering their offerings to CFLs through our platform, while also purchasing our technology, advertising services and solutions to power their own operations. Through direct engagement with NCPs, we enable access to our platform, fueling the onboarding of new offerings and driving sustained customer growth. In parallel, our self-service onboarding model empowers CFLs to independently access both free and premium tools through Gloo Workspace, which has contributed to organic growth across our platform. Gloo provides a robust distribution channel for NCPs, driving engagement, reach and recurring revenue. Our ability to successfully anticipate the demands of our customers will impact our ability to create new products and provide new services that are adopted by our customers.

***Continued Technology Innovation and Expansion of Our Platform***

In addition to our investments in Gloo AI, we plan to continue to invest in technology innovation and product development to enhance the capabilities of our platform, including the product development of Gloo Capital Partners. We are actively investing in our advertising offerings to enhance the Gloo Media Network, which provides advertising technology and marketing technology to NCPs. We expect that additional features and products will enable customers and collaborators to manage new workflows on our platform and allow us to attract a broader set of customers. We intend to continue to invest in building additional products, features and functionality that expand our capabilities and facilitate the extension of our platform. Our future success is dependent on our ability to successfully develop or acquire, market and sell existing and new products to both new and existing customers.

**Components of Results of Operations**

***Revenue***

We generate four types of revenue: (1) subscriptions, which are primarily recurring revenue streams, (2) marketplace, which consists primarily of one-time revenue streams, (3) advertising, which are primarily re-occurring revenue streams, and (4) platform solutions, which includes both recurring and re-occurring revenue streams. Our recurring revenue generally consists of monthly and annual subscriptions. Our re-occurring revenue generally consists of products and services with customers that continue to use our services to further their missions in the faith and flourishing vertical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Subscription revenue, which is a component of platform revenue, includes access to a free and premium portfolio of subscription-based software and access to solutions through our platform. This represents the foundational layer of the Gloo platform, enabling CFLs and NCPs to communicate, organize and operate more effectively. These offerings generate revenue primarily through monthly and annual subscriptions with NCPs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Marketplace revenue, which is a component of platform revenue, represents sales through e-commerce marketplaces where CFLs discover and purchase products, such as books, banners and other physical and digital goods that are consumed through CFL related activities such as research, curriculum, assessments, campaign support and technology services. Our largest marketplace is Outreach, a Gloo Capital Partner. Major faith holidays can result in seasonality within this revenue stream, such as increased revenue in our first and fourth fiscal quarters related to Easter and Christmas purchase volume and decreased revenue in our second fiscal quarter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advertising revenue, which is a component of platform revenue, represents fees earned for the placement of advertisements on our and Gloo Capital Partners' websites from third-parties that are looking to offer their products and services to mission-oriented consumers. Beginning in the second quarter of fiscal 2025, we also began providing campaign management services such as strategy and creative consulting, direct mail, email and SMS campaigns, and data and analytics, through Masterworks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Platform solutions revenue for the years ended January 31, 2024 and January 31, 2025 represented technology and product development for the He Gets Us national media campaign (HGU). Beginning in the first quarter of fiscal 2024, we began providing technology development solutions through Gloo Capital Partners, primarily Midwestern and Servant.

Our revenue recognition policies are discussed in more detail in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates."

***Operating Expenses***

*Cost of Revenue (exclusive of depreciation and amortization)*

Cost of revenue (exclusive of depreciation and amortization) related to our platform consists primarily of software and hosting tools, salaries and wages related to employees that support the customer product, as well as customer success teams. Cost of revenue (exclusive of depreciation and amortization) related to marketplace is comprised of raw materials, finished goods, salaries and wages related to employees in the production department, as well as rent expense and overhead. Cost of revenue (exclusive of depreciation and amortization) related to advertising consists primarily of salaries and wages related to employees that support our advertising customers as well as costs related to advertising insertion technology tools. Cost of revenue (exclusive of depreciation and amortization) related to platform solutions primarily consists of salaries and wages for our professional services teams.

We expect that cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue will fluctuate from period to period based on a variety of factors, including the mix of revenue between subscription, marketplace, advertising and platform solutions, variations in labor costs, third-party expenses and acquisitions. For example, marketplace generally has a higher cost of revenue as a percentage of revenue compared to subscription revenue.

*Product Development*

Product development expense consists primarily of employee costs for our product development organization, including salaries, benefits, bonuses and equity-based compensation. Product development expense also includes third-party outsourced technology costs incurred in developing our platforms, and computer equipment, software, and subscription services dedicated for use by our product development organization. We expect our product development expense to increase for the foreseeable future as we continue to dedicate substantial resources to develop, improve and expand the functionality of our offerings, particularly with our expansion of our AI capabilities.

*Sales and Marketing*

Sales and marketing expense consists primarily of employee costs for our sales and marketing personnel, including salaries, benefits, bonuses, equity-based compensation and sales commissions. Sales and marketing expense also includes advertising costs, travel-related expenses and costs to market and promote our offerings, direct customer acquisition costs and costs related to conferences and events. Software and subscription services dedicated for use by our sales and marketing organization and outside services for sales and marketing purposes are also included in sales and marketing expense. Sales commissions that are incremental to obtaining a customer contract are deferred and amortized ratably over the estimated period of our relationship with that customer. We expect our sales and marketing expense will increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth and expand our reach. We also anticipate that sales and marketing expense will increase in the near and medium-term as we focus our efforts to expand our brand name and presence in the marketplace.

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*General and Administrative*

General and administrative expense consists of employee costs for our executive leadership, accounting, finance, legal, human resources and other administrative personnel, including salaries, benefits, bonuses, and equity-based compensation. General and administrative expense also includes external legal, accounting and other professional service fees, rent, software and subscription services dedicated for use by our general and administrative employees, and other general corporate expenses. Acquisition-related expenses are also a component of general and administrative expense. We expect general and administrative expense to increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth and because of increased costs due to becoming a publicly-traded company. As we are able to further scale our operations in the future, we expect that general and administrative expense will decrease as a percentage of revenue.

*Depreciation and Amortization*

Depreciation and amortization relate to intangible assets, property and equipment, and capitalized software. Depreciation and amortization will increase on an absolute dollar basis as we continue to acquire Gloo Capital Partners, resulting in additional intangible assets.

***Interest Expense***

Interest expense consists of coupon rate interest expense on our long-term debt, as well as amortization of deferred financing costs and discounts. Discounts typically relate to the value bifurcated from the debt host for embedded warrants and derivatives.

***Income Tax (Expense) Benefit***

We account for income taxes in accordance with *ASC Topic 740, Income Taxes (ASC 740).* ASC 740 requires deferred tax assets and liabilities to be recognized for temporary differences between the tax basis and financial reporting basis of assets and liabilities, computed at the expected tax rates for the periods in which the assets or liabilities will be realized, as well as for the expected tax benefit of net operating loss and tax credit carryforwards. Income taxes are recognized for the amount of taxes payable by the company's corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes.

**Results of Operations**

The following tables summarize key components of our results of operations for the periods presented. The period-to-period comparisons of our historical results are not necessarily indicative of the results that may be expected in the future. We operate as a single reportable segment to reflect the way our chief operating decision maker reviews and assesses the performance of our business. The accounting policies are described in Note 2, *Summary of Significant Accounting Policies,* in our consolidated financial statements included elsewhere in this prospectus.

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*Impact of Acquisitions*

The comparability of our operating results is impacted by our business combinations and acquisitions. In our discussion of changes in our results of operations for the year ended January 31, 2024 compared to the year ended January 31, 2025 and in our results of operations for the six months ended July 31, 2024 compared to the six months ended July 31, 2025, we may discuss the impact of the growth in certain of our revenue and expenses where such discussions would be meaningful.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Platform revenue | $2176 | $22873 | $10463 | $17241 |
| &nbsp;&nbsp;&nbsp;Platform solutions revenue | 13325 | 330 | 121 | 11234 |
| &nbsp;&nbsp;&nbsp;Other revenue | 5788 | 13 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 21289 | 23216 | 10597 | 28475 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) <sup>(1)</sup> | 6471 | 19749 | 9394 | 20968 |
| &nbsp;&nbsp;&nbsp;Product development <sup>(1)</sup> | 17780 | 13551 | 6105 | 10730 |
| &nbsp;&nbsp;&nbsp;Sales and marketing <sup>(1)</sup> | 23560 | 22619 | 10824 | 15823 |
| &nbsp;&nbsp;&nbsp;General and administrative <sup>(1)</sup> | 13300 | 15098 | 7535 | 22206 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 4685 | 7714 | 3611 | 5200 |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 27753 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 65796 | 106484 | 37469 | 74927 |
| Operating loss | (44507) | (83268) | (26872) | (46452) |
| Other expense (income): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3796 | 4738 | 1075 | 6003 |
| &nbsp;&nbsp;&nbsp;Other expense (income), net | (45) | (687) | (194) | (473) |
| &nbsp;&nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments |  | (1301) | (220) | 11436 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income), net | 3751 | 2750 | 661 | 24439 |
| Net loss before income taxes | (48258) | (86018) | (27533) | (70891) |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit | 106 | 796 | 412 | 293 |
| &nbsp;&nbsp;&nbsp;Income (loss) from equity method investments, net | (161) | (580) | (273) | (460) |
| Net loss | (48313) | (85802) | (27394) | (71058) |
| &nbsp;&nbsp;&nbsp;Less: net loss attributable to noncontrolling interests |  | (113) |  | (1307) |
| Net loss attributable to common members | $(48313) | $(85689) | $(27394) | $(69751) |

---

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(1)Equity-based compensation expense was allocated in cost of revenue and operating expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Cost of revenue (exclusive of depreciation and amortization) | $3 | $23 | $8 | $18 |
| Product development | 328 | 1056 | 198 | 1080 |
| Sales and marketing | 66 | 551 | 260 | 394 |
| General and administrative | 1471 | 2157 | 2381 | 1783 |
| Total equity-based compensation | $1868 | $3787 | $2847 | $3275 |

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***Comparison of the Six Months Ended July 31, 2024 and 2025***

***Revenue***

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,**<br>**Change** | **Change** |
|  | **2024** | **2025** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |
| Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Platform revenue | $10463 | $17241 | 64.8% |
| &nbsp;&nbsp;&nbsp;Platform solutions revenue | 121 | 11234 | N/M |
| &nbsp;&nbsp;&nbsp;Other revenue | 13 | —) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $10597 | $28475 | 168.7% |

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\* N/M = not meaningful

Total revenue increased $17.9 million, or 168.7%, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024. This increase was comprised of an increase in platform solutions revenue of $11.1 million and an increase in platform revenue of $6.8 million.

The increase in platform solutions revenue was primarily due to an increase in infrastructure and technology development services, provided through Gloo Capital Partners acquired during the six months ended July 31, 2025, contributing $8.3 million, primarily from Servant, Masterworks and Barna, compared to the six months ended July 31, 2024, prior to the acquisition of these entities. Our platform solutions revenue increased $2.6 million primarily due to an increase in sales from our Gloo360 offering, which provides technology, data and consulting services, for the six months ended July 31 2025, compared to the six months ended July 31, 2024.

The increase in platform revenue was primarily due to an increase in subscription revenue of $3.4 million and advertising revenue of $3.3 million for the six months ended July 31 2025, compared to the six months ended July 31, 2024. Subscription revenue increased primarily as a result of broadening our geographic and product footprint through strategic acquisitions, including Church Law & Tax, ChurchSalary and Visitor Reach. Advertising revenue increased primarily as a result of the acquisition of Masterworks, contributing $2.8 million for the six months ended July 31 2025, compared to the six months ended July 31, 2024.

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***Operating Expenses***

*Cost of Revenue (Exclusive of Depreciation and Amortization)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **July 31,** | **July 31,** | **Change** | **Change** |
|  | **2024** | **2025** | $**%** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Cost of revenue (exclusive of depreciation and amortization) | $9394 | $20968 |  | 123.2% |
| *Percentage of revenue* | 88.6% | 73.6% |  |  |

---

Cost of revenue (exclusive of depreciation and amortization) increased $11.6 million, or 123.2%, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024. The increase in cost of revenue is primary related to an increase in sales commissions and infrastructure service usage charges directly associated with the increase in platform revenue, as well as an overall increase in revenue. Cost of revenue (exclusive of depreciation and amortization) decreased as a percent of revenue primarily due to the change in revenue mix earned during the comparative periods, in particular the increases in subscription revenue and platform solutions revenue, which have higher gross margins than advertising revenue and marketplace revenue.

*Product Development*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **July 31,** | **July 31,** | **Change** | **Change** |
|  | **2024** | **2025** | $**%** | **%** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Product development | $6105 | $10730 |  | 75.8% |
| *Percentage of revenue* | 57.6% | 37.7% |  |  |

---

Product development expense increased $4.6 million, or 75.8%, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024. We incurred an increase of $4.6 million, primarily related to wages and benefits, inclusive of equity compensation, related to our commitment to increase our full-time internal staffing to support the development of Gloo AI and the acquisitions of Midwestern and Servant.

*Sales and Marketing*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **July 31,** | **July 31,** | **Change** | **Change** |
|  | **2024** | **2025** | $**%** | **%** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Sales and marketing | $10824 | $15823 |  | 46.2% |
| *Percentage of revenue* | 102.1% | 55.6% |  |  |

---

Sales and marketing expenses increased $5.0 million, or 46.2%, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024. We incurred an increase in compensation expense of $2.2 million as we continue to invest in expanding our internal marketing team, an increase in agency fees of $1.4 million related to our rebranding initiatives and an increase of $0.7 million on travel, entertainment and promotional events.

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*General and Administrative*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **July 31,** | **July 31,** | **Change** | **Change** |
|  | **2024** | **2025** | $**%** | **%** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| General and administrative | $7535 | $22206 |  | 194.7% |
| *Percentage of revenue* | 71.1% | 78.0% |  |  |

---

General and administrative expenses increased $14.7 million, or 194.7%, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024. Personnel expenses increased $7.4 million primarily associated with the acquisitions of Servant, Midwestern and Masterworks. We also incurred acquisition transaction fees of $2.6 million, professional service fees of $2.6 million related to incremental financial reporting activities and other activities meant to streamline our corporate functions in advance of operating as a public company and $0.8 million related to licenses, subscriptions and equipment to support our growing business.

*Depreciation and Amortization*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **July 31,** | **July 31,** | **Change** | **Change** |
|  | **2024** | **2025** | $**%** | **%** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Depreciation and amortization | $3611 | $5200 |  | 44.0% |
| *Percentage of revenue* | 34.1% | 18.3% |  |  |

---

Depreciation and amortization expense increased $1.6 million, or 44.0%, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024. This increase is primarily due to an increase of $1.0 million related to increases in capitalized software and $0.6 million due to an increase in intangible assets acquired through business combinations that were consummated subsequent to July 31, 2024.

***Other Expense (Income)***

*Interest Expense*

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |
|  | **July 31,** | **July 31,** |  |
|  | **2024** | **2025** | $**%** |
|  | **(in thousands)** | **(in thousands)** |  |
| Interest expense | $1075 | $6003 | N/M |

---

Interest expense increased $4.9 million, for the six months ended July 31, 2025, compared to the six months ended July 31, 2024, primarily due to an increase of $73.0 million in our outstanding debt balances as of July 31, 2025 as compared to July 31, 2024, and an increase in of $1.4 million of amortization of debt discounts and issuance costs during the six months ended July 31, 2025, compared to the six months ended July 31, 2024.

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*Loss (Gain) from Change in Fair Value of Financial Instruments*

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |
|  | **July 31,** | **July 31,** |  |
|  | **2024** | **2025** | $**%** |
|  | **(in thousands)** | **(in thousands)** |  |
| Loss (gain) from change in fair value of financial instruments | $(220) | $11436 | N/M |

---

The change in fair value of financial instruments resulted in a loss of $11.7 million during the six months ended July 31, 2025, compared to the six months ended July 31, 2024, primarily as a result of the exchange of certain of our Original Senior Secured Notes (as defined herein) to Exchanged Senior Secured Convertible Notes (as defined herein).

*Loss on Extinguishment of Debt*

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |  |
|  | **July 31,** | **July 31,** |  |
|  | **2024** | **2025** | $**%** |
|  | **(in thousands)** | **(in thousands)** |  |
| Loss on extinguishment of debt | $— | $7473 | N/M |

---

We incurred a loss on extinguishment of debt of $7.5 million, during the six months ended July 31, 2025, as a result of the exchange of certain of our Original Senior Secured Notes to Exchanged Senior Secured Convertible Notes. No such transaction occurred during the six months ended July 31, 2024.

**Comparison of the Years Ended January 31, 2024 and 2025**

***Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Platform revenue | $2176 | $22873 | $20697 | 951.1% |
| &nbsp;&nbsp;&nbsp;Platform solutions revenue | 13325 | 330 | (12995) | -97.5% |
| &nbsp;&nbsp;&nbsp;Other revenue | 5788 | 13 | (5775) | -99.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $21289 | $23216 | $1927 | 9.1% |

---

Revenue increased $1.9 million, or 9.1%, for the year ended January 31, 2025, compared to the year ended January 31, 2024. This increase was primarily driven by an increase in platform revenue of $20.7 million, partially offset by a decline in platform solutions revenue of $13.0 million and a decline in other revenue of $5.8 million.

The increase in platform revenue was primarily due to an increase in marketplace revenue of $13.5 million for the year ended January 31, 2025, compared to the year ended January 31, 2024, and relates to our acquisition of Outreach in January 2024, providing one month of revenue for the year ended January 31, 2024, compared to 12 months of revenue in the year ended January 31, 2025. Additionally, within platform revenue, subscription revenue increased $5.6 million for the year ended January 31, 2025, compared to the year ended January 31, 2024. This resulted from 12 months of Outreach subscription revenue of $4.7 million being included in fiscal 2024 results compared to one month of Outreach subscription revenue of $0.4 million being included in fiscal 2023 results. Additionally, other subscription products resulted in an increase of $1.2 million resulting from increased adoption and engagement across our platform.

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The decline in platform solutions revenue of $13.0 million from fiscal 2023 to fiscal 2024 is related to the completion of our services for the HGU campaign. The decline in other revenue of $5.8 million relates to the termination of revenue from sponsorships provided to CFLs that were used to purchase Gloo subscriptions, which was recognized as it was earned from contributions received under a non-reciprocal funding arrangement. In the year ended January 31, 2024, we focused our efforts on expanding sales directly to new CFLs and NCPs, without using the aforementioned sponsorship construct.

***Operating Expenses***

*Cost of Revenue (Exclusive of Depreciation and Amortization)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Cost of revenue (exclusive of depreciation and amortization) | $6471 | $19749 | $13278 | 205.2% |
| *Percentage of revenue* | 30.4% | 85.1% |  |  |

---

Cost of revenue (exclusive of depreciation and amortization) increased $13.3 million, or 205.2%, for the year ended January 31, 2025 compared to the year ended January 31, 2024. Cost of revenue (exclusive of depreciation and amortization) increased as a percent of revenue primarily due to the mix of revenue earned during fiscal 2024 compared to fiscal 2023 as we expanded our marketplace revenue offerings through the acquisition of Outreach. The addition of a full year of Outreach operations in our income statement resulted in an additional $12.9 million for the year ended January 31, 2025, particularly due to the increase in marketplace revenue generated from Outreach. Marketplace revenue has a relatively low gross margin compared to other of our revenue streams.

*Product Development*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Product development | $17780 | $13551 | $(4229) | -23.8% |
| *Percentage of revenue* | 83.5% | 58.4% |  |  |

---

Product development expense decreased by $4.2 million, or 23.8%, for the year ended January 31, 2025, compared to the year ended January 31, 2024. Although our product development expense decreased on an absolute dollar basis and a percent of revenue basis, the mix of expense shifted from fiscal 2023 to fiscal 2024 as a result of our commitment to increase our full-time staffing to support our AI and technology development. During the year ended January 31, 2025, we began investment in Gloo AI by increasing our employee base. Expenses related to Gloo AI represent those costs ineligible for capitalization. Additionally, our acquisition of Outreach resulted in a greater employee base to support our technology offerings, allowing us to reduce our reliance on outsourced engineering. We incurred an increase in compensation related expense due to expanding our workforce, which included a $1.4 million increase in salaries and bonuses, as well as a $0.7 million increase in equity-based compensation for employees that support our product development efforts. This was offset by a reduction in outsourced engineering of $5.6 million.

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*Sales and Marketing*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Sales and marketing | $23560 | $22619 | $(941) | -4.0% |
| *Percentage of revenue* | 110.7% | 97.4% |  |  |

---

Sales and marketing expenses decreased by $0.9 million, or 4.0%, for the year ended January 31, 2025, compared to the year ended January 31, 2024. Our reliance on external professional services decreased by $1.5 million as we invested in our own employee base, which resulted in an increase of $0.6 million of compensation related expense to support our future plans to expand our brand in the marketplace.

*General and Administrative*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| General and administrative | $13300 | $15098 | $1798 | 13.5% |
| *Percentage of revenue* | 62.5% | 65.0% |  |  |

---

General and administrative expenses increased $1.8 million, or 13.5%, for the year ended January 31, 2025, compared to the year ended January 31, 2024. The primary driver of the increase relates to an additional $1.8 million of personnel related expenses, including $0.8 million of equity-based compensation expense incurred in the year ended January 31, 2025 to support our expanding operations, incremental financial reporting activities and other activities meant to streamline our corporate functions in advance of operating as a public company.

*Depreciation and Amortization*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Depreciation and amortization | $4685 | $7714 | $3029 | 64.7% |
| *Percentage of revenue* | 22.0% | 33.2% |  |  |

---

Depreciation and amortization expense increased $3.0 million, or 64.7%, for the year ended January 31, 2025, compared to the year ended January 31, 2024. This increase is primarily related to $2.0 million in increased amortization expense in fiscal 2024 as compared to fiscal 2023 for intangible assets recently acquired in acquisitions. Amortization of capitalized software increased by $0.7 million for fiscal 2024 compared to fiscal 2023.

*Impairment of Goodwill*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Impairment of goodwill | $— | $27753 | $27753 | N/M |
| *Percentage of revenue* | 0.0% | 119.5% |  |  |

---

Impairment of goodwill expense increased $27.8 million for the year ended January 31, 2025, compared to the year ended January 31, 2024, due to the impairment charge we recorded with respect to the goodwill acquired in the Outreach Acquisition. There were no goodwill impairment charges recorded during the year ended January 31, 2024.

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***Other Expense (Income)***

*Interest Expense*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Interest expense | $3796 | $4738 | $942 | 24.8% |

---

Interest expense increased $0.9 million, or 24.8%, for the year ended January 31, 2025, compared to the year ended January 31, 2024. This increase is due primarily to a higher stated coupon interest rate on the Senior Secured Notes that were outstanding during the year ended January 31, 2025, which was the higher of the 1-Month SOFR or 1%, plus 8%, as compared to the 5% stated coupon interest rate we incurred on the Convertible Notes that were outstanding during the year ended January 31, 2024. Additionally, the Senior Secured Notes included derivatives and warrants that were bifurcated at issuance, resulting in a debt discount on the Senior Secured Notes that has been accreted through interest expense.

*Loss (Gain) from Change in Fair Value of Financial Instruments*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Loss (gain) from change in fair value of<br> financial instruments | $— | $(1301) | $(1301) | N/M |

---

The change in fair value of financial instruments resulted in a gain of $1.3 million for the year ended January 31, 2025. The financial instruments arose from the issuance of our Senior Secured Notes during the year ended January 31, 2025. No such instruments existed during the year ended January 31, 2024.

***Income Tax (Expense) Benefit***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Change** | **Change** |
|  | **2024** | **2025** | **Amount** | **%** |
|  | **(in thousands)** | **(in thousands)** |  |  |
| Income tax (expense) benefit | $106 | $796 | $690 | 650.0% |

---

Income tax benefit increased $0.7 million due to the inclusion of a full year of Outreach activity included in the year ended January 31, 2025, as compared to one month for the year ended January 31, 2024.

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**Quarterly Results of Operations**

The following table sets forth selected unaudited quarterly consolidated statements of operations data for each of the quarterly periods for the year ended January 31, 2025 and the six months ended July 31, 2025. The information for each of these six quarters has been prepared on the same basis as the audited annual and interim consolidated financial statements included elsewhere in this prospectus and, in the opinion of management, includes all adjustments, which consist only of normal recurring adjustments, necessary for the fair presentation of the results of operations for these periods in accordance with GAAP. This data should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. These quarterly operating results are not necessarily indicative of our operating results for a full year or any future period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **April 30, 2024** | **July 31, 2024** | **October 31, 2024** | **January 31, 2025** | **April 30, 2025** | **July 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;Platform revenue | $6507 | $3956 | $6087 | $6323 | $8495 | $8746 |
| &nbsp;&nbsp;Platform solutions revenue | 25 | 96 | 36 | 173 | 3807 | 7427 |
| &nbsp;&nbsp;Other revenue | 13 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 6545 | 4052 | 6123 | 6496 | 12302 | 16173 |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) <sup>(1)</sup> | 5486 | 3908 | 4938 | 5417 | 8874 | 12094 |
| &nbsp;&nbsp;Product development <sup>(1)</sup> | 3010 | 3095 | 3852 | 3594 | 5712 | 5018 |
| &nbsp;&nbsp;Sales and marketing <sup>(1)</sup> | 5534 | 5290 | 5317 | 6478 | 7324 | 8499 |
| &nbsp;&nbsp;General and administrative <sup>(1)</sup> | 4760 | 2775 | 2779 | 4784 | 9942 | 12264 |
| &nbsp;&nbsp;Depreciation & amortization | 1796 | 1815 | 1949 | 2154 | 2527 | 2673 |
| &nbsp;&nbsp;Impairment of goodwill |  |  |  | 27753 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 20586 | 16883 | 18835 | 50180 | 34379 | 40548 |
| Operating loss | (14041) | (12831) | (12712) | (43684) | (22077) | (24375) |
| Other expense (income): |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense | 76 | 999 | 1779 | 1884 | 2752 | 3251 |
| &nbsp;&nbsp;Other (income) expense, net | (56) | (138) | (343) | (150) | (421) | (52) |
| &nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments |  | (220) | (538) | (543) | 3190 | 8246 |
| &nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  |  | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income), net | 20 | 641 | 898 | 1191 | 5521 | 18918 |
| Net loss before income taxes | (14061) | (13472) | (13610) | (44875) | (27598) | (43293) |
| &nbsp;&nbsp;Income tax benefit (expense) | 10 | 402 | 148 | 236 | (33) | 326 |
| &nbsp;&nbsp;Income (loss) from equity method investments, net | (145) | (128) | (164) | (143) | 674 | (1134) |
| Net loss | (14196) | (13198) | (13626) | (44782) | (26957) | (44101) |
| &nbsp;&nbsp;Less: net loss attributable to noncontrolling interests |  |  |  | (113) | (556) | (751) |
| Net loss attributable to common members | $(14196) | $(13198) | $(13626) | $(44669) | $(26401) | $(43350) |

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(1)Equity-based compensation expense was allocated in cost of revenue and operating expenses as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **April 30, 2024** | **July 31, 2024** | **October 31, 2024** | **January 31, 2024** | **April 30, 2025** | **July 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Cost of revenue (exclusive of depreciation and amortization) | $1 | $7 | $8 | $7 | $9 | $9 |
| Product development | 106 | 92 | 331 | 527 | 530 | 550 |
| Sales and marketing | 204 | 56 | 114 | 177 | 192 | 202 |
| General and administrative | 2415 | (34) | 148 | (372) | 1337 | 446 |
| &nbsp;&nbsp;Total equity-based compensation | $2726 | $121 | $601 | $339 | $2068 | $1207 |

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***Quarterly Trends***

***Revenue***

Our total revenue generally increased over the periods presented, primarily reflecting contributions from acquisitions.

Platform revenue remained steady through the earlier quarters and increased during the first two quarters of fiscal 2025, driven by higher subscription and advertising revenue, primarily from the acquisitions of Visitor Reach and Masterworks, respectively.

Platform solutions revenue increased during the first two quarters of fiscal 2025, primarily due to infrastructure and technology development services provided through Gloo Capital Partners, including Servant, Masterworks and Barna. Platform solutions revenue also benefited from higher sales of our Gloo360 offering, which provides technology, data and consulting services.

***Operating Expenses***

Cost of Revenue (exclusive of depreciation and amortization) generally fluctuates depending on the revenue mix and gross margin. It increased in the first two quarters of fiscal 2025 primarily due to higher costs associated with the increase in platform revenue, as well as an overall increase in revenue.

Product development expense remained relatively stable and increased in the first two quarters of fiscal 2025, primarily due to wages and benefits associated with supporting Gloo AI and acquisitions.

Sales and marketing expenses gradually increased due to an investment in our internal marketing team and an increase in agency fees.

General and administrative expenses can fluctuate quarter to quarter. These expenses increased in the first two quarters of fiscal 2025, primarily due to acquisition-related fees and costs incurred in preparation for operating as a public company.

**Non-GAAP Financial Measure**

In addition to our results and measures of performance determined in accordance with U.S. GAAP, we also evaluate our operating performance based on our Adjusted EBITDA, a non-GAAP financial measure. In conjunction with our U.S. GAAP financial results, we use Adjusted EBITDA to evaluate our core operating performance, support planning and forecasting, and assess strategic opportunities. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Accordingly, we believe that Adjusted EBITDA may provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to this measure used by our management in their financial and operational decision making.

Adjusted EBITDA has inherent limitations because it reflects the exercise of judgment by our management about which expense items to include or exclude. Accordingly, Adjusted EBITDA may not be directly comparable to similarly titled metrics used by other companies. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measure and the reconciliation provided below, as well as our consolidated financial statements and related notes included elsewhere in this prospectus.

We define Adjusted EBITDA as net loss attributable to common members adjusted to exclude (1) interest expense, (2) income tax expense (benefit), (3) depreciation and amortization, (4) equity-based compensation, (5) financing and restructuring costs, (6) impairment of goodwill, (7) loss (gain) from change in fair value of

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financial instruments, (8) loss on extinguishment of debt, (9) income (loss) from equity method investments, net, (10) interest income and (11) other non-cash or non-routine items that are not reflective of our core operating results. The following table presents a reconciliation of net loss attributable to common members, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Adjusted EBITDA.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net loss attributable to common members | $(48313) | $(85689) | $(27394) | $(69751) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests |  | (113) |  | (1307) |
| Net loss | (48313) | (85802) | (27394) | (71058) |
| Adjusted to exclude: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3796 | 4738 | 1075 | 6003 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (106) | (796) | (412) | (293) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 4685 | 7714 | 3611 | 5200 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation | 1868 | 3787 | 2846 | 3275 |
| &nbsp;&nbsp;&nbsp;Financing and restructuring costs | 1522 | 687 | 4 | 1370 |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 27753 |  |  |
| &nbsp;&nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments |  | (1301) | (220) | 11436 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from equity method investments, net | 161 | 580 | 273 | 460 |
| &nbsp;&nbsp;&nbsp;Interest income | (12) | (665) | (182) | (133) |
| &nbsp;&nbsp;&nbsp;Other<sup>(1)</sup> | 112 | (70) | 4 | 18 |
| Adjusted EBITDA | $(36287) | $(43375) | $(20395) | $(36249) |

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(1)Includes adjustments related to system implementation costs and expenses incurred in connection with preparing for an initial public offering.

**Liquidity and Capital Resources**

***Sources and Uses of Funds***

To date, our primary sources of liquidity have been net proceeds from the issuance of preferred equity, as well as long-term debt financings. Our principal uses of cash have included business acquisitions, investments in equity method investees and funding operating losses.

During the year ended January 31, 2024, we completed one business acquisition and made one equity method investment, using a combined $19.7 million in cash. Net cash used in operating activities during the same period totaled $41.4 million. For the year ended January 31, 2025, we completed two acquisitions and made one equity method investment, with a total cash outlay of $4.3 million. Net cash used in operating activities during the same period totaled $46.1 million.

During the six months ended July 31, 2024, we completed one business acquisition using $1.4 million in cash. Net cash used in operating activities during the six months ended July 31, 2024 totaled $23.5 million. For the six months ended July 31, 2025, we completed five acquisitions using $3.8 million in cash. Net cash used in operating activities during the six months ended July 31, 2025 totaled $44.2 million.

During the year ended January 31, 2025, we issued $60.7 million in aggregate principal amount of senior secured promissory notes that bear interest at a variable rate equal to the higher of the 1-Month SOFR or 1%, plus 8.0% per annum, mature on April 23, 2027 and are prepayable at any time by us without penalty (the Original Senior Secured Notes). The interest rate was 12.5% and 12.3% as of January 31, 2025 and July 31, 2025, respectively. In June 2025, we amended the terms of our outstanding debt, offering existing holders the option to exchange their Original Senior Secured Notes for senior secured convertible notes (the Exchanged Senior Secured

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Convertible Notes) that are convertible into shares of our common stock at the lower of (1) a 20% discount to the offering price or (2) $30.00 per share, with all other material terms remaining consistent with the Original Senior Secured Notes. As a result of the exchange, $50.6 million of the Original Senior Secured Notes were exchanged for Exchanged Senior Secured Convertible Notes, while $12.7 million remained outstanding with holders who declined to participate. Following the amendment, we have issued an additional $71.3 million of senior secured convertible notes under the same terms (together with the Exchanged Senior Secured Convertible Notes, the A&R Senior Secured Notes). The interest rate and maturity date of the A&R Senior Secured Notes, which are prepayable at any time by us without penalty, remain the same as the Original Senior Secured Notes.

Since our inception, we have raised equity and debt financing from a broad-based group of investors, including significant funding from our co-founder, president and chief executive officer, Mr. Beck, and his affiliates. Mr. Beck, together with his affiliates, is our largest equity holder and has continued to be a material capital contributor throughout our existence. To date, Mr. Beck and his affiliates have contributed an aggregate of $159.0 million to us through purchases of our common units, Series A preferred units and A&R Senior Secured Notes, representing more than 30% of our total capital raised. For the years ended January 31, 2024 and 2025, Mr. Beck and his affiliates contributed an aggregate of $18.0 million and $45.0 million, respectively, to us through purchases of our Series A preferred units and A&R Senior Secured Notes. For the six months ended July 31, 2024 and 2025, Mr. Beck and his affiliates contributed an aggregate of $30.0 million and $48.0 million, respectively, to us through the A&R Senior Secured Notes.

In addition, Mr. Beck and his affiliates entered into put agreements with several other purchasers of our Series A preferred units pursuant to which Mr. Beck and his affiliates agreed to purchase all of the shares purchased by such other purchasers for a total of $40.5 million upon such purchasers' demand during a specified period. In connection with these put agreements, Mr. Beck and his affiliates also entered into guaranty agreements with certain of the purchasers to personally guarantee the payment of $26.9 million of the obligations under these put agreements.

Further, Mr. Beck and his affiliates have entered into guaranty agreements with holders of the Original Senior Secured Notes and the A&R Senior Secured Notes pursuant to which Mr. Beck and his affiliates have guaranteed payment of the outstanding balances of these notes totaling $47.5 million upon the occurrence of certain events of default. Mr. Beck has also entered into put agreements with certain holders of A&R Senior Secured Notes pursuant to which he has agreed to purchase such notes, or the equity securities issuable upon conversion thereof, for a total of $2.0 million during a specified period.

In connection with certain of our acquisitions, Mr. Beck and his affiliates entered into put agreements with the sellers pursuant to which Mr. Beck and his affiliates agreed to purchase upon such sellers' demand the equity consideration they received, totaling $44.0 million, during a specified period. In connection with one of these acquisitions, Mr. Beck and his affiliates also entered into a guaranty agreement with the sellers to personally guarantee the payment of $30.0 million of the obligations under these put agreements. The aggregate amount of the consideration attributed to the equity consideration in those acquisitions was $15.9 million.

As of January 31, 2025, we held cash and cash equivalents of $13.6 million and had an accumulated deficit of $368.3 million. We incurred a net loss of $85.8 million and $48.3 million during fiscal 2024 and fiscal 2023, respectively. As of July 31, 2025, we held cash and cash equivalents of $22.6 million and had an accumulated deficit of $438.1 million. We incurred a net loss of $71.1 million and $27.4 million during the six months ended July 31, 2025 and July 31, 2024, respectively.

Looking ahead, management's assessment of our ability to continue as a going concern involved evaluating its forecasted liquidity needs and overall financial condition over a period of at least 12 months from the date the financial statements are available to be issued. As part of this assessment, management considered our current financial condition, which is characterized by recurring operating losses, negative cash flows, limited liquid resources and dependence on external financing, as well as the funds required to execute our business plan over the evaluation period. Based on these factors, we have concluded that there is substantial doubt about our ability to continue as a going concern for at least 12 months from the date the financial statements are available to be issued.

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The consolidated financial statements have been prepared on a basis that assumes we will continue as a going concern and do not include any adjustments to reflect the possible future effects of the recoverability and classification of assets or the amounts and classification of liabilities that may result should we be unable to continue as a going concern.

***Historical Cash Flows***

The following table summarizes our consolidated cash flows for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net cash provided by (used in): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | $(41382) | $(46134) | $(23493) | $(44226) |
| &nbsp;&nbsp;&nbsp;Investing activities | (24482) | (14926) | (4176) | (10732) |
| &nbsp;&nbsp;&nbsp;Financing activities | 77673 | 61177 | 44142 | 64217 |
| Effect of exchange rate changes on cash and cash equivalents |  |  |  | (260) |
| Net increase in cash and cash equivalents | $11809 | $117 | $16473 | $8999 |

---

*Operating Activities*

Net cash used in operating activities was $46.1 million for the year ended January 31, 2025, as compared to $41.4 million for the year ended January 31, 2024. The increase in cash used was primarily driven by a decrease of net cash flows from changes in operating assets and liabilities of $6.3 million, primarily attributable to the timing of payments for accrued expenses and other non-current liabilities. The increase in net loss of $37.5 million was offset by $39.0 million of net non-cash charges, including an impairment of goodwill of $27.8 million, an increase in depreciation and amortization of $3.0 million, and an increase in equity-based compensation of $1.9 million.

Net cash used in operating activities was $44.2 million for the six months ended July 31, 2025, as compared to $23.5 million for the six months ended July 31, 2024. The increase in cash used was primarily driven by an increase in net loss of $43.7 million, partially offset by $22.0 million of net non-cash charges, including an increase in the loss from change in fair value of financial instruments of $11.2 million, a loss on extinguishment of debt of $7.5 million, an increase in depreciation and amortization of $1.6 million and an increase in equity-based compensation of $0.4 million.

*Investing Activities*

Net cash used in investing activities was $14.9 million for the year ended January 31, 2025, as compared to $24.5 million for the year ended January 31, 2024. The decrease was primarily driven by a $17.3 million reduction in cash used for acquisitions, partially offset by an increase in investments in capitalized software of $5.8 million and an increase in cash paid for equity method investments of $2.0 million primarily related to the Midwestern investment.

Net cash used in investing activities was $10.7 million for the six months ended July 31, 2025, as compared to $4.2 million for the six months ended July 31, 2024. The increase was primarily driven by an increase of $3.9 million in investments related to capitalized software and an increase in cash paid of $2.4 million for our five acquisitions.

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*Financing Activities*

Net cash provided by financing activities was $61.2 million for the year ended January 31, 2025, as compared to $77.7 million for the year ended January 31, 2024. The decrease was primarily driven by a decrease in proceeds received from preferred unit issuances of $44.9 million, and a decrease in member advances received of $14.8 million. The decrease was partially offset by an increase in proceeds from non-current debt of $42.5 million related to the issuance of the senior secured promissory notes.

Net cash provided by financing activities was $64.2 million for the six months ended July 31, 2025, as compared to $44.1 million for the six months ended July 31, 2024. The increase was primarily driven by an increase in proceeds received from the issuance of senior secured convertible notes of $13.0 million and an increase in member advances received of $6.7 million.

**Emerging Growth Company Status**

As an "emerging growth company," Section 107 of the JOBS Act allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We have elected to use this extended transition period under the JOBS Act for the implementation of new or revised accounting standards and as a result of this election, our consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make our Class A common stock less attractive to investors. We will remain an emerging growth company until the earliest to occur of: (1) the last day of the fiscal year in which we have at least $1.235 billion in annual revenue; (2) the date we qualify as a "large accelerated filer," with at least $700.0 million of equity securities held by non-affiliates as of the last business day of our most recently completed second fiscal quarter; (3) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; and (4) the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

**Off-Balance Sheet Arrangements**

We do not have nor do we enter into off-balance sheet arrangements that had, or which are reasonably likely to have, a material effect on our financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the financial statements. Generally, we base our estimates on historical experience and other assumptions in accordance with U.S. GAAP that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. Actual results may differ from these estimates.

Critical accounting policies and estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Our critical accounting policies and estimates are discussed below:

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*Revenue Recognition*

We recognize revenue in accordance with Accounting Standards Codification (ASC) Topic 606, *Revenue from Contracts with Customers* (ASC 606), and, for certain funding arrangements, ASC 958-605. Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to receive. Our revenue consists primarily of subscription revenue, marketplace revenue and advertising revenue, the three of which comprise platform revenue, as well as platform solutions revenue and other revenue. We determine revenue recognition in accordance with ASC 606 through the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identification of the contract, or contracts, with the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identification of the performance obligations in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determination of the transaction price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocation of the transaction price to the performance obligations in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognition of revenue when, or as, a performance obligation is satisfied.

For contracts involving multiple performance obligations, the total transaction price is allocated based on the relative stand-alone selling price (SSP) of each distinct obligation. SSP is determined using observable prices charged to similar customers whenever available. In instances where observable SSPs are not available, we estimate SSPs based on market conditions, historical pricing practices and internal pricing guidelines. SSP ranges are periodically reassessed, and allocations are updated prospectively for new contracts.

Our contracts may include variable consideration such as estimated refunds, coupons, incentives and adjustments, accounted for as reductions of revenue to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Judgment is exercised in determining SSP and estimating variable consideration. We continually assess these estimates based on historical experience and market conditions.

Subscription revenue consists primarily of software-as-a-service (SaaS) offerings. Customers typically receive continuous access to our SaaS offerings, which includes ongoing updates and support. Revenue from these subscriptions is recognized ratably over the contractual period, beginning on the date the service is made available to the customer. Subscription contracts can be billed annually in advance, quarterly in advance or monthly, and payments are due within standard commercial terms. Our contracts do not typically contain significant financing components.

Marketplace revenue includes sales of physical and digital products such as books, publications, curriculum materials, marketing materials and church supplies through our online marketplace and online stores of consolidated Gloo Capital Partners. Revenue from marketplace sales is recognized at a point in time upon shipment for physical goods or when made available to the customer for download for digital goods, which is when control of the product transfers to the customer.

We generally assume the role of supplier and act as the principal in these transactions and therefore recognize revenue on a gross basis. At the time of entering into an agreement with the customer, we maintain control of the inventory originally purchased from vendors or suppliers and are viewed as the primary obligor to the customer. We have discretion in establishing pricing for the products, which is established at the time of signing the agreement, and bears certain risks associated with the products, including inventory risk. In these instances, the customer purchases directly from us and looks to us as responsible for fulfillment and resolution of any product-related issues.

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Advertising revenue consists of digital advertising services provided through our websites and those of our consolidated Gloo Capital Partners, as well as campaign management services. We offer advertising under fixed-fee campaigns, recognizing revenue ratably over the campaign period, and performance-based arrangements priced on a cost-per-click basis, recognizing revenue as clicks occur. We apply the invoice practical expedient to performance-based advertising, as billings correspond directly to services provided.

We also offer campaign management services which includes strategy and creative consulting services, mail campaigns, digital media campaigns, data and analytics, email campaigns and SMS campaigns. Revenue from these services is recognized over time using an input method based on actual costs incurred relative to budgeted costs. In providing advertising and campaign services, we generally engage third-party vendors for printing, postage, data acquisition and media placement. We act as the principal in these arrangements because it controls the specified services before they are transferred to the customer, we have discretion in selecting and directing vendors, and we are responsible for fulfilling the services. Accordingly, advertising revenues are reported on a gross basis and related third-party costs are recorded in cost of revenue.

Platform solutions revenue includes services such as strategic consulting, marketing execution, technology enablement and call center operations. We recognize revenue from these services over time as customers simultaneously receive and consume the benefits provided. Certain platform solutions contracts include fees that are subject to a high degree of variability, dependent upon the successful fundraising efforts of our customers. Due to this variability, we constrain revenue to amounts for which it is probable that there will not be a significant reversal of cumulative revenue recognized.

Other revenue recognized arises from contributions received through non-reciprocal funding arrangements. Contributions from nonprofit organizations provide third-party beneficiaries access to our subscription services. Revenue under these arrangements is recognized ratably over the period of time we provide beneficiaries access to the platform, corresponding with the lapse of the donor-imposed conditions.

*Consolidation*

We consolidate all entities that we control through a majority voting interest or as the primary beneficiary of a variable interest entity (VIE). We use, and expect to continue to use, a combination of our equity ownership, governance rights and other contractual arrangements to control operations of these entities. However, these arrangements may not be as effective in providing us with control over these operations as would wholly owning these entities.

Under the VIE model, we are required to perform an analysis as to whether we have a variable interest in an entity and whether the entity is a VIE. If we have a variable interest in an entity, we further assess whether the entity is a VIE and, if so, whether we are the primary beneficiary. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The assessment of whether an entity is a VIE requires an evaluation of qualitative factors and, where applicable, quantitative factors. These judgments include: (a) determining whether the entity has sufficient equity at risk; (b) evaluating whether the equity holders, as a group, lack the ability to make decisions that significantly affect the economic performance of the entity; and (c) determining whether the entity is structured with disproportionate voting rights in relation to their equity interests.

For entities that are determined to be VIEs, we are required to consolidate those entities where we have concluded that we are the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly affect the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. In evaluating whether we are the primary beneficiary, we evaluate our economic interests in the entity held either directly or indirectly by us. At each reporting date, we determine whether any reconsideration events have occurred that require us to revisit the primary beneficiary analysis, and we will consolidate or deconsolidate accordingly.

We eliminate from our financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs.

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*Equity Method Investments*

We account for investments in entities over which we have the ability to exercise significant influence, but do not control, under the equity method of accounting in accordance with ASC Topic 323, *Investments* – *Equity Method and Joint Ventures*. These investments are initially recorded at cost and subsequently adjusted to reflect our proportionate share of the investee's net income or loss and any dividends received.

Our share of income or loss is generally determined based on our ownership percentage. However, if contractual agreements specify alternative allocation ratios for profits, losses or distributions, we apply those ratios when deemed substantive.

Equity method investments are reviewed for impairment whenever significant events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. When such events or changes occur, we evaluate the fair value compared to our cost basis in the investment. Our investments in non-publicly traded companies require management's assessment of fair value and is based on various valuation methodologies, including discounted cash flows, estimates of sales proceeds and appraisals, as appropriate. We consider the assumptions that we believe a market participant would use in evaluating estimated future cash flows when employing the discounted cash flow or estimates of sales proceeds valuation methodologies. The ability to accurately predict future cash flows may impact the determination of fair value. In the event the fair value of an investment declines below our cost basis, management is required to determine if the decline in fair value is other than temporary. If management determines the decline is other than temporary, an impairment charge is recorded. Management's assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than our cost basis; the financial condition and near-term prospects of the issuer; and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value.

*Business Combinations*

Business combinations are accounted for under the acquisition method of accounting. This method requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed, as well as any noncontrolling interests, at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets, liabilities and any noncontrolling interests is recorded as goodwill. When determining the fair value of assets acquired, liabilities assumed and any noncontrolling interests, management makes significant estimates and assumptions, especially with respect to intangible assets. Management's estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. The amounts and estimated useful lives assigned to intangible assets acquired in business combinations impact the amount and timing of future amortization expense. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill, if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations. Acquisition costs, consisting primarily of third-party legal and consulting costs, are expensed as incurred.

*Capitalized Software*

We capitalize qualifying costs associated with internal-use software when incurred during the application development stage. Capitalization begins once the preliminary project stage has been completed, conceptual design and performance requirements have been finalized, and it is probable that the software will be completed and used as intended. Capitalization ceases when the software is substantially complete and ready for its intended use, which includes completion of all significant testing.

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We capitalize costs related to major enhancements and upgrades of internal-use software when such improvements result in additional functionality. Costs for maintenance, minor enhancements and routine repairs are expensed as incurred. Additionally, costs incurred during the preliminary project stage and post-implementation operating activities are charged to expense as incurred.

We also capitalize costs incurred to acquire software for internal use upon acquisition.

Capitalized internal-use software costs are amortized on a straight-line basis over the estimated useful life of three years once the software is ready for its intended use. Management applies judgment in determining when projects transition between stages, evaluating the ongoing value of capitalized software, and establishing estimated useful lives for amortization.

*Equity-Based Compensation*

We measure and recognize compensation expense for all equity-based awards, including common unit options and profits interests units, granted to employees, directors, and non-employees, based on the estimated fair value of the awards on the date of grant. Generally, equity-based compensation expense is recognized on a straight-line basis over the requisite service period. Forfeitures are accounted for in the period in which they occur.

The fair value of each common unit option and profits interest unit granted is estimated using the hybrid method, which includes the Probability-Weighted Expected Return Method (PWERM) and the Black-Scholes option-pricing model. The determination of the grant date fair value of issued awards is affected by a number of variables, including the fair value of our underlying common units, our expected common unit price volatility over the term of the award, the expected term of the award, risk-free interest rates and the expected dividend yield of our common units.

*Common Unit and Profits Interest Unit Valuation*

Historically, for all periods prior to this offering, the fair value of the shares of common units underlying our share-based awards, and our profits interests units, were estimated on each grant date by our board of directors with input from management and contemporaneous third-party valuations. We believe that our board of directors has the relevant experience and expertise to determine the fair value of our common units. Given the absence of a public trading market for our common units and profits interests units, our board of directors exercised reasonable judgment and considered a number of objective and subjective factors to determine the best estimate of the fair value of our common units and profits interests units, including:

• Our actual operating results and financial performance;

• Conditions in the industry and economy in general;

• The rights, preferences and privileges of our Series A preferred units related to those of our common units;

• The likelihood of achieving a liquidity event for the holders of our common units, such as an initial public offering or a course of staying privately held, given prevailing market conditions;

• Equity market conditions affecting comparable public companies and the market performance of comparable publicly traded companies;

• The U.S. and global capital market conditions; and,

• The lack of marketability of our common units and profits interests units and the results of independent third-party valuations. Valuations of our common units were prepared by an unrelated third-party valuation firm in accordance with the guidance provided by the FASB in ASC 718, ASC 820, as well as the AICPA in its Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

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In valuing our common units, the fair value of our business was determined using various valuation methods, including combinations of income and market approaches, with input from management. The income approach estimates value based on the expectation of future cash flows that we may generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in our industry or similar business operations as of each valuation date, adjusted to reflect the inherent risks in our cash flows. The market approach estimates value based on a comparison to comparable public companies in a similar line of business and may also include backsolves, which infers our value from recent financing rounds or tender offers. From these comparable companies, a representative market value multiple is determined and then applied to our financial forecasts to estimate its value.

For each valuation, the enterprise value determined by the income and/or market approaches was then allocated to the common stock using the option pricing method, or OPM, or a hybrid of the PWERM and OPM, which estimates the probability weighted value across multiple scenarios but uses OPM to estimate the allocation of value within one or more of those scenarios.

The OPM method allows for the allocation of a company's equity value among the various equity capital owners. The OPM uses the preferred unitholders' liquidation preferences, participation rights, dividend policy and conversion rights to determine how proceeds from a liquidity event shall be distributed among the various ownership classes at a future date. The PWERM method involves the estimation of future potential outcomes for the company, as well as values and probabilities associated with each respective potential outcome. This method is particularly useful when discrete future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered under the PWERM include a liquidity event, as well as non-liquidity event market-based outcomes. Determining the fair value of the enterprise using the PWERM requires the development of assumptions and estimates for both the probability of a liquidity event and stay private outcomes, as well as the values those outcomes could yield.

The application of these approaches and methodologies involves the use of highly complex and subjective estimates, judgments and assumptions, such as those regarding our expected future revenue, expenses and cash flows; discount rates; market multiples; the selection of comparable public companies; and the probability and timing of possible future events. Changes in any or all of these estimates and assumptions, or the relationships between those assumptions, impact our valuations as of each valuation date and may have a significant impact on the valuation of our common units.

For valuations after the completion of this offering, the board of directors will determine the fair value of each share of underlying common stock based on the closing price of our common stock as reported on the date of grant. Future expense amounts for any particular period could be affected by changes in our assumptions or market conditions.

*Derivative Liabilities*

We account for our warrants and other derivative financial instruments as either equity or liabilities based upon the characteristics and provisions of each instrument, in accordance with ASC 815. Warrants classified as equity are recorded at fair value as of the date of issuance on our consolidated balance sheets and no further adjustments to their valuation are made. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as liabilities are recorded on our consolidated balance sheets at their fair value on the date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. Management estimates the fair value of these liabilities using option pricing models and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for future financings, expected volatility, expected life, yield, and risk-free interest rate.

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*Complex Financial Instruments*

We do not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate our financial instruments, including options, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. We value derivatives using the Black-Scholes option-pricing model or other acceptable valuation models. Derivative instruments are valued at inception, upon events such as an exercise of the underlying financial instrument and at subsequent reporting periods. The classification of derivative instruments, including whether such instruments should be recorded as liabilities, is re-assessed at the end of each reporting period.

We review the terms of debt instruments, equity instruments and other financing arrangements to determine whether there are embedded derivative features, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument.

*Accounting for Impairment for Goodwill*

Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment annually or more often if indicators of a potential impairment are present. Our annual impairment tests are conducted during the fourth quarter. When we believe it is appropriate, we may elect to first perform the optional qualitative assessment for certain of our reporting units. Factors considered in this assessment include economic, industry and company-specific factors in assessing the fair value of the related reporting unit. If we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is then performed. Otherwise, no further testing is required. For those reporting units tested using a quantitative approach, we compare the fair value of each reporting unit with the carrying amount of the reporting unit, including goodwill. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge for the differential (up to the carrying value of goodwill).

We determine the fair value of our reporting units using a combination of the income and market approaches. Under this hybrid approach, we calculate the fair value of our reporting unit based on the present value of future cash flows equally weighted with valuations based on trading multiples derived from publicly traded companies that are most similar to our reporting unit. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value and to identify comparably public company multiples. Our estimates of future cash flows consider past performance, internal projections and operating plans which incorporate estimates for sales growth and profitability, and cash flows associated with taxes and capital spending. We believe such assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes. Such assumptions are subject to change due to changing economic and competitive conditions.

**Recent Accounting Pronouncements**

See Note 2, *Summary of Significant Accounting Policies* to our consolidated financial statements included elsewhere in this prospectus for recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted as of the date of this prospectus.

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**Material Weakness in Internal Control over Financial Reporting**

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Management identified three material weaknesses in our internal control over financial reporting relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an ineffective information technology general control (ITGC) environment due to improper logical access, change management and computer operations controls within (1) certain enterprise resource planning systems (ERPs), (2) other third-party financial systems integrated to these ERPs and utilized for financial reporting purposes and (3) internally developed systems used for financial reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•improper segregation of duties within (1) certain enterprise resource planning systems (ERPs), (2) other third-party financial systems integrated to these ERPs and utilized for financial reporting purposes, (3) internally developed systems used for financial reporting purposes and (4) various business processes impacting financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a lack of financial close and reporting controls that are sufficiently precise, performed consistently, timely, and documented.

We are in the process of implementing remediation plans to address these material weaknesses. However, we cannot guarantee that these remediation efforts will be successful or that additional material weaknesses will not be identified in the future. See the section titled "Risk Factors—Risks Related to Regulation and Taxation—We identified material weaknesses in our internal control over financial reporting in connection with the preparation and audit of our financial statements for the fiscal years ended January 31, 2024 and 2025, and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate existing material weaknesses, identify additional material weaknesses or fail to establish and maintain effective internal control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected."

**Quantitative and Qualitative Disclosures About Market Risk**

As a "smaller reporting company," as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information required by Item 305 of Regulation S-K.

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**BUSINESS**

**Our Mission and Purpose**

Gloo's mission is to build the leading vertical technology platform for the faith and flourishing ecosystem, which we believe is one of the largest, oldest and least-digitized ecosystems in the world. Our purpose is to shape technology as a force for good, so people can flourish and communities can thrive. This is grounded in our belief that relationships catalyze growth, and when technology is used to serve relationships, it transforms lives.

The faith and flourishing ecosystem is vast and, we believe, a technologically underserved vertical that includes traditional Christian (primarily Protestant and Catholic) churches and a diverse network of ministries, nonprofits and service providers. According to a 2016 analysis conducted by the Interdisciplinary Journal of Research on Religion, the faith sector, including all religions of which Christianity is the largest in America, contributes approximately $1.2 trillion to the United States economy each year. According to IBISWorld, Christian organizations, which comprise our primary customer focus, accounted for 88% of the aggregate revenue of religious organizations in the United States in 2024. Although we have not undertaken an independent analysis to estimate the total addressable market for all of our current offerings or determined with precision the portion of this market that we may serve, we are confident that Gloo has substantial opportunities for continued growth. In the United States alone, the faith and flourishing ecosystem is estimated to include over 415,000 Christian organizations, comprised of over 315,000 Christian congregations according to the 2020 U.S. Religion Census by the Association of Statisticians of American Religious Bodies, as well as over 100,000 Christian nonprofit organizations according to the Cause IQ directory of nonprofits as of July 2025.

![img208649736_19.jpg](img208649736_19.jpg)

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**Overview**

Since our founding in 2013, we have offered a breadth of products, services and solutions to the two primary stakeholders at the core of the faith and flourishing ecosystem, network capability providers (NCPs) and the churches and frontline organizations (CFLs) they serve.

NCPs play an enabling role in the faith and flourishing vertical by equipping CFLs with products and services so CFLs can focus on their mission. These products and services include technology solutions, content, marketing services and donor services. CFLs serve as the heart of the faith and flourishing ecosystem, and include churches, ministries, nonprofits and service organizations, providing worship, educational programs, community outreach efforts and other social services support.

We have established a platform that connects NCPs and CFLs and facilitates sales of products and services between the two groups. Through our platform, CFLs gain access to curated resources and NCPs benefit from targeted distribution of their products and services to members of the ecosystem. The Gloo platform includes a suite of technology, marketplace, advertising and service solutions offered directly by us and by our wholly owned or consolidated subsidiaries, which we refer to as Gloo Capital Partners.

We generate revenue from NCPs through sales of enterprise subscriptions to outsourced technology, artificial intelligence (AI) capabilities and advertising (all of which we account for as platform revenue), as well as platform solutions. We generate platform revenue from CFLs through sales of subscriptions to communication tools, content libraries, data insights and AI capabilities, as well as through transactions on our and Gloo Capital Partners'<br>e-commerce marketplaces, including Outreach, Inc., our largest online marketplace.

![img208649736_20.jpg](img208649736_20.jpg)

We launched our company by offering free tools and services to CFLs, such as messaging and texting services, curated content and access to resources, with the goal of addressing widespread communication and engagement challenges between CFLs and their constituents. This strategy allowed us to accumulate a large and diverse user

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base of CFLs, while also continuing to develop more products and solutions. From the outset, our focus has been to create infrastructure for the faith and flourishing ecosystem that enables greater coordination among its participants and unlocks value for both NCPs and CFLs. We believe there is significant market fragmentation in the ecosystem and, to our knowledge, no other company has aggregated a comparable breadth and diversity of churches and faith-based organizations. We believe this scale and scope positions Gloo as a unifying force in the ecosystem and creates a meaningful and durable competitive advantage.

The strength of our platform today is the result of a deliberate sequence of strategic initiatives. These are described below and include catalyzing large-scale engagement through national media campaigns, such as State of the Church, He Gets Us and Churches Care, and expanding our platform through acquisitions and investments.

In fiscal 2023, Gloo was chosen to provide technology infrastructure for He Gets Us, a large national faith-aligned media campaign. This campaign created engagement between campaign audiences and thousands of participating churches. The campaign drove significant platform adoption by churches and accounted for the majority of our fiscal 2023 revenue, helping to establish Gloo as a central connector in the faith and flourishing ecosystem.

To expand on this momentum, we acquired Outreach in fiscal 2024. According to Grips, an e-commerce research and comparison tool, Outreach is a leading business-to-business provider of church-focused products and services. The acquisition provided us with one of the largest faith-based e-commerce marketplaces in the world, added thousands of CFLs to our platform and accounted for 87.8% of total revenue in fiscal 2024.

Together, the He Gets Us campaign and our Outreach acquisition significantly increased the scale and reach of our platform, bringing tens of thousands of new CFLs to the platform. Beginning in the first quarter of fiscal 2025, we further diversified our revenue by adding new offerings to our platform, including advertising and enterprise-level solutions, now driven by Gloo360, our technology, data and consulting services offered to larger faith and flourishing organizations through enterprise subscriptions. For the six months ended July 31, 2024, we generated the majority of our revenue from sales of products and services through Outreach, and for the six months ended July 31, 2025, one third of our revenue was generated from Outreach.

We have scaled our platform through a combination of product innovation, customer growth and product suite penetration, as well as targeted acquisitions and investments in several NCPs with complementary technologies, products and customer relationships. These efforts have expanded our capabilities and diversified our growth across multiple growth drivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acquisition-led growth through targeted acquisitions of NCPs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enterprise-led growth through high-touch, relationship-based sales to NCPs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•digital-led growth through search engine optimization, marketing and paid advertising to CFLs to invite users to experience our platform's value through free trials, freemium models and self-service onboarding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AI-transformation growth through developing and selling AI capabilities to CFLs and NCPs designed to streamline operations, enhance content creation and improve community engagement.

Looking ahead, we are focused on growing our platform across subscriptions, advertising, marketplace transactions and NCP platform solutions. We are actively investing in and growing the Gloo Media Network, which provides marketing and advertising services to and through NCPs. In parallel, we are developing Gloo AI, our proprietary AI infrastructure designed to enable new applications for engagement, data insights and content creation to serve NCPs, publishers, content creators, denominations, donor platforms and developers. We also expect to continue to pursue strategic acquisitions and investments that expand platform capabilities, deepen integration across ecosystem participants and solidify our position as a trusted, unifying platform for the faith and flourishing ecosystem.

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**The Faith and Flourishing Ecosystem**

The faith and flourishing ecosystem constitutes a large and expanding cornerstone of our country. It encompasses all religions and is estimated to contribute over $1.2 trillion annually to the U.S. economy in 2016 and to include over 450,000 organizations in the United States. According to research conducted by IBISWorld, in the United States, the religious organizations sector employed approximately 1.7 million people in 2024 and is forecasted to increase to approximately two million by 2029. The ecosystem is not limited to churches; it also includes ministries, service organizations, educational institutions, health providers, nonprofits and other values-aligned organizations.

![img208649736_21.jpg](img208649736_21.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to two separate studies conducted by Barna Group, a Gloo Capital Partner, and Pew Research Center across 2023 and 2024, more than 60% of Americans identify as Christian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Christian congregations range in size and structure, from large megachurches to small community gatherings, often affiliated with denominations and networks. According to the 2020 U.S. Religion Census, more than 315,000 Christian congregations operate across the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Religious participation remains a cornerstone of American life, bolstered by a culture of charitable giving. According to Pew Research Center, 33% of Americans attend a religious service monthly, making worship one of the most regular and widespread social gatherings in the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to 2025 Kentley Insights, from 2019 through 2023, religious organization revenue for all religions combined grew at a compound annual growth rate of 8.6% per year in the United States. This growth rate outpaced the 6.2% average for service industries in the same time period and ranked religious organizations in the top 20% of all service industries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The growth rate is estimated to be 6.6% in 2024 and forecasted at 4.9% in 2025. According to 2025 Kentley Insights, faith-based organizations of all religions generated over $245 billion in revenue in 2024.

The importance of faith in American life extends across generations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Younger generations are increasingly stepping into philanthropic roles. According to a Giving USA Special Report from 2024, Millennials and Gen Z, often presumed to be less religiously affiliated, are showing renewed engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to the same report, Gen Z donors more than doubled their giving to faith-based organizations between 2021 and 2024, while Millennials reported a 57% increase in donations to places of worship in the same time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•According to Barna, weekly church attendance is the strongest among Millennials, with nearly 40% reporting regular worship attendance as of 2022, suggesting a generational renewal in the faith landscape.

Religious organizations also play a pivotal role in broader philanthropic and social service landscapes. Faith-based entities operate a substantial portion of the nation's hospitals and educational institutions and have historically been major recipients of federal grants for social services.

***Human Flourishing***

The faith and flourishing ecosystem is far broader than churches alone. It includes a diverse set of for-profit and nonprofit organizations that help humans flourish across seven essential areas of life: spirituality, relationships, purpose, finances, health, character and contentment.

We define human flourishing as holistic well-being in these seven dimensions, a definition rooted in scripture, philosophy and psychological research. We believe that the rapid evolution of AI and other new technologies has the potential to either accelerate or undermine human flourishing. Gloo exists to help ensure that technology is shaped as a force for good. Our product development is informed by the ongoing Global Flourishing Study, a collaboration between Harvard, Baylor and Gallup, based on data from over 200,000 people across 22 countries.

Our platform serves organizations that specialize across the seven dimensions of the Global Flourishing Study framework, which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Spirituality**: churches, ministries, Christian universities, seminaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Relationships**: counseling centers, parenting and marriage resources, community outreach organizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Purpose**: vocational training, community development, philanthropic networks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Finances**: nonprofit lending, values-aligned insurance, human resources and retirement plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Health**: addiction recovery, mental health, wellness services, anti-trafficking organizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Character**: values-aligned content including faith-based films and digital media

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Contentment**: assessment tools, values-aligned publishers, wellness apps

Our platform connects and equips thousands of human flourishing organizations representing these dimensions, empowering them to serve millions of people within what we believe is one of the most resilient and purpose-driven verticals in the modern economy.

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**The Gloo Platform**

Our platform is built on four revenue streams: subscriptions, advertising and marketing, marketplace offerings and platform solutions. Gloo AI is increasingly integrated with our solutions, which we are designing to work seamlessly together to enable data exchange, machine learning, large language models, content licensing, content delivery and services to flow across the faith and flourishing ecosystem. Several of our existing products are AI-native tools and agents that incorporate AI from the beginning of their lifecycle, however, some of our Gloo Capital Partners are still early in their AI adoption with AI powering a small but growing number of their current products and services.

![img208649736_22.jpg](img208649736_22.jpg)

***Subscriptions***

We offer free, premium and enterprise subscription-based software and solutions to NCPs and CFLs. These offerings represent the foundational layer of the Gloo platform, enabling NCPs and CFLs to communicate, organize and operate more effectively. Our subscription offerings generate revenue through monthly and annual subscription agreements. For the six months ended July 31, 2025, approximately 70% of our revenue was recurring and re-occurring. Recurring revenue is derived from monthly or annual subscriptions and ongoing contracts, and accounted for approximately 49% of our total revenue for the six months ended July 31, 2025. Re-occurring revenue is derived from repeat customer purchases, most often of digital and physical products from Outreach, and accounted for more than 20% of our total revenue for the six months ended July 31, 2025.

*Gloo Workspace*

Gloo Workspace is a single, online entry point for resources designed to help a pastor or ministry leader lead, grow and operate his or her church or ministry, including content and insights, communications, tools, data insights and an e-commerce marketplace. Gloo Workspace offers proprietary AI-powered products for CFLs to understand and engage with the people they serve and their communities. Through Gloo Workspace, registered users can access our free communications product, which enables automated SMS text and email outreach. Paying users can subscribe to Gloo+, a premium subscription that includes tools that we and Gloo Capital Partners have developed for enhanced engagement, sermon preparation, generative AI content creation and audience analytics. Gloo+ is designed to provide a comprehensive view of community needs, presenting patterns and trends benchmarked against peer organizations. Gloo+ also provides discounted subscriptions to our full suite of software products. Registered users can also subscribe to these products individually through Gloo Workspace or through the websites of our Gloo Capital Partners.

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The suite of software products and licenses that we offer to CFLs include:

![img208649736_23.jpg](img208649736_23.jpg)

*Gloo360*

Gloo360 launched in the first quarter of fiscal 2025 and provides NCPs with subscription-based enterprise technology, data and consulting to support growth and operations. Through annual subscriptions, Gloo360 provides a comprehensive suite of solutions that includes cloud services and managed information technology (IT), cybersecurity and data protection, business intelligence and strategic consulting, custom software and digital solutions, helpdesk support, project management and e-commerce infrastructure.

Our IT systems and customer-facing services are delivered through a combination of in-house and third-party infrastructure. More specifically, Gloo360 maintains proprietary software and workflow tools that are hosted on third-party cloud service providers, including Amazon Web Services. These third-party providers furnish the underlying compute, storage and networking resources, while Gloo360 configures, manages and integrates these environments to deliver secure, scalable solutions to our customers. In addition, we deliver technology development and infrastructure services through our Gloo Capital Partners, Servant.io and Midwestern Interactive (Midwestern).

As part of Gloo360, we also provide ongoing management and administration of customer IT systems that are themselves third-party products, such as Salesforce, Microsoft Office 365 and other enterprise applications. In these cases, Gloo360 acts as the managed service provider, configuring, customizing, securing and supporting such systems on behalf of its customers, while the underlying software and infrastructure remain licensed from and operated by the third-party vendors.

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***Advertising and Marketing***

*Gloo Media Network*

Gloo Media Network is our suite of advertising technologies, marketing technologies and services. In fiscal 2024, we generated advertising revenue by selling advertising placements across Gloo-owned and -managed media properties. We are expanding this effort by further developing these offerings to help our customers engage donors. Gloo Media Network enables advertisers to reach and engage values-aligned audiences through targeted, data-informed advertising on Gloo-owned and -managed media properties. We believe Gloo Media Network will position us to become a leading media network for the faith and flourishing ecosystem.

Advertising placements on our platform, Outreach and other Gloo Capital Partner websites are offered through both audience-based and cost-per-click models. In addition, we expect Gloo Media Network will deliver full-service marketing capabilities, including creative services, campaign strategy and audience targeting.

We acquired Masterworks, Inc., a full-service marketing technology and donor engagement agency dedicated to values-aligned nonprofits and ministries, in the second quarter of fiscal 2025. We believe Masterworks will be a foundational part of the Gloo Media Network because Masterworks brings a deep technology stack and expertise in donor engagement, creative development and digital and physical marketing capabilities to our platform. Masterworks' offerings are supported by its robust analytics and predictive modeling, which we believe will enhance campaign performance, expand distribution across the Gloo Media Network and drive both advertising revenue and marketing services growth.

*Outreach*

The Outreach portfolio of online brands also produces and curates ministry-specific content and resources that drive traffic by CFL leaders and generate advertising revenue. These brands include the following:

![img208649736_24.jpg](img208649736_24.jpg)

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***Marketplace***

We operate e-commerce marketplaces that enable CFLs to discover and purchase a combination of free and paid, physical and digital products, including curriculums, marketing collateral and church supplies from a select group of NCPs that serve the needs of the faith and flourishing ecosystem. Customers can access the marketplaces through Outreach and directly from Gloo Workspace.

Outreach brings many longstanding customer relationships allowing for targeted go-to-market CFL products, services and campaigns that increase product visibility and accelerate adoption. By leveraging this well-established brand, we are able to drive revenue. Sales through Outreach accounted for 98.3% and 96.4% of our marketplace revenue in fiscal 2024 and for the six months ended July 31, 2025, respectively. Revenue is generated through recurring, re-occurring and one-time marketplace purchases of physical and digital products.

***Platform Solutions***

We deliver enterprise-level infrastructure and technology development services to NCPs, enabling their digital transformation. Our current and paying customers, to whom we provide full-service technology development, include some of the faith and flourishing ecosystem's most well-known brands, including YouVersion (a Bible app) and Come and See Foundation (The Chosen TV series). Our current infrastructure and technology development services are delivered primarily through two Gloo Capital Partners, Servant.io and Midwestern, which also provide technology development for Gloo's internal engineering teams. Platform solutions generate revenue through monthly and annual contracts with NCPs seeking scalable infrastructure, operational leverage and long-term strategic alignment.

Servant.io and Midwestern are digital and technology consultancies that offer specialized expertise in the faith and flourishing ecosystem, providing growth strategy, workflow automation and product development by leveraging the Gloo platform. Our teams bring deep experience in working with ministries and nonprofits, delivering services such as web and application design, product design and embedded talent solutions. These capabilities help customers scale digital experiences, maintain and modernize technology infrastructure and accelerate delivery.

**Our Growth Drivers**

Our platform is built to capitalize on powerful network flywheel effects created through the addition of more NCPs, CFLs and their offerings to our platform, as illustrated below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**More NCPs Join the Platform**: Gloo attracts mission-aligned NCPs onto our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Creates More Subscription and Marketplace Offerings**: More NCPs joining the platform leads to more technology and marketplace offerings on our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Activates More CFLs and Platform Frequency**: As offerings grow, more CFLs engage with the platform, increasing adoption, daily usage and purchasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**More Data and Content**: With increased scale of CFLs, Gloo advances proprietary AI capabilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Provides More Value to NCPs and CFLs and Generates Diversified Revenue Streams**: The entire ecosystem drives subscription, advertising, marketplace and platform solutions revenue.

![img208649736_25.jpg](img208649736_25.jpg)

This flywheel is accelerated by our four core growth drivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Acquisitions and Investments**: We expect acquisitions and investments to be the primary driver of our revenue growth. We focus on strategic acquisitions of, and investments in, NCPs to further expand the capabilities and users on our platform. However, we do not currently intend to use the proceeds from this offering for any specific acquisition or investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Enterprise Sales**: Our enterprise sales team focuses on sales of Gloo360, sales of advertising and platform solutions to NCPs and adding NCP offerings to our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Digital Growth**: Our digital growth team focuses on adding CFLs to our platform through digital-led marketing and lead generation, accelerating flywheel effects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**AI Transformation**: We are developing easy-to-deploy AI capabilities for CFLs and NCPs that are designed to streamline operations, enhance content creation and improve community engagement.

![img208649736_26.jpg](img208649736_26.jpg)

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***Acquisitions and Investments***

Gloo Capital Partners refers to the portfolio of organizations that we have acquired or in which we hold a consolidating interest to expand the breadth, depth and value of our platform. These mission-aligned businesses represent core strategic assets that expand our capabilities across media, content, software and services. By integrating these businesses into our platform and go-to-market infrastructure, we seek to enhance product offerings, deepen network engagement and drive scalable impact across the faith and flourishing ecosystem.

Through July 31, 2025, we have acquired a full or consolidating interest in more than 15 mission-aligned Gloo Capital Partners that develop and sell products through online marketplaces or provide software and solutions to the faith and flourishing ecosystem, through transactions that qualified as either business combinations or asset acquisitions. Revenue generated by Gloo Capital Partners accounted for a substantial percentage of our revenue in fiscal 2024 and for the six months ended July 31, 2025, which we believe is indicative of the critical role of Gloo Capital Partners in our platform expansion and value creation.

We pursue a focused two-tiered investment strategy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Full Acquisitions** – Companies can be fully integrated into Gloo's core infrastructure and tech stack, expanding the platform's capabilities and broadening its native offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Consolidated Businesses** – Companies operate under their own brand while leveraging Gloo's technology and ecosystem relationships to drive adoption, accelerate integration and contribute to the platform flywheel.

Our initial acquisitions and investments were in smaller scale companies with $1-2 million in annual revenue and with products and services that were consolidated into our platform. More recently, the scale of our acquisitions and investments have grown to larger companies with $5-40 million in annual revenue, and a subset of those larger companies maintain their standalone brands and substantial control over their day-to-day operations. Moving forward, we expect to continue to pursue strategic acquisitions and investments that expand our platform capabilities, deepen integration across ecosystem participants and solidify our position as a trusted, connected platform for the faith and flourishing ecosystem.

We evaluate acquisition opportunities against four strategic criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Customer and revenue alignment with ecosystem participants and growth objectives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Core technologies that advance our AI capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Content alignment that strengthens our role as an aggregator of faith and flourishing content

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•EBITDA fundamentals that contribute to profitability

This approach is designed to scale intentionally while increasing platform utility, strategic reach and long-term value that is competitive and defensible.

At the heart of our acquisition and investment model is a guiding principle: we serve those who serve. We believe that we grow stronger when our Gloo Capital Partners grow stronger. We offer value to Gloo Capital Partners by providing them with a shared service layer that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Marketing and communications solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sales funnel development and management

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Brand architecture, positioning and messaging

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Financial reporting and accounting capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accountability and business operating systems

***Enterprise Sales***

NCPs are an integral part of our business, delivering their offerings to CFLs through our platform while also purchasing platform capabilities and services to power their own operations. Through our enterprise NCP sales model, we engage directly with NCPs to provide access to our technology and advertising services, Gloo360 technology services and platform solutions. Our approach is designed to fuel platform expansion by onboarding new offerings and driving sustained customer growth.

Additionally, we intend to offer Gloo Impact, which is a product in beta that we are designing to enhance philanthropic outreach and charitable contributions by visualizing real time impact through AI generated data dashboards, escrow-like fund management and capital deployment based on verified milestones of ministry outcome. This potential growth driver holds money in escrow within a donor impact fund, distributes that money to qualified NCPs or CFLs based on verifying milestone achievement and visualizes the outcomes with a real-time impact dashboard.

***Digital Growth***

Our self-service onboarding gives users access to Gloo Workspace and is designed to empower churches to independently access both free and premium tools, driving scalable, organic adoption across the platform. With platform adoption growing to over 140,000 churches and ministry leaders as of July 31, 2025, up from 74,000 as of January 31, 2024, we offer a ready-made distribution channel for NCPs and a powerful engine for potential reach, engagement and recurring revenue.

***AI Transformation***

We are developing vertical-specific, values-aligned AI designed to serve the unique needs of the faith and flourishing ecosystem. Our AI approach is primarily developed by us but accelerated through third-party, open-source foundation models. For example, our data engine, ingestion, enrichment and other business logic and domain-specific fine-tuning are all internally developed and proprietary, while many of our conversational and generative AI features and APIs are underpinned by third-party and open-source base models.

*Strategic Areas of AI Development*

Our strategy is to lead AI deployments in three important areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Values-Aligned AI** – AI designed to help humans flourish in all areas of life based on flourishing principles, rather than optimizing for engagement metrics that may harm mental health.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Language and Voice AI** – World-class translation and voice technology that serves a large number of languages and prioritizes underserved populations where AI is not yet available in their language. We expect this to be further enhanced after our pending acquisition of XRI Global, a leading provider of AI-driven language and translation technologies for the faith and flourishing ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**AI Licensing** – Facilitating the exchange that gives AI companies and developers ethical access to high-quality content with fair compensation models for publishers and creators.

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*AI Product Maturity Framework*

In our suite of products and services, we distinguish between three stages of AI maturity: AI-native, AI-enhanced or early AI-adoption and non-AI enhanced. This framework helps illustrate where AI is embedded from inception and where it is being incrementally integrated.

<u>AI-Native Products and Services</u>

These are architected with AI at their core, leveraging our proprietary multi-agent orchestration, data engine and licensing infrastructure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI Chat** – Our flagship conversational AI tool, providing multimodal values-aligned experiences grounded in spiritual wisdom, ethical guidance and practical life support. Architected with retrieval-augmented generation (RAG) pipelines, profile- and memory-aware inference and rights-aware sourcing, Gloo AI Chat serves business-to-business teams, enterprises and white-label deployments. It is currently in beta and is expected to launch this fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI Data Engine** – A proprietary enrichment and retrieval service that transforms raw content, including books, sermons, transcripts and media, into structured, AI-optimized knowledge bases. Through ingestion, tagging, indexing and enrichment pipelines, it produces transcripts, metadata, embeddings and derivative assets optimized for semantic retrieval and integration into AI tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI APIs** – Developer-facing services for enrichment, retrieval, inference and orchestration. These include:

o**Data Engine Service API** – enabling ingestion and enrichment of content.

o**Search API** – hybrid semantic and symbolic search across theological, scriptural and flourishing categories.

o**Completions API** – orchestrated inference routed through expert models and tool agents.

o**Chat API** – retrieval-augmented conversational output with citations and values alignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo AI Licensing Platform** – A transparent digital rights management and licensing infrastructure that enables ethical access to content for AI training and inference. It embeds enforceable licensing terms, attribution and automated royalty distribution, giving publishers and creators control and revenue while allowing developers to safely integrate licensed content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Church.Tech** – Soon to be integrated into Gloo Workspace, an AI-native platform for ministry operations that acts as a content studio for churches. Designed from inception as an AI-first product, it enables pastors and ministry leaders to generate, adapt and distribute content using values-aligned generative AI.

<u>AI-Enhanced or Early AI-Adoption</u>

These are established products where AI features are being introduced to augment existing workflows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo Workspace** – A comprehensive platform for pastors and ministry leaders that incorporates AI to support communications, sermon preparation, community engagement insights, generative content and outcome measurement. It also offers Gloo+, a subscription tier with enhanced engagement and analytics tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gloo360** – Enterprise services that leverage AI for managed operations, advanced analytics, agentic workflows, recommendation systems and custom enterprise builds for faith-based organizations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Visitor Reach** – A product embedding AI to optimize outreach strategies and improve church visitor engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Carey Nieuwhof Platform** – Experimenting with AI-powered content generation, personalization and recommendation features for ministry and leadership resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Igniter Media –** Integrating AI into its creative content platform to enhance media discovery, automate tagging and recommendations, and provide churches with generative tools for producing and customizing visual and video assets.

For these products, AI is not yet the foundational architecture, as is the case for the majority of software products today, but rather a growing set of enhancements layered onto proven products. Over time, many of these offerings are expected to evolve toward AI-native states.

*Proprietary, Open Source, Licensed and Frontier AI*

All of our AI products rely on a hybrid approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Proprietary AI** – Gloo-developed orchestration, domain-specific fine-tuning, RAG pipelines, alignment and safety layers, licensing enforcement and data enrichment systems. These represent the core of our proprietary AI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Open Source AI** – We are model-agnostic and accelerate development through widely adopted open-source large language models, such as LLaMA, Qwen and DeepSeek, which we fine-tune and RAG-enhance using our proprietary methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Licensed AI** – Where beneficial, we incorporate licensed AI frameworks, such as LangChain, Open Meter and Weaviate, or specialized APIs to complement our proprietary AI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Frontier AI** –We use major frontier AI technologies from providers such as OpenAI, Anthropic and Google to provide values-aligned AI capabilities to the faith and flourishing ecosystem, but we are not substantially dependent on any single frontier LLM provider. We are selectively modest on the use of these technologies.

Our hybrid approach to AI allows us to benefit from global advances in open-source and frontier AI while maintaining differentiation through our proprietary orchestration, datasets and alignment layers.

*Datasets and Training Sources*

Our AI products are differentiated by one of the largest vertically aligned datasets for faith and flourishing, covering books, sermons, media and academic content. Our models and applications are trained and grounded on a combination of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Internal Datasets** – Gloo and Gloo Capital Partner-owned content ingested and enriched by the Gloo AI data engine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Licensed Datasets** – Subset of faith-based publishers, ministries and creators who have licensed their content managed by the Gloo AI licensing platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Public Datasets** – Responsibly sourced open content that complements proprietary and licensed corpora.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Synthetic Datasets** – AI-generated content and datasets produced through proprietary approaches.

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All datasets are peer-reviewed by theological and domain experts to ensure accuracy, alignment and trustworthiness.

*Ecosystem and Partnerships*

Beyond our internal products, Gloo AI is integrated into Gloo Capital Partner offerings. We are also seeing strong traction with developers, publishers and next-generation content providers. We are in active discussions with several leading faith-based technology platforms to power new audio, language and conversational capabilities through Gloo AI. We believe these potential partnerships will accelerate adoption of Gloo AI across the global faith ecosystem.

**Our Customers**

Our customer base spans a diverse range of NCPs and CFLs within the faith and flourishing ecosystem and we served more than 57,000 paying customers as of July 31, 2025. Our platform is tailored to this vertical and is designed for NCPs and CFLs that seek modern, scalable solutions for engagement, communication and resource management. We offer customers essential foundational features for free to lower adoption barriers. Premium features, available through Gloo+ and Gloo Capital Partners, cater to mid-size and large organizations with more complex needs that include advanced analytics, custom content and expanded outreach capabilities. We prioritize accessibility and drive to monetization through conversion as organizations grow and require additional services.

Gloo customers include some of the most influential NCPs and CFLs in the faith and flourishing ecosystem. We believe the following current and paying customers are indicative of our diverse customer base:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Churches and Frontline Organizations** | &nbsp;&nbsp;**Network Capability Providers** |
| &nbsp;&nbsp;CFLs of various sizes and influence pay Gloo for subscriptions, e-commerce marketplace products, services and platform solutions. For example: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Giga Churches** (>10,000 congregants): Seacoast Church (SC) and North Coast Church (CA)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Mega Churches** (>2,000 congregants): The Park Church (NC) and NorthPointe Community Church (CA)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Small-Mid Sized Churches and Ministries**: over 2,000 throughout the United States<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Flourishing-Based Frontline Organizations** | &nbsp;&nbsp;NCPs offer a range of services and programs to the faith and flourishing ecosystem and primarily pay Gloo for Gloo Media Network and/or Gloo360. For example:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Humanitarian Aid**: Compassion International<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Content and Media**: Right Now Media, MomCo and Come and See Foundation (The Chosen TV series)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Operational Services**: Wesleyan Investment Foundation (financial loans), Westfall Gold (donor services) and Vanderbloemen (executive search)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Education**: Indiana Wesleyan University |

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**Our Competitive Strengths**

Connecting what we believe to be one of the largest ecosystems in humanity requires a diverse set of skills and strengths. We believe our competitive strengths include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Connecting a Large, Diverse and Fragmented Faith and Flourishing Ecosystem** – With over 140,000 churches and ministry leaders and over 3,000 active NCPs on our platform as of July 31, 2025, we believe we have built a trusted digital environment at scale in the faith and flourishing ecosystem. To our knowledge, no other company has aggregated a comparable breadth and diversity of ecosystem participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Differentiated Access to Ecosystem Relationships** – We believe our ability to convene the ecosystem is a core differentiator. This is rooted in our extensive relational capital, cultivated through over ten years of trust-building and delivering value to the ecosystem. We facilitate dialogues that lead to actionable solutions and strengthened partnerships, contributing to current and future customers, as well as Gloo Capital Partner acquisitions and investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Developing AI for the Faith and Flourishing Ecosystem** – As a pioneer in leveraging AI specifically for the faith and flourishing ecosystem, we believe Gloo is positioned to unite stakeholders (including publishers, developers and consumers) around the transformative potential of AI and to further expand our revenue models. We are uniting AI experts, theologians and ministry leaders in co-creating solutions that are designed to be ethical, effective and aligned with the values of human flourishing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Demonstrated Strategic Vision and Execution** – As of July 31, 2025, we have executed more than 15 strategic investments and acquisitions across key segments of the faith and flourishing ecosystem, integrating high-value NCPs with proprietary products, strong customer relationships and established market presence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Experienced Board and Management Team** – We are led by what we believe is a world-class board and executive team with deep expertise in both technology and the markets in which we operate. The team brings a proven track record in building scalable platforms, driving digital transformation, and forging high-impact partnerships. Scott Beck, our co-founder, president and chief executive officer, is a veteran entrepreneur with over 40 years of experience in scaling businesses such as Blockbuster and Home Advisor. Pat Gelsinger, our executive chair and head of technology, brings more than 45 years of technology leadership, including his most recent role as chief executive officer of Intel. They are joined by seasoned leaders with experience from Meta, YouVersion, McKinsey, Christianity Today and Hobby Lobby, forming a strongly qualified team to execute our growth strategy and scale Gloo's impact across the faith and flourishing ecosystem.

**Our Competition**

Our platform operates across a broad and highly fragmented market. We believe our competition primarily falls into five categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Faith-tech and general market point solutions, including providers of church management systems, communications tools and engagement platforms such as Subsplash, Ministry Brands, Planning Center and Mailchimp that compete with the Gloo Workspace communications and insights products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Proprietary and custom systems, including larger ministries that build internal technology stacks that compete with our Gloo360 solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Traditional advertising networks, including large media and marketing platforms that offer reach and audience access such as Meta and Google that compete with the Gloo Media Network.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Technology development solutions, including providers that compete with the platform solutions offered by our Gloo Capital Partners, Midwestern and Servant.io.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Specialized and general e-commerce marketplaces, including providers of physical and digital products sold to CFLs for their operations, such as Amazon and Concordia Supply that compete with Outreach and our other e-commerce marketplaces.

Although we face competition across these categories, we believe we are well-suited to continue to grow our platform and we do not believe our competitors match the breadth, contextual relevance or ability of our platform to unify diverse business models.

**Our Employees**

As of July 31, 2025, we had approximately 550 employees across the United States. We benefit from an engaged and driven employee base motivated to join Gloo by our work to support organizations and individuals driving impact. This differentiator not only builds strong employee engagement, but also helps us provide a higher level of service to our customers. With many employees volunteering with nonprofits annually and several serving on a nonprofit board or committee, our direct experience enables our teams to better serve our customer base. Additionally, we believe that by acquiring and investing in Gloo Capital Partners we gain access to differentiated talent that will drive advancements on our platform.

We believe that attracting, developing and retaining exceptional talent is essential to achieving our long-term goals. To support this, we offer competitive compensation and benefits, opportunities for professional growth and a flexible and inclusive work environment. To our knowledge, none of our employees are represented by a labor union, and we consider our relations with our employees to be strong.

As we grow, we expect to continue expanding our team to support strategic initiatives, including product innovation, NCP engagement and potential acquisitions and investments.

**Sales and Marketing**

Our go-to-market strategy includes a scalable digital acquisition strategy and high-touch enterprise sales. This strategy is designed to expand the ecosystem of CFLs and NCPs on our platform.

Our solutions and services are distributed through a hybrid direct and indirect sales approach, combining both assisted and unassisted sales motions to maximize reach and efficiency. Our direct sales efforts are driven by a team of dedicated sales development representatives who focus on lead generation and qualification, ensuring a consistent pipeline of high-quality prospects. These efforts are bolstered by our customer success organization, which actively contributes employee-generated sales leads, fostering collaboration between sales and customer success teams to drive revenue growth. In addition to direct sales efforts, we leverage our extensive network of relationships within the faith and flourishing ecosystem to amplify its reach through indirect sales channels. Strategic marketing and referral programs with these third parties allow us to engage new customers efficiently while deepening our relationships within the community. These sales and customer success professionals are primarily located throughout the United States.

Our omnichannel marketing program further supports lead generation by employing a wide range of strategies, including paid and unpaid digital advertising, event marketing, account-based marketing and content marketing. These initiatives are designed to capture inbound leads and cultivate interest among prospective customers. Additionally, our ecosystem of NCPs enhances these efforts, providing an additional layer of marketing exposure and reach.

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We host and participate in a range of impactful events that drive our sales and marketing efforts by deepening engagement within the faith and flourishing ecosystem and showcasing our solutions. Signature events like State of the Church, in collaboration with Barna, and Outreach's Back to Church Sunday, the AI & The Church Hackathon and others generate significant visibility, attract new users, promote our offerings, position ourselves as the faith and flourishing leader in technology and highlight offerings from Gloo Capital Partners. We also target publication of our thought leadership content and position our subject matter experts in webinars, podcasts, industry journals and publications. We have a large base of loyal customers that provide references and recommendations often featured in our advertising and promotional activities.

**Research and Development**

Research and development is core to our strategy of providing modern technology to the faith and flourishing ecosystem. Our development teams design and build the core infrastructure, tools and experiences that power our platform. Their work spans full-stack development, cloud infrastructure, mobile experiences and AI-driven capabilities. We are committed to ethical technology development. Our research and development practices are guided by principles of data stewardship, user trust and mission alignment. We collaborate with thought leaders in faith, flourishing, technology and social impact to ensure our innovations reflect the values and needs of the communities we serve. We intend to continue to invest in our research and development capabilities to add and integrate additional platform offerings and develop AI powered tools, content and resources to amplify missional impact.

**Intellectual Property** 

We rely on a combination of trademarks and trade secrets, as well as contractual provisions and restrictions, to protect our intellectual property. As of July 31, 2025, we owned nine U.S. trademark registrations for the mark GLOO and related marks. We also own numerous domain names, including *www.gloo.com*.

We also rely on trade secrets and know-how, and we seek to protect these rights through confidentiality and nondisclosure agreements with employees, contractors and other parties. Although we take measures to protect our intellectual property, there can be no assurance that these measures will be successful, or that others will not independently develop similar technologies or otherwise gain access to our proprietary information. In addition, our intellectual property rights may be challenged or infringed upon by third parties.

**Legal Proceedings** 

We are and, from time to time, may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition, or cash flows. We may become involved in legal proceedings in the future, and the outcome of any such matters is inherently uncertain. If an unfavorable outcome were to occur, it could have a material impact on our business or financial results.

**Facilities** 

Our corporate headquarters are located in Boulder, Colorado, where we currently lease approximately 13,800 square feet. We also lease facilities in Sewickley, Pennsylvania, Orlando, Florida and Palo Alto, California. We believe our current facilities are adequate to meet our existing needs. However, as we continue to pursue our growth strategy, including through potential acquisitions, we may require additional facilities. We intend to secure such additional facilities as needed to support our ongoing operations and integration of acquired businesses.

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**MANAGEMENT**

**Executive Officers and Directors**

The following table identifies our executive officers and directors who will be serving upon the effectiveness of the registration statement of which this prospectus forms a part, and their ages as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| ***Executive Officers*** |  |  |
| Scott Beck | 67 | President, Chief Executive Officer and Director |
| Patrick Gelsinger | 64 | Executive Chair and Head of Technology |
| Paul Seamon | 50 | Chief Financial Officer |
| Matthew Gotschall | 38 | Chief Accounting Officer and Treasurer |
| ***Non-Employee Directors*** |  |  |
| Bishop Claude Richard Alexander, Jr.<sup>(2)(3)</sup> | 61 | Director |
| John (Jack) Furst<sup>(1)(2)</sup> | 66 | Director |
| Derek Green<sup>(1)</sup> | 38 | Director |
| Elizabeth Grennan<sup>(1)(3)</sup> | 51 | Director |
| Robert Gruenewald | 49 | Director |
| Nona Jones<sup>(2)(3)</sup> | 43 | Director |

---

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(1)Member of the audit committee

(2)Member of the compensation committee

(3)Member of the nominating and corporate governance committee

**Executive Officers**

***Scott Beck*** has served as our president and chief executive officer since inception. Mr. Beck has also served as the chief executive officer and founder of Tango since 1997 and as partner and vice chairman of Pacific Dental Services since 2005. He previously served as vice chairman and chief operating officer of Blockbuster Entertainment from 1986 to 1993, chairman and chief executive officer of Boston Market from 1992 to 1997 and founder and chairman of Einstein Bros Bagels from 1994 to 1997. Mr. Beck graduated from Southern Methodist University with a Bachelor of Science in Finance, Accounting and Business. We believe Mr. Beck is qualified to serve on our board of directors given his perspective, experience and institutional knowledge as our co-founder and chief executive officer.

***Patrick Gelsinger*** has served as our executive chair and head of technology since March 2025 and as a member of our board of directors since August 2016. In his role as head of technology, Mr. Gelsinger is responsible for the direct oversight of all product, engineering and go-to-market strategies for Gloo AI, Gloo Workspace, Gloo Media Network and Gloo360. Mr. Gelsinger also provides strategic and technical leadership to Gloo Capital Partners. Mr. Gelsinger has served as a general partner of Playground Global, LLC, an early-stage venture capital fund, since March 2025. Mr. Gelsinger began his career in 1979 at Intel Corporation, a computer and semiconductor company, holding a variety of roles, including chief technology officer, and overseeing the creation of key industry technologies like USB and Wi-Fi, before leaving to explore different opportunities and eventually returning to serve as chief executive officer from February 2021 until December 2024. Mr. Gelsinger also served on Intel's board of directors from February 2021 to December 2024. While not at Intel, Mr. Gelsinger served as chief executive officer of VMware, Inc., from September 2012 to February 2021. Mr. Gelsinger helped to transform VMware into a recognized leader in cloud infrastructure, enterprise mobility and cybersecurity and was a member of VMware's board of directors from September 2012 until February 2021. Mr. Gelsinger also served as a member of the board of directors of Mobileye Global Inc., an autonomous driving company listed on Nasdaq, from September 2022 to December 2024. Mr. Gelsinger graduated from Stanford University with a Master of Electrical Engineering and from Santa Clara University with a Bachelor of Science in Electrical Engineering. We believe Mr. Gelsinger is qualified to serve as the chairman of our board of directors because of his extensive experience as a public company executive and as a member of public company boards of directors.

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***Paul Seamon*** has served as our chief financial officer since October 2025. Mr. Seamon previously served as chief financial officer of Viventium, a human capital management software company, from February 2024 to September 2025. He also served as interim chief financial officer at Paymentus, an online payment services company listed on NYSE, from August 2022 to March 2023 and vice president of finance and strategy from August 2020 to July 2022. Prior to that, Mr. Seamon served as executive vice president of finance at Alight Solutions, a human capital management company, from August 2018 to May 2020. Mr. Seamon graduated from Kellogg School of Management with a Master of Business Administration and from Purdue University with a Bachelor of Science in Accounting.

***Matthew Edward Gotschall*** has served as our chief accounting officer since January 2025. Mr. Gotschall previously served as our head of operations – finance and corporate systems from April 2022 to January 2025, as our controller from March 2019 to April 2022 and as our accounting manager from June 2017 to February 2019. Mr. Gotschall is a Certified Public Accountant and graduated from the University of Colorado at Boulder with a Master of Business Administration in Financial Accounting and a Bachelor of Science in Business Administration with a dual emphasis in Finance and Accounting and a minor in Mandarin Chinese.

**Non-Employee Directors**

***Bishop Claude Richard Alexander, Jr.*** has served on our board of directors since December 2022. Bishop Alexander has served as senior pastor of The Park Church in Charlotte, North Carolina since August 1990, as chief executive officer of The Park Expo and Conference Center since November 2006, and as vice presiding bishop of the Kingdom Association of Covenant Pastors since 2008. He also provided business development consulting services to Crowe LLP, a public accounting firm, from January 2023 to March 2024. Bishop Alexander serves on several boards of directors and has authored numerous devotional books. Bishop Alexander graduated from Gordon-Conwell Theological Seminary with a Doctorate of Ministry, from Pittsburgh Theological Seminary with a Master in Divinity and from Morehouse College with a Bachelor of Art in Philosophy. We believe Bishop Alexander is qualified to serve on our board of directors because of his extensive senior management experience in Christian organizations.

***John Douglas Furst*** has served on our board of directors since July 2019. Mr. Furst has more than 35 years of experience in leveraged acquisitions and private investments. Mr. Furst is the founder of Oak Stream Investors, a private investment firm founded in 2008. He manages his own capital making investments in real estate, oil and gas, fixed income securities and public and private equities. Mr. Furst has served on the board of directors of Capital Southwest Corporation, a credit provider to small and medium sized business listed on Nasdaq, since 2014. Mr. Furst has also served on the board of directors for Drilling Tools International, a provider of tools for land and offshore drilling listed on Nasdaq, since 2012. Prior to founding Oak Stream Investors, Mr. Furst worked in a variety of roles at investment banks and private equity firms, including as a partner with Hicks Muse Tate & Furst. Mr. Furst is also an adjunct professor at the University of North Texas and the University of Texas at Dallas, where he teaches finance and investments. Mr. Furst graduated from the Graduate School of Business at the University of Texas at Austin with a Master of Business Administration and from Arizona State University with a Bachelor of Science in Finance & Accounting. We believe Mr. Furst is qualified to serve on our board of directors because of his experience on other public company boards of directors and his extensive financial experience.

***Derek Todd Green*** has served on our board of directors since April 2021. Mr. Green has served as the vice president of investments at HL American Investments LLC, the investment office of Hobby Lobby Stores, Inc. and the Green family, since May 2013. Before his current role, Mr. Green founded and sold a document services company and held multiple roles at Hobby Lobby. We believe Mr. Green is qualified to serve on our board of directors because of his business and entrepreneurial experience.

***Elizabeth Grennan*** has served on our board of directors since April 2025. Ms. Grennan has served as the chief client officer at Simpson Thacher & Bartlett LLP, a global law firm, since April 2025. Prior to that, Ms. Grennan was a partner at McKinsey & Company from May 2016 to March 2025. Earlier in her career, Ms. Grennan served as general counsel to emerging technology companies. Ms. Grennan graduated from the University of Virginia School of Law with a Juris Doctorate, from the London School of Economics with a Master of Science in Public Policy & Public Administration and from the University of California, Los Angeles with a Bachelor of Arts in Political

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Science. We believe Ms. Grennan is qualified to serve on our board of directors because of her experience advising multi-faceted companies on legal and technology matters.

***Robert Gruenewald*** has served on our board of directors since January 2025. Mr. Gruenewald is the founder and chief executive officer of YouVersion, a consumer faith platform founded in 2008. Mr. Gruenewald has also served as pastor, director and innovation leader at Life.Church since 2001. Before his current roles, Mr. Gruenewald founded and sold two technology companies and held multiple roles at venture capital firms. Mr. Gruenewald graduated from Southern Nazarene University with a Bachelor of Science in Finance. We believe Mr. Gruenewald is qualified to serve on our board of directors because of his long-standing experience running a faith-based technology company.

***Nona Jones*** has served on our board of directors since March 2023. Ms. Jones has served as the chief executive officer of Inside Out Leadership, a leadership coaching provider, since October 2024. Ms. Jones previously served as the chief content and partnerships officer and global ambassador at YouVersion from February 2023 to January of 2025 and as the head of global faith partnerships at Meta Platforms, Inc. from August 2017 to January 2023. Ms. Jones graduated from the University of Florida with a Master of Business Administration and a Bachelor of Arts in Communications. We believe Ms. Jones is qualified to serve on our board of directors because of her experience in executive management positions and as the head of a faith-based team of a public company.

**Family Relationships**

There are no family relationships among any of our executive officers or directors.

**Code of Business Conduct and Ethics**

Our board of directors intends to adopt a code of business conduct and ethics that applies to all of our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, as well as our contractors, consultants and agents. Following this offering, the full text of our code of business conduct and ethics will be posted on the investor relations page on our website at *www.gloo.com*. We intend to disclose any amendments to our code of business conduct and ethics, or waivers of its requirements, applicable to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, on our website identified above or in filings under the Exchange Act. Information contained on our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part.

**Board of Directors**

Our business and affairs are managed under the direction of our board of directors. Our certificate of incorporation and bylaws to be in effect prior to the closing of this offering will provide that the number of directors will be fixed by our board of directors, subject to the terms of our certificate of incorporation and bylaws. Each of our directors will continue to serve as a director until the election and qualification of his or her successor, or until his or her earlier death, resignation or removal.

***Classified Board***

Our certificate of incorporation to be in effect prior to the closing of this offering will provide that our board of directors will be divided into three classes with staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Our directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Class I directors will be Mr. Furst, Mr. Green and Bishop Alexander, and their terms will expire at the annual meeting of stockholders to be held in 2026;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Class II directors will be Mr. Gruenewald and Ms. Jones, and their terms will expire at the annual meeting of stockholders to be held in 2027; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Class III directors will be Mr. Beck, Mr. Gelsinger and Ms. Grennan, and their terms will expire at the annual meeting of stockholders to be held in 2028.

Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. The classification of our board of directors with staggered three-year terms may have the effect of delaying or preventing changes in control of our company. See the section titled "Description of Capital Stock—Anti-Takeover Effects of Certain Provisions of Delaware Law, Our Certificate of Incorporation and Our Bylaws."

***Director Independence***

Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or her background, employment and affiliations, our board of directors has determined that Mr. Furst, Mr. Green, Ms. Grennan, Bishop Alexander and Ms. Jones, representing five of our eight directors, do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is an "independent director" as defined under the listing standards of the Nasdaq Stock Market. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances that our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

**Board Committees**

Our board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors is described below. Members will serve on these committees until the earlier of their resignation or removal by our board of directors in its discretion.

***Audit Committee***

Upon the effectiveness of the registration statement of which this prospectus forms a part, the members of our audit committee will be Mr. Furst, Mr. Green and Ms. Grennan, with Mr. Furst serving as chairperson, each of whom meets the requirements for independence under the rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market applicable to audit committee members. Each member of our audit committee also meets the financial literacy requirements of the listing standards of the Nasdaq Stock Market. In addition, our board of directors has determined that Mr. Furst is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K under the Securities Act. Following completion of this offering, our audit committee will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•select, retain, compensate, evaluate, oversee and, where appropriate, terminate our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and approve the scope and plans for the audits and the audit fees and approve all non-audit and tax services to be performed by the independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluate the independence and qualifications of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review our financial statements, and discuss with management and our independent registered public accounting firm the results of the annual audit and the quarterly reviews;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and discuss with management and our independent registered public accounting firm the quality and adequacy of our internal controls and our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•discuss with management our procedures regarding the presentation of our financial information, and review earnings press releases and guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•oversee the design, implementation and performance of our internal audit function, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•set hiring policies with regard to the hiring of employees and former employees of our independent auditor and oversee compliance with such policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review, approve and monitor related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adopt and oversee procedures to address complaints regarding accounting, internal accounting controls and auditing matters, including confidential, anonymous submissions by our employees of concerns regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and monitor compliance with our code of business conduct and ethics and consider questions of actual or possible conflicts of interest of Board members and corporate officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and discuss with management and our independent auditor the adequacy and effectiveness of our legal, regulatory and ethical compliance programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and discuss with management and our independent auditor our guidelines and policies to identify, monitor and address enterprise risks.

Our audit committee will operate under a written charter, to be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market.

***Compensation Committee***

Upon the effectiveness of the registration statement of which this prospectus forms a part, the members of our compensation committee will be Mr. Furst, Ms. Jones and Bishop Alexander, with Mr. Furst serving as chairperson, each of whom meets the requirements for independence under the rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market applicable to compensation committee members. Each member of our compensation committee is also a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act. Following completion of this offering, our compensation committee will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review, approve or make recommendations to our board of directors regarding the compensation for our executive officers, including our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review, approve and administer our employee benefit and equity incentive plans and overall compensation philosophy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establish and review the compensation plans and programs of our employees, and ensure that they are consistent with our general compensation strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine non-employee director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advise the board on management proposals to stockholders on executive compensation matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and discuss compensation risk;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•prepare the report of the compensation committee required by the rules and regulations of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approve or make recommendations to our board of directors regarding the creation or revision of any clawback policy.

Our compensation committee will operate under a written charter, to be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market.

***Nominating and Corporate Governance Committee***

Upon the effectiveness of the registration statement of which this prospectus forms a part, the members of our nominating and corporate governance committee will be Ms. Grennan, Bishop Alexander and Ms. Jones, with Ms. Grennan serving as chairperson, each of whom meets the requirements for independence under the listing standards of the Nasdaq Stock Market. Following completion of this offering, our nominating and corporate governance committee will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review, assess and make recommendations to our board of directors regarding desired qualifications, expertise and characteristics sought of board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identify, evaluate, select or make recommendations to our board of directors regarding nominees for election to our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•develop policies and procedures for considering stockholder nominees for election to our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review our succession planning process for our chief executive officer and any other members of our executive management team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and make recommendations to our board of directors regarding the composition, organization and governance of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine non-employee director compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and make recommendations to our board of directors regarding our corporate governance guidelines and corporate governance framework;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•oversee director orientation for new directors and continuing education for our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•oversee the evaluation of the performance of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and discuss with management disclosure of our corporate governance practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review and monitor compliance with our code of business conduct and ethics, and review conflicts of interest of our board members and officers other than related party transactions reviewed by our audit committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administer policies and procedures for communications with the non-management members of our board of directors.

Our nominating and corporate governance committee will operate under a written charter, to be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable listing standards of the Nasdaq Stock Market.

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**Compensation Committee Interlocks and Insider Participation**

The members of our compensation committee are Mr. Furst, Ms. Jones and Bishop Alexander. None of the members of our compensation committee is or has been an officer or employee of our company. None of our executive officers currently serves, or in the past year has served, as a member of the board of directors or compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of any entity that has one or more executive officers serving on our board of directors or compensation committee.

**Director Compensation**

Directors who are also our employees receive no additional compensation for their service as directors. The compensation received by Mr. Beck as an employee is set forth in the section titled "Executive Compensation." The following table sets forth information regarding the total compensation awarded to, earned by or paid to our directors other than Mr. Beck for the year ended January 31, 2025, for their service on our board of directors.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Paid<br>or Earned<br>in Cash<br>($)** | **Option<br>Awards<br>($) (1)** | **Total<br>($)** |
| Bishop Claude Richard Alexander, Jr. |  | 21882 | 21882 |
| John (Jack) Furst |  | 21882 | 21882 |
| Patrick Gelsinger |  | 21882 | 21882 |
| Derek Green |  | 21882 | 21882 |
| Elizabeth Grennan |  |  |  |
| Robert Gruenewald |  | 21882 | 21882 |
| Nona Jones | 70000<br><sup>(2)</sup> | 21882 | 91882 |

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(1)The amounts in the "Option Awards" column reflect the aggregate grant-date fair value of the options calculated in accordance with FASB ASC Topic 718, rather than the amounts paid or realized by the non-employee director. The assumptions used to calculate the value of our option awards are the same as those provided in Note 17 to our consolidated financial statements with respect to the value of the options.

(2)Represents fees paid to Ms. Jones for consulting services provided to us in the year ended January 31, 2025.

The following table lists all outstanding equity awards held by our directors other than Mr. Beck as of January 31, 2025 (after giving effect to the Reverse Split):

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| | |
|:---|:---|
| **Name** | **Number of Shares<br>Underlying<br>Outstanding<br>Options** |
| Bishop Claude Richard Alexander, Jr. | 5,555 |
| John (Jack) Furst | 5,555 |
| Patrick Gelsinger | 133,760 |
| Derek Green | 5,555 |
| Elizabeth Grennan |  |
| Robert Gruenewald | 5,555 |
| Nona Jones | 5,555 |

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Prior to this offering, we did not have a formal policy with respect to compensation payable to our non-employee directors for service as directors. We anticipate adopting a formal compensation policy for our non-employee directors, which will govern their cash and equity compensation following the completion of this offering.

**Outside Director Compensation Policy** 

In connection with this offering we will adopt a compensation policy for our outside directors, which will govern their cash and equity compensation following the completion of this offering.

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We anticipate that under this outside director compensation policy each eligible non-employee director will receive cash and equity compensation for board services described below. We also will continue to reimburse our eligible non-employee directors for reasonable, customary and documented travel expenses to board and committee meetings.

We anticipate that the outside director compensation policy will include a maximum annual limit of $750,000 of aggregate cash compensation and equity compensation awards that may be paid, issued or granted to a non-employee director in any fiscal year, increased to $1,000,000 in the initial fiscal year of service as a non-employee director. For purposes of this limitation, the value of equity awards will be based on the grant-date fair value (determined in accordance with U.S. GAAP). Any cash compensation paid or equity compensation awards granted to a person for his or her services as an employee, for their services as a consultant (other than as a non-employee director), or prior to the effective date of the IPO will not count for purposes of the limitation. The maximum limit does not reflect the intended size of any potential compensation or equity awards to our non-employee directors.

***Cash Compensation***

We anticipate that under the outside director compensation policy eligible non-employee directors will be entitled to receive the following cash compensation for their services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$100,000 per year for service as a board member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$40,000 per year for service as non-executive chair of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$25,000 per year for service as chair of the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 per year for service as a member of the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$25,000 per year for service as chair of the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 per year for service as a member of the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$25,000 per year for service as chair of the nominating and corporate governance committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 per year for service as a member of the nominating and corporate governance committee.

We anticipate that each eligible non-employee director who serves as the chair of a committee will receive both the additional annual fee as the chair of the committee and the additional annual fee as a member of the committee. All cash payments to non-employee directors are paid quarterly in arrears on a prorated basis.

***Equity Compensation***

*IPO Award*

We anticipate that each person who is serving as an eligible non-employee director upon the completion of this offering will receive an award of RSUs (the IPO Award), covering a number of shares of our Class A common stock, with such award having a grant date fair value equal to $200,000, rounded to the nearest whole share. The IPO Award will vest, as to one-half of the underlying RSUs, on the day of the first annual stockholder meeting following the completion of this offering, or, if earlier, the one-year anniversary of the grant date and, as to one-half of the underlying RSUs, on the second annual stockholder meeting following the completion of this offering, or, if earlier, the two-year anniversary of the grant date, subject to the eligible non-employee director continuing to provide services to us through the applicable vesting date.

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*Initial Award*

We anticipate that each person who first becomes an eligible non-employee director following the completion of this offering will receive an initial award of RSUs (the Initial Award), covering a number of shares of our Class A common stock, with such award having a grant date fair value equal to $200,000, rounded to the nearest whole share. The Initial Award will vest as to one-half of the underlying RSUs on each of the first and second anniversaries of the date on which the person first became an eligible non-employee director, subject to the eligible non-employee director continuing to provide services to us through the applicable vesting date. If the person was a member of the board of directors and also an employee, becoming an eligible non-employee director due to termination of employment will not entitle the eligible non-employee director to an Initial Award.

*Annual Award* 

We anticipate that each eligible non-employee director automatically will receive, on the date of each annual meeting of stockholders starting in 2027, an annual award of RSUs (the Annual Award), covering a number of shares of our Class A common stock, with such award having a grant date fair value of $100,000, rounded to the nearest whole share. We anticipate that the Annual Award will vest on the one-year anniversary of the grant date of the Annual Award or, if earlier, the day before our annual meeting of stockholders that follows the grant date of the Annual Award, subject to the eligible non-employee director continuing to provide services to us through the applicable vesting date.

We anticipate that, in the event of a "change in control" (as defined in the 2025 Plan), each non-employee director will fully vest in his or her outstanding equity awards, including any IPO Award, Initial Award or Annual Award, provided that the eligible non-employee director continues to be a non-employee director through such date.

**Limitation of Liability and Indemnification of Officers and Directors**

We expect to adopt an amended and restated certificate of incorporation, which will be in effect upon the closing of this offering, and which will contain provisions that limit the liability of our directors and certain of our officers for monetary damages to the fullest extent permitted by the DGCL. In addition, if the DGCL is amended to provide for further limitations on the personal liability of directors or officers of corporations, then the personal liability of our directors and officers will be further limited to the greatest extent permitted by the DGCL.

In addition, we expect to adopt amended and restated bylaws, which will become effective as of the closing of this offering, and which will provide that we will indemnify our directors and officers, and may indemnify our employees, agents and any other persons, to the fullest extent permitted by the DGCL. Our bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require us to, among other things, indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also generally require us to advance all expenses reasonably and actually incurred by our directors and executive officers in investigating or defending any such action, suit or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

We also expect to obtain and maintain insurance policies under which our directors and officers are insured, within the limits and subject to the limitations of those policies, against certain expenses in connection with the defense of, and certain liabilities which might be imposed as a result of, actions, suits or proceedings to which they are parties by reason of being or having been our directors or officers. The coverage provided by these policies may apply whether or not we would have the power to indemnify such person against such liability under the provisions of the DGCL. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors or officers, or is or was one of our directors or officers serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

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**EXECUTIVE COMPENSATION**

Our named executive officers for the year ended January 31, 2025 were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Scott Beck, our co-founder, president and chief executive officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Matthew Gotschall, our chief accounting officer and treasurer.

**Summary Compensation Table for Fiscal 2024**

The following table sets forth information regarding the compensation awarded to, earned by or paid to our named executive officers for fiscal 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and <br>Principal Position** | **Year** | **Salary<br>($)** | **Option Awards<br>($)**<sup>(1)</sup> | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)**<sup>(2)</sup> | **Total<br>($)** |
| Scott Beck |  |  |  |  |  |
| &nbsp;&nbsp;*President and Chief Executive Officer* | Fiscal 2024 | 260000 | 21882 | 117000 | 398882 |
| Matthew Gotschall |  |  |  |  |  |
| &nbsp;&nbsp;*Chief Accounting Officer and Treasurer* | Fiscal 2024 | 205000 | 147277 | 40984 | 393261 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)The amount in the "Option Awards" column reflects the aggregate grant-date fair value of the options calculated in accordance with FASB ASC Topic 718, rather than the amounts paid or realized by the named executive officer. The assumptions used to calculate the value of our option awards are the same as those provided in Note 2 to our consolidated financial statements with respect to the value of the options.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The amounts in the "Non-Equity Incentive Plan Compensation" column reflect amounts earned under the individualized incentive plan in which the named executive officer participated, as described in the section titled "Executive Compensation—Non-Equity Incentive Plan Compensation."

**Non-Equity Incentive Plan Compensation**

Both of our named executive officers are eligible to receive performance-based cash bonuses, which are designed to provide appropriate incentives to our executives to achieve defined performance goals and to reward our executives for individual achievement towards these goals. The performance-based bonus each named executive officer is eligible to receive is generally based on the extent to which we achieve pre-established corporate goals.

For fiscal 2024, each of our named executive officers were eligible to earn an annual bonus up to a percentage of his annual base salary, which was 50.0% with respect to Mr. Beck and 20.0% with respect to Mr. Gotschall. Bonuses to our named executive officers in fiscal 2024 were based on quarterly and annual operating unit objectives. We approved payments under our fiscal 2024 bonus plan to our named executive officers. Based on the achievements under the fiscal 2024 plan and the relative weighting, the named executive officers received total performance-based cash bonuses for fiscal 2024 in the amounts set forth in the "Non-Equity Incentive Plan Compensation" of the "Summary Compensation Table" above.

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**Outstanding Equity Awards at Fiscal 2024 Year-End**

The following table sets forth information regarding outstanding equity awards held by our named executive officers as of January 31, 2025 (after giving effect to the Reverse Split).

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Grant<br>Date** | **Vesting<br>Commencement<br>Date** | **Number of<br>securities<br>underlying<br>unexercised<br>options (#)<br>exercisable** | **Number of<br>securities<br>underlying<br>unexercised<br>options (#)<br>unexercisable** | **Option<br>exercise<br>price ($)** | **Option<br>expiration <br>date** | **Number of<br>unvested<br>Incentive<br>Units<br>underlying<br>award (#)** | **Threshold<br>price per<br>Incentive<br>Unit ($)** |
| Scott Beck | 10/31/2020 | 10/1/2020 | 5866  |  | 11.25  | 10/30/2030 |  |  |
|  | 12/31/2020 | 12/31/2020 | 5866  |  | 11.25  | 12/30/2030 |  |  |
|  | 3/13/2021 | 3/1/2021 | 6044  |  | 11.25  | 3/12/2031 |  |  |
|  | 1/21/2025<br><sup>(1)</sup> | 1/21/2025 |  | 5555  | 18.00  | 1/20/2035 |  |  |
| Matthew Gotschall | 8/26/2017 | 6/5/2017 | 2222 |  | 4.50 | 8/25/2027 |  |  |
|  | 7/9/2018 | 3/1/2018 | 1666 |  | 5.70 | 7/8/2028 |  |  |
|  | 3/23/2019 | 1/1/2019 | 9444 |  | 7.95 | 3/22/2029 |  |  |
|  | 6/20/2020<br><sup>(2)</sup> | 6/20/2020 | 5333 | 1333 | 11.25 | 6/19/2030 |  |  |
|  | 10/31/2020 | 10/1/2020 | 1642 |  | 11.25 | 10/30/2030 |  |  |
|  | 12/31/2020 | 12/31/2020 | 1642 |  | 11.25 | 12/30/2030 |  |  |
|  | 3/13/2021<br><sup>(2)</sup> | 3/1/2021 | 8000 | 5333 | 11.25 | 3/12/2031 |  |  |
|  | 3/13/2021 | 3/1/2021 | 1692 |  | 11.25 | 3/12/2031 |  |  |
|  | 4/28/2023<br><sup>(3)</sup> | 2/28/2024 |  |  |  |  | 60000 | 11.25 |
|  | 12/23/2024<br><sup>(2)</sup> | 9/1/2024 |  | 33333 | 18.00 | 12/22/2034 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)The common units underlying this common unit option are scheduled to fully vest on the first anniversary of the Vesting Commencement Date subject to Mr. Beck's continued service with us.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The Incentive Units underlying each of these awards vested as to 2/5ths of the total Incentive Units on the second anniversary of the Vesting Commencement Date with 1/5th of the total Incentive Units vesting annually thereafter subject to Mr. Gotschall's continued service with us.

&nbsp;&nbsp;&nbsp;&nbsp;(3)The Incentive Units underlying each of these awards vested as to 2/5ths of the total Incentive Units on the Vesting Commencement Date with 1/5th of the total Incentive Units vesting annually thereafter subject to Mr. Gotschall's continued service with us.

**Description of Option Awards**

All options are options to purchase common membership units of Gloo Holdings, LLC. Upon the completion of the Corporate Reorganization, outstanding options to purchase common membership units of Gloo Holdings, LLC will be exchanged for options to purchase shares of Class B common stock of Gloo Holdings, Inc. on the same basis as outstanding common membership units are so converted, with exercise prices appropriately adjusted. Unless otherwise described in the notes to the Outstanding Equity Awards at Fiscal 2024 Year-End table above, each option vests over as to 2/5ths of the total units on the second anniversary of the Vesting Commencement Date with 1/60th of the total units vesting monthly thereafter subject to the respective named executive officer's continued service with us.

**Executive Officer Employment Arrangements**

We anticipate entering into confirmatory employment agreements with our executive officers, providing for the terms set forth below.

***Scott Beck***

Mr. Beck's confirmatory employment agreement will not have a specific term and will provide that Mr. Beck is an at-will employee. The agreement will supersede all existing agreements and understandings that Mr. Beck may have concerning his employment relationship with us. We expect that Mr. Beck's confirmatory employment agreement will provide that he will continue to receive his current annual base salary of $260,000, and be eligible for a target annual bonus at 50% of his annual base salary.

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***Patrick Gelsinger***

Mr. Gelsinger's confirmatory employment agreement will not have a specific term and will provide that Mr. Gelsinger is an at-will employee. The agreement will supersede all existing agreements and understandings that Mr. Gelsinger may have concerning his employment relationship with us. We expect that Mr. Gelsinger's confirmatory employment agreement will provide that his annual base salary will be increased from $130,000 to $260,000, effective as of the effective date of the registration statement of which this prospectus forms a part, and be eligible for a target annual bonus at 50% of his annual base salary.

***Matthew Gotschall*** 

Mr. Gotschall's confirmatory employment agreement will not have a specific term and will provide that Mr. Gotschall is an at-will employee. The agreement will supersede all existing agreements and understandings that Mr. Gotschall may have concerning his employment relationship with us. We expect that Mr. Gotschall's confirmatory employment agreement will provide that he will continue to receive his current annual base salary of $250,000, and be eligible for a target annual bonus at 40% of his annual base salary.

***Paul Seamon***

Mr. Seamon's confirmatory employment agreement will not have a specific term and will provide that Mr. Seamon is an at-will employee. The agreement will supersede all existing agreements and understandings that Mr. Seamon may have concerning his employment relationship with us. We expect that Mr. Seamon's confirmatory employment agreement will provide that he will continue to receive his current annual base salary of $300,000, and be eligible for a target annual bonus at 75% of his annual base salary.

**Potential Payments upon Termination or Change of Control**

Prior to the completion of this offering, we expect to enter into arrangements with our named executive officers providing for severance and change in control benefits upon certain qualifying terminations of employment.

Prior to the completion of this offering, we expect to adopt our Executive Change in Control Severance Plan (the Severance Plan) to provide severance and change in control benefits to our executive officers and certain other key employees. The severance payments and benefits under the Severance Plan generally are expected to be in lieu of any other severance payments and benefits to which a participant was entitled before signing his or her participation agreement under the Severance Plan, except as specifically provided under the participation agreement.

In the event of a "termination" of the employment of an executive officer by us for a reason other than "cause" or the executive officer's death or "disability" (as such terms are defined in our Severance Plan), that occurs outside the change in control period (as described below), the executive officer will be entitled to the following payments and benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a lump sum payment equal to 50% of the executive officer's annual base salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a pro-rated portion of the executive officer's target annual bonus for the year of termination, with the proration calculated based on the number of months in which the executive officer was employed with us during that year; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reimbursement, or taxable lump sum payment in lieu of reimbursement, equal to the premium cost of continued health coverage under the Consolidated Omnibus Reconciliation Act of 1985, as amended (COBRA), for a period of 6 months.

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In the event of a termination of the employment (i) by us for a reason other than "cause" or the executive officer's death or "disability" or (ii) by the executive officer for "good reason" (as such terms are defined in our Severance Plan), in either case, occurring within a period beginning 3 months prior to and ending 12 months following a "change in control" (as defined in our Severance Plan, and such period the "change in control period"), the executive officer will be entitled to the following payments and benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a lump sum payment equal to 100% of the executive officer's annual base salary, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a pro-rated portion of the executive officer's target annual bonus for the year of termination, with the proration calculated based on the number of months in which the executive officer was employed with us during that year; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reimbursement, or taxable lump sum payment in lieu of reimbursement, equal to the premium cost of continued health coverage under the COBRA for a period of 12 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% accelerated vesting of all outstanding equity awards, and, with respect to equity awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at 100% of target levels for the relevant performance period(s), unless otherwise determined by the applicable agreement governing the equity award with performance-based vesting.

The receipt of the payments and benefits provided for under the Severance Plan described above is conditioned on the executive officer signing and not revoking a separation and release of claims agreement and such release becoming effective and irrevocable no later than the sixtieth day following the executive officer's involuntary termination of employment, as well as continued compliance with any confidentiality, proprietary information and inventions agreement applicable to the executive officer.

In addition, if any of the payments or benefits provided for under our Severance Plan or otherwise payable to the executive officer would constitute "parachute payments" within the meaning of Section 280G of the Code and could be subject to the related excise tax, the executive officer will receive either full payment of such payments and benefits or such lesser amount that would result in no portion of the payments and benefits being subject to the excise tax, whichever results in the greater amount of after-tax benefits to them. Our Severance Plan does not require us to provide any tax gross-up payments to the executive officers.

**Employee Benefit and Stock Plans**

***2025 Equity Incentive Plan*** 

Prior to the completion of this offering, our board of directors is expected to adopt, and we expect our stockholders to approve, our 2025 Plan. We expect that our 2025 Plan will be effective on the business day immediately prior to the effective date of the registration statement of which this prospectus forms a part. Our 2025 Plan will provide for the grant of incentive stock options, within the meaning of Section 422 of the Code, to our employees and any parent and subsidiary corporations' employees, and for the grant of nonstatutory stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to our employees, directors and consultants, and our parent and subsidiary corporations' employees and consultants. We expect that our 2014 Plan will terminate immediately prior to effectiveness of the 2025 Plan with respect to the grant of future awards.

*Authorized Shares* 

A total of shares of our Class A common stock will be reserved for issuance pursuant to our 2025 Plan. In addition, the shares reserved for issuance under our 2025 Plan also will include a number of shares of Class A common stock equal to the shares of Class B common stock subject to stock options or similar awards granted under our 2014 Plan, that, after the effective date of our 2025 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding

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obligations, or are forfeited to or repurchased by us due to failure to vest (provided that the maximum number of shares that may be added to our 2025 Plan from the 2014 Plan is shares). The number of shares available for issuance under our 2025 Plan will also include an annual increase on the first day of each fiscal year beginning on February 1, 2026, equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•five percent (5%) of the outstanding shares of all classes of our common stock as of the last day of the immediately preceding fiscal year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such other amount as our board of directors may determine.

If an award granted under the 2025 Plan expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an exchange program or, with respect to restricted stock, RSUs, performance units or performance shares, is forfeited or repurchased due to failure to vest, then the unpurchased shares (or for awards other than stock options or stock appreciation rights, the forfeited or repurchased shares) will become available for future grant or sale under the 2025 Plan. With respect to stock appreciation rights, only the net shares actually issued will cease to be available under the 2025 Plan and all remaining shares under stock appreciation rights will remain available for future grant or sale under the 2025 Plan. Shares that have actually been issued under the 2025 Plan under any award will not be returned to the 2025 Plan; provided, however, that if shares issued pursuant to awards of restricted stock, RSUs, performance shares or performance units are repurchased or forfeited, such shares will become available for future grant under the 2025 Plan. Shares used to pay the exercise price of an award or to satisfy the tax withholding obligations related to an award will become available for future grant or sale under the 2025 Plan. To the extent an award is paid out in cash rather than shares, such cash payment will not result in a reduction in the number of shares available for issuance under the 2025 Plan.

*Plan Administration* 

Our board of directors or one or more committees appointed by our board of directors will administer our 2025 Plan. The compensation committee is expected to administer our 2025 Plan. In addition, if we determine it is desirable to qualify transactions under our 2025 Plan as exempt under Rule 16b-3 of the Exchange Act, such transactions will be structured with the intent that they satisfy the requirements for exemption under Rule 16b-3. Subject to the provisions of our 2025 Plan, the administrator has the power to administer our 2025 Plan and make all determinations deemed necessary or advisable for administering the 2025 Plan, including, but not limited to, the power to determine the fair market value of our Class A common stock, select the service providers to whom awards may be granted, determine the number of shares covered by each award, approve forms of award agreements for use under the 2025 Plan, determine the terms and conditions of awards (including, but not limited to, the exercise price, the time or times at which the awards may be exercised, any vesting acceleration or waiver or forfeiture restrictions, and any restriction or limitation regarding any award or the shares relating thereto), construe and interpret the terms of our 2025 Plan and awards granted under it, prescribe, amend, and rescind rules relating to our 2025 Plan, including creating sub-plans, and modify or amend each award, including, but not limited to, the discretionary authority to extend the post-termination exercisability period of awards (provided that no option or stock appreciation right will be extended past its original maximum term), and to allow a participant to defer the receipt of payment of cash or the delivery of shares that would otherwise be due to such participant under an award. The administrator also has the authority to allow participants the opportunity to transfer outstanding awards to a financial institution or other person or entity selected by the administrator and to institute an exchange program by which outstanding awards may be surrendered or cancelled in exchange for awards of the same type which may have a higher or lower exercise price and/or different terms, awards of a different type and/or cash, or by which the exercise price of an outstanding award is increased or reduced. The administrator's decisions, interpretations and other actions are final and binding on all participants.

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*Stock Options* 

Stock options may be granted under our 2025 Plan. The exercise price of options granted under our 2025 Plan must at least be equal to the fair market value of our Class A common stock on the date of grant. The term of an option may not exceed ten years. With respect to any participant who owns more than 10% of the voting power of all classes of our outstanding stock, the term of an incentive stock option granted to such participant must not exceed five years and the exercise price must equal at least 110% of the fair market value on the grant date. The administrator will determine the methods of payment of the exercise price of an option, which may include cash, shares or other property acceptable to the administrator, as well as other types of consideration permitted by applicable law. After the termination of service of an employee, director, or consultant, he or she may exercise his or her option for the period of time stated in his or her option agreement. In the absence of a specified time in an award agreement, if termination is due to death or disability, the option will remain exercisable for twelve months. In all other cases, in the absence of a specified time in an award agreement, the option will remain exercisable for three months following the termination of service. An option may not be exercised later than the expiration of its term. Subject to the provisions of our 2025 Plan, the administrator determines the other terms of options.

*Stock Appreciation Rights* 

Stock appreciation rights may be granted under our 2025 Plan. Stock appreciation rights allow the recipient to receive the appreciation in the fair market value of our Class A common stock between the exercise date and the date of grant. Stock appreciation rights may not have a term exceeding ten years. After the termination of service of an employee, director or consultant, he or she may exercise his or her stock appreciation right for the period of time stated in his or her stock appreciation rights agreement. In the absence of a specified time in an award agreement, if termination is due to death or disability, the stock appreciation rights will remain exercisable for twelve months. In all other cases, in the absence of a specified time in an award agreement, the stock appreciation rights will remain exercisable for three months following the termination of service. However, in no event may a stock appreciation right be exercised later than the expiration of its term. Subject to the provisions of our 2025 Plan, the administrator determines the other terms of stock appreciation rights, including when such rights become exercisable and whether to pay any increased appreciation in cash or with shares of our Class A common stock, or a combination thereof, except that the per share exercise price for the shares to be issued pursuant to the exercise of a stock appreciation right will be no less than 100% of the fair market value per share on the date of grant.

*Restricted Stock* 

Restricted stock may be granted under our 2025 Plan. Restricted stock awards are grants of shares of our Class A common stock that vest in accordance with terms and conditions established by the administrator. The administrator will determine the number of shares of restricted stock granted to any employee, director or consultant and, subject to the provisions of our 2025 Plan, will determine the terms and conditions of such awards. The administrator may impose whatever conditions to vesting it determines to be appropriate (for example, the administrator may set restrictions based on the achievement of specific performance goals or continued service to us); provided, however, that the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients of restricted stock awards generally will have voting and dividend rights with respect to such shares upon grant without regard to vesting, unless the administrator provides otherwise. Shares of restricted stock that do not vest are subject to our right of repurchase or forfeiture.

*Restricted Stock Units* 

RSUs may be granted under our 2025 Plan. RSUs are bookkeeping entries representing an amount equal to the fair market value of one share of our Class A common stock. Subject to the provisions of our 2025 Plan, the administrator determines the terms and conditions of RSUs, including the vesting criteria and the form and timing of payment. The administrator may set vesting criteria based upon the achievement of company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the administrator in its discretion. The administrator, in its sole discretion, may pay earned RSUs in the form of cash, in shares or in some combination thereof. Notwithstanding the foregoing, the administrator, in its sole discretion, may accelerate the time at which any vesting requirements will be deemed satisfied.

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*Performance Units and Performance Shares* 

Performance units and performance shares may be granted under our 2025 Plan. Performance units and performance shares are awards that will result in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest. The administrator will establish performance objectives or other vesting criteria in its discretion, which, depending on the extent to which they are met, will determine the number and/or the value of performance units and performance shares to be paid out to participants. The administrator may set performance objectives based on the achievement of company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws, or any other basis determined by the administrator in its discretion. After the grant of a performance unit or performance share, the administrator, in its sole discretion, may reduce or waive any performance criteria or other vesting provisions for such performance units or performance shares. Performance units shall have an initial dollar value established by the administrator on or prior to the grant date. Performance shares shall have an initial value equal to the fair market value of our Class A common stock on the grant date. The administrator, in its sole discretion, may pay earned performance units or performance shares in the form of cash, in shares or in some combination thereof.

*Non-Employee Directors* 

Our 2025 Plan will provide that all non-employee directors will be eligible to receive all types of awards (except for incentive stock options) under our 2025 Plan. Prior to the completion of this offering, we intend to implement a formal policy pursuant to which our non-employee directors will be eligible to receive equity awards under our 2025 Plan. In order to provide a maximum limit on the awards that can be made to our non-employee directors, our 2025 Plan will provide that in any given fiscal year, a non-employee director will not be paid cash retainers or granted awards having a grant-date fair value greater than $750,000, but this limit is increased to $1,000,000 in connection with his or her initially joining the board of directors (in each case, excluding awards granted to him or her as a consultant or employee or granted on or prior to the effective date of the registration statement of which this prospectus forms a part). The grant-date fair values will be determined according to U.S. GAAP. The maximum limits do not reflect the intended size of any potential grants or a commitment to make grants to our non-employee directors under our 2025 Plan in the future.

*Non-Transferability of Awards* 

Unless the administrator provides otherwise, our 2025 Plan generally does not allow for the transfer of awards and only the recipient of an award may exercise an award during his or her lifetime. If the administrator makes an award transferable, such award will contain such additional terms and conditions as the administrator deems appropriate.

*Certain Adjustments* 

In the event of certain changes in our capitalization, to prevent diminution or enlargement of the benefits or potential benefits available under our 2025 Plan, the administrator will adjust the number and class of shares that may be delivered under our 2025 Plan and/or the number, class and price of shares covered by each outstanding award, and the numerical share limits set forth in our 2025 Plan.

*Dissolution or Liquidation* 

In the event of our proposed liquidation or dissolution, the administrator will notify participants as soon as practicable and all awards will terminate immediately prior to the consummation of such proposed transaction.

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*Merger or Change in Control* 

Our 2025 Plan will provide that, in the event of our merger with or into another corporation or entity or a change in control (as defined in our 2025 Plan), each outstanding award will be treated as the administrator determines, including, without limitation, that (1) awards will be assumed, or substantially equivalent awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (2) upon written notice to a participant, that the participant's awards will terminate upon or immediately prior to the consummation of such merger or change in control; (3) outstanding awards will vest and become exercisable, realizable or payable, or restrictions applicable to an award will lapse, in whole or in part prior to or upon consummation of such merger or change in control, and, to the extent the administrator determines, terminate upon or immediately prior to the effectiveness of such merger or change in control; (4) (A) the termination of an award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such award or realization of the participant's rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the administrator determines in good faith that no amount would have been attained upon the exercise of such award or realization of the participant's rights, then such award may be terminated by us without payment), or (B) the replacement of such award with other rights or property selected by the administrator in its sole discretion; (5) with respect only to an award (or portion thereof) that is unvested as of immediately prior to the effective time of the merger or change in control, the termination of the award immediately prior to the effective time of the merger or change in control with such payment to the participant (including no payment) as the administrator determines in its discretion; or (6) any combination of the foregoing. The administrator will not be obligated to treat all awards, all awards a participant holds, or all awards of the same type, similarly.

In the event an option or stock appreciation right is not assumed or substituted in the event of a merger or change in control, the administrator will notify each participant in writing or electronically that the option or stock appreciation right, as applicable, will be exercisable for a period of time determined by the administrator in its sole discretion, and the option or stock appreciation right, as applicable, will terminate upon the expiration of such period.

Awards granted to our outside directors will vest fully and become immediately exercisable, all restrictions on his or her restricted stock and RSUs will lapse and all performance goals or other vesting requirements for his or her performance shares and units will be deemed achieved at 100% of target levels and all other terms and conditions met.

*Clawback* 

Awards will be subject to any clawback policy that we are required to adopt pursuant to the listing standards of any national securities exchange or association on which our stock is listed or as otherwise required by applicable laws, and the administrator also may specify in an award agreement that the participant's rights, payments and/or benefits with respect to an award will be subject to reduction, cancellation, forfeiture and/or recoupment upon the occurrence of certain specified events. Our board of directors may require a participant to forfeit, return or reimburse us all or a portion of the award and/or shares issued under the award, any amounts paid under the award, and any payments or proceeds paid or provided upon disposition of the shares issued under the award in order to comply with such clawback policy or applicable laws.

*Amendment and Termination* 

The administrator has the authority to amend, suspend or terminate our 2025 Plan provided such action does not impair the existing rights of any participant. Our 2025 Plan automatically will terminate in 2035, unless we terminate it sooner.

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***2025 Employee Stock Purchase Plan***

Prior to the completion of this offering, our board of directors is expected to adopt, and our stockholders are expected to approve, our ESPP. Our ESPP will be effective on the business day immediately prior to the effective date of the registration statement of which this prospectus forms a part. However, no offering period or purchase period will begin unless and until otherwise determined by our board of directors, and we expect offering periods under the ESPP will commence at a later date.

*Authorized Shares*

A total of shares of our Class A common stock will be available for sale under our ESPP. The number of shares of our Class A common stock that will be available for sale under our ESPP also includes an annual increase on the first day of each fiscal year beginning on February 1, 2026 , equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•three percent (3%) of the outstanding shares of all classes of our common stock as of the last day of the immediately preceding fiscal year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such other amount as our board of directors may determine.

*Plan Administration*

Our board of directors, or a committee appointed by our board of directors, will administer our ESPP, and have full but non-exclusive authority to interpret the terms of our ESPP and determine eligibility to participate, subject to the conditions of our ESPP, as described below. We expect our compensation committee to administer our ESPP. The administrator will have full and exclusive discretionary authority to construe, interpret and apply the terms of the ESPP, to delegate ministerial duties to any of our employees, to designate separate offerings under the ESPP, to designate our subsidiaries and affiliates as participating in the ESPP, to determine eligibility, to adjudicate all disputed claims filed under the ESPP and to establish procedures that it deems necessary or advisable for the administration of the ESPP, including, but not limited to, adopting such procedures, sub-plans and appendices to the ESPP enrollment agreement as are necessary or appropriate to permit participation in the ESPP by employees who are foreign nationals or employed outside the United States. The administrator's findings, decisions and determinations are final and binding on all participants to the full extent permitted by law.

*Eligibility*

Generally, all of our employees will be eligible to participate if they are customarily employed by us, or any participating subsidiary, for at least 20 hours per week and more than five months in any calendar year. The administrator, in its discretion, may, prior to an enrollment date for all options granted on such enrollment date in an offering, determine that an employee who (1) has not completed at least two years of service (or a lesser period of time determined by the administrator) since his or her last hire date, (2) customarily works not more than 20 hours per week (or a lesser period of time determined by the administrator), (3) customarily works not more than five months per calendar year (or a lesser period of time determined by the administrator), (4) is a highly compensated employee within the meaning of Section 414(q) of the Code, or (5) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to disclosure requirements under Section 16(a) of the Exchange Act, is or is not eligible to participate in such offering period.

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However, an employee may not be granted rights to purchase shares of our Class A common stock under our ESPP if such employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•immediately after the grant would own capital stock possessing 5% or more of the total combined voting power or value of all classes of our capital stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•hold rights to purchase shares of our Class A common stock under all of our employee stock purchase plans that accrue at a rate that exceeds $25,000 worth of shares of our Class A common stock for each calendar year.

*Offering Periods*

Our ESPP will include a component that allows us to make offerings intended to qualify under Section 423 of the Code and a component that allows us to make offerings not intended to qualify under Section 423 of the Code to designated companies, as described in our ESPP. Offering periods will begin and end on such dates as may be determined by the administrator in its discretion, in each case on a uniform and nondiscriminatory basis, and may contain one or more purchase periods. The administrator may change the duration of offering periods (including commencement dates) with respect to future offerings so long as such change is announced prior to the scheduled beginning of the first offering period affected. No offering period may last more than 27 months.

*Contributions*

Our ESPP will permit participants to purchase shares of our Class A common stock through contributions (in the form of payroll deductions or otherwise to the extent permitted by the administrator) of up to % of their eligible compensation. A participant may purchase a maximum of shares of our Class A common stock during a purchase period.

*Exercise of Purchase Right*

Amounts contributed and accumulated by the participant will be used to purchase shares of our common stock at the end of each six-month purchase period. The purchase price of the shares will be % of the lower of the fair market value of our Class A common stock on the first trading day of the offering period or on the exercise date. If the fair market value of our Class A common stock on the exercise date is less than the fair market value on the first trading day of the offering period, participants will be automatically withdrawn from such offering period immediately following their purchase of shares of our Class A common stock on the exercise date and will be automatically re-enrolled in the next offering period. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of our Class A common stock. Participation ends automatically upon termination of employment with us.

*Non-Transferability*

A participant may not transfer rights granted under our ESPP (other than by will, the laws of descent and distribution or as otherwise provided under our ESPP).

*Merger or Change in Control*

Our ESPP provides that in the event of a merger or change in control, as defined under our ESPP, a successor corporation may assume or substitute each outstanding purchase right. If the successor corporation refuses to assume or substitute for the outstanding purchase right, the offering period then in progress will be shortened, and a new exercise date will be set that will be before the date of the proposed merger or change in control. The administrator will notify each participant that the exercise date has been changed and that the participant's option will be exercised automatically on the new exercise date unless prior to such date the participant has withdrawn from the offering period.

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*Amendment; Termination*

The administrator will have the authority to amend, suspend or terminate our ESPP, except that, subject to certain exceptions described in our ESPP, no such action may adversely affect any outstanding rights to purchase shares of our Class A common stock under our ESPP. Our ESPP automatically will terminate in 2045, unless we terminate it sooner.

***2014 Gloo Holdings, LLC Membership Unit Option Plan***

The 2014 Plan was originally adopted by the Gloo Holdings, LLC board of managers and approved by the Gloo Holdings, LLC members in 2014.

The 2014 Plan allows Gloo Holdings, LLC to provide unit options (each, an option and the recipient of such option, an optionee) to eligible owners, officers, employees, managers and consultants of Gloo Holdings, LLC, any affiliate of Gloo Holdings, LLC, or any entity that provides services to Gloo Holdings, LLC or any affiliate of Gloo Holdings, LLC. It is expected that as of one business day prior to the effective date of the registration statement of which this prospectus forms a part, the 2014 Plan will be terminated and we will not grant any additional options under the 2014 Plan thereafter. However, the 2014 Plan will continue to govern the terms and conditions of the outstanding options previously granted under the 2014 Plan.

As of , 2025, the following options were outstanding under the 2014 Plan: unit options to acquire common membership units of Gloo Holdings, LLC. All outstanding common unit options under the 2014 Plan are expected to be exchanged for options to purchase shares of Gloo Holdings, Inc. Class B common stock on a three-for-one basis when Gloo Holdings, Inc. assumes the 2014 Plan in connection with this offering.

*Plan Administration*

The 2014 Plan is currently administered by the Gloo Holdings, LLC board of managers or one or more committees appointed by the Gloo Holdings, LLC board of managers, and will be administered by the Gloo Holdings, Inc. board of directors or one or more committees appointed by the Gloo Holdings, Inc. board of directors when Gloo Holdings, Inc. assumes the 2014 Plan in connection with this offering. The administrator has the power to make determinations pursuant to the provisions of the 2014 Plan in its sole discretion. All decisions made by the administrator are final and binding. The administrator has the authority to adopt, alter and repeal administrative rules, guidelines and practices governing the 2014 Plan, to interpret the terms and provisions of the 2014 Plan and an award issued under the 2014 Plan, and any forms relating to the 2014 Plan, and to otherwise supervise the administration of the 2014 Plan. The administrator's policies and procedures may differ with respect to awards granted at different times or to different participants.

The administrator's powers include the power to determine under what circumstances an option may be settled in cash or common units. The administrator also has the power to adopt, amend and rescind rules and regulations that, in its opinion, may be advisable in the administration of the 2014 Plan and to determine whether an award is to be adjusted, modified or purchased, or is to become fully exercisable, under the 2014 Plan.

*Eligibility*

Owners, officers, employees, managers and consultants of Gloo Holdings, LLC, any affiliate of Gloo Holdings, LLC, or any entity that provides services to Gloo Holdings, LLC or any affiliate of Gloo Holdings, LLC who, in the opinion of the 2014 Plan administrator, will be in a position to make contributions to the growth and success of Gloo Holdings, LLC or any affiliate of Gloo Holdings, LLC are eligible to receive options.

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*Unit Options*

Options have been granted under the 2014 Plan. Subject to the provisions of the 2014 Plan, the administrator determines the terms and conditions of an option, including, but not limited to, the number of common units subject to an option, the option price, the option period, any exercise restriction or limitation and any exercise acceleration, forfeiture or waiver regarding any option, any common units relating thereto, any performance criteria and the satisfaction of such criteria.

The term of an option is set by the administrator, but the term of an option may not exceed ten years from the grant date. The administrator determines the option price per unit of the common units purchasable under an option, which equals the fair market value of the underlying common units on the grant date.

Under the 2014 Plan, options generally vest as to 40% on the second anniversary of the applicable vesting commencement date and 20% vest annually thereafter for a period of three (3) years; provided, however, that the administrator may, at its sole discretion, determine to apply a different vesting schedule.

The optionee may pay the exercise price of an option in accordance with the methods set forth in the 2014 Plan. Upon a "Termination of Employment" (as defined in the 2014 Plan) of the optionee, that optionee may exercise the vested portion of his or her option following the termination date for 30 days (or 1 year in the event of death or disability). In no event will an option remain exercisable beyond its original term. If an optionee does not exercise his or her option within the time specified, the option will terminate. The administrator has the discretion to determine exercisability periods for an option.

*Non-transferability of Options*

Except as otherwise set forth in the 2014 Plan, the operating agreement of Gloo Holdings, LLC or other organizational documents of Gloo Holdings, LLC, no award under the 2014 Plan is transferable by the participant other than by will or by the laws of descent and distribution. An award may be exercised during the lifetime of the holder of an award only by such holder.

*Change in Capitalization*

The administrator will adjust or substitute the number of common units covered by outstanding awards, the number of common units available for issuance under the 2014 Plan, the exercise price per unit covered by outstanding awards, performance conditions and any other characteristics or terms of the awards as the administrator deems necessary or appropriate to reflect equitably the effects of any unit distribution, unit split, combination or exchange of common units, recapitalization or other change in the capital structure of Gloo Holdings, LLC, separation or division of Gloo Holdings, LLC (including, but not limited to, a split-up, spin-off, split-off or distribution to unitholders other than a normal cash distribution), sale by Gloo Holdings, LLC of all or a substantial portion of its assets (measured on either a stand-alone or consolidated basis), reorganization, rights offering, a partial or complete liquidation, or any other similar transaction, unit offering or event involving Gloo Holdings, LLC and having an effect similar to any of the foregoing. No common units will include preemption or antidilution rights of any kind unless such rights are specifically set forth in the operating agreement of Gloo Holdings, LLC.

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*Change in Control*

In the event of a change in control (which also includes a liquidation or dissolution of Gloo Holdings, LLC), unless otherwise provided in the instrument evidencing the unit option or any other written agreement between the Gloo Holdings, LLC or any affiliate of Gloo Holdings, LLC and the participant or unless otherwise expressly provided by the administrator at the time of grant of any option, the administrator may take one or more of the following actions with respect to options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue the option or to substitute a similar award for the option (including, but not limited to, an award to acquire the same consideration paid to the unitholders of Gloo Holdings, LLC pursuant to the change in control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arrange for the assignment of any reacquisition or repurchase rights held by Gloo Holdings, LLC in respect of common units issued pursuant to the option to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accelerate the vesting, in whole or in part, of the option (and, if applicable, the time at which the option may be exercised) to a date prior to the effective time of such change in control as the administrator determines (or, if the administrator does not determine such a date, to the date that is five days prior to the effective date of the change in control), with such option terminating if not exercised (if applicable) at or prior to the effective time of the change in control; provided, however, that the administrator may require option holders to complete and deliver to Gloo Holdings, LLC a notice of exercise before the effective date of a change in control, which exercise is contingent upon the effectiveness of such change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by Gloo Holdings, LLC with respect to the option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cancel or arrange for the cancellation of the option, to the extent not vested or not exercised prior to the effective time of the change in control, in exchange for such cash consideration, if any, as the administrator, in its sole discretion, may consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make a payment, in such form as may be determined by the administrator equal to the excess, if any, of (A) the value of the property the optionee would have received upon the exercise of the option immediately prior to the effective time of the change in control, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be $0 if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders in Gloo Holdings, LLC in connection with the change in control is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

The administrator need not take the same action or actions with respect to all options or portions thereof or with respect to all optionees. The administrator may take different actions with respect to the vested and unvested portions of an option.

*Amendment and Termination*

The administrator may amend the 2014 Plan at any time subject to certain limitations as set forth in the 2014 Plan. In addition, no such amendment will be made without the approval of the unitholders of Gloo Holdings, LLC to the extent such approval is required by law or by agreement among all the unitholders.

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***Gloo Holdings, LLC and Gloo Incentives, LLC Profits Interests Units***

We have granted our employees and directors awards of Incentive Units, which are intended to qualify as profits interests units for United States federal tax purposes and pursuant to which the holder may receive certain distributions with respect to any such Incentive Units that have vested once such distributions payable to holders of Incentive Units in Gloo Holdings, LLC or Gloo Incentives, LLC, in each case which exceed the specified participation threshold for the specific award of Incentive Units.

The Incentive Units vest according to the approved vesting schedule. In general, the Incentive Units vest as to 40% on the first vesting date (which, unless otherwise specified under the terms of the applicable award, generally occurs on the second anniversary of the grant date) and as to the remaining 60% in equal annual installments over a period of three years thereafter, subject to the holder's continued employment or service through each vesting date.

In connection with this offering, unvested Incentive Units will be exchanged for shares of restricted Class B common stock of Gloo Holdings, Inc., subject to the same vesting conditions that apply to the unvested Incentive Units, and vested Incentive Units will be exchanged for shares of Class B common stock of Gloo Holdings, Inc.

***Executive Incentive Compensation Plan***

Prior to the completion of this offering, we expect that our board of directors will adopt our Executive Incentive Compensation Plan (the Incentive Compensation Plan). Our Incentive Compensation Plan will allow us to provide cash incentive awards to employees selected by our board of directors or the compensation committee (the administrator), including our named executive officers, based upon performance goals established by the administrator. Pursuant to the Incentive Compensation Plan, the administrator, in its sole discretion, will establish a target award for each participant and a bonus pool, with actual awards payable from such bonus pool, with respect to the applicable performance period.

Under our Incentive Compensation Plan, the administrator will determine the performance goals applicable to any award, which goals may include, without limitation, goals related to: attainment of research and development milestones; sales bookings; business divestitures and acquisitions; capital raising; cash flow; cash position; contract awards or backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary, business unit or division; earnings (which may include any calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net taxes); earnings per share; expenses; financial milestones; gross margin; growth in stockholder value relative to the moving average of the S&P 500 Index or another index; internal rate of return; leadership development or succession planning; license or research collaboration arrangements; market share; net income; net profit; net sales; new product or business development; new product invention or innovation; number of customers; operating cash flow; operating expenses; operating income; operating margin; overhead or other expense reduction; patents; procurement; product defect measures; product release timelines; productivity; profit; regulatory milestones or regulatory-related goals; retained earnings; return on assets; return on capital; return on equity; return on investment; return on sales; revenue; revenue growth; sales results; sales growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted actual contract value; unadjusted or adjusted total contract value; and individual objectives such as peer reviews or other subjective or objective criteria. The performance goals may differ from participant to participant and from award to award.

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The administrator of our Incentive Compensation Plan may, in its sole discretion and at any time, increase, reduce or eliminate a participant's actual award, and/or increase, reduce or eliminate the amount allocated to the bonus pool for a particular performance period. The actual award may be below, at, or above a participant's target award, in the discretion of the administrator. The administrator may determine the amount of any increase, reduction or elimination on the basis of such factors as it deems relevant, and it is not required to establish any allocation or weighting with respect to the factors it considers.

Actual awards will be paid in cash (or its equivalent) in a single lump sum only after they are earned, which usually requires continued employment through the date the actual award is paid. The administrator reserves the right to settle an actual award with a grant of an equity award under our then-current equity compensation plan, which equity award may have such terms and conditions, as the administrator determines. Payment of awards occurs as soon as administratively practicable after they are earned, but no later than the dates set forth in our Incentive Compensation Plan.

Our board of directors and our compensation committee will have the authority to amend, alter, suspend or terminate our Incentive Compensation Plan, provided such action does not impair the existing rights of any participant with respect to any earned awards.

***Clawback Policy***

We expect to adopt an executive compensation recovery policy that will become effective as of the effective date of the registration statement of which this prospectus forms a part (the Clawback Policy), applicable to our current and future former executive officers in compliance with the requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act as implemented by SEC rules and regulations and listing standards. The Clawback Policy is expected to provide for the non-discretionary recovery of excess incentive-based compensation from current and former executive officers in the event of an accounting restatement, whether or not the executive officer was at fault for the restatement. As is expected to be described in more detail in the Clawback Policy, excess compensation generally is incentive-based compensation that exceeds the amount a covered executive otherwise would have received had the compensation been determined based on the restated amounts. Excess compensation is generally expected to be covered by the Clawback Policy if received by an individual following the effective date of the policy and during the three completed fiscal years immediately prior to the date it is determined that an accounting restatement is required, such amounts were received after the individual became an executive officer and such individual was an executive officer at any time during the applicable performance period.

***401(k) Plan***

We maintain a 401(k) retirement savings plan for the benefit of our employees, including our named executive officers, who satisfy certain eligibility requirements. Our 401(k) plan provides eligible employees with an opportunity to save for retirement on a tax-advantaged basis. Under our 401(k) plan, eligible employees may elect to defer a portion of their compensation, within the limits prescribed by the Code and the applicable limits under the 401(k) plan, on a pre-tax or after-tax (Roth) basis, through contributions to the 401(k) plan. The 401(k) plan permits us to make certain matching contributions. All of a participant's contributions into the 401(k) plan are 100% vested when contributed. The 401(k) plan is intended to qualify under Sections 401(a) and 501(a) of the Code. As a tax-qualified retirement plan, pre-tax contributions to the 401(k) plan and earnings on those pre-tax contributions are not taxable to the employees until distributed from the 401(k) plan, and earnings on Roth contributions are not taxable when distributed from the 401(k) plan.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the sections titled "Management" and "Executive Compensation," the following is a description of each transaction since January 31, 2023, and each currently proposed transaction, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount involved exceeded or exceeds $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any of our directors, executive officers or beneficial holders of more than 5% of any class of our capital stock, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

**Policies and Procedures for Related Person Transactions**

We intend to adopt a formal, written policy regarding related person transactions, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part. This written policy regarding related person transactions will provide that a related person transaction is a transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships, in which we are a participant and in which a related person has, had or will have a direct or indirect material interest and in which the aggregate amount involved exceeds $120,000. Our policy will also provide that a related person means any of our executive officers and directors (including director nominees), in each case at any time since the beginning of our last fiscal year, or holders of more than 5% of any class of our voting securities and any member of the immediate family of, or person sharing the household with, any of the foregoing persons. Our audit committee will have the primary responsibility for reviewing and approving or disapproving related person transactions. In addition to our policy, our audit committee charter that will be in effect upon the effectiveness of the registration statement of which this prospectus forms a part will provide that our audit committee shall review and approve or disapprove any related person transactions.

All related person transactions described in this section occurred prior to adoption of the formal, written policy described above, and therefore these transactions were not subject to the approval and review procedures set forth in the policy.

**Corporate Reorganization**

We currently operate as Gloo Holdings, LLC, a Delaware limited liability company. For purposes of this offering, we formed Gloo Holdings, Inc., a Delaware corporation, which is the registrant in this offering. Immediately prior to the completion of this offering, we will complete a series of internal reorganization transactions pursuant to which, among other things, a Delaware limited liability company and wholly owned subsidiary of Gloo Holdings, Inc., will merge with and into Gloo Holdings, LLC, with Gloo Holdings, LLC as the surviving entity. As a result, Gloo Holdings, LLC will become a wholly owned subsidiary of Gloo Holdings, Inc., and the members of Gloo Holdings, LLC immediately prior to the consummation of the merger, including our directors, officers and persons that beneficially own more than 5% of any class of our common stock, will become holders of shares of Class B common stock of Gloo Holdings, Inc. The Gloo Holdings, LLC Agreement (the LLC Agreement) will also be amended and restated in connection with the Corporate Reorganization. For more information, see the section titled "Corporate Reorganization."

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**Series A Preferred Unit Issuances**

On December 8, 2023, we entered into a unit purchase agreement with Pearl Street Trust pursuant to which we issued 3,000,000 Series A preferred units of Gloo Holdings, LLC to Pearl Street Trust for a purchase price of $18,000,000. Mr. Beck, our chief executive officer and a member of our board of directors, is a trustee for Pearl Street Trust.

On December 8, 2023, we entered into a unit purchase agreement with JAJO Partners, LP pursuant to which we issued 166,667 Series A preferred units of Gloo Holdings, LLC to JAJO Partners, LP for a purchase price of $1,000,002. Jack Furst, a member of our board of directors, is the chief executive officer, president and treasurer of JAJO LLC which is the general partner of JAJO Partners, LP.

On December 8, 2023, we entered into a unit purchase agreement with Patrick P. Gelsinger Revocable Trust UAD 11/7/2000 pursuant to which we issued 41,667 Series A preferred units of Gloo Holdings, LLC to Patrick P. Gelsinger Revocable Trust UAD 11/7/2000 for a purchase price of $250,002. Patrick Gelsinger, our head of technology and a member of our board of directors, is the trustee of Patrick P. Gelsinger Revocable Trust UAD 11/7/2000.

On December 8, 2023, we entered into a unit purchase agreement with HL American Investments LLC pursuant to which we issued 166,667 Series A preferred units of Gloo Holdings, LLC to HL American Investments LLC for a purchase price of $1,000,002. Derek Green, a member of our board of directors, is the vice president of investments of HL American Investments LLC.

On December 8, 2023, we entered into a series of unit purchase agreements with several purchasers pursuant to which we issued a total of 9,126,116 Series A preferred units of Gloo Holdings, LLC for an aggregate purchase price of $54,756,693 (the 2023 Financing). In connection with the 2023 Financing, Mr. Beck, his spouse and Pearl Street Trust entered into put agreements with certain purchasers in the 2023 Financing, none of which are related parties for purposes of this disclosure, and us (the 2023 Put Agreements), pursuant to which Mr. Beck, his spouse and Pearl Street Trust jointly and severally agreed to purchase all of the units purchased by those purchasers for $6.00 per unit, or $40,458,342 in the aggregate, upon such purchaser's demand during the period beginning on the first anniversary of the effective date of each put agreement and ending on the fourth anniversary of the effective date of each put agreement. We are party to the 2023 Put Agreements solely to represent and warrant that each such agreement was approved pursuant to the terms of the then-effective LLC Agreement. In connection with the 2023 Financing, Mr. Beck and his spouse also entered into guaranty agreements with certain of the purchasers, none of which are related parties for purposes of this disclosure, pursuant to which Mr. Beck and his spouse personally guaranteed the payment of the obligations under the respective 2023 Put Agreements, totaling $26,858,340, within ten business days of a demand made by any of those purchasers. Mr. Beck's and his spouse's obligations under one purchaser's 2023 Put Agreement is secured by a mortgage on certain real property owned by Pearl Street Trust.

**Secured Promissory Notes and Warrant Issuances**

On April 23, 2024, we entered into a note purchase agreement with Pearl Street Trust and several other purchasers (the Original NPA) pursuant to which we issued a series of secured promissory notes with an aggregate principal amount of $45,000,000 to Pearl Street Trust on April 23, 2024, July 23, 2024 and January 29, 2025, each with a maturity date of April 23, 2027 (the Maturity Date). These secured promissory notes have a per annum interest rate of 8% plus the greater of (1) 1% or (2) the forward-looking term rate for a one-month term based on the secured overnight financing rate on the first business day of each calendar quarter, that has been selected or recommended by the Federal Reserve Board or the Federal Reserve Bank of New York. In connection with these secured promissory notes, we issued warrants to Pearl Street Trust, and to the other purchasers, on the same dates their notes were purchased, to purchase an aggregate of 2,250,000 Gloo Holdings, LLC common units at an exercise price of $6.00 per unit. In addition, we entered into a security agreement with Pearl Street Trust and the other parties to the Original NPA pursuant to which we granted a security interest in certain collateral defined in such agreement as collateral security for the full payment and performance of the secured promissory notes issued pursuant to the Original NPA (the Security Agreement). Mr. Furst acted as collateral agent under the Security Agreement.

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We entered into an amended and restated note purchase agreement on June 23, 2025 with Pearl Street Trust and certain of the other purchasers who were parties to the Original NPA (the A&R NPA), pursuant to which the secured promissory notes held by Pearl Street Trust, and the other parties to the A&R NPA, were amended and restated to, among other things, confirm a new aggregate principal amount for Pearl Street Trust of $46,768,121 and to add provisions which will automatically convert the principal amount into shares of our Class B common stock upon the effectiveness of this registration statement at a conversion price of the lesser of (1) 80% of the public offering price of our Class A common stock and (2) $30.00. In connection with the amendment and restatement of the secured promissory notes, the warrants issued to Pearl Street Trust, and to certain other parties to the A&R NPA, were terminated. In addition, in connection with the A&R NPA, we entered into an amended and restated security agreement with Pearl Street Trust and the other parties to the A&R NPA pursuant to which we granted a security interest in certain collateral defined in such agreement as collateral security for the full payment and performance of the secured promissory notes issued pursuant to the A&R NPA (the A&R Security Agreement).

In connection with the A&R NPA, on June 23, 2025 Pearl Street Trust, Mr. Beck and his spouse entered into a guaranty agreement with the other parties to the A&R NPA, holding notes with an aggregate principal amount of $37,538,624, pursuant to which Pearl Street Trust, Mr. Beck and his spouse, jointly and severally, guaranteed to pay the outstanding balances of these notes on demand if any of the following events of default occurs and is outstanding when such demand is made: (1) we liquidate or wind up our business; (2) we file for bankruptcy; (3) an involuntary petition is filed against us under any bankruptcy statute and is in effect for 90 days; (4) we fail to pay any accrued interest or unpaid principal on the Maturity Date; or (5) we materially breach any warranty, agreement, covenant or representation in the A&R Security Agreement, the A&R NPA or the related form of note.

Also in connection with the A&R NPA, on July 3, 2025, Mr. Beck entered into put agreements with certain holders of notes with an aggregate principal amount of $2,000,000, pursuant to which Mr. Beck agreed to purchase the notes or the equity securities issuable upon conversion of the notes for a purchase price equal to the principal amount of the notes during a two-month period beginning on February 1, 2026.

On April 24, 2024, pursuant to the Original NPA, we issued a secured promissory note with a principal amount of $10,000,000 to FMAB Partners, LP with a maturity date of April 23, 2027, which was subsequently amended on September 9, 2025 (the FMAB Note). This secured promissory note has a per annum interest rate of 8% plus the greater of (1) 1% or (2) the forward-looking term rate for a one-month term based on the secured overnight financing rate on the first business day of each calendar quarter, that has been selected or recommended by the Federal Reserve Board or the Federal Reserve Bank of New York. In connection with this secured promissory note, we issued a warrant to FMAB Partners on April 24, 2024 to purchase 500,000 Gloo Holdings, LLC common units at an exercise price of $6.00 per unit. FMAB Partners did not exchange the FMAB Note pursuant to the A&R NPA and as such this secured promissory note is not convertible into shares of our Class B common stock and the warrants issued to FMAB Partners remain outstanding. Mr. Furst is the chief executive officer, president and treasurer of JAJO LLC which is the general partner of FMAB Partners. In connection with the issuance of the FMAB Note, Pearl Street Trust, Mr. Beck and his spouse entered into a guaranty agreement with FMAB Partners pursuant to which Pearl Street Trust, Mr. Beck and his spouse jointly and severally guaranteed to pay the outstanding balance of the FMAB Note on demand if any of the following events of default occurs and is outstanding for at least 90 days: (1) we liquidate, dissolve or wind up our business; (2) we file for bankruptcy; (3) an involuntary petition is filed against us under any bankruptcy statute; (4) we fail to pay any interest or to repay principal as required by the FMAB Note; or (5) we materially breach any warranty, agreement, covenant or representation in the Original NPA, the Security Agreement or the FMAB Note.

On July 1, 2025, July 24, 2025 and July 31, 2025, we issued additional secured convertible promissory notes on the same terms as the other secured convertible notes issued pursuant to the A&R NPA with aggregate principal amount of $48,000,000 to Pearl Street Trust.

On August 19, 2025, pursuant to the A&R NPA, we issued a secured convertible promissory note on the same terms as the other secured convertible notes issued pursuant to the A&R NPA with a principal amount of $1,000,000 to Patrick & Linda Gelsinger Trust UAD 07/29/2017. Mr. Gelsinger is a trustee of the Patrick & Linda Gelsinger Trust UAD 07/29/2017.

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**Shares Issued in Connection with Acquisitions and Related Transactions**

On April 29, 2024, we entered into an asset purchase agreement pursuant to which we purchased certain assets of Christianity Today International for a contractual purchase price of $5,500,000 consisting of $1,500,000 in cash and 666,667 of Series A preferred units of Gloo Holdings, LLC (the Christianity Today Acquisition). Nona Jones and Bishop Claude Alexander, each members of our board of directors, serve on the board of directors of Christianity Today and received no compensation from the transaction.

In connection with the Christianity Today Acquisition, we purchased advertising and marketing services pursuant to several services agreements from Christianity Today for a total of $141,000 for fiscal 2024. We have ongoing commitments with Christianity Today for additional advertising and marketing services and we expect to pay Christianity Today $326,000 in fiscal 2025 for such services.

On August 1, 2024, our wholly owned subsidiary, Gloo Technologies, LLC, entered into an asset purchase agreement pursuant to which it purchased the Church Metrics platform from Life Covenant Church, Inc. for a contractual purchase price of $2,500,002 consisting entirely of 416,667 Series A preferred units of Gloo Holdings, LLC (the Church Metrics Acquisition). Robert Gruenewald, a member of our board of directors, is a board member and vice president of Life Covenant Church.

On March 12, 2025, we entered into a membership interest purchase agreement pursuant to which we purchased a majority interest of Servus Consulting Partners, LLC from its members for a contractual purchase price of $5,562,300 consisting of $1,425,000 in cash and 689,550 of Series A preferred units of Gloo Holdings, LLC (the Servant Acquisition). Mr. Beck and Mr. Gruenewald are members of Servus Consulting Partners' board of directors and received no compensation from the transaction.

On September 27, 2024, we entered into an asset contribution agreement pursuant to which we purchased substantially all of the assets of InspireHub, Inc. for a contractual purchase price of $3,616,250 consisting entirely of 1,375,000 Gloo Holdings, LLC common units. Mr. Furst was a director of InspireHub.

On January 2, 2024, we entered into a securities purchase agreement pursuant to which we purchased 100% of the outstanding equity of Outreach Media, Inc. from Evans Revocable Living Trust and Evans Family Charitable Trust for an aggregate upfront contractual purchase price of $40,000,000, consisting of $20,000,000 in cash and 3,333,334 Series A preferred units of Gloo Holdings, LLC, with the possibility of additional earn out consideration (the Outreach Acquisition).

On February 18, 2025, we entered into a securities purchase agreement pursuant to which we purchased a minority interest of Barna Holdings, LLC from Issachar Holdings, LLC for an aggregate contractual purchase price of $4,900,000, consisting of $1,500,000 in cash and 566,667 Series A preferred units of Gloo Holdings, LLC (the Barna Acquisition).

In connection with each of the Christianity Today Acquisition, the Church Metrics Acquisition, the Servant Acquisition, the Outreach Acquisition and the Barna Acquisition, Mr. Beck, his spouse and Pearl Street Trust entered into a put option agreement with the sellers, pursuant to which Pearl Street Trust, Mr. Beck and his spouse jointly and severally agreed to purchase on demand from the sellers their Gloo Holdings, LLC Series A preferred units at a price ranging from $6.00 to $9.00 per unit during specified periods. In connection with the closing of the Outreach Acquisition, Mr. Beck, his spouse and Pearl Street Trust also entered into a guaranty agreement with the sellers pursuant to which Mr. Beck, his spouse and Pearl Street Trust jointly and severally guaranteed to pay the put under the related put option agreement within a specified time period.

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**Other Transactions**

On February 1, 2025, we entered into a services agreement with Generous Life, LLC pursuant to which Generous Life provides strategic consulting and advisory services for us in exchange for an option to purchase 333,333 Gloo Holdings, LLC common units at an exercise price of $6.00 per unit. The units subject to the option vest in equal monthly installments over the course of four years subject to Generous Life continuing to provide services to us. Mr. Gruenewald is the sole member of Generous Life.

On February 1, 2025, we entered into a services agreement with YouVersion, Inc. pursuant to which YouVersion provides strategic consulting and advisory services for us in exchange for an option to purchase 333,333 Gloo Holdings, LLC common units at an exercise price of $6.00 per unit. The units subject to the option vest in equal monthly installments over the course of four years subject to YouVersion continuing to provide services to us. Mr. Gruenewald is a director and officer of YouVersion.

We leased a total of 7,804 square feet of office space from Tango 815, LLC and Tango 819, LLC from January 1, 2023 through December 31, 2025 for aggregate rent of $468,000. Mr. Beck is a manager of both Tango 815 and Tango 819.

On February 1, 2023 and April 1, 2024, we entered into vendor services agreements with Singularity Interactive, LLC pursuant to which Singularity provides strategy and executive consulting services to us in exchange for an aggregate payment of $875,000. Mr. Beck is a member of Singularity Interactive's board of managers.

We have an arrangement with Entertainment Technology Investments, Inc. pursuant to which it reimburses us for 100% of the salary we pay to Susan Elam, one of our employees. This amounted to a reimbursement of $122,000 for fiscal 2023, $147,000 for fiscal 2024 and we expect to be reimbursed $122,000 for fiscal 2025. Mr. Beck is the President of Entertainment Technology Investments.

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**PRINCIPAL STOCKHOLDERS**

The following table sets forth information regarding the beneficial ownership of our capital stock as of September 30, 2025, and as adjusted to reflect the sale of our capital stock included in the shares offered by this prospectus, and assuming no purchase of shares in this offering, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person, or group of affiliated persons, known by us to beneficially own more than 5% of any class of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our executive officers and directors as a group.

We have determined beneficial ownership in accordance with the rules and regulations of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated, the persons or entities identified in the table have sole voting power and sole investment power with respect to all shares shown as beneficially owned by them, subject to community property laws where applicable. The information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Section 13(d) and 13(g) of the Exchange Act.

The percentage of beneficial ownership prior to the offering shown in the table is based upon no shares of Class A common stock and shares of Class B common stock outstanding as of , 2025, after giving effect to the Corporate Reorganization (including the Reverse Split) and the Notes Conversion, based on an assumed initial public offering price of $ per share, which is the midpoint of the range set forth on the cover page of the prospectus. The percentage of beneficial ownership after the offering shown in the table is based on shares of Class A common stock and shares of Class B common stock outstanding after the closing of this offering, assuming no exercise of the underwriters' option to purchase additional shares.

We have deemed shares of our Class B common stock subject to stock options and warrants that are currently exercisable or exercisable within 60 days of September 30, 2025, to be outstanding and to be beneficially owned by the person holding the stock option for the purpose of computing the percentage ownership of that person. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person.

The table below does not reflect any shares of Class A common stock that may be purchased in this offering by the persons included therein, including through our directed share program described in the section titled "Underwriting."

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Unless otherwise indicated, the address for each person or entity listed in the table is c/o Gloo Holdings, Inc., 831 Pearl Street, Boulder, Colorado 80302.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned Prior to the Offering** | **Shares Beneficially Owned Prior to the Offering** | **Shares Beneficially Owned Prior to the Offering** | **Shares Beneficially Owned Prior to the Offering** | **Percent of<br>Total** | **Shares Beneficially Owned After the Offering** | **Shares Beneficially Owned After the Offering** | **Shares Beneficially Owned After the Offering** | **Shares Beneficially Owned After the Offering** | **Percent of<br>Total** |
|  | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class B<br>Common Stock** | **Class B<br>Common Stock** | **Voting<br>Power** | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class B<br>Common Stock** | **Class B<br>Common Stock** | **Voting<br>Power** |
| **Name of Beneficial Owner** | **Number of<br>Shares** | **%** | **Number of<br>Shares** | **%** | **Prior to the<br>Offering**<sup>(1)</sup> | **Number of<br>Shares** | **%** | **Number of<br>Shares** | **%** | **After the<br>Offering**<sup>(1)</sup> |
| ***Greater than 5%<br> stockholders:*** |  |  |  |  |  |  |  |  |  |  |
| Pearl Street Trust<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |
| Thrivent Financial for Lutherans<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
| Stephen Thorne<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |
| ***Named Executive<br> Officers and<br> Directors:*** |  |  |  |  |  |  |  |  |  |  |
| Scott Beck<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |
| Matthew Gotschall<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |
| Bishop Claude<br>Alexander |  |  |  |  |  |  |  |  |  |  |
| Jack Furst<sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  |
| Derek Green<sup>(8)</sup> |  |  |  |  |  |  |  |  |  |  |
| Elizabeth Grennan |  |  |  |  |  |  |  |  |  |  |
| Robert Gruenewald<sup>(9)</sup> |  |  |  |  |  |  |  |  |  |  |
| Nona Jones |  |  |  |  |  |  |  |  |  |  |
| ***All directors and<br> executive<br> officers as<br> a group<br> (10 persons)*** |  |  |  |  |  |  |  |  |  |  |

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\* Represents beneficial ownership of less than 1%.

(1)Percentage total voting power represents voting power with respect to all shares of our Class A common stock and Class B common stock, as a single class. Each holder of Class B common stock shall be entitled to ten votes per share of Class B common stock and each holder of Class A common stock shall be entitled to one vote per share of Class A common stock on all matters submitted to our stockholders for a vote. The Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as may otherwise be required by law.

(2)Consists of shares of Class B common stock held of record by Pearl Street Trust. Scott and his spouse are trustees of Pearl Street Trust and may be deemed to have beneficial ownership of the shares held by Pearl Street Trust.

(3)Consists of shares of Class B common stock held of record by Thrivent Financial for Lutherans. No natural person or persons has sole or shared voting or investment power with respect to any shares held by Thrivent Financial for Lutherans. The address for this beneficial owner is 4321 North Ballard Road Appleton, Wisconsin 54919.

(4)Consists of shares of Class B common stock held of record by Excellence Worldwide, LLC (Excellence Worldwide). The Stephen and Pamela Thorne 2020 Nevada Irrevocable Trust (Thorne Trust) is the sole member and manager of Excellence Worldwide. Stephen and Pamela Thorne serve as management trustees of the Thorne Trust and may be deemed to hold voting power with respect to the shares held of record by Excellence Worldwide. Dr. Carolyn Ghazal serves as the distribution trustee of the Thorne Trust and may be deemed to hold dispositive power with respect to the shares held of record by Excellence Worldwide. The address for this beneficial owner is 3521 Volunteer Boulevard, Henderson, Nevada 89044.

(5)Consists of (a) shares of Class B common stock and shares subject to stock options exercisable within 60 days of September 30, 2025, and (b) shares of Class B common stock held of record by Pearl Street Trust, shares of Class B common stock held of record by The Theresa Beck 2020 Irrevocable Trust dated May 30, 2020, shares of Class B common stock held of record by The Scott A. Beck 2025 Irrevocable Trust, shares of Class B common stock held of record by Bownanabee Foundation and shares of Class B common stock held of record by Gloo Enterprises, LLC. Mr. Beck is (a) the trustee of The Theresa Beck 2020 Irrevocable Trust dated May 30, 2020, (b) the trustee of The Scott A. Beck 2025 Irrevocable Trust, (c) a director of Bownanabee Foundation and (d) a manager of Gloo Enterprises, LLC. By virtue of his relationships, Mr. Beck may be deemed to have beneficial ownership of the shares held of record by each of Pearl Street Trust, The Theresa Beck 2020 Irrevocable Trust dated May 30, 2020, The Scott A. Beck 2025 Irrevocable Trust, Bownanabee Foundation and Gloo Enterprises, LLC.

(6)Consists of shares of Class B common stock, shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of September 30, 2025 and, shares of restricted Class B common stock.

(7)Consists of shares of Class B common stock held of record by JAJO Partners, LP, shares of Class B common stock held of record by FMAB Partners LP, shares of Class B common stock held of record by Oak Stream Investors III, Ltd., and shares of Class B common stock held of record by DLF Family Trust. Mr. Furst is (a) the president of JAJO LLC which is the general partner of JAJO Partners LP, and FMAB Partners, LP (b) the chairman of the board of Oak Stream Ranch which is the general

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partner of Oak Stream Investors III, Ltd and (c) the trustee of DLF Family Trust. By virtue of his relationships, Mr. Furst may be deemed to have beneficial ownership of the shares held by each of JAJO Partners, LP, FMAB Partners, LP, Oak Stream Investors III, Ltd and DLF Family Trust.

(8)Consists of shares of Class B common stock held of record by HL American Investments LLC. Mr. Green is the assistant vice president of investments of HL American Investments LLC and may be deemed to have beneficial ownership of the shares held of record by HL American Investments LLC.

(9)Consists of shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of September 30, 2025 held of record by Generous Life, LLC and shares underlying options to purchase shares of Class B common stock that are exercisable within 60 days of September 30, 2025 held of record by YouVersion, Inc. Mr. Gruenewald is the sole member and manager of Generous Life LLC and may be deemed to have beneficial ownership of the shares underlying the options held of record by Generous Life, LLC. Mr. Gruenewald is the president, chief executive officer and a board member of YouVersion, Inc. and may be deemed to have beneficial ownership of the shares underlying the options held of record by YouVersion, Inc.

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**DESCRIPTION OF CAPITAL STOCK**

The following description summarizes certain important terms of our capital stock, as they are expected to be in effect upon the closing of this offering. We will adopt an amended and restated certificate of incorporation and amended and restated bylaws that will be in effect upon the closing of this offering, and this description summarizes the material terms of our capital stock as set out more particularly in such documents. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled "Description of Capital Stock," you should refer to our certificate of incorporation and bylaws, which are included as exhibits to the registration statement of which this prospectus forms a part, and to the applicable provisions of Delaware law.

**General**

Upon the closing of this offering, our authorized capital stock will consist of shares of capital stock, par value per share, of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares are designated as Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares are designated as Class B common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares are designated as preferred stock.

As of July 31, 2025, after giving effect to the Corporate Reorganization and the filing of our amended and restated certificate of incorporation, there were no shares of our Class A common stock outstanding, shares of our Class B common stock outstanding held by stockholders of record and no shares of our preferred stock outstanding.

**Common Stock**

Our authorized shares of common stock are designated as Class A common stock and Class B common stock. The rights of the holders of our Class A common stock and Class B common stock are identical, except with respect to voting and conversion.

***Dividend Rights***

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. See the section titled "Dividend Policy" for more information.

***No Preemptive or Similar Rights***

Our common stock is not entitled to preemptive rights, and is not subject to redemption or sinking fund provisions. Our Class A common stock is not subject to conversion provisions.

***Voting Rights***

Holders of our Class A common stock are entitled to one vote per share held as of the applicable record date on all matters submitted to a vote of the holders of our Class A common stock, and holders of our Class B common stock are entitled to ten votes per share held as of the applicable record date on all matters submitted to a vote of the holders of our Class B common stock. The holders of our Class A common stock and Class B common stock will generally vote together as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our certificate of incorporation. Delaware law could require either holders of our Class

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A common stock or Class B common stock to vote separately as a single class if we were to seek to amend our certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of such class of common stock in a manner that affected such shares adversely but does not so affect the shares of the other class of common stock.

Our stockholders do not have the ability to cumulate votes for the election of directors. As a result, the holders of a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors can elect all of the directors standing for election, if they should so choose. With respect to matters other than the election of directors, at any meeting of the stockholders at which a quorum is present or represented, the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at such meeting and entitled to vote on the subject matter shall be the act of the stockholders, except as otherwise provided by law, our governing documents or the rules of the stock exchange on which our securities are listed. The holders of a majority of the voting power of the capital stock issued and outstanding and entitled to vote as of the applicable record date, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders.

Our certificate of incorporation and bylaws will provide for a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Only the directors in one class will be elected at each annual meeting of our stockholders, with the directors in the other classes continuing for the remainder of their respective three-year terms.

***Liquidation Rights***

If we become subject to a liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

***Fully Paid and Nonassessable***

In connection with this offering, our legal counsel will opine that the shares of our Class A common stock to be issued in this offering will be fully paid and non-assessable.

***Conversion***

The outstanding shares of Class B common stock are convertible at any time as follows: (1) at the option of the holder, a share of Class B common stock may be converted at any time into one share of Class A common stock; and (2) upon the election of the holders of two-thirds of the then outstanding shares of Class B common stock, all outstanding shares of Class B common stock may be converted into shares of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain transfers described in our amended and restated certificate of incorporation, including transfers to (1) family members, trusts and estate planning vehicles for the benefit of the stockholder or their family members, (2) partnerships, corporations and other entities controlled by the stockholder or their family members, (3) if the stockholder is an entity, to any natural person with voting control over the shares held by such entity and to such natural person's permitted transferees, and (4) charitable organizations that are exempt from taxation under section 501(c)(3) of the Code (or any successor provision thereto). Once converted or transferred and converted into Class A common stock, the Class B common stock will not be reissued.

**Preferred Stock**

Our board of directors will have the authority, subject to limitations prescribed by Delaware law, to issue shares of authorized but unissued preferred stock in one or more series, and to fix the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, in each case without further vote or

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action by our stockholders. These powers, rights, preferences and privileges could include dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions), redemption price(s) and liquidation preferences, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of the common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in our control or other corporate action. As of the closing of this offering, no shares of preferred stock will be outstanding.

**Options**

As of July 31, 2025, and after giving effect to the Corporate Reorganization, we had outstanding options to purchase an aggregate of shares of our Class B common stock, with a weighted-average exercise price of $ per share, under the 2014 Plan.

**Warrants**

As of July 31, 2025, and after giving effect to the Corporate Reorganization, we had outstanding warrants to purchase an aggregate of shares of our Class B common stock, with a weighted-average exercise price of $ per share.

**Anti-Takeover Effects of Certain Provisions of Delaware Law, Our Certificate of Incorporation and Our Bylaws**

Certain provisions of Delaware law, our certificate of incorporation and our bylaws, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of us. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

***Delaware Law***

We will be governed by the provisions of Section 203 of the DGCL. Section 203 generally prohibits a publicly held Delaware corporation from engaging in a "business combination" with any "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination or transaction which resulted in the stockholder becoming an interested stockholder was approved by the board of directors prior to the time that the stockholder became an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on or subsequent to the date of the transaction, the business combination is approved by the board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

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Section 203 defines a business combination to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mergers or consolidations involving the corporation, or any direct or indirect majority-owned subsidiary of the corporation, and the interested stockholder or any other entity if the merger or consolidation is caused by the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation or any direct or indirect majority-owned subsidiary of the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•subject to exceptions, any transaction that results in the issuance or transfer by the corporation, or any direct or indirect majority-owned subsidiary of the corporation, of any stock of the corporation or such subsidiary to the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any transaction involving the corporation, or any direct or indirect majority-owned subsidiary of the corporation, that has the effect of increasing the proportionate share of the stock or any class or series of the corporation or such subsidiary beneficially owned by the interested stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

These provisions may have the effect of delaying, deferring or preventing changes in control of our company.

***Certificate of Incorporation and Bylaws Provisions***

Provisions of our certificate of incorporation and bylaws will include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our board of directors or management. Among other things, our certificate of incorporation and bylaws will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide for a dual class common stock structure, with differing voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•permit our board of directors to issue shares of preferred stock, with any powers, rights, preferences and privileges as they may designate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide that the authorized number of directors may be changed only by resolution of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•divide our board of directors into three classes, each of which stands for election once every three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for so long as our board of directors is classified, and subject to the rights of holders of our preferred stock, provide that a director may only be removed from the board of directors by the stockholders for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and not be taken by written consent, provided that at any time that a holder of shares of Class B common stock has voting control over at least a majority of the voting power of our outstanding shares of capital stock, any action required or permitted to be taken by our stockholders may

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be taken by written consent in accordance with the DGCL as long as our board of directors has first recommended or approved such action or our board of directors and secretary have been provided with at least 30 days' prior written notice of such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide notice in writing in a timely manner, and also meet specific requirements as to the form and content of a stockholder's notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not provide for cumulative voting rights (therefore allowing the holders of a plurality of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide that special meetings of our stockholders may be called only by our board of directors, the chairperson of our board of directors, our chief executive officer or president, or a holder of shares of Class B common stock that has voting control over at least a majority of the voting power of our outstanding shares of capital stock.

**Exclusive Forum**

**Transfer Agent and Registrar**

Upon the completion of this offering, the transfer agent and registrar for our common stock will be Fidelity Stock Transfer Solutions LLC. The transfer agent and registrar's address is 245 Summer Street, Boston, MA 02210.

**Listing**

We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol "GLOO."

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**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for our Class A common stock, and we cannot predict the effect, if any, that market sales of shares of our Class A common stock or the availability of shares of our Class A common stock for sale will have on the market price of our Class A common stock prevailing from time to time. Future sales of shares of our Class A common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect market prices of our Class A common stock prevailing from time to time. As described below, only a limited number of shares of our Class A common stock will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of our Class A common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price at such time and our ability to raise equity capital in the future.

Upon the completion of this offering, based on our shares of our capital stock outstanding as of July 31, 2025 and after giving effect to the Corporate Reorganization and the Notes Conversion, we will have a total of shares of our Class A common stock outstanding and shares of our Class B common stock outstanding. Of these outstanding shares, all shares of our Class A common stock sold in this offering will be freely tradable, except for shares purchased in the directed share program, and except that any shares purchased in this offering by our "affiliates," as that term is defined in Rule 144 under the Securities Act, would only be able to be sold in compliance with the Rule 144 limitations described below.

The remaining outstanding shares of our Class A common stock (including shares issuable upon conversion of our Class B common stock) will be, and shares subject to stock options will be upon issuance, deemed "restricted securities" as that term is defined under Rule 144. Restricted securities may be sold in the public market only if their offer and sale is registered under the Securities Act or if the offer and sale of those securities qualify for an exemption from registration, including exemptions provided by Rules 144 and 701 under the Securities Act, which are summarized below. As a result of the lock-up agreements described below and subject to the provisions of Rules 144 or 701, shares of our Class A common stock will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•beginning on the date of this prospectus, all shares of our Class A common stock sold in this offering, except the shares sold pursuant to the directed share program, will be immediately available for sale in the public market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•beginning 181 days after the date of this prospectus, subject to the terms of the lock-up agreements described below, all remaining shares will become eligible for sale in the public market, of which shares will be held by affiliates and subject to the volume and other restrictions of Rule 144 , as described below.

**Lock-Up Agreements**

We, our directors and executive officers and substantially all of the holders of our equity securities have agreed or will agree, subject to certain exceptions, not to offer, sell or transfer any shares of our common stock or securities convertible into or exchangeable or exercisable for our common stock for 180 days after the date of this prospectus without first obtaining the written consent of Roth Capital Partners, as representative of the several underwriters of this offering. Roth Capital Partners may, in its sole discretion, and subject to FINRA Rule 5131, release any of the securities subject to the lock-up agreements with the underwriters at any time. These agreements are described below under the section of this prospectus titled "Underwriting."

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**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of our Class A common stock proposed to be sold for at least six months is entitled to sell those shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling shares of our Class A common stock on behalf of our affiliates are entitled to sell upon expiration of the lock-up agreements described above, within any three-month period, a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1% of the number of shares of our Class A common stock then outstanding, which will equal approximately shares immediately after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the average weekly trading volume of our Class A common stock during the four calendar weeks preceding the date of filing of a notice on Form 144 with respect to the sale.

Sales under Rule 144 by our affiliates or persons selling shares of our Class A common stock on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

In general, under Rule 701 a person who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been one of our affiliates during the immediately preceding 90 days may sell these shares in reliance upon Rule 144, but without being required to comply with the notice, manner of sale or public information requirements or volume limitation provisions of Rule 144. Rule 701 also permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the effective date of this prospectus before selling such shares pursuant to Rule 701.

**Registration Statement on Form S-8**

We intend to file a registration statement on Form S-8 under the Securities Act promptly after the completion of this offering to register shares of our common stock subject to options outstanding, as well as reserved for future issuance, under our equity compensation plans. The registration statement on Form S-8 is expected to become effective immediately upon filing, and shares covered by the registration statement will then become eligible for sale in the public market, subject to the Rule 144 limitations applicable to affiliates, vesting restrictions and any applicable lock-up agreements. See the section titled "Executive Compensation—Employee Benefit and Stock Plans" for a description of our equity compensation plans.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR**

**NON-U.S. HOLDERS OF OUR CLASS A COMMON STOCK**

The following is a summary of material U.S. federal income tax considerations of the ownership and disposition of our Class A common stock acquired in this offering by a "non-U.S. holder" (as defined below) but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based on the provisions of the Code, Treasury Regulations promulgated thereunder and administrative rulings and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income tax considerations different from those set forth below. We have not sought, and do not intend to seek, any ruling from the Internal Revenue Service, or the IRS, with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This summary also does not address the tax considerations arising under the laws of any U.S. state or local or non-U.S. jurisdiction or under U.S. federal gift and estate tax rules, or the effect, if any, of the Medicare contribution tax on net investment income. In addition, this discussion does not address tax considerations applicable to an investor's particular circumstances or to investors that may be subject to special tax rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•banks, insurance companies, regulated investment companies, real estate investment trusts or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pension plans and tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•controlled foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•entities or arrangements classified as partnerships for U.S. federal income tax purposes or other pass through entities (or investors in such entities or arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers or dealers in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•traders in securities that elect to use a mark-to-market method of tax accounting for their securities holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who own, or are deemed to own, more than five percent of our capital stock (except to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who hold our Class A common stock as a position in a hedging transaction, "straddle," "conversion transaction," or other risk reduction transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who hold or receive our Class A common stock pursuant to the exercise of any option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who do not hold our Class A common stock as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons deemed to sell our Class A common stock under the constructive sale provisions of the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons subject to special tax accounting rules as a result of any item of gross income with respect to our Class A common stock being taken into account in an "applicable financial statement" as defined in Section 451(b) of the Code.

In addition, if a partnership (or other entity or arrangement classified as a partnership for U.S. federal income tax purposes) holds our Class A common stock, the tax treatment of a partner in the partnership generally will depend on the status of the partner and upon the activities of the partnership. A partner in a partnership that will hold our Class A common stock should consult his, her or its own tax advisor regarding the tax considerations of the purchase, ownership and disposition of our Class A common stock through a partnership.

You are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax considerations of the purchase, ownership and disposition of our Class A common stock arising under the U.S. federal gift or estate tax rules or under the laws of any U.S. state or local, non-U.S. or other taxing jurisdiction or under any applicable tax treaty.

**Non-U.S. Holder Defined**

For purposes of this discussion, you are a "non-U.S. holder" if you are a beneficial owner of our Class A common stock that, for U.S. federal income tax purposes, is neither a partnership nor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation or other entity taxable as a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate whose income is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust (x) whose administration is subject to the primary supervision of a U.S. court and that has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (y) that has made a valid election under applicable Treasury Regulations to be treated as a U.S. person.

**Distributions**

As described in the section titled "Dividend Policy," we have never declared or paid cash dividends on our capital stock, and we do not anticipate paying any dividends on our Class A common stock following the completion of this offering. However, if we do make distributions on our Class A common stock, those payments will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital and will first reduce your basis in our Class A common stock, but not below zero, and then will be treated as gain from the sale of stock as described below under "—Gain on Disposition of Class A Common Stock."

Subject to the discussions below regarding effectively connected income, backup withholding and Foreign Account Tax Compliance Act, or FATCA, withholding, any dividend paid to you generally will be subject to U.S. federal withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified by an applicable income tax treaty between the United States and your country of residence. In order to receive a reduced treaty rate, you must provide us or the applicable paying agent with an IRS Form W-8BEN or W-8BEN-E or other appropriate version of IRS Form W-8 certifying qualification for the reduced rate. Under applicable Treasury Regulations, we may withhold up to 30% of the gross amount of the entire distribution even if the amount constituting a dividend, as described above, is less than the gross amount.

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You may obtain a refund of any excess amounts withheld by filing an appropriate claim for refund with the IRS. If you hold our Class A common stock through a financial institution or other agent acting on your behalf, you will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our paying agent, either directly or through other intermediaries.

Dividends received by you that are treated as effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, that are attributable to a permanent establishment or fixed base maintained by you in the United States) are generally exempt from the 30% U.S. federal withholding tax, subject to the discussions below regarding backup withholding and FATCA withholding. In order to obtain this exemption, you must provide us with a properly executed IRS Form W-8ECI or other applicable IRS Form W-8 properly certifying such exemption. Such effectively connected dividends, although not subject to U.S. federal withholding tax, generally are taxed at the U.S. federal income tax rates applicable to U.S. persons, net of certain deductions and credits. In addition, if you are a corporate non-U.S. holder, dividends you receive that are effectively connected with your conduct of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty between the United States and your country of residence. You should consult your tax advisor regarding the tax consequences of the ownership and disposition of our Class A common stock, including the application of any applicable tax treaties that may provide for different rules.

**Gain on Disposition of Class A Common Stock**

Subject to the discussions below regarding backup withholding and FATCA withholding, you generally will not be required to pay U.S. federal income tax on any gain realized upon the sale or other disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the gain is effectively connected with your conduct of a U.S. trade or business (and, if an applicable income tax treaty so provides, the gain is attributable to a permanent establishment or fixed base maintained by you in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•you are an individual who is present in the United States for a period or periods aggregating 183 days or more during the calendar year in which the sale or disposition occurs and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our Class A common stock constitutes a United States real property interest by reason of our status as a "United States real property holding corporation," or a USRPHC, for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding your disposition of, or your holding period for, our Class A common stock.

We believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion so assumes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our U.S. and worldwide real property interests plus our other assets used or held for use in a trade or business, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long as our Class A common stock is regularly traded on an established securities market, your Class A common stock will be treated as U.S. real property interests only if you actually (directly or indirectly) or constructively hold more than five percent of our regularly traded common stock at any time during the shorter of the five-year period preceding your disposition of, or your holding period for, our Class A common stock.

If you are a non-U.S. holder described in the first bullet above, you generally will be required to pay tax on the gain derived from the sale (net of certain deductions and credits) under U.S. federal income tax rates applicable to U.S. persons, and a corporate non-U.S. holder described in the first bullet above also may be subject to the branch profits tax at a 30% rate, or such lower rate as may be specified by an applicable income tax treaty. If you are an individual non-U.S. holder described in the second bullet above, you will be subject to tax at 30% (or such lower rate specified by an applicable income tax treaty) on the gain derived from the sale, which gain may be offset by

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U.S. source capital losses for the year, provided you have timely filed U.S. federal income tax returns with respect to such losses. You should consult your tax advisor regarding any applicable income tax or other treaties that may provide for different rules.

**Backup Withholding and Information Reporting**

Generally, we must report annually to the IRS the amount of dividends paid to you, your name and address and the amount of tax withheld, if any. A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in your country of residence.

Payments of dividends on or of proceeds from the disposition of our Class A common stock made to you may be subject to backup withholding at the applicable statutory rate unless you establish an exemption, for example, by properly certifying your non-U.S. status on a properly completed IRS Form W-8BEN or W-8BEN-E or another appropriate version of IRS Form W-8. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a U.S. person.

Backup withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

**Additional Withholding Requirements under the Foreign Account Tax Compliance Act**

FATCA, including sections 1471 through 1474 of the Code and the Treasury Regulations and other official IRS guidance issued thereunder, generally imposes a U.S. federal withholding tax of 30% on dividends on, and the gross proceeds from a sale or other disposition of, our Class A common stock, paid to a "foreign financial institution" (as specially defined under these rules), unless such institution enters into an agreement with the U.S. government to, among other things, withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding the U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are non-U.S. entities with U.S. owners) or otherwise establishes an exemption. FATCA also generally imposes a U.S. federal withholding tax of 30% on dividends on, and the gross proceeds from a sale or other disposition of, our Class A common stock paid to a "non-financial foreign entity" (as specially defined under these rules) unless such entity provides the withholding agent with a certification identifying the substantial direct and indirect U.S. owners of the entity, certifies that it does not have any substantial U.S. owners, or otherwise establishes an exemption.

The withholding obligations under FATCA generally apply to dividends on our Class A common stock and to the payment of gross proceeds of a sale or other disposition of our Class A common stock. However, the U.S. Treasury Department has issued proposed regulations that, if finalized in their present form, would eliminate FATCA withholding on gross proceeds of the sale or other disposition of our Class A common stock (but not on payments of dividends). The preamble of such proposed regulations states that they may be relied upon by taxpayers until final regulations are issued or until such proposed regulations are rescinded. The withholding tax will apply regardless of whether the payment otherwise would be exempt from withholding tax, including under the exemptions described above. Under certain circumstances, you might be eligible for refunds or credits of such taxes. An intergovernmental agreement between the United States and your country of residence may modify the requirements described in this section. You should consult with your own tax advisors regarding the application of FATCA withholding to your investment in, and ownership and disposition of, our Class A common stock.

**The preceding discussion of U.S. federal income tax considerations is for general information only. It is not tax advice to investors in their particular circumstances. You should consult your own tax advisor regarding the particular U.S. federal, state and local and non-U.S. tax considerations of purchasing, owning and disposing of our Class A common stock, including the consequences of any proposed change in applicable laws.**

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**UNDERWRITING**

We have entered into an underwriting agreement with the several underwriters listed in the table below, with Roth Capital Partners, LLC acting as the "representative". Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and the underwriters have agreed to purchase from us, shares of our Class A common stock. Our Class A common stock will trade on the Nasdaq Global Select Market under the symbol "GLOO."

Pursuant to the terms and subject to the conditions contained in the underwriting agreement, we have agreed to sell to the underwriters named below, and each underwriter severally has agreed to purchase from us, the respective number of shares of Class A common stock set forth opposite its name below:

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| | |
|:---|:---|
| **Underwriter** | **Number<br>of Shares** |
| Roth Capital Partners, LLC |  |
| The Benchmark Company, LLC |  |
| Craig-Hallum Capital Group, LLC |  |
| Lake Street Capital Markets, LLC |  |
| Loop Capital Markets LLC |  |
| TCBI Securities, Inc., doing business as Texas Capital Securities |  |
| &nbsp;&nbsp;&nbsp;**Total** |  |

---

The underwriting agreement provides that the obligation of the underwriters to purchase the shares of Class A common stock offered by this prospectus is subject to certain conditions. The underwriters are obligated to purchase all of the shares of Class A common stock offered hereby if any of the shares are purchased.

We have granted the underwriters an option to purchase up to an additional shares of Class A common stock from us at the public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any. The underwriters may exercise this option at any time, in whole or in part, during the 30-day period after the date of this prospectus; however, the underwriters may only exercise the option once.

**Discounts, Commissions and Expenses**

The underwriters propose to offer the shares of Class A common stock purchased pursuant to the underwriting agreement to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $ per share. After this offering, the public offering price and concession may be changed by the underwriters. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus.

In connection with the sale of the Class A common stock to be purchased by the underwriters, the underwriters will be deemed to have received compensation in the form of underwriting commissions and discounts. The underwriters' commissions and discounts will be % of the gross proceeds of this offering, or $ per share of the Class A common stock, based on the public offering price per share set forth on the cover page of this prospectus.

We have also agreed to reimburse Roth Capital Partners for certain out-of-pocket expenses up to $100,000, and for legal expenses incurred by it in connection with the offering up to a maximum of $400,000.

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The following table shows the underwriting discounts and commissions payable to the underwriters by us in connection with this offering (assuming both the exercise and non-exercise of the over-allotment option to purchase additional shares of Class A common stock we have granted to the underwriters):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total** | **Total** |
|  | **Without<br>Over-<br>allotment** | **With<br>Over-<br>allotment** | **Without<br>Over-<br>allotment** | **With<br>Over-<br>allotment** |
| Public offering price | $— | $— |  |  |
| Underwriting discounts and commissions paid by us | $— | $— |  |  |

---

**Indemnification** 

Pursuant to the underwriting agreement, we have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments that the underwriters or such other indemnified parties may be required to make in respect of those liabilities.

**Lock-Up Agreements**

We have agreed not to (1) offer, pledge, issue, sell, contract to sell, purchase, contract to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for our Class A common stock; (2) enter into any swap or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of shares of Class A common stock; or (3) file any registration statement with the SEC relating to the offering of any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for shares of our Class A common stock, except for registration statements on Form S-8, without the prior written consent of Roth Capital Partners, LLC for a period of 180 days following the date of this prospectus (the Lock-up Period). This consent may be given at any time without public notice. These restrictions on future issuances are subject to exceptions for (1) the issuance of shares of our Class A common stock sold in this offering, (2) the issuance of shares of our Class A common stock upon the exercise of outstanding options or warrants, the vesting of restricted stock awards or units and the conversion of outstanding convertible securities (including Class B common stock), (3) the issuance of employee stock options and the grant, redemption or forfeiture of restricted stock awards or restricted stock units pursuant to our equity incentive plans or as new employee inducement grants, and (4) the issuance of equity securities in connection with bona fide mergers or acquisitions, joint ventures, commercial relationships or other strategic transactions provided that the aggregate number of shares of Class A common stock or convertible securities that we may sell or issue in connection therewith may not exceed % of the total number of issued and outstanding shares of Class A common stock immediately following this offering, and provided further that any recipients sign a lock-up agreement on the same terms as our directors, officers and stockholders.

In addition, our directors and executive officers and certain holders of our equity securities have agreed or will agree to enter into a lock-up agreement with the underwriters. Under the lock-up agreements, the directors, executive officers, and certain of our stockholders may not, subject to certain exceptions, directly or indirectly, sell, offer to sell, contract to sell, or grant any option for the sale (including any short sale), grant any security interest in, pledge, hypothecate, hedge, establish an open "put equivalent position" (within the meaning of Rule 16a-1(h) under the Exchange Act), or otherwise dispose of, or enter into any transaction which is designed to or could be expected to result in the disposition of, any shares of our Class A common stock or securities convertible into or exchangeable for shares of our Class A common stock, or publicly announce any intention to do any of the foregoing, without the prior written consent of Roth Capital Partners, LLC, for a period of 180 days from the closing date of this offering. This consent may be given at any time without public notice. Each officer, director and stockholder shall be immediately and automatically released from all restrictions and obligations under the lock up agreement in the event that he, she, or it ceases to be a director, officer or stockholder of our company, as applicable, and has no further reporting obligations under Section 16 of the Exchange Act.

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**Directed Share Program**

At our request, the underwriters have reserved up to 5% of the shares of Class A common stock offered by this prospectus for sale at the initial public offering price through a directed share program available to our directors, officers, employees and other persons and parties who do business with us. The sales will be administered by Fidelity. We do not know if these parties will choose to purchase all or any portion of these reserved shares, but any purchases they do make will reduce the number of shares available to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of Class A common stock offered by this prospectus. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to shares of Class A common stock sold pursuant to the directed share program.

**Sales to Retail Investors**

In addition to allocations made to retail investors by the underwriters and through our directed share program discussed above, we anticipate that a portion of our Class A common stock offered hereby will, at our request, be offered to retail investors through and , via their respective online brokerage platforms. and will act as selling group members for this offering. These platforms are not affiliated with us. Purchases through these platforms will be subject to the terms, conditions, and requirements set by such platforms. Any purchase of shares of Class A common stock in this offering through these platforms will initially be offered at the offering price listed on the cover page of this prospectus. Information contained on, or that can be accessed through, such brokerage platforms does not constitute part of this prospectus. **<br>Electronic Distribution**

This prospectus may be made available in electronic format on websites or through other online services maintained by the underwriters or by their affiliates. In those cases, prospective investors may view offering terms online and prospective investors may be allowed to place orders online. Other than this prospectus in electronic format, the information on the underwriters' websites or our website and any information contained in any other websites maintained by the underwriters or by us is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriter in its capacity as underwriter, and should not be relied upon by investors.

**Price Stabilization, Short Positions and Penalty Bids**

In connection with the offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids in accordance with Regulation M under the Exchange Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Over-allotment involves sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in the over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option and/or purchasing shares in the open market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Syndicate covering transactions involve purchases of the Class A common stock in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price of

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shares available for purchase in the open market as compared to the price at which they may purchase shares through the over-allotment option. A naked short position occurs if the underwriters sell more shares than could be covered by the over-allotment option. This position can only be closed out by buying shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the Class A common stock originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A common stock or preventing or retarding a decline in the market price of the Class A common stock. As a result, the price of our Class A common stock may be higher than the price that might otherwise exist in the open market. These transactions may be discontinued at any time

Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our shares of Class A common stock. In addition, neither we nor the underwriters make any representation that the underwriter will engage in these transactions or that any transaction, if commenced, will not be discontinued without notice.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us or the underwriter that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Australia**

This prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (1) the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (2) this prospectus is made available in Australia only to those persons as set forth in clause (1) above, and (3) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.

**Canada**

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable

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securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriter is not required to comply with the disclosure requirements of NI33-105 regarding underwriter conflicts of interest in connection with this offering.

**China**

The information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors."

**European Economic Area — Belgium, Germany, Luxembourg and Netherlands**

The information in this document has been prepared on the basis that all offers of securities will be made pursuant to an exemption under the Directive 2003/71/EC, or Prospectus Directive, as implemented in Member States of the European Economic Area, each a Relevant Member State, from the requirement to produce a prospectus for offers of securities.

An offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under the Prospectus Directive as implemented in that Relevant Member State:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to any legal entity that has two or more of (1) an average of at least 250 employees during its last fiscal year; (2) a total balance sheet of more than €43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements); and (3) an annual net turnover of more than €50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive) subject to obtaining our prior consent or any underwriter for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall require us to publish a prospectus pursuant to Article 3 of the Prospectus Directive.

**France**

This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code monétaire et financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des marchés financiers, or AMF. The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.

This document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.

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Such offers, sales and distributions have been and shall only be made in France to (1) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2 and D.411-1 to D.411-3, D. 744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (2) a restricted number of non-qualified investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation.

Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

**Ireland**

The information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the Prospectus Regulations). The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (1) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (2) fewer than 100 natural or legal persons who are not qualified investors.

**Israel**

The securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), or ISA, nor have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with this offering or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

**Italy**

The offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa, "CONSOB" pursuant to the Italian securities legislation and, accordingly, no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998, or Decree No. 58, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to Italian qualified investors, as defined in Article 100 of Decree no. 58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of 14 May 1999, or Regulation no. 1197l as amended, or Qualified Investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

Any offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable laws; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the investors.

**Japan**

The securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the FIEL) pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.

**New Zealand**

The shares of Class A common stock offered hereby have not been offered or sold, and will not be offered or sold, directly or indirectly in New Zealand and no offering materials or advertisements have been or will be distributed in relation to any offer of shares in New Zealand, in each case other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to persons who in all the circumstances can properly be regarded as having been selected otherwise than as members of the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to persons who are each required to pay a minimum subscription price of at least NZ$500,000 for the shares before the allotment of those shares (disregarding any amounts payable, or paid, out of money lent by the issuer or any associated person of the issuer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in other circumstances where there is no contravention of the Securities Act 1978 of New Zealand (or any statutory modification or reenactment of, or statutory substitution for, the Securities Act 1978 of New Zealand).

**Portugal**

This document is not being distributed in the context of a public offer of financial securities (oferta pública de valores mobiliários) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissăo do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

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**Sweden**

This document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

**Switzerland**

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA).

This document is personal to the recipient only and not for general circulation in Switzerland.

**United Arab Emirates**

Neither this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. We may not render services relating to the securities within the United Arab Emirates, including the receipt of applications and/or the allotment or redemption of such shares.

No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

**United Kingdom**

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended, or FSMA) has been published or is intended to be published in respect of the securities. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

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Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply us.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (1) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, or FPO, (2) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (3) to whom it may otherwise be lawfully communicated (together, relevant persons). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

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**LEGAL MATTERS**

Wilson Sonsini Goodrich & Rosati, Professional Corporation, Boulder, Colorado, which has acted as our counsel in connection with this offering, will pass upon the validity of the shares of our Class A common stock being offered by this prospectus. Reed Smith LLP, Houston, Texas, is acting as counsel for the underwriters.

**EXPERTS**

The consolidated financial statements of Gloo Holdings, LLC as of January 31, 2025 and 2024, and for the years then ended included in this prospectus have been so incorporated in reliance on the report of Crowe LLP, independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The consolidated financial statements of Midwestern Interactive, LLC as of December 31, 2024 and for the year then ended included in this prospectus have been so incorporated in reliance on the report of Crowe LLP, independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**CHANGES IN INDEPENDENT PUBLIC ACCOUNTING FIRM**

On October 1, 2024, we dismissed Plante & Moran, PLLC as our independent auditors. The decision to change our independent auditors was approved by the board of managers of Gloo Holdings, LLC.

The audit report of Plante & Moran, PLLC on our financial statements as of and for the fiscal years ended January 31, 2024 and 2023, respectively, conducted in accordance with the auditing standards generally accepted in the United States of America, did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principle, except that there was an explanatory paragraph describing conditions that raised substantial doubt about our ability to continue as a going concern in Plante & Moran, PLLC's audit opinion dated September 30, 2024. Plante & Moran, PLLC did not audit our consolidated financial statements for any period subsequent to January 31, 2024.

During the two most recent fiscal years ended January 31, 2024 and 2023 and the subsequent interim period through November 21, 2024, we had no disagreements with Plante & Moran, PLLC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to its satisfaction, would have caused Plante & Moran, PLLC to make reference in connection with its report to the subject matter of the disagreement during the audit preceding its dismissal. A material weakness in internal controls was identified as follows: controls around revenue recognition were not appropriately in place to identify a material misstatement in revenue, specifically as it relates to evaluating a contract with a customer for the transaction price and constraint on variable consideration.

We have provided Plante & Moran, PLLC with a copy of the foregoing disclosures and requested that Plante & Moran, PLLC furnish us with a letter addressed to the SEC stating whether Plante & Moran, PLLC agrees with the above statements and, if not, stating the respects in which it does not agree. A copy of that letter is filed as Exhibit 16.1 to the registration statement of which this prospectus forms a part.

On November 22, 2024, we engaged Crowe LLP as our independent registered public accounting firm to re-audit the financial statements as of and for the fiscal years ended January 31, 2024 and 2023.

During the two most recent fiscal years ended January 31, 2024 and 2023 and the subsequent interim period through November 21, 2024, neither we, nor anyone acting on our behalf, consulted with Crowe LLP on matters that involved the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on our financial statements or any of the matters described in Item 304(a)(2)(i) or (ii) of Regulation S-K.

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**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our Class A common stock offered by this prospectus. This prospectus constitutes only a part of the registration statement. Some items are contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our Class A common stock, we refer you to the registration statement, including the exhibits and schedules filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or document referred to are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC also maintains an Internet website at *www.sec.gov* that contains reports, proxy and information statements and other information about issuers, like us, that file electronically with the SEC.

Immediately upon the effectiveness of the registration statement of which this prospectus forms a part, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements and other information with the SEC. We also maintain a website at *www.gloo.com*. Upon the effectiveness of the registration statement of which this prospectus forms a part, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on our website is not a part of or incorporated by reference into this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**Gloo Holdings, LLC**

Audited Consolidated Financial Statements as of and for the Years Ended January 31, 2024, and 2025

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| | |
|:---|:---|
|  | **Page** |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_of_independent) (PCAOB ID 173) | F-2 |
| [<u>Consolidated Balance Sheets</u>](#consolidated_balance_sheets) | F-3 |
| [<u>Consolidated Statements of Operations</u>](#consolidated_statements_of_operations) | F-4 |
| [<u>Consolidated Statements of Mezzanine Equity and Members' Deficit</u>](#consolidated_statements_of_mezzanine) | F-5 |
| [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | F-6 |
| [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_the_consolidated_financial) | F-7 |

---

Consolidated Financial Statements as of and for the Six Months Ended July 31, 2024 and 2025

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Consolidated Balance Sheets</u>](#glo_condensed_consolidated_balance_sheet) | F-57 |
| [<u>Consolidated Statements of Operations</u>](#glo_statements_of_operations) | F-58 |
| [<u>Consolidated Statements of Comprehensive Earnings (Loss)</u>](#condensed_statements_loss_h1) | F-59 |
| [<u>Consolidated Statements of Mezzanine Equity and Members' Deficit</u>](#glo_consolidated_statements_equity) | F-60 |
| [<u>Consolidated Statements of Cash Flows</u>](#glo_statements_of_cash_flows) | F-61 |
| [<u>Notes to the Consolidated Financial Statements</u>](#glo_notes_consolidated_financial_stmts) | F-62 |

---

**Midwestern Interactive, LLC**

Consolidated Financial Statements for the Year Ended December 31, 2024

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Independent Auditor's Report</u>](#independent_auditors_report) | F-102 |
| [<u>Balance Sheet</u>](#balance_sheet_mwi) | F-104 |
| [<u>Statement of Operations and Member</u>](#statement_of_opes_and_member_capital)[<u>'s</u>](#statement_of_opes_and_member_capital)[<u>Capital</u>](#statement_of_opes_and_member_capital) | F-105 |
| [<u>Statement of Cash Flows</u>](#statement_of_cash_flows_mwi) | F-106 |
| [<u>Notes to the Financial Statements</u>](#notes_to_financial_statements_mwi) | F-107 |

---

Consolidated Financial Statements for the Three Months Ended March 31, 2025

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Balance Sheet</u>](#mwi_q1_balance_sheet) | F-115 |
| [<u>Statement of Operations and Member</u>](#mwi_q1_statement_operations_members_cap)[<u>s</u>](#mwi_q1_statement_operations_members_cap)'[<u>Capital</u>](#mwi_q1_statement_operations_members_cap) | F-116 |
| [<u>Statement of Cash Flows</u>](#mwi_q1_statement_of_cash_flows) | F-117 |
| [<u>Notes to the Financial Statement</u>](#mwi_q1_notes_to_financial_statements) | F-118 |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Members and the Board of Managers of Gloo Holdings, LLC

Boulder, Colorado

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Gloo Holdings, LLC (the "Company") as of January 31, 2025 and 2024, the related consolidated statements of operations, mezzanine equity and members' deficit, and cash flows for each of the two years in the period ended January 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended January 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring operating losses, negative cash flows, has limited liquid resources, and is dependent on external financing, which raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Crowe LLP

We have served as the Company's auditor since 2024.

Los Angeles, California

July 23, 2025

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**Gloo Hol** **dings, LLC**

# Consolidated Balance Sheets

---

| | | |
|:---|:---|:---|
|  | **As of January 31,** | **As of January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $13477 | $13592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $75 and $68, respectively <sup>(1)</sup> | 441 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | 1500 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1402 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 17070 | 18315 |
| Property and equipment, net | 2385 | 2303 |
| Capitalized software, net | 7814 | 23578 |
| ROU operating lease asset <sup>(2)</sup> | 4612 | 3835 |
| Long-term investments | 2114 | 33252 |
| Other non-current assets | 157 | 209 |
| Intangible assets, net | 11230 | 11431 |
| Goodwill | 42705 | 27901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $88087 | $120824 |
| **LIABILITIES, MEZZANINE EQUITY, AND MEMBERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable <sup>(3)</sup> | $2937 | $3613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 4391 | 4538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 2121 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related liabilities, current | 2440 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2154 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt, current | 1195 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities, current <sup>(4)</sup> | 530 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 15768 | 20609 |
| Acquisition-related liabilities, non-current | 465 | 100 |
| Debt, non-current <sup>(5)</sup> | 143 | 66959 |
| Lease liabilities, non-current <sup>(6)</sup> | 3734 | 3095 |
| Deferred income taxes | 2707 | 1911 |
| Other non-current liabilities |  | 14258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $22817 | $106932 |
| Commitment and Contingencies (See Note 14) |  |  |
| Mezzanine Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A Preferred Units (no par value; 108,459,120 and 117,751,845 units<br>&nbsp;&nbsp;&nbsp;&nbsp;authorized as of January 31, 2024, and 2025, respectively; 108,459,120 and<br>&nbsp;&nbsp;&nbsp;&nbsp;112,596,622 units issued and outstanding as of January 31, 2024, and 2025, <br>&nbsp;&nbsp;&nbsp;&nbsp;respectively; and aggregate liquidation preference of $382,579,930 and <br>&nbsp;&nbsp;&nbsp;&nbsp;$432,669,108 as of January 31, 2024, and 2025, respectively) | 332944 | 351887 |
| Members' Deficit: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common member units (no par value; 37,739,574 and 39,651,074 units<br>&nbsp;&nbsp;&nbsp;&nbsp;authorized as of January 31, 2024, and 2025, respectively; and 22,739,574<br>&nbsp;&nbsp;&nbsp;&nbsp;and 24,603,574 units issued and outstanding as of January 31, 2024, and <br>&nbsp;&nbsp;&nbsp;&nbsp;2025, respectively) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 14949 | 23591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (282623) | (368312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit attributable to common members | (267674) | (344721) |
| Equity attributable to noncontrolling interests |  | 6726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total members' deficit | (267674) | (337995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, mezzanine equity, and members' deficit | $88087 | $120824 |

---

------

(1)Includes related party accounts receivable of $17 thousand and $178 thousand as of January 31, 2024 and 2025, respectively.

(2)Includes related party leases of $405 thousand and $205 thousand as of January 31, 2024 and 2025, respectively.

(3)Includes related party accounts payable of $1,230 thousand and $561 thousand as of January 31, 2024 and 2025, respectively.

(4)Includes related party leases of $201 thousand and $205 thousand as of January 31, 2024 and 2025, respectively.

(5)Includes non-current debt from related parties of $— and $56,204 thousand as of January 31, 2024 and 2025, respectively.

(6)Includes related party leases of $205 thousand and $— as of January 31, 2024 and 2025, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Gloo Holdings, LLC**

# Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands, except unit and per unit data)** | **(in thousands, except unit and per unit data)** |
| Revenue <sup>(8)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Platform revenue | $2176 | $22873 |
| &nbsp;&nbsp;&nbsp;Platform solutions revenue | 13325 | 330 |
| &nbsp;&nbsp;&nbsp;Other revenue | 5788 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 21289 | 23216 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) | 6471 | 19749 |
| &nbsp;&nbsp;&nbsp;Product development | 17780 | 13551 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 23560 | 22619 |
| &nbsp;&nbsp;&nbsp;General and administrative | 13300 | 15098 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 4685 | 7714 |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 27753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 65796 | 106484 |
| Operating loss | (44507) | (83268) |
| Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3796 | 4738 |
| &nbsp;&nbsp;&nbsp;Other expense (income), net | (45) | (687) |
| &nbsp;&nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments |  | (1301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income), net | 3751 | 2750 |
| Net loss before income taxes | (48258) | (86018) |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit | 106 | 796 |
| &nbsp;&nbsp;&nbsp;Income (loss) from equity method investments, net | (161) | (580) |
| Net loss | (48313) | (85802) |
| &nbsp;&nbsp;&nbsp;Less: net income (loss) attributable to noncontrolling interests |  | (113) |
| Net loss attributable to common members | $(48313) | $(85689) |
| Net loss per unit attributable to common members, basic and diluted | $(3.37) | $(4.55) |
| Weighted-average common units used to compute net loss per unit<br> attributable to common members, basic and diluted | 22739574 | 23293429 |

---

------

(8)Includes revenues from related parties of $— and $258 thousand for the years ended January 31, 2024 and 2025, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Gloo Holdings, LLC**

# Consolidated Statements of Mezzanine Equity and Members' Deficit

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A Preferred Units** | **Series A Preferred Units** | **Common Units** | **Common Units** |  |  | **Total deficit** |  |  |
|  | **Units** | **Amount** | **Units** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **attributable<br>to common<br>members'** | **Noncontrolling<br>Interests** | **Total<br>Members'<br>Deficit** |
|  | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** | **(in thousands, except unit data)** |
| **Balance as of February 1, 2023** | 74547473 | $160066 | 22739574 | $— | $5335 | $(234310) | $(228975) | $— | $(228975) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series A Preferred Units<br> (net of $535,691 issuance costs) | 7540949 | 44710 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Member Advances received, net |  |  |  |  | 14800 |  | 14800 |  | 14800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Member Advances to<br> Series A Preferred Units | 3000000 | 18000 |  |  | (18000) |  | (18000) |  | (18000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of convertible debt to<br> Series A Preferred Units, inclusive<br> of accrued interest | 20037364 | 90168 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series A Preferred Units<br> and put option in connection with<br> an acquisition | 3333334 | 20000 |  |  | 11900 |  | 11900 |  | 11900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  | 914 |  | 914 |  | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common<br> members |  |  |  |  |  | (48313) | (48313) |  | (48313) |
| **Balance as of January 31, 2024** | 108459120 | $332944 | 22739574 | $— | $14949 | $(282623) | $(267674) | $— | $(267674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series A Preferred Units<br> in connection with acquisitions<br> and investments | 4083334 | 18618 |  |  | 1540 |  | 1540 | 6839 | 8379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common units issued in<br> connection with acquisitions |  |  | 1375000 |  | 3616 |  | 3616 |  | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series A Preferred Units | 54168 | 325 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of common unit options |  |  | 489000 |  | 489 |  | 489 |  | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to<br> noncontrolling interests |  |  |  |  |  |  |  | (113) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  | 2997 |  | 2997 |  | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common<br> members |  |  |  |  |  | (85689) | (85689) |  | (85689) |
| **Balance as of January 31, 2025** | 112596622 | $351887 | 24603574 | $— | $23591 | $(368312) | $(344721) | $6726 | $(337995) |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Gloo Holdings, LLC**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| **Operating activities:** |  |  |
| Net loss | $(48313) | $(85802) |
| Adjustments to reconcile net loss attributable to common members to net cash used in<br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 1868 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4685 | 7714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 162 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit losses | 5 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for inventory write-offs |  | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease expense | 689 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (106) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments |  | (1301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from equity method investments, net | 161 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt assumed through PIK interest |  | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forgiveness of forgivable notes | (5376) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 27753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 286 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (578) | (1173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (55) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 874 | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2544 | (904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (513) | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 2092 | (804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (41382) | (46134) |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (450) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software costs | (4367) | (10169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of equity method investments | (444) | (2401) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (19221) | (1931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (24482) | (14926) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on debt | (17) | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | 18180 | 60680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs |  | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of common unit options |  | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Member Advances received, net | 14800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Series A Preferred Units issuance | 45246 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of equity issuance costs | (536) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 77673 | 61177 |
| **Net increase in cash, cash equivalents, and restricted cash** | 11809 | 117 |
| **Cash, cash equivalents, and restricted cash:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beginning of period** | 1918 | 13727 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of period** | $13727 | $13844 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $3796 | $3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes |  |  |
| **Supplemental disclosure of non-cash investing and financing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of convertible debt to Series A Preferred Units, inclusive of accrued interest | $90168 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series A Preferred Units in connection with acquisitions | 31900 | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of equity method investment included in accrued liabilities | 1556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in acquisitions | 3496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for new lease liabilities | 505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives and warrants bifurcated from debt |  | 6685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of equity method investment included in debt and equity |  | 20526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liability issued in connection with equity method investment |  | 8792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation capitalized as part of internal-use software |  | 10545 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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# Notes to the Con solidated Financial Statements
**1.** **Nature of Business**

Gloo Holdings, LLC's ("Gloo" or the "Company") mission is to build the leading technology platform for the faith and flourishing ecosystem, which is one of the largest, oldest, and least-digitized ecosystems in the world. Since the Company's founding in 2013, Gloo has provided a breadth of products, services, and solutions to the two primary stakeholders at the core of the faith and flourishing ecosystem: (1) network capability providers ("NCPs") and (2) the churches and frontline organizations ("CFLs") they serve.

The Gloo platform serves as a digital infrastructure between NCPs and CFLs. By facilitating efficient exchange between the two, Gloo enables both sides to succeed; CFLs gain access to better resources and NCPs benefit from efficient distribution and targeted reach. This creates a virtuous cycle, strengthening the platform with each interaction. The Gloo platform includes a suite of technology, marketplace, and service solutions offered directly from Gloo or from Gloo's consolidated subsidiaries and equity method investments ("Gloo Capital Partners").

***Going Concern***

Since inception, the Company has incurred cumulative losses from operations. The Company has funded its operations and capital needs primarily through net proceeds received from the sale of preferred and common units and proceeds from long-term debt. The Company held cash and cash equivalents of $13.6 million and had an accumulated deficit of $368.3 million as of January 31, 2025. Additionally, the Company incurred net losses of $85.8 million and used $46.1 million of cash in operating activities for the year ended January 31, 2025. The Company's plans include generating revenue through subscriptions of its expanding technology and AI offerings, increased marketplace offerings and growing advertising services, as well as seeking external sources of liquidity. If adequate funds are not available, the Company will need to raise additional funds to meet its long-term strategic plans. Management believes it will be able to obtain additional capital to fund its operations, however, there are no assurances that the Company will be able to raise additional capital on terms acceptable to the Company or at all. If the plans are not implemented on a timely basis, management may delay or modify our business plans, potentially including the timing of planned capital expenditures, development and other planned activities, all of which, individually or in the aggregate, could have material negative consequences to the Company and its results of operations and business relationships.

In connection with the preparation of these financial statements, management evaluated conditions and events known and reasonably knowable that could adversely affect the Company's ability to meet its obligations through one year from the date the financial statements are available to be issued. Management's assessment considered the Company's current financial condition, characterized by recurring operating losses, negative cash flows, limited liquid resources, and dependence on external financing, as well as the funds required to execute its business plan over the evaluation period. Based on these factors, the Company has concluded there is substantial doubt about its ability to continue as a going concern for at least twelve months from the date the financial statements are available to be issued.

The consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

**2.** **Summary of Significant Accounting Policies**

***Basis of Presentation and Principles of Consolidation***

The accompanying consolidated financial statements include the accounts of Gloo Holdings, LLC, its wholly-owned subsidiaries, less-than-wholly-owned subsidiaries in which the Company holds a controlling financial interest, and variable interest entities ("VIEs") for which the Company has determined it is the primary beneficiary. The Company has prepared the consolidated financial statements in accordance with accounting principles generally

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accepted in the United States of America ("U.S. GAAP"), as detailed in the Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC"), and pursuant to the disclosure rules and regulations of the Securities and Exchange Commission (the "SEC"). The interests of the minority owners in less-than-wholly-owned subsidiaries are accounted for as non-controlling interests. All material intercompany transactions have been eliminated upon consolidation.

Ownership interests in unconsolidated entities for which the Company has significant influence are accounted for using the equity method of accounting.

***Segment Information***

The Company's Chief Executive Officer ("CEO") is its Chief Operating Decision Maker ("CODM"). The Company's CODM reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates in a single reportable segment.

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, including the stand-alone selling prices ("SSP") for each distinct performance obligation; internal-use software development costs; the useful lives of long-lived assets; the net realizable value of inventory; the reserve for expected credit losses; income taxes; equity-based compensation; the valuation of the Company's common units, equity awards and financial instruments; the fair value of assets and noncontrolling interest acquired and liabilities assumed in business combinations; valuation of consideration transferred in business combinations; the fair value of the call option associated with the Midwestern Interactive, LLC ("Midwestern") acquisition; the incremental borrowing rate used to determine operating lease right-of-use assets and lease liabilities, the fair value of derivative and warrant liabilities, and legal and other loss contingencies.

Estimates are based on historical and anticipated results and trends, and on various other assumptions the Company believes are reasonable under the circumstances, including assumptions as to future events. Management evaluates these estimates, judgments and assumptions on an ongoing basis. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company's consolidated financial statements.

***Business Combinations***

If an acquired set of assets and activities meets the definition of a business, the Company accounts for the transaction using the acquisition method of business combinations from the date of the acquisition in accordance with *ASC Topic 805, Business Combinations ("ASC 805"*). Amounts paid for an acquisition are allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. The Company uses its best estimates and assumptions to assign fair value to the tangible and identifiable intangible assets acquired, liabilities assumed, and any noncontrolling interests at the acquisition date. The Company's estimates are inherently uncertain and subject to refinement. The purchase price, which may include cash, equity consideration, and contingent consideration, is allocated based on these fair values. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company's consolidated statements of operations.

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If the acquired set of assets and activities does not meet the definition of a business, the Company accounts for the transaction as an asset acquisition in accordance with ASC Subtopic 805-50, *Acquisition of Assets Rather than a Business*.

***Noncontrolling Interests***

The Company accounts for an equity interest in a less-than-wholly owned consolidated subsidiary that is not attributable, either directly or indirectly, to the Company as noncontrolling interest in accordance with *ASC Topic 810, Consolidation ("ASC 810")*.

Noncontrolling interest is recognized as equity in our consolidated balance sheets and presented separately from the equity attributable to common members. Any change in ownership of a less-than-wholly-owned consolidated subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests. The amounts of consolidated net loss attributable to common members and its noncontrolling interest are separately presented in the consolidated statements of operations. The Company's net loss per unit attributable to common members excludes net losses attributable to noncontrolling interests.

***Cash and Cash Equivalents and Restricted Cash***

The Company considers all highly liquid investments with an original maturity of three months or less when acquired to be cash equivalents. The Company maintains cash and cash equivalent balances in financial institutions that may at times exceed federally-insured limits. The Company has not experienced any losses in such accounts.

Restricted cash consists of funds that are contractually restricted as to usage or withdrawal. The Company defines restricted cash as cash that cannot be withdrawn or used for general operating activities. Restricted cash includes amounts held to collateralize outstanding credit card borrowing facilities and is classified as current or noncurrent assets based on the nature and duration of the restriction. As of January 31, 2024 and 2025, the Company had no non-current restricted cash balances. All restricted cash amounts are expected to be utilized within one year and are therefore classified as current assets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated balance sheets to the total amount shown in the consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Cash and cash equivalents | $13477 | $13592 |
| Restricted cash | 250 | 252 |
| &nbsp;&nbsp;Total cash, cash equivalents, and restricted cash | $13727 | $13844 |

---

***Prepaid Expenses and Other Current Assets***

Prepaid expenses and other current assets consist primarily of prepaid license fees, sponsorships, escrow, and other expenses paid in advance of being incurred.

***Accounts Receivable, Net of Allowance for Credit Losses***

Accounts receivable are recorded at the invoiced amounts, net of allowance. The beginning balance of accounts receivable as of February 1, 2023 was $0.2 million. The Company maintains an allowance for expected credit losses for amounts it does not expect to collect. In establishing an estimated allowance, the Company considers the financial condition and credit quality of its customers, historical losses, current market conditions, the age of the receivables, and current payment patterns. Account balances are written off against the allowance in the period in which the balance is deemed uncollectible. Subsequent recoveries of previously written off balances are recognized

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when received. Provisions for expected credit losses are recorded to general and administrative in the consolidated statements of operations.

Changes in the Company's allowance for credit losses for the years ended January 31, 2024 and 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Allowance, beginning of period | $70 | $75 |
| Write-offs of uncollectible accounts, net |  | (71) |
| Provision for expected credit losses | 5 | 64 |
| Allowance, end of period | $75 | $68 |

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***Credit Risk and Major Customers***

Sales and services provided in the normal course of business are to customers located predominantly in the United States. The Company extends trade credit to its customers on terms that are generally practiced in the industry.

The following table summarizes the customers that accounted for 10% or more of the Company's revenue and the respective percentages for the years ended January 31, 2024 and 2025:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
| Customer A | \* | 12% |
| Customer B | 63% | \* |
| Customer C | 27% | \* |

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*\* Customer did not represent 10% or more of revenue during the respective period*

The following table sets forth the percentage of accounts receivable, net from the Company's largest customers that exceed 10% of its total accounts receivable, net and contract assets for the years ended January 31, 2024 and 2025:

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| | |
|:---|:---|
|  | **Year Ended January 31,** |
|  | **2025** |
| Customer D<br> \* | 37% |
| Customer E<br> \* | 29% |
| Customer F<br> \* | 16% |
| Customer G<br> \* | 11% |

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*\* Customer did not represent 10% or more of accounts receivable, net during the respective period*

***Inventory, Net***

The Company carries inventory at the lower of cost or net realizable value. Cost is determined using a standard method, which approximates last-in, first-out. On a periodic basis, the Company assesses excess, obsolete, and slow-moving inventory and writes down the cost of inventory to estimated net realizable value, as necessary. A write-down adjustment is measured as the excess of carrying amount over net realizable value. Write-down adjustments are recorded to cost of revenue in the period the provisional loss is identified. Once adjusted, a new, lower cost basis is established, and subsequent recoveries are not permitted under U.S. GAAP. Inventory reserves are determined using a combination of sales and usage trends, and historical obsolescence rates.

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Inventories primarily consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raw materials – includes printing substrates, ink and packaging materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Work in process – includes partially manufactured materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Finished goods – includes internally manufactured materials such as mailings, postcards, books and third-party purchased products for resale

Inventory or materials not yet received for which title has not transferred, are excluded from inventory.

***Leases***

The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances in accordance with *ASC Topic 842, Leases ("ASC 842")*. Lease classification is determined at the lease commencement date. The Company's leases are primarily operating leases for office facilities. As of January 31, 2024, and 2025, the Company did not have any finance lease arrangements. Operating leases are included in ROU operating lease asset; lease liabilities, current; and lease liabilities, non-current in the consolidated balance sheets.

Operating lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. Since the Company's leases generally do not have a readily determinable implicit rate, the Company uses its incremental borrowing rate at the commencement date to determine the present value of future minimum lease payments. The incremental borrowing rate is the interest rate the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment where the leased asset is located. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. The Company accounts for lease and non-lease components as a single lease component for the Company's operating leases.

The Company measures right-of-use (ROU) assets based on the corresponding lease liabilities adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date, net of lease incentives. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and lease liability and are recognized as lease expense as incurred. The Company's variable lease payments generally relate to payments affected by the Consumer Price Index ("CPI") and payments for maintenance and utilities.

The Company applies the short-term lease recognition exemption for leases with a lease term of twelve months or less, excluding those leases from the balance sheet and recognizing related payments on a straight-line basis over the lease term in operating expenses in the consolidated statements of operations.

***Property and Equipment, Net***

Property and equipment is stated at cost, net of accumulated depreciation and amortization. Assets acquired in business combinations are recorded at their acquisition-date fair value. Activities representing maintenance and repairs are expensed as incurred. Depreciation on property and equipment is measured using the straight-line method over the estimated useful lives of the assets and is included in depreciation and amortization in the consolidated statements of operations. The estimated useful lives of property and equipment are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Computer equipment and software – three years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Furniture and fixtures – five years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leasehold improvements – lesser of estimated useful life or remaining lease term

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Upon disposition, the cost of disposed assets and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recorded in general and administrative in the consolidated statements of operations.

***Goodwill***

The Company accounts for the excess of the purchase price consideration over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed in a business combination as goodwill in accordance with *ASC Topic 350, Intangibles – Goodwill and Other ("ASC 350")*. Goodwill is tested for impairment annually during the fourth quarter, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. For goodwill, impairment is assessed at the reporting unit level. A reporting unit is defined as an operating segment or a component of an operating segment to the extent discrete financial information is available that is reviewed by segment management.

For an impairment assessment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that a reporting unit's fair value exceeds its carrying amount. If the Company's qualitative assessment concludes that it is more likely than not that the carrying amount is less than the fair value of the reporting unit, then goodwill is not considered impaired. If the Company's qualitative assessment concludes that it is more likely than not that the fair value exceeds the carrying amount of the reporting unit, then the Company will perform a quantitative test. Goodwill is determined to be impaired when the quantitative assessment indicates that the carrying value exceeds the fair value of the reporting unit. The Company measures an impairment loss as the amount by which the carrying amount exceeds the estimated fair value. Besides goodwill, the Company has no other intangible assets with indefinite lives.

The Company did not record an impairment loss for the year ended January 31, 2024. During the year ended January 31, 2025, the Company impaired goodwill assigned to the Outreach reporting unit. Refer to Note 11, *Goodwill*, for additional information.

***Intangible Assets, Net***

Intangible assets are recorded at their acquisition-date fair value, net of accumulated amortization. Intangible assets primarily consist of customer relationships, developed technology, trademarks and trade names. The Company estimates the useful life of intangible assets by performing an analysis of expected cash flows of the acquired assets. Intangible assets are amortized using the straight-line method over their estimated useful lives.

***Capitalized Software, Net***

In accordance with ASC Subtopic 350-40, *Internal Use Software* ("ASC 350-40"), the Company capitalizes certain costs related to software developed for internal use for which it has no plans to market externally. Internal use software includes the software used for the Company's software-as-a-service ("SaaS") offerings. The Company expenses the costs of developing software until the software has reached the application development stage and capitalizes all costs incurred from that time until the software is ready for its intended use, at which time amortization of the capitalized costs begins. Determination of when the software has reached the application development stage is based upon completion of conceptual designs, evaluation of alternative designs and performance requirements. The Company capitalizes activities that result in major enhancements to internal use software and expenses activities that represent routine maintenance of existing software to product development in the consolidated statements of operations as incurred.

The Company amortizes internal use software using the straight-line method over its estimated useful life of three years. Refer to Note 9. *Capitalized Software, Net*, for additional information.

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***Impairment of Long-Lived Assets***

The Company evaluates the recoverability of its long-lived assets, including property and equipment, capitalized internal-use software, ROU operating lease asset, and intangible assets with definite lives, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset is measured by comparing of its carrying amount to the sum of the future undiscounted future net cash flows that the asset is expected to generate. If the carrying amount is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset exceeds its estimated fair value. Fair value is determined using valuation techniques appropriate under the circumstances, which may include discounted cash flow models, market quotations, or third-party independent appraisals, as necessary.

The Company did not record any impairment losses related to its long-lived assets for the years ended January 31, 2024 and 2025.

***Equity Method Investments***

The Company accounts for investments in the common stock or in-substance common stock of entities that provide the Company with the ability to exercise significant influence, but not a controlling financial interest, using the equity method of accounting in accordance with ASC Topic 323, *Investments - Equity Method and Joint Ventures ("ASC 323")*.

Investments accounted for under the equity method are initially recorded at the amount of the Company's investment and are adjusted each period for the Company's share of the investee's income or loss and dividends paid.

The Company reviews its equity method investments for impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Qualitative and quantitative factors considered as indicators of a potential impairment include financial results and operating trends of the investees, implied values in transactions of the investee's securities, severity and length of decline in value, and the Company's intention for holding the investment, among other factors. If an impairment is determined to be other than temporary, the fair value of the impaired investment would have to be determined, and an impairment charge recorded for the difference between the fair value and the carrying value of the investment. The fair value determination, particularly for investments in privately held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of the impairment charges.

***Revenue Recognition***

Revenue is recognized upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services, reduced by estimates for return allowances, and promotional discounts. Revenue also excludes any amounts collected on behalf of third parties, including sales and indirect taxes. The Company determines the amount of revenue to be recognized through application of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the contract(s) with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determine the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocate the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognize revenue when (or as) the Company satisfies a performance obligation.

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In arrangements in which the Company has multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. Management generally determines stand-alone selling prices based on the prices charged to customers in arrangements without multiple performance obligations.

The Company derives its revenue primarily from platform solutions revenue, platform revenue and other revenue. The Company's primary revenue streams were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Subscription revenue | $1386 | $6950 |
| Marketplace revenue | 728 | 14250 |
| Advertising revenue | 62 | 1673 |
| Platform revenue | 2176 | 22873 |
| Platform solutions revenue | 13325 | 330 |
| Other revenue | 5788 | 13 |
| &nbsp;&nbsp;Total revenue | $21289 | $23216 |

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*Subscription Revenue* 

The Company provides customers with access to its cloud-based platforms, including Gloo+, Barna Access Plus, Church Law & Tax, ChurchSalary, and others, under subscription arrangements that do not convey a license or ownership of the software. Subscriptions are typically offered in one- or twelve-month terms and are billed in advance.

Revenue is recognized over the subscription term as the Company satisfies its performance obligation by providing continuous access to the platforms. For certain platforms, customers may cancel and receive a refund for the unused portion of the subscription. Refundable amounts are recorded as customer deposit liabilities until recognized or refunded.

*Marketplace Revenue*

Marketplace revenue primarily consists of physical and digital products such as books, publications, curriculum, marketing collateral and church supplies sold through our online marketplace and the online stores of our consolidated subsidiaries. The timing of revenue recognition within our marketplace is generally point-in-time when our products ship to our customers.

The Company generally assumes the role of supplier and acts as the principal in these transactions and therefore recognizes revenue on a gross basis. At the time of entering into an agreement with the customer, the Company maintains control of the inventory originally purchased from vendors or suppliers and is viewed as the primary obligor to the customer. The Company has discretion in establishing pricing for the products, which is established at the time of signing the agreement, and bears certain risks associated with the products, including inventory risk. In these instances, the customer purchases directly from the Company and looks to the Company as responsible for fulfillment and resolution of any product-related issues.

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*Advertising Revenue* 

Digital advertising services relate to the display of advertising products on the Company's website. The Company offers advertising campaigns for a specified period of time for a fixed fee and recognizes revenue from such offerings over the service period. The Company also offers performance-based advertising placements that are priced on a cost-per-click basis. The Company applies the invoice practical expedient to recognize cost-per-click revenue as it depicts the value transferred to the customer and measure of progress towards completion of its obligations.

*Platform Solutions Revenue*

The Company provided platform solutions primarily in connection with the "He Gets Us" ("HGU") campaign. These services included strategic consulting, marketing execution, technology enablement, call center operations, and other related activities aimed at launching and supporting a comprehensive faith-based media initiative. The fee for the contract is subject to a high degree of variability, as the fees are subject to the successful fundraising efforts of the customer. This variability requires the Company to constrain revenue to the extent that it is probable of significant reversal in the future. As such, revenue is only recognized to the extent that the customer has successfully collected and disbursed applicable funds to the Company.

Customer payments for platform solutions are generally billed over the contractual term. Although certain contracts extended beyond twelve months, the Company performed services consistently over time and concluded that no significant financing component exists. Revenue related to the HGU campaign for the years ended January 31, 2024 and 2025 was $13.3 million and $0.1 million, respectively.

*Other Revenue*

For the year ended January 31, 2024 and 2025, the Company recognized revenue of $5.8 million and $12.8 thousand, respectively from contributions received under a non-reciprocal funding arrangement with nonprofit organizations. Under this arrangement, the Company provided access to its platform subscription services for use by third-party beneficiaries, while receiving funding in the form of forgivable promissory notes or other contributions. These contributions are accounted for as Contribution Revenue in the consolidated statements of operations in accordance with *ASC Topic 958, Not-for-Profit Entities ("ASC 958")*, as the provision of platform subscription services constitutes the Company's primary revenue-generating activity. Revenue is recognized in the period in which the conditions necessary for forgiveness of the promissory notes are substantially met. Refer to Note 15, *Debt* for additional information.

*Disaggregation of Cost of Revenue*

The Company disaggregates cost of revenue based on whether the cost is attributable to services rendered, tangible products, and other indirect costs. The breakdown of cost of revenue (exclusive of depreciation and amortization) is as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Subscription revenue costs | $1776 | $5404 |
| Marketplace revenue costs | 957 | 12974 |
| Advertising revenue costs | 106 | 1027 |
| Platform revenue costs | 2839 | 19405 |
| Platform solutions revenue costs | 2035 | 306 |
| Other revenue costs | 1597 | 38 |
| &nbsp;&nbsp;Total cost of revenue (exclusive of depreciation and amortization) | $6471 | $19749 |

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***Product Development***

Product development expenses consist primarily of personnel-related costs for the design and development of the Company's platform, contractor costs to supplement staff levels, third-party web services, consulting services, and allocated overhead. Product development expenses, other than software development costs qualifying for capitalization, are expensed as incurred.

***General and Administrative***

General and administrative expenses consist primarily of personnel-related costs for the Company's executive, finance, legal, human resources, and administrative employees, including salaries, benefits, bonuses, and equity-based compensation. General and administrative expenses may also include non-personnel costs such as legal, accounting, and other professional service fees; other corporate expenses related to employee relations, travel, and software; information technology costs; restructuring charges; and corporate facility costs.

***Advertising***

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. Advertising costs were approximately $1.2 million and $2.7 million for the years ended January 31, 2024 and 2025, respectively.

***Equity-Based Compensation***

The Company's equity-based compensation awards are classified as either equity-classified or liability-classified awards in accordance with *ASC Topic 718, Stock Compensation ("ASC 718").* The Company generally measures equity-classified awards at the fair value on the grant date using a Black-Scholes option-pricing model, which is dependent upon several variables, including the fair value of a common unit, expected term of the option, expected volatility of a common unit's price, risk-free interest rate, and expected dividend rate. The assumptions used in the Black-Scholes option pricing model were determined as follows:

*Fair Value of Common Units –* Prior to the completion of an initial public offering ("IPO"), the board of directors exercise reasonable judgment and consider numerous and subjective factors to determine the best estimate of the fair value of its outstanding units, including but not limited to the prices of recent issuances of the Company's preferred units, third-party valuations of its outstanding common units, the price paid by the Company to repurchase outstanding units, the prices paid for the Company's outstanding units in secondary market transactions, the Company's performance and market position relative to similar publicly traded companies, the likelihood and timing of achieving a liquidity event, the lack of marketability of the Company's outstanding common units, and U.S. and global capital market conditions.

*Expected Term –* The expected term of options represents the period that the Company's equity-based awards are expected to be outstanding and is calculated using the simplified method. The simplified method deems the term to be the mid-point between the weighted-average vesting period and the contractual life of the option.

*Volatility* – The Company estimates its expected unit volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its common unit price. When considering which companies to include in its comparable industry peer companies, the Company focused on publicly-traded companies with businesses similar to the Company's.

*Risk Free Interest Rates –* These rates are based on the implied yield currently available on U.S. Treasury notes with terms approximately equal to the expected life of the option.

*Expected Dividend Yield –* The Company has not and does not expect to pay cash dividends on its units.

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The Company remeasures liability-classified awards to fair value as of each accounting period end date until settlement or expiration of the award. Any changes to the fair value of liability-classified awards are recorded as equity-based compensation expense in operating expenses in the consolidated statements of operations.

Equity-based compensation expense for awards with a graded vesting schedule and subject only to a service condition is recognized using the straight-line method over the requisite service period. The Company recognizes forfeitures as they occur.

***Income Taxes***

Gloo Holdings, LLC is treated as a partnership for U.S. Federal and most applicable state and local income tax purposes. As a partnership, the Company is not subject to U.S. Federal and certain state and local income taxes. Any taxable income or loss generated by the Company is passed through to and included in the taxable income or loss of its members. On January 2, 2024, the Company acquired 100% of the equity ownership of Outreach, Inc., which is taxed as a C corporation and is subject to Federal and state income taxes and accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

In accordance with authoritative guidance on accounting for and disclosure of uncertainty in tax positions, the Company follows a more likely than not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. For tax positions meeting the more-likely-than-not threshold, the tax liability recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority. If tax authorities were to disallow any tax positions taken by the Company, the additional income taxes, if any, would be imposed on the members rather than the Company.

No amounts have been accrued for uncertain tax positions as of January 31, 2024, and January 31, 2025. However, management's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations, and interpretations thereof, and other factors. The Company does not have any unrecognized tax benefits as of January 31, 2024, and January 31, 2025, and does not expect that the total amount of unrecognized tax benefits will materially change over the next six months. Additionally, no interest or penalty related to uncertain taxes has been recognized in the accompanying consolidated financial statements.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. If such examinations result in changes to income or loss, the tax liability of the Company could be changed accordingly.

***Net Loss Per Unit Attributable to Common Members***

The Company calculates basic and diluted net loss per unit attributable to common members using the two-class method for participating securities in accordance with ASC Topic 260, *Earnings Per Share ("ASC 260")*. The Company considers the Series A preferred units to be participating securities as the holders are entitled to receive a 6% dividend per annum prior to any dividend distributions to common unit holders. The two-class method requires earnings available to common members for the period to be allocated between common unit members and other participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. The Company does not allocate net losses to the holders of the Series A preferred units under the two-class method as those securities do not have a contractual obligation to share in the Company's losses.

Basic net loss per unit attributable to common members is calculated by dividing net loss attributable to common members by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per unit attributable to common members is computed by giving effect to all potentially dilutive securities outstanding for the period. For any period in which the Company reports a net loss, diluted net loss per

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unit attributable to common members is the same as basic net loss per unit attributable to common members, because the effect of including potentially dilutive securities is anti-dilutive.

***Derivative Financial Instruments***

The Company does not enter into derivatives for trading or speculative purposes. However, certain debt and equity financing transactions are derivatives in their entirety or include embedded features that are bifurcated and accounted for as embedded derivatives. Refer to Note 15, *Debt* for additional information about derivatives associated with financing transactions.

Derivative assets and liabilities are classified as either current or non-current based on the timing of expected cash flows. The non-current portion of derivative assets and non-current portion of derivative liabilities are included in other non-current assets and other non-current liabilities on the consolidated balance sheets, respectively. The Company applies Level 3 valuation techniques, including discounted cash flow models, to determine fair value due to the significant unobservable inputs. Refer to Note 7, *Fair Value Measurements* for additional information.

***Fair Value Measurement***

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. This hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining fair value. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and disclosed at fair value are classified and disclosed based on the observability of inputs used in the determination of fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices in less active markets or model-derived valuations that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data that are significant to the fair value of the assets or liabilities.

In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

The carrying amount of the Company's financial instruments, including cash equivalents, restricted cash, trade and other receivables, prepaid expenses and other current assets, accounts payable and accrued liabilities, and accrued and other current liabilities approximate their respective fair values because of their short maturities.

Financial instruments recorded at fair value in the consolidated balance sheets are categorized based upon the fair value hierarchy established by U.S. GAAP, which classifies the inputs used to measure fair value into Level 1, Level 2, or Level 3. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The methods and assumptions used may produce a fair value that may not be realized in future periods upon settlement. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a materially different estimate of fair value at the reporting date. Refer to Note 7, *Fair Value Measurements* for additional information.

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***Variable Interest Entities***

The Company consolidates variable interest entities ("VIEs") in which it holds a variable interest and is the primary beneficiary of the entity. The Company is the primary beneficiary because it has the power to direct the activities that most significantly impact the economic performance of these VIEs and either an obligation to absorb losses of, or a right to receive benefits from, these VIEs that could potentially be significant to the VIE. As a result, the Company consolidates the assets and liabilities of these consolidated VIEs.

The Company continually evaluates whether it qualifies as the primary beneficiary of these VIEs and reconsiders its determination of whether an entity is a VIE upon the occurrence of any reconsideration events. As of January 31, 2025, the total assets and total liabilities of consolidated VIEs included in the Company's consolidated balance sheets was $10.3 million and $1.6 million, respectively.

***Emerging Growth Company***

The Company is an emerging growth company ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as to those standards apply to private companies. The Company has elected to use the extended transition period under the JOBS Act for the adoption of certain accounting standards until the earlier of the date the Company (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements of the Company may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. The adoption dates are discussed below in the Recently Issued Accounting Pronouncements section.

***Recent Accounting Pronouncements Not Yet Adopted***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosure, requiring enhanced income tax disclosures* ("ASU 2023-09"). This ASU requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. This ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and income tax expense or benefit from continuing operations disaggregated between federal, state, and foreign. For public companies, the requirements of this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact of the new guidance on the disclosure within its consolidated financial statements.

In March 2024, the FASB issued ASU 2024-01, "*Compensation - Stock Compensation*" which was issued to reduce complexity in determining if profit interest awards are subject to *Topic 718* and to reduce diversity in practice. For public entities, the standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. For all other entities, including EGCs, the standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. The Company has elected to use the extended transition period available to it as an EGC and is currently evaluating the impact of the new guidance on the disclosure within its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "*Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures*," which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. The standard is effective for all entities with annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures.

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***Recently Adopted Accounting Pronouncements***

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures)* ("ASU 2023-07"). The amendments in this update improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. All disclosure requirements of the update are required for entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. As of January 31, 2025, the Company only has one reportable segment. The Company adopted this ASU on February 1, 2024. See the section titled "Segment Information" above for additional disclosures.

In October 2021, the FASB issued ASU No. 2021-08, *Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers* ("ASU 2021-08"), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, as if it had originated the contracts. Under the legacy business combination guidance, such assets and liabilities are recognized by the acquirer at fair value on the acquisition date. The Company adopted the provisions of ASU No. 2021-08 on February 1, 2023, which did not have a material impact on the consolidated financial statements.

On February 1, 2023, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13, *Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments* ("ASU 2016-13"). The ASU includes changes to the accounting and measurement of financial assets, including the Company's accounts receivable, by requiring the Company to recognize an allowance for all expected credit losses over the life of the financial asset at origination. This is different from historical practice, where an allowance was not recognized until the losses were considered probable. The Company adopted this standard using the modified retrospective transition method, and there was no significant impact to the consolidated financial statements upon adoption of the ASU.

**3.** **Variable Interest Entities**

***Consolidated VIEs***

*Visitor Reach*

As discussed in Note 4, *Business Combinations*, in January 2025, the Company acquired a majority ownership interest of approximately 51.2% in Visitor Reach with the objective of enhancing digital outreach for churches by combining Visitor Reach's AI-driven local marketing capabilities with the Company's data intelligence and technology platform.

Visitor Reach was determined to be a VIE because it lacks sufficient equity at risk to finance its operations without future subordinated financial support. The Company determined that it was the primary beneficiary of Visitor Reach because it has the power to direct activities that most significantly impact the entity's economic performance and an obligation to absorb losses of the entity through its majority ownership interest, and therefore consolidated Visitor Reach as of January 1, 2025.

In connection with the acquisition of Visitor Reach, the Company entered into call option agreements (the "VR Call Options") with three minority stockholders of Visitor Reach (the "VR Option Holders") in exchange for future post-combination services. These options were treated as separate from the business combination due to the post-combination service condition. Refer to Note 4, *Business Combinations* for additional information.

The VR Call Options are independently exercisable and grant the VR Option Holders the right to collectively repurchase up to 332 units, or 16.0% of Visitor Reach's total equity, from the units currently owned by the Company. In the event all holders exercise their full options, the Company would retain approximately 35.22% of Visitor Reach's outstanding units, which could result in a deconsolidation event if the Company determined it would no longer have a controlling financial interest in Visitor Reach. The VR Call Options become exercisable on the

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third anniversary of the acquisition and expire 12 months thereafter, subject to forfeiture if the service-based vesting condition is not met. The exercise price of the VR Call Options is fixed at $1,506 per unit, and is payable in cash or through a promissory note. These options are equity-classified stock awards. Their carrying amount and valuation methodology are further described in Note 17, *Equity-Based Compensation*.

The Company has determined that it holds the power to direct the activities that most significantly impact Visitor Reach's economic performance while the VR Call Options remain outstanding and are not yet exercisable. However, the Company will reassess whether it remains the primary beneficiary of the VIE when the VR Call Options become exercisable in December 2027. As of January 31, 2025, the Company continues to hold the majority of issued and outstanding equity units of Visitor Reach and reports a non-controlling interest. See Note 2, *Summary of Significant Accounting Policies,* for additional details on the noncontrolling interest.

***Unconsolidated VIEs***

*Sermons Tech*

Sermons Tech, LLC is a technology company that developed an AI-powered platform designed to enhance the capabilities of pastors and church staff through tools that support sermon content generation, worship planning, small group coordination, and digital engagement. The Company's investment in Sermons Tech consisted of 40,000 Class A Units, was acquired for $2.0 million, payable in multiple installments throughout 2025. As of the acquisition date, the investment was initially recorded at $2.0 million, representing the amount paid to date, including transaction costs. The 40,000 Class A Units provided the Company with a 43.20% ownership of Sermons Tech. The Company is exposed to Sermons Tech's economic risk and rewards through the carrying amount of its equity investment, and a revenue-sharing arrangement that entitles the Company to 30.00% of Sermons Tech's revenue. As both interests expose the Company to more than an insignificant portion of Sermons Tech's variability, they are considered variable interests. Sermons Tech was determined to be a VIE because it lacks sufficient equity at risk to finance its operations without future subordinated support from related parties or the Company. Sermons Tech does not hold any debt on its books but rather has been financed through issuances of equity to the majority equity holder and the Company.

The Company accounts for its investment in Sermons Tech, LLC under the equity method of accounting, in accordance with ASC 323, as it determined it has significant influence over Sermons Tech's financial and operating policies. The investment is presented as a single line item within noncurrent assets on the balance sheet. The carrying amount of the investment will be subsequently adjusted for the Company's share of Sermons Tech's profits or losses in each reporting period, in accordance with the equity method guidance. The corresponding impact will be recognized in the income statement within the financial statement line item 'Loss (income) from equity method investments. The Company's carrying value of its investment in Sermons Tech was $1.8 million and $1.3 million as of January 31, 2024 and 2025, respectively, and is included in investments in the consolidated balance sheets. The Company's maximum exposure to loss is limited to the carrying value of its investment, as the Company has not entered into any other funding arrangements or guarantees for which it would be held liable by the VIE.

**4.** **Business Combinations**

*Outreach Media Acquisition*

On January 2, 2024, the Company acquired 100.0% of the equity ownership of Outreach Media, Inc. ("Outreach" and the transaction, the "Outreach Acquisition"). The Company engaged an independent third-party valuation firm to determine the fair value of the transaction, including intangible assets and the contingent consideration. Goodwill represents the value expected to arise from expanded market opportunities and an acquired workforce. The goodwill is deductible for tax purposes.

Outreach, founded in 1996, has grown their customer base from a handful of local churches to over 163,000 churches across the United States. With a focus on adapting to cultural and technological shifts, its services include a comprehensive package of digital and physical products, including sermon resources, movie licensing, advanced printing and graphics support, and expert consulting from experienced ministry leaders. The Company acquired

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Outreach with the objective of expanding its physical presence in the faith-based marketplace by integrating Outreach's established print media and distribution capabilities into the Company's broader multi-channel engagement strategy.

The contractual purchase price consideration of $40.0 million, was adjusted to the acquisition date fair value of $53.0 million. The as-adjusted purchase price consisted of the following:

---

| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration | $19740 |
| Equity consideration | 31900 |
| Contingent consideration | 1350 |
|  | $52990 |

---

As part of the consideration transferred in the Outreach Acquisition, the Company issued 3,333,334 Series A preferred units. Concurrent with the Outreach Acquisition, the Company's chief executive officer and principal stockholder entered into a put option agreement with the sellers, granting the sellers the right, but not the obligation, to sell their Series A preferred units to the stockholder at a price of $9.00 per unit during a 12-month exercise window in 2027. Although the Company is not a party to the agreement and has no obligation to settle the put option, the fair value of the option has been included as part of the total consideration transferred in the Outreach Acquisition. This treatment reflects the substance of the arrangement, as the put option was provided in connection with the acquisition and represents a deemed capital contribution from the stockholder. The Series A preferred units were assigned an aggregate fair value of $31.9 million as of the acquisition date, inclusive of the fair value of the put option, which was estimated to be $11.9 million using the Black-Scholes Option Pricing Method, and were deemed a capital contribution from the stockholder. The valuation of the put option required significant management judgment, including assumptions related to volatility, risk-free interest rates, expected term, and other relevant inputs. As the Company is neither primarily nor secondarily obligated under the put option, no liability has been recognized and there is no ongoing impact to the Company's financial position or results of operations.

The Outreach Acquisition includes a contingent consideration arrangement that requires an additional cash consideration payment of up to $2.0 million if certain future revenue targets are met. The arrangement provides for two annual measurement periods: the first running from February 1, 2024 through January 31, 2025, and the second from February 1, 2025 through January 31, 2026. The maximum potential payout is $1.0 million for each period, subject to a formula based on the revenue performance of Outreach during each respective period. Any unpaid amount from the first period may be added to the maximum amount payable for the second period, not to exceed the total $2.0 million cap. The contingent consideration arrangement will expire on January 31, 2026. The fair value of the contingent consideration recognized on the acquisition date of $1.4 million was estimated by applying a Monte Carlo Simulation approach. The Company has estimated the fair value of this contingent consideration to be $1.4 million as of the years ended January 31, 2024, and 2025, and has included the contingent consideration in acquisition-related liabilities on the consolidated balance sheets. As of January 31, 2024, the balance was split between both acquisition-related liabilities, current, and acquisition-related liabilities, non-current. As of January 31, 2025, the full amount of the liability was included in acquisition-related liabilities, current.

The Company incurred an immaterial amount of transaction-related costs, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations.

The Outreach Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805 with the Company being identified as the accounting acquirer. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Outreach acquisition closing date.

The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7, *Fair Value Measurements* for additional information. These fair value estimates represent

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management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

As of January 31, 2024, the determination of fair values was complete. The excess of the consideration transferred over the fair value of the identifiable assets, net of liabilities, is recorded as goodwill, which reflects the revenue-focused synergies anticipated from integrating Outreach's well-established physical distribution network with the Company's existing digital platform.

The allocation of the purchase price and the estimated fair values of the assets acquired, and liabilities assumed are shown below:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Consideration: |  |
| &nbsp;&nbsp;Consideration transferred | $52990 |
| Identified assets and liabilities: |  |
| &nbsp;&nbsp;Cash and cash equivalents | 520 |
| &nbsp;&nbsp;Accounts receivable | 631 |
| &nbsp;&nbsp;Inventory | 1522 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 131 |
| &nbsp;&nbsp;Property and equipment | 1994 |
| &nbsp;&nbsp;Right-of-use operating lease assets | 3496 |
| &nbsp;&nbsp;Favorable lease intangible asset | 360 |
| &nbsp;&nbsp;Intangible assets | 11400 |
| &nbsp;&nbsp;Accounts payable | (261) |
| &nbsp;&nbsp;Accrued expenses | (969) |
| &nbsp;&nbsp;Deferred revenue | (1874) |
| &nbsp;&nbsp;Lease liabilities – operating | (3496) |
| &nbsp;&nbsp;Long-term debt | (356) |
| &nbsp;&nbsp;Deferred tax liability | (2813) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total identifiable net assets acquired | $10285 |
| &nbsp;&nbsp;Goodwill | $42705 |

---

The resulting goodwill of $42.7 million is not deductible for income tax purposes and represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Outreach Acquisition includes, but is not limited to: (1) the expected synergies the acquisition of Outreach will bring to the Company's portfolio while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of Outreach.

The Company engaged a third-party valuation expert to aid its analysis of the acquired identifiable intangible assets. All estimates, key assumptions and forecasts were either provided by or reviewed by the Company. While the Company chose to utilize a third-party valuation expert for assistance, the fair value analysis and related valuations reflect the conclusions of management and not those of any third party.

The Company recorded finite-lived intangible assets related to customer relationships, developed technology, and trademarks. Fair value of customer relationships was determined using the cost approach and the fair values of the developed technology and the trademarks were determined using the relief from royalty rate method under the income approach.

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Acquired intangible assets were being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values and estimated useful lives for the identifiable intangible assets acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 4 years | $6000 |
| Developed technology | 5 years | 1600 |
| Trademarks | 15 years | 3800 |
|  |  | $11400 |

---

The fair value of financial assets includes accounts receivable with a fair value of $0.6 million. The gross contractual amount due for accounts receivable is $0.7 million, with $0.1 million expected to be uncollectible on the acquisition date.

Contract assets and liabilities were recorded under *ASC Topic 606, Revenue from Contracts with Customers ("ASC 606")* in accordance with ASU No. 2021-08; therefore, adjustments in contract assets and liabilities related to the estimated fair values of the acquired contract assets and liabilities were not required.

For the years ending January 31, 2024 and 2025 the Company's consolidated results included $1.4 million and $20.4 million of Outreach's revenue, $0.3 million and $29.7 million of Outreach's net loss. Of the $29.7 million loss realized for the year ended January 31, 2025, $27.8 million relates to the goodwill impairment charge recorded during the year. Refer to Note 11, *Goodwill* for additional information.

*Church Law & Tax and ChurchSalary Acquisition*

On April 29, 2024, the Company entered into a purchase agreement to acquire certain assets from Christianity Today International, an Illinois Not for Profit Corporation, effective May 1, 2024. The Company engaged an independent third-party valuation firm to determine the fair value of the transaction, including intangible assets. Goodwill represents the value expected to arise from expanded market opportunities.

Beginning in the early 1980s, Church Law & Tax has provided pastors, business administrators, executive pastors and treasurers with resources and training designed to help them keep their congregations safe, legal, and financially sound. Church Law & Tax primarily equips leaders through a membership website and numerous print and digital resources offered through an online store. The content is written to help servant leaders understand various organizational issues and perspectives without needing a formal legal or financial background. The content is also created to help churches of all types, sizes, and domestic locations, and is priced affordably to keep church leaders informed and equipped, without the need to use significant financial resources. The goal of Church Law & Tax is to help church leaders prevent avoidable issues, while allowing them to keep their financial resources concentrated on their primary mission.

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The contractual purchase price consideration of $5.5 million was adjusted to the acquisition date fair value of $6.2 million. The as-adjusted purchase price consisted of the following:

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| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration paid within one year | $1350 |
| Equity consideration | 4850 |
|  | $6200 |

---

As part of the consideration transferred, the Company issued 666,667 Series A preferred units. Concurrent with the execution of the Asset Purchase Agreement, the Company's chief executive officer and principal stockholder entered into a put option agreement with Christianity Today International, granting Christianity Today International the right, but not the obligation, to sell their Series A preferred units to the stockholder at a price of $6.00 per unit during a 12-month exercise window beginning May 1, 2027. The Series A preferred units were assigned an aggregate fair value of $4.0 million as of the acquisition date, and the fair value of the put option, which was estimated at $0.9 million using the Black-Scholes Option Pricing Method, was deemed a capital contribution from the stockholder. The fair value measurement of the put option reflects significant management judgment, including assumptions related to volatility, risk-free interest rates, expected term, and other relevant inputs.

The Company incurred $0.1 million in transaction-related costs, which were expensed as incurred and included in General and administrative expenses on the consolidated statements of operations. The transaction was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805.

The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 3 inputs. Refer to Note 7, *Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, other expenses, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

As of July 31, 2024, the determination of fair values was complete. The excess of the consideration transferred over the fair value of the identifiable assets, net of liabilities, is recorded as goodwill, which is indicative of the expected expanded market opportunities.

The tangible assets were de minimis, and no liabilities were assumed in the transaction. The allocation of purchase price and the estimated fair values of the assets acquired are shown below:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Consideration: |  |
| &nbsp;&nbsp;Consideration transferred | $6200 |
| Identified assets: |  |
| &nbsp;&nbsp;Intangible assets | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total identifiable net assets acquired | $1525 |
| &nbsp;&nbsp;Goodwill | $4675 |

---

The resulting goodwill of $4.7 million is deductible for tax purposes.

The Company recorded definite-lived intangible assets related to customer relationships and trademarks. Fair value of the customer relationships was determined using the multi-period excess earnings method, which is an income approach, and the fair values of the trademarks were determined using the relief from royalty rate method under the income approach.

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The fair values of the identifiable intangible assets acquired on the acquisition date were as follows:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships – ChurchSalary | 9 years | $750 |
| Developed technology – Church Law & Tax | 10 years | 625 |
| Trademarks | 7 years | 150 |
|  |  | $1525 |

---

For the period ending January 31, 2025, the Company's consolidated results included $0.6 million of revenue and $0.2 million of net loss.

*Visitor Reach Acquisition*

On January 1, 2025, the Company acquired 51.2% of the equity ownership of Visitor Reach, LLC. ("Visitor Reach" and the transaction, the "Visitor Reach Acquisition"). The Company engaged an independent third-party valuation firm to determine the fair value of the transaction, including intangible assets, and the noncontrolling interest. Goodwill represents the value expected to arise from expanded market opportunities and an acquired workforce. The goodwill is deductible for tax purposes.

Visitor Reach, founded in 2023, is a technology-driven platform designed to connect churches with local seekers and newcomers through advanced digital tools and personalized outreach strategies. Founded by an experienced team of pastors and church leaders, Visitor Reach aims to bridge the gap between churches and those searching for spiritual communities. As culture and technology have evolved, Visitor Reach has remained at the forefront, introducing its proprietary platform, aiChurchTech™, and a mobile app to facilitate personalized outreach via SMS and automated messaging. Operating on a tiered subscription model, Visitor Reach offers scalable access to its comprehensive suite of services like digital optimization, personalized advertising, a real-time messaging app, an intelligent follow-up system, and dedicated client services for churches. The Company acquired the majority interest in Visitor Reach with the objective of enhancing digital outreach for churches by combining Visitor Reach's AI-driven local marketing capabilities with the Company's data intelligence and technology platform.

The contractual purchase price was $9.0 million, of which $0.6 million was paid directly to the selling stockholders in return for the Company acquiring 51.2% equity interests. The remaining $8.4 million was contributed directly to the acquiree as a capital infusion to fund working capital and support post-acquisition operations. Because the $8.4 million remains within the acquiree and under the Company's control as the controlling stockholder, only the $0.6 million paid to the selling stockholders constitutes consideration transferred in accordance with ASC 805.

Concurrent with the Visitor Reach Acquisition, the Company executed call option agreements with three minority owners of Visitor Reach who continue to serve in management positions at the company. The VR Call Options are exercisable three years from the acquisition date and expire twelve months thereafter and, if fully exercised, would reduce the Company's ownership in Visitor Reach to 35.2%. The VR Call Options are subject to the holder's continued employment with the Company and will be forfeited if the holders' employment is terminated by either party. Given the compensatory nature of the VR Call Options, they are not considered part of the Purchase Price and were accounted for separately from the Visitor Reach Acquisition. For more information regarding the VR Call Options refer to Note 3, *Variable Interest Entities* and Note 17, *Equity-Based Compensation*.

The Company incurred $0.2 million in transaction-related costs, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations.

The Visitor Reach Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805 with the Company being identified as the accounting acquirer. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Visitor Reach acquisition closing date.

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The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7, *Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparables, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

As of January 31, 2025, the determination of fair values was complete. The excess of the purchase price over the estimated fair values of the underlying identifiable assets acquired, liabilities assumed, and non-controlling interest was allocated to goodwill. The estimated fair value of the non-controlling interest was based on the price the Company paid for its 51.2% controlling interest in Visitor Reach. Goodwill represents the value expected to arise from expanded market opportunities and an acquired workforce.

The allocation of the purchase price and the estimated fair market values of the assets acquired, liabilities assumed, and noncontrolling interest are shown below:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Consideration: |  |
| Consideration transferred | $631 |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | 50 |
| Accounts receivable | 10 |
| Prepaid expenses and other current assets | 48 |
| Property and equipment | 41 |
| Intangible assets | 890 |
| Accounts payable | (739) |
| Accrued liabilities | (104) |
| Notes payable | (1000) |
| &nbsp;&nbsp;&nbsp;Total identifiable net assets acquired | (804) |
| Noncontrolling interest | (6839) |
| &nbsp;&nbsp;&nbsp;Total | (7643) |
| Goodwill | $8274 |

---

The resulting goodwill of $8.3 million is partially deductible for income tax purposes and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Visitor Reach Acquisition includes, but is not limited to: (1) the expected synergies Visitor Reach will bring to the Company's portfolio while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of Visitor Reach.

The Company recorded finite-lived intangible assets related to customer relationships, developed technology, and trademarks. Fair value of the customer relationships was determined using the multi-period excess earnings method under the income approach and the fair value of the developed technology and the trademarks was determined using the relief from royalty rate method under the income approach.

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Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values (in thousands) and estimated useful lived for the identifiable intangible assets acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 10 years | $90 |
| Developed technology | 5 years | 450 |
| Trademarks | 6 years | 350 |
|  |  | $890 |

---

Contract assets and liabilities were recorded under *ASC Topic 606, Revenue from Contracts with Customers ("ASC 606")* in accordance with ASU No. 2021-08; therefore, adjustments in contract assets and liabilities related to the estimated fair values of the acquired contract assets and liabilities were not required.

For the period ending January 31, 2025, the Company's consolidated results included $0.2 million of Visitor Reach's revenue, and $0.2 million of Visitor Reach's net loss.

*Supplemental Unaudited Pro Forma Information*

The unaudited supplemental pro forma financial information below presents the combined historical results of operations of the Company, Outreach, and Visitor Reach for the period presented as if Outreach and Visitor Reach had been acquired as of February 1, 2023:

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| | | |
|:---|:---|:---|
|  | **Pro Forma (unaudited)** | **Pro Forma (unaudited)** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Revenue | $41695 | $24466 |
| Net loss | (48542) | (96086) |

---

Pro forma information reflects adjustments that are expected to have a continuing impact on the Company's results of operations and are directly attributable to the acquisition. The unaudited supplemental pro forma information above includes adjustments to reflect, among other things, direct transaction costs relating to the acquisition, the incremental intangible asset amortization to be incurred based on the preliminary values of each identifiable intangible asset, and to eliminate a portion of the interest expense related to liabilities, which were assumed by the Company upon completion of the acquisition. The unaudited supplemental pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisitions taken place on the date indicated, or of the Company's future consolidated statements of operations. The supplemental pro forma information presented above has been derived from the Company's historical consolidated financial statements and from the historical accounting records of Outreach and Visitor Reach.

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**5.** **Equity Method Investments**

The Company accounts for its investments in unconsolidated investees using the equity method of accounting due to its ability to exercise significant influence over the operating and financial policies of these entities. The Company's equity method investments as of January 31, 2025, consisted of two entities: Midwestern and Sermons Tech.

The summarized financial information below represents the financial position and results of operations of Midwestern and Sermon Tech:

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| | | |
|:---|:---|:---|
| **Balance Sheet** | **As of January 31, 2025** | **As of January 31, 2025** |
|  | **(in thousands)** | **(in thousands)** |
|  | **Midwestern<br>Interactive** | **Sermons Tech** |
| Current assets | $1415 | $478 |
| Non-current assets | 1540 | 109 |
| Current liabilities | (1264) | (302) |
| Non-current liabilities | (3840) |  |

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| | | |
|:---|:---|:---|
| **Statement of Operations** | **For the Year Ended January 31, 2025** | **For the Year Ended January 31, 2025** |
|  | **(in thousands)** | **(in thousands)** |
|  | **Midwestern<br>Interactive** | **Sermons Tech** |
| Total revenues | $1273 | $1323 |
| Gross profit | 553 | 982 |
| (Loss) Income from operations | 281 | (2656) |
| Net income (loss) | 268 | (2656) |

---

***Midwestern Interactive, LLC***

On January 3, 2025, the Company acquired 8,000 common units of Midwestern Interactive, LLC, representing an 80.0% membership interest in the company, for a total purchase price of approximately $31.7 million, paid for with a combination of cash, Series A preferred units, and note issuances. The investment was determined to be an equity method investment due to the Company's ability to exercise significant influence over Midwestern through its equity investment and representation on Midwestern's board of directors. The Company does not consolidate Midwestern under ASC Topic 810, Consolidation ("ASC 810") because the participating rights held by Midwestern's minority interest holder limits the Company's ability to unilaterally control the company.

In connection with the investment, the Company entered into a freestanding call option agreement (the "MW Call Option") with the minority interest holder of Midwestern, Flourish Holdings, Inc. ("NewCo"). The MW Call Option grants the minority interest holder the right to repurchase all 8,000 of the Company-owned Midwestern units at a fixed price of $2.1 million. The option becomes exercisable on the third anniversary of the effective date of the investment and expires twelve months thereafter, and is subject to earlier exercise if the Company (1) enters insolvency proceedings or (2) completes a qualified IPO that raises at least $50.0 million, and its shares trade above $12.00 per share for 90 consecutive days. The exercise price reflects the form of the original consideration, payable as: return of the cash consideration paid, forgiveness of the unpaid balance and reimbursement of prior payments on the installment payment note, forgiveness of the remaining payments on two promissory notes issued in connection with the investment, and the return of approximately 2.1 million of the Company's Series A preferred units issued in connection with the transaction. Upon exercise of the MW Call Option, the Company would be fully divested of its equity investment in Midwestern. The MW Call Option was recorded as a liability in other non-current liabilities on the Company's consolidated balance sheets, initially valued at $8.8 million and measured at fair value on a recurring basis with changes in fair value recorded in loss (gain) from change in fair value of financial instruments in the consolidated statements of operations. Refer to Note 7, Fair Value Measurements for more information.

The initial value of the Company's investment in Midwestern was $31.7 million. Included in the initial carrying value of $31.7 million was a basis difference between the equity method investment recorded on the books of Gloo and the standalone books of Midwestern of approximately $5.4 million. This difference was primarily related to the

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recognition of intangible assets associated with Midwestern's customer relationships and trademarks. Basis differences are amortized on a straight-line basis over the remaining life of the assets or liabilities to which they relate and are recognized as an adjustment to the Company's share in the income or losses of Midwestern.

The Company recognized its proportionate share of Midwestern's results of operations, net of the amortization of the basis difference, in gain (loss) on equity investments, net in the consolidated statements of operations for the year ended January 31, 2025. During that period, the Company recognized an immaterial equity method gain. The carrying amount of the investment was included in long-term investments on the consolidated balance sheet and was $31.7 million as of January 31, 2025.

***Sermons Tech LLC***

On October 25, 2023, the Company entered into a purchase agreement to acquire 40,000 Class A units of Sermons Tech, representing a 40.0% equity interest, for total consideration of $2.0 million payable in multiple installments throughout 2023, 2024 and 2025. Sermons Tech is a limited liability company formed in July 2023 through a planned strategic relationship with the Company to commercialize the Sermons Tech software platform, an artificial intelligence-driven tool designed to support church leaders and staff in developing and enhancing sermons and related media.

Based on the size and nature of its investment, including its representation on Sermons Tech's board of directors, the Company determined that it can exercise significant influence over Sermons Tech and should account for its investment under the equity method in accordance with *ASC Topic 323, Investments – Equity Method and Joint Ventures ("ASC 323")*.

The Company recognized its proportionate share of Sermons Tech's results of operations in gain (loss) on equity investments, net in the consolidated statements of operations for the years ended January 31, 2024 and 2025. For those periods, the Company recognized equity method losses of $0.2 million and $0.6 million, respectively. The carrying amount of the investment was included in long-term investments on the consolidated balance sheets and was $1.8 million and $1.2 million as of the years ended January 31, 2024 and 2025, respectively.

**6.** **Revenue**

***Deferred Revenue and Remaining Performance Obligations*** 

For transactions in which payment has been received and there is an outstanding performance obligation, the associated revenue is recorded as deferred revenue and recognized once such obligation is fulfilled. During the years ended January 31, 2024 and 2025, the Company recognized $0.7 million and $0.2 million, respectively, of revenue that was included in deferred revenue at the beginning of the respective period.

Deferred revenue that will be recognized within the next twelve months is recorded as current deferred revenue, and the remaining portion is recorded as non-current. As of January 31, 2025, the Company's aggregate amount of transaction price allocated to remaining performance obligations from contracts with customers was $4.3 million, of which the Company expects to recognize approximately 100.0% as revenue over the next 12 months.

***Significant Payment Terms***

The Company enters into contracts that are typically one year in length or less with payments required up front on either an annual or monthly basis. The Company has applied the practical expedient to not adjust the consideration for the effects of a significant financing component because the period between the transfer of the promised service and the payment is one year or less. In most cases, contracts are non-cancelable, and consideration paid for services that customers purchase from the Company is non-refundable. For contracts that extend beyond 12 months, the Company delivers its services once it receives up-front payment, thus not meeting the definition of a significant financing component. Therefore, at the time revenue is recognized, the Company does not estimate expected refunds for services, nor does the Company exclude any such amounts from revenue.

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***Costs to Obtain Revenue Contracts***

As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as expenses when incurred if the amortization period is one year or less.

**7.** **Fair Value Measurements**

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** |  |  |  |  |
| Derivative liability | $— | $— | $832 | $832 |
| Warrant liability |  |  | 4551 | 4551 |
| MW Call Option |  |  | 8793 | 8793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $14176 | $14176 |

---

The derivative liability, warrant liability, and MW Call Option are included in non-current liabilities on the consolidated balance sheets.

***Warrant Liability***

The fair value of the warrant liability is estimated using an option-pricing model across IPO and Stay Private Scenarios in determining the fair values. These models consider many assumptions, including the likelihood of various potential liquidity events, the nature and timing of such potential events, actions taken with regard to the warrants at expiration, as well as discounts for lack of marketability of the underlying securities and warrants.

The Company estimated the fair value using the following key assumptions:

---

| | | |
|:---|:---|:---|
|  | **Years Ended January 31,** | **Years Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Discounts for lack of marketability |  |  |
| Fair value of underlying securities |  | $1.50 |
| Expected volatility |  | 55.0% |
| Dividend rate |  | 0.0% |
| Risk-free interest rate |  | 4.3% |

---

The following table sets forth a summary of the changes in the estimated fair value of the Company's warrant liability:

---

| | |
|:---|:---|
|  | **(in thousands)** |
| Balance as of January 31, 2024 | $— |
| &nbsp;&nbsp;&nbsp;April 2024 issuance | 1812 |
| &nbsp;&nbsp;&nbsp;July 2024 issuance | 1550 |
| &nbsp;&nbsp;&nbsp;August 2024 issuance | 130 |
| &nbsp;&nbsp;&nbsp;January 2025 issuance | 1125 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of warrants | (66) |
| Balance as of January 31, 2025 | $4551 |

---

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***Derivative Liability***

The embedded derivative liability relates to the features embedded in the Senior Secured Promissory Notes issued during the year ended January 31, 2025. The Company estimates the fair value of this liability using the "With and Without" method. This approach involves modeling the expected cash flows to the noteholder under both a default and non-default scenario, and determining the fair value differential between a note with and without the embedded features.

The valuation incorporates significant unobservable inputs, such as the timing and probability of potential liquidity events, discount rate, illiquidity discount, and expected volatility. Other inputs include prevailing interest and risk-free rates, which are not considered significant unobservable estimates. See Note 15, *Debt*, for details on the embedded derivative liability.

***Nonrecurring Fair Value Measurements***

The fair values of assets acquired and liabilities assumed in an acquisition are measured on a non–recurring basis on the acquisition date. If the assets acquired and liabilities assumed are current and short–term in nature, the Company uses their approximate carrying values as their fair values, which are either categorized as Level 1 or Level 2 inputs in the fair value hierarchy. If the assets acquired are not short–term in nature, then the fair value is determined using the estimated replacement values of the same or similar assets and, as such, are considered Level 3 inputs in the fair value hierarchy. Refer to Note 2, *Business Combinations* for a further discussion of the Company's acquisitions.

**8.** **Inventory, Net**

Inventory consisted of the following as of January 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of January 31,** | **As of January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Raw materials | $585 | $485 |
| Work in process | 30 | 10 |
| Finished goods | 885 | 1239 |
| Reserve |  | (274) |
| &nbsp;&nbsp;Inventory, net | $1500 | $1460 |

---

**9.** **Capitalized Software, Net**

Capitalized software consisted of the following as of January 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of January 31,** | **As of January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Capitalized software | $18206 | $38921 |
| Less: accumulated amortization | (10392) | (15343) |
| &nbsp;&nbsp;&nbsp;Capitalized software, net | $7814 | $23578 |

---

The Company capitalized software costs associated with application development totaling $4.4 million and $10.2 million during the years ended January 31, 2024 and 2025, respectively. During the year ended January 31, 2025, the Company acquired $10.5 million of capitalized software through the issuance of equity. Amortization expense, which is included in depreciation and amortization in the consolidated financial statements of operations, totaled $4.3 million and $5.0 million for the years ended January 31, 2024 and 2025, respectively.

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**10.** **Intangible Assets** 

Intangible Assets consisted of the following as of January 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Useful Life** | **Gross Carrying<br>Value** | **Accumulated<br>Amortization** | **Net Book Value** |
| Customer relationships | 4-10 years | $7465 | $(1730) | $5735 |
| Developed technology | 5 years | 2050 | (354) | 1696 |
| Tradenames | 6-15 years | 4300 | (300) | 4000 |
| &nbsp;&nbsp;&nbsp;Total |  | $13815 | $(2384) | $11431 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of January 31, 2024** | **As of January 31, 2024** | **As of January 31, 2024** | **As of January 31, 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Useful Life** | **Gross Carrying<br>Value** | **Accumulated<br>Amortization** | **Net Book Value** |
| Customer relationships | 4 years | $6000 | $(123) | $5877 |
| Developed technology | 5 years | 1600 | (26) | 1574 |
| Tradenames | 15 years | 3800 | (21) | 3779 |
| &nbsp;&nbsp;&nbsp;Total |  | $11400 | $(170) | $11230 |

---

Amortization expense was $0.2 million and $2.2 million for the years ended January 31, 2024 and 2025, respectively.

The weighted average remaining useful life of intangible assets acquired is years 7.8 years and 7.3 years for the years ended January 31, 2024 and 2025, respectively.

In determining the useful life for each category of intangible asset, the Company considered the expected use of the intangible, the longevity of the brand and considerations for obsolescence, demand, competition and other economic factors.

Amortization expense for the Company's intangible assets for the years ending January 31 are as follows:

---

| | |
|:---|:---|
| **Year Ending January 31:** | **(in thousands)** |
| 2026 | 2398 |
| 2027 | 2398 |
| 2028 | 2278 |
| 2029 | 872 |
| 2030 | 570 |
| Thereafter | 2915 |
| &nbsp;&nbsp;&nbsp;Total amortization expense | $11431 |

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**11.** **Goodwill**

The following table reflects the changes in the carrying amount of goodwill for the years ended January 31, 2024 and 2025:

---

| | |
|:---|:---|
|  | **(in thousands)** |
| Balance, February 1, 2023 | $— |
| &nbsp;&nbsp;&nbsp;Acquired goodwill | 42705 |
| Balance, January 31, 2024 | 42705 |
| &nbsp;&nbsp;&nbsp;Acquired goodwill | 12949 |
| &nbsp;&nbsp;&nbsp;Impairment | (27753) |
| Balance, January 31, 2025 | $27901 |

---

Based on a qualitative assessment of goodwill at the Outreach reporting unit, management determined it was necessary to perform a quantitative valuation of goodwill as of November 1, 2024. The valuation of the Outreach reporting unit was determined using the income approach (discounted cash flows method) and the market approach (guideline public company method). Significant assumptions in these analyses included, but were not limited to, future cash flow projections, the weighted average cost of capital of 13.0%, the terminal exit multiple of EBITDA of 9.5, a blended income tax rate of 24.5%, and a control premium of 10.0%. The Company's estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future periods. The Company also uses the Guideline Public Company method, a form of the market approach (using Level 3 unobservable inputs), which is derived from metrics of publicly traded companies. The selection of comparable businesses is based on the markets in which the reporting unit operates considering risk profile, size, geography, and diversity of products and services. During the year ended January 31, 2025, the Company recognized a $27.8 million goodwill impairment charge and recorded it to impairment of goodwill in the consolidated statements of operations. The Company believes that delays in executing strategic initiatives associated with Outreach during the year ended January 31, 2024, contributed to the impairment.

Goodwill as of January 31, 2025, was:

---

| | |
|:---|:---|
|  | **(in thousands)** |
| Gross goodwill | $55654 |
| &nbsp;&nbsp;&nbsp;Accumulated impairment losses | (27753) |
| Balance, January 31, 2025 | $27901 |

---

**12.** **Property and Equipment, Net**

Property, plant and equipment consisted of the following as of January 31, 2024, and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of January 31,** | **As of January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Furniture and equipment | $1802 | $1798 |
| Computers and electronics | 1125 | 1227 |
| Leasehold improvements | 666 | 574 |
| &nbsp;&nbsp;&nbsp;Total property and equipment | 3593 | 3599 |
| Less: accumulated depreciation | (1208) | (1296) |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | $2385 | $2303 |

---

Depreciation expense was $0.2 million and $0.5 million and for the years ended January 31, 2024 and 2025, respectively.

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**13.** **Leases**

The Company leases office facilities under non-cancellable operating lease arrangements, expiring at various dates through 2030. The Company's leases generally provide for periodic rent increases and may contain escalation clauses, extension options, or renewal options. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company's lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

Two of the facilities are leased from entities controlled by the CEO of the Company, and total lease payments for these properties totaled $0.2 million for each of the years ended January 31, 2024 and 2025. For information on the lease arrangements with related parties, see Note 19, *Related Party Transactions*.

On January 2, 2024, as part of the acquisition of Outreach Media, Inc, the Company acquired two leases with favorable terms, resulting in a total operating lease liability of $3.5 million and a total right-of-use asset of $3.8 million. These two leases are from entities controlled by the sellers of Outreach Media, Inc, who are also employees of the Company.

The components of lease costs, lease term, and discount rate for operating leases are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Operating lease costs | $466 | $1231 |
| Variable lease costs | 384 | 910 |
| Total lease cost | $850 | $2141 |
| Weighted-average remaining lease term (in years) | 4.60 | 3.97 |
| Weighted-average discount rate | 11.41% | 11.41% |

---

Supplemental balance sheet information related to operating leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Operating lease ROU assets – related parties | $4231 | $3618 |
| Operating lease ROU assets – third parties | 381 | 217 |
| Total operating lease ROU assets | $4612 | $3835 |
| Operating lease liabilities – related parties | $3879 | $3556 |
| Operating lease liabilities – third parties | 385 | 224 |
| Total operating lease liabilities | $4264 | $3780 |

---

Supplemental cash flow information related to operating leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Cash payments for operating leases | $437 | $955 |

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The future maturities of long-term operating lease liabilities for each fiscal year are as follows:

---

| | |
|:---|:---|
| **Year Ending January 31:** | **Maturity of<br>Operating<br>Lease Liabilities** |
|  | **(in thousands)** |
| 2026 | $1073 |
| 2027 | 803 |
| 2028 | 793 |
| 2029 | 817 |
| 2030 | 841 |
| Thereafter | 792 |
| Total | 5119 |
| &nbsp;&nbsp;Less: imputed interest | 1339 |
| Present value of lease liabilities | 3780 |
| &nbsp;&nbsp;Less: current obligations | 685 |
| Long-term obligations under leases | $3095 |

---

Other supplemental information related to long-term operating leases for the years ended January 31, 2024 and 2025, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Fair value of below-market lease obtained in acquisition included in <br>&nbsp;&nbsp;&nbsp;&nbsp;acquired right-of-use asset | $356 | $304 |

---

**14.** **Commitments and Contingencies**

***Litigation***

From time to time, the Company may be involved in litigation related to claims arising out of operations in the normal course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within the range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. As of January 31, 2025, and through the date these consolidated financial statements were issued, there were no legal proceedings requiring recognition or disclosure in the consolidated financial statements.

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**15.** **Debt**

The carrying value of our non-current debt was as follows at the dates indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Effective** | **January 31** | **January 31** |
| **Instrument** | **Maturities** | **Interest Rate** | **2024** | **2025** |
|  |  |  | **(in thousands)** | **(in thousands)** |
| PPP loans |  | 0.00% | $1000 | $952 |
| Senior Secured Notes | April 23, 2027 | 17.48% |  | 62061 |
| Midwestern Notes | Varied | 3.07% - 5.00% |  | 11827 |
| Visitor Reach Notes | Varied | 14.00% |  | 1000 |
| Other notes payable |  |  | 338 | 374 |
| &nbsp;&nbsp;&nbsp;Total |  |  | 1338 | 76214 |
| Unamortized discount and issuance costs |  |  |  | 6078 |
| Amounts due within one year |  |  | 1195 | 3177 |
| &nbsp;&nbsp;&nbsp;Total debt, non-current |  |  | $143 | $66959 |

---

During the year ended January 31, 2025, the Company had short-term borrowings from related parties totaling $1.0 million with a weighted average interest rate of 14.0%. The maximum and average outstanding borrowings during the year were $1.0 million. Refer to the Visitor Reach Notes below for additional information.

As of January 31, 2025, future principal payments for the Company's long-term debt were as follows:

---

| | |
|:---|:---|
| **Year Ending January 31:** | **(in thousands)** |
| 2026 | $3177 |
| 2027 | 64255 |
| 2028 | 526 |
| 2029 | 543 |
| 2030 | 2137 |
| Thereafter | 5576 |
| &nbsp;&nbsp;&nbsp;Total | $76214 |

---

***Forgivable Notes***

During the years ended January 31, 2021 and 2022, the Company entered into promissory note agreements with a not-for-profit entity ("NFP"), under which the Company was allowed to draw borrowings that mature either three or five years from each borrowing and bear interest at 2.0% per annum (the "Forgivable Notes"). The Forgivable Notes, including all principal and interest, are eligible to be forgiven to the extent that the Company applies any proceeds towards the Company's technology and promotion services on behalf of potential new or existing customers in support of the NFP's objective for the funds, thus representing a conditional contribution as a result of a non-exchange transaction. As of January 31, 2024 and January 31, 2025, the Company had no borrowings outstanding on the Forgivable Notes. During the year ended January 31, 2024, the Company had $5.4 million forgiven, representing the entire remaining balance, relating to the retail value of technology and services provided in accordance with the terms of the Forgivable Notes. The services provided, as agreed to in the promissory note agreements, are part of the Company's major ongoing activities and has been recorded as other revenue in the consolidated statements of operations in accordance with *ASC Topic 958-605, Revenue recognition ("ASU 958-606")*. Refer to Note 19, *Related Party Transactions* for additional information.

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***Paycheck Protection Program Loans***

During the year ended January 31, 2021, the Company received a Paycheck Protection Program ("PPP") loan in the amount of $4.9 million. The PPP loan program was created under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act and is administered by the Small Business Administration ("SBA"). Under the terms of this program, the loan may be fully or partially forgiven if the loan proceeds are spent on qualifying expenses and if staffing levels and salary maintenance requirements are met. In addition, because the Company's loan exceeds $2.0 million, the SBA will review the Company's loan file, which will include review of the Company's eligibility for the program and the good-faith certification of the necessity of the loan.

During the year ended January 31, 2022, the SBA claimed that the Company did not qualify for forgiveness for $1.0 million of the PPP loan. The Company filed an appeal challenging the claim but was denied. The Company is not pursuing forgiveness further. As a result, the balance is reflected as a liability on the consolidated balance sheet as of January 31, 2025 and 2024.

In September 2024, the Company agreed on a payment plan with the SBA to pay the loan in 180 equal monthly installments starting September 25, 2024, including interest.

***Convertible Promissory Notes***

On September 1, 2021, the Company entered into a convertible note purchase agreement (together, with its amendments, the "Convertible Note Purchase Agreement") that authorized the issuance of up to $40.0 million of secured convertible notes, with later amendments increasing the amount to a total of $83.6 million (the "Convertible Notes"). During the year ended January 31, 2024, the Company received proceeds of $18.2 million. The Company did not receive any proceeds during the year ended January 31, 2025.

The Convertible Notes bore interest at 5.0% and had a maturity date of December 31, 2024. The Company retained the right to redeem the Convertible Notes at any time at par plus accrued interest, provided holders first received an opportunity to convert. The Convertible Notes contained provisions under which all principal and accrued interest was convertible into the Company's Series A preferred units upon (1) the Company's completion of a financing above certain thresholds before maturity (a "Qualified Financing"), (2) at the holder's election, or (3) the Company's completion of a Corporate Transaction (as defined in the Convertible Note Purchase Agreement), the last of which was required to be settled in cash.

The contingent cash-settled conversion feature upon a Corporate Transaction met the definition of a derivative under ASC Topic 815, *Derivatives and Hedging ("ASC 815")* and required bifurcation. The Company determined the fair value of the derivative was not material and, as such, recorded the derivative in the same line item as the Convertible Notes in the consolidated balance sheets.

The Convertible Notes were initially recognized based on the proceeds received from issuance, net of issuance costs of $0.5 million. The Convertible Notes were subsequently accounted for using the effective interest method to amortize the discount and issuance costs. During the years ended January 31, 2024 and 2025, there was $3.8 million and no interest expense, respectively. The interest expense in 2024 included $3.6 million of coupon interest and $0.2 million related to the amortization of debt discounts and issuance costs.

The Convertible Notes were all personally guaranteed by the Company's principal stockholders, Scott and Theresa Beck, as discussed further in Note 19, *Related Party Transactions*.

***Conversion of Convertible Promissory Notes***

On January 2, 2024, a Qualified Financing occurred in connection with the Outreach Acquisition, and the outstanding principal of $83.6 million plus accrued interest of $6.6 million automatically converted into the Company's Series A preferred units at $4.50 per unit, resulting in the issuance of 20,037,364 Series A preferred units. Upon conversion, the carrying amount of the Convertible Notes and an immaterial amount of remaining unamortized issuance costs were reclassified to equity. See Note 18, *Members' Deficit* for more information. No

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principal or accrued interest related to the Convertible Notes remained outstanding as of the years ended January 31, 2024 and 2025. All material covenants and payment obligations under these notes were satisfied upon conversion.

***Senior Secured Notes and Warrants***

On April 23, 2024, the Company entered into a promissory note purchase agreement (the "Note Purchase Agreement") authorizing the issuance of up to an aggregate principal amount of $70.0 million in secured promissory notes (the "Senior Secured Notes"). Through various closings between April 2024 and January 2025, the Company issued $60.7 million of Senior Secured Notes to multiple investors (the "Purchasers"). The Notes, which are prepayable at any time by the Company without penalty, are due any time on or after April 23, 2027. The Senior Secured Notes bear interest at a variable rate equal to the higher of 1-Month SOFR or 1%, plus 8.0% per annum. Interest is payable quarterly in arrears, comprising 8.0% cash interest and the remainder as payment-in-kind ("PIK Interest"). Upon the Purchaser electing to continue holding such Senior Secured Notes upon an event of default occurring (as defined in the Note Purchase Agreement), the obligations under the Senior Secured Notes will automatically bear interest at a rate equal to an additional 5.0% per annum over the rate otherwise applicable.

The Senior Secured Notes contain embedded features that are required to be bifurcated and accounted for separately as derivative liabilities under *ASC Topic 815, Derivatives and Hedging ("ASC 815")*. These include contingent put and contingent interest features that are not clearly and closely related to the debt host. The bifurcated derivative liability is recorded at fair value, with changes in fair value recognized in earnings, refer to Note 7, *Fair Value Measurements* for additional information for the Company's adjustments to fair value. The Company will continue to assess the fair value of these features at each reporting date.

All Senior Secured Notes are jointly and severally guaranteed by the Company's wholly owned subsidiaries. Further, the Senior Secured Notes issued to one of the Purchasers are personally guaranteed by the Company's principal stockholders, Scott and Theresa Beck as discussed further in Note 19, *Related Party Transactions*.

As of January 31, 2025, the total estimated fair value of the Senior Secured Notes was $58.5 million. The estimated fair value, which the Company deems Level 2 financial instruments, was determined by management based on an independent third party valuation report.

As additional consideration to the Purchasers for providing the financing, the Company agreed to issue each Purchaser warrants to purchase Series A preferred units at an exercise price of $6.00 per unit (the "Warrants"). The number of Warrants issued to each Purchaser was equal to 30.0% of the principal amount of the Senior Secured Notes held by such Purchaser. The Warrants are exercisable at any time prior to their expiration of April 23, 2029. As of January 31, 2025, there were 3,034,000 Warrants outstanding.

The Warrants are classified as liabilities under *ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480")* as the underlying Series A preferred units are contingently redeemable outside of the control of the Company. At any time prior to their expiration, a holder may exercise the Warrants and purchase units of the Series A preferred units, which are contingently redeemable after five years at the option of the holder. Refer to Note 18, *Members' Deficit* for additional information. Additionally, in the event of an acquisition in which holders of the Series A preferred units were to receive consideration in the form of cash, marketable securities, or a combination thereof, the Warrants automatically give their holders the right to receive the same form of consideration. Should the fair market value of the unit exceed the exercise price. The Warrants were initially recorded at fair value, with subsequent changes in fair value recognized in earnings. As of January 31, 2025, the fair value of the warrant liability was $1.1 million. Refer to Note 7, *Fair Value Measurements* for additional information.

In the offering, gross proceeds were allocated first to the Warrants, to the extent of their fair value, and the residual proceeds were assigned to the Notes. Issuance costs were allocated on the same basis as gross proceeds. Amounts related to the Warrants were expensed immediately, while amounts related to the Notes were recorded as a direct deduction from the Senior Secured Notes' carrying amount. The resulting debt discount on the Senior Secured Notes, inclusive of allocated issuance costs and embedded-feature discounts, totaled $6.7 million, and is being amortized to interest expense using the effective interest method over the Senior Secured Notes' contractual term. The proceeds from this offering, net of issuance costs was $60.6 million. The net proceeds were used primarily for acquisitions and general corporate purposes. During the years ended January 31, 2024 and 2025, total interest

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expense was $0 and $5.3 million, respectively, including $0 and $2.4 million, of coupon interest, respectively; $0 and $1.6 million of PIK Interest, respectively; and $0 and $1.3 million of amortization of debt discounts and issuance costs, respectively.

***Midwestern Promissory Notes***

On January 3, 2025, the Company issued three promissory notes (the "Midwestern Notes") as partial consideration for its investment in Midwestern Interactive, LLC ("Midwestern"). See Note 5, *Equity Method Investments* for more information on the terms of this acquisition. The Midwestern Notes, which are prepayable at any time by the Company without penalty, consist of (1) a $2.4 million note bearing interest at 4.8%, issued to Mr. Johnson ("Seneca Note"), (2) a $6.5 million note bearing interest at 3.1%, issued to Flourish Holdings, Inc. ("Paden Note"), and (3) a $3.2 million note bearing interest at 5.0%, to Flourish Holdings, Inc. (the "Installment Note"). The Company is required to make monthly principal and interest payments on each of the notes. In the event the notes are not paid upon maturity, the obligations under the Midwestern Notes will automatically bear interest at a rate equal to an additional 5.0% per annum over the rate otherwise applicable. Refer to Note 19, *Related Party Transactions* for additional information.

The Midwestern Notes were recognized based on the proceeds received from issuance. No debt issuance costs were incurred in connection with the issuance of the Midwestern Notes. The notes were subsequently accounted for using the effective interest method. During the year ended January 31, 2025, total interest expense was $40.0 thousand.

As of January 31, 2025, the total estimated fair value of the Midwestern Notes was $8.6 million. The estimated fair value of the notes, which the Company deems Level 2 financial instruments, was determined based on an independent third-party valuation report.

***Visitor Reach Notes***

During the year ended January 31, 2025, the Company's subsidiary, Visitor Reach, entered into a series of subordinated loan agreements totaling $1.0 million (the "Visitor Reach Notes") with related parties and their affiliates, as discussed further in Note 19, *Related Party Transactions*, which are prepayable at any time by the Company without penalty. Each subordinated loan bears interest at a fixed annual rate of 14.0% and matures one year from the effective date of the respective agreement. The loans are unsecured, subordinated to all senior liabilities of Visitor Reach.

The Visitor Reach Notes were recognized based on the proceeds received from issuance. No debt issuance costs were incurred in connection with the issuance of the Visitor Reach Notes. The notes were subsequently accounted for using the effective interest method. During the year ended January 31, 2025, total interest expense was immaterial.

As of January 31, 2025, the carrying amount of the Visitor Reach Notes approximates their fair value due to the short-term nature of the instruments and the use of an interest rate that reflects market terms.

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**16.** **Income Taxes**

The Company is treated as a partnership for U.S. Federal and most applicable state and local income tax purposes. As a partnership, the Company is not subject to U.S. Federal and certain state and local income taxes. Any taxable income or loss generated by the Company is passed through to and included in the taxable income or loss of its members. The Company's wholly owned subsidiary, Outreach, Inc., is subject to U.S. Federal and state and local income taxes.

Income before taxes was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Domestic | $(48258) | $(86018) |
| Foreign |  |  |
| Total income before taxes | $(48258) | $(86018) |

---

The provision (benefit) for income tax comprises:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Current income tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;&nbsp;Foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current income tax expense | $— | $— |
| Deferred income tax expense (benefit): |  |  |
| &nbsp;&nbsp;&nbsp;Federal | (81) | (508) |
| &nbsp;&nbsp;&nbsp;State | (25) | (288) |
| &nbsp;&nbsp;&nbsp;Foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred income tax expense (benefit) | (106) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax expense (benefit) | $(106) | $(796) |

---

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before the provision for income taxes. The sources and effects of the differences are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Pre-tax income (loss) | $(48258) |  | $(86018) |  |
| U.S. federal statutory tax rate | (10134) | 21.00% | (18064) | 21.00% |
| Income not subject to corporate tax | 10048 | (20.82)% | 11662 | (13.56)% |
| State and local income taxes, net of federal income tax effect<sup>(1)</sup> | (20) | 0.04% | (98) | 0.11% |
| Effect of changes in tax laws or rates |  | 0.00% | (129) | 0.15% |
| Goodwill impairment outreach |  | 0.00% | 5828 | (6.78)% |
| Nontaxable or nondeductible items |  | 0.00% | 5 | (0.01)% |
| Effective tax rate | $(106) | 0.22% | $(796) | 0.93% |

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(1)State taxes in Colorado made up the majority (greater than 50%) of the tax effect in this category.

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Significant components of the Company's net non-current deferred tax assets and liabilities are as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;ROU liability | $901 | $825 |
| &nbsp;&nbsp;&nbsp;Sec. 174 capitalized R&D | 358 | 418 |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforward | 37 | 74 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 50 | 71 |
| &nbsp;&nbsp;&nbsp;Inventory | 193 | 68 |
| &nbsp;&nbsp;&nbsp;Other accruals | 1 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | $1540 | $1470 |
| &nbsp;&nbsp;&nbsp;Less: valuation allowance |  |  |
| Net deferred tax assets | $**1540** | $**1470** |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Intangibles | $(2782) | $(2152) |
| &nbsp;&nbsp;&nbsp;ROU asset | (988) | (840) |
| &nbsp;&nbsp;&nbsp;Property and equipment | (477) | (389) |
| Deferred tax liabilities | $**(4247)** | $**(3381)** |
| Net deferred tax asset (liability) | $**(2707)** | $**(1911)** |

---

As of January 31, 2025, Outreach, Inc. had $0.3 million of federal net operating loss carryforwards, which can be carried forward indefinitely.

As of January 31, 2025, Outreach, Inc. had $0.3 million of state net operating loss carryforwards, which can be carried forward for periods that vary from ten years to indefinitely.

The Company had no unrecorded tax benefit due to uncertain tax positions as of January 31, 2025. As of January 31, 2025, the Company had no accrued interest or penalties related to uncertain tax positions. The Company does not expect a material change in unrecognized tax benefits within the next 12 months.

The Company is no longer subject to new income tax examinations by tax authorities for tax years prior to 2020.

**17.** **Equity-Based Compensation**

***Options***

On December 15, 2014, the Company adopted the Membership Unit Option Plan (the "Plan"), which has been subsequently amended, authorizing the Company to grant options to purchase up to 15,000,000 Common Units to owners, officers, employees, managers, and consultants of the Company or any entity that provides services to the Company by issuing new units. Units subject to unexercised options that are terminated for any reason are available for reissuance. The exercise price, vesting conditions, and all other terms of the options are determined by the board of managers of the Company. The options generally expire 10 years from the date of grant and generally vest 40.0% on the second anniversary of the vesting commencement date and 20.0% on each subsequent anniversary.

The Company may, but is not required to, repurchase any Common Units issued upon exercise of any option at any time following the earlier of (i) termination of employment of the grantee; (ii) the 5th anniversary of the date such Common Units were acquired by such Member; or (iii) the 5th anniversary of the date the option underlying such Units became fully vested, at a purchase price equal to the then fair market value of the Common Units. In addition, all Common Units issued upon exercise of an option are subject to the call option described in Note 18, *Members' Deficit* below.

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The options are equity classified. The fair value of each option on the grant date was estimated using a Black-Scholes option-pricing model. The weighted average estimated grant-date fair value of stock options granted during the years ended January 31, 2024 and 2025 was $1.34 and $1.12 per unit, respectively. The weighted average assumptions used in the Black-Scholes model were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
| Risk-free rate | 4.2% | 4.4% |
| Dividend yield | 0.0% | 0.0% |
| Expected life (in years)<sup>(1)</sup> | 6.6 | 6 |
| Expected volatility<sup>(2)</sup> | 61.5% | 49.9% |

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------

(1)Expected life was estimated as the mid-point between the weighted-average vesting period and the contractual life of the option.

(2)Expected volatility was based on historical share price volatility for comparable public companies over a period equal to the expected life of the option.

A summary of the option activity for the years ended January 31, 2024 and 2025 is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Units** | **Weighted-<br>Average<br>Exercise Price** | **Weighted-<br>Average<br>Remaining<br>Contractual<br>Term (Years)** | **Aggregate<br>Intrinsic<br>Value** |
|  | **(in thousands, except weighted-average exercise price)** | **(in thousands, except weighted-average exercise price)** | **(in thousands, except weighted-average exercise price)** | **(in thousands, except weighted-average exercise price)** |
| Outstanding at February 1, 2023 | 8760 | $2.99 |  | $— |
| &nbsp;&nbsp;&nbsp;Granted | 1821 | 3.75 |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (1476) | 3.74 |  |  |
| &nbsp;&nbsp;&nbsp;Expired | (147) | 2.66 |  |  |
| Outstanding at January 31, 2024 | 8958 | $3.02 |  | $— |
| &nbsp;&nbsp;&nbsp;Granted | 2283 | 6.00 |  |  |
| &nbsp;&nbsp;&nbsp;Exercised | (489) | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (402) | 3.93 |  |  |
| &nbsp;&nbsp;&nbsp;Expired | (397) | 2.66 |  |  |
| Outstanding at January 31, 2025 | 9953 | $3.78 | 6.6 | $4816 |
| Exercisable at January 31, 2025 | 5424 | $3.08 | 5.0 | $4788 |

---

During the year ended January 31, 2025, the total intrinsic value of options exercised and the cash received from those exercises was $1.2 million and $0.5 million, respectively. The Company recognizes forfeitures as they occur.

During the years ended January 31, 2024 and 2025, the Company modified the terms of certain options generally to extend the exercise period or allow for continued vesting of awards by certain grantees after their service to the Company terminated, impacting 24 existing grantees. The Company recognized incremental compensation expense related to these modifications of immaterial amount during the year ended January 31, 2024, and $0.6 million during the year ended January 31, 2025. The Company capitalized equity-based compensation costs of $0.1 million and $0.2 million during the years ended January 31, 2024 and 2025, respectively.

Total compensation cost related to options, including the incremental modification expense referenced above, was $0.6 million and $1.8 million during the years ended January 31, 2024 and 2025, respectively. As of January 31, 2025, there was approximately $4.0 million of unrecognized equity-based compensation related to unvested options to be expensed over a weighted average period of 3.4 years.

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***Profits Units***

On March 20, 2023, the Company established Gloo Incentives, LLC, a wholly owned subsidiary of Gloo Holdings, LLC, for the purposes of implementing an incentive equity program under which incentive awards ("profits units") may be issued by Gloo Holdings, LLC to Gloo Incentives, LLC with a corresponding award issued by Gloo Incentives, LLC to employees or other individuals providing service to the Company. In addition, Gloo Holdings, LLC may issue profits units directly to the service providers. The authorized number of profits units which may be granted is equal to 7.10% of the total issued and outstanding units of the Company.

Each profits unit is subject to a "hurdle" determined by the board of managers at the date of grant. Profits units share in distributions of the Company in accordance with the distribution hierarchy discussed in Note 18, *Members' Deficit* provided that no amount shall be distributed with respect to profits units unless and until the aggregate amount distributable is equal to the hurdle for such profits units. The hurdle for profits units issued during the years ended January 31, 2024 and 2025 was $3.75 per unit and $2.63 per unit, respectively.

The Company issued 4,315,000 and 6,770,000 profits units during the years ended January 31, 2024 and 2025, respectively. Of these profits units, 3,115,000 profits units vest as follows: 20.00% immediately, 20.00% nine months after the grant date, and 20.00% each anniversary thereafter. All other profits units vest 40.00% on the first vesting date, which ranges from 10 to 22 months after the grant date, with 20.00% vesting each anniversary thereafter. Certain awards provide for accelerated vesting of units upon a change in control or upon termination of the grantee. During the year ended January 31, 2025, 1,246,000 profit units immediately vested upon the termination of a grantee.

Profits units have no expiration date. Grantees retain profits units after employment has terminated subject to the Company's right to repurchase such units at termination at their then fair market value. In addition, all profits units are subject to the call option described in Note 18, *Members' Deficit* below.

Profits units are equity classified with the exception of 3,115,000 units which are liability classified. The liability-classified profits units provide the grantee with the right to require the Company to repurchase all or part of the units at any time following the grantee's termination at a price equal to four times the trailing 12-month EBITDA.

The Company estimated fair value of the profit units on the date of grant, and each reporting period thereafter for liability-classified awards, using a Black-Scholes option-pricing model ("Black Scholes model"). The valuation also considered the value of the profit units in an assumed initial public offering with the offering price estimated using multiples from guideline public companies through a hybrid method that combines the Probability-Weighted Expected Return Method ("PWERM") and the Black Scholes model, depending on the form and timing of an expected future liquidity event. The PWERM is a scenario-based analysis that estimates the value per share of common stock based on the probability-weighted present value of expected future equity values for the profit units, under various possible future liquidity event scenarios, discounted for a lack of marketability. Under the hybrid method, the Black-Scholes model was utilized to determine the fair value of the Company's profit units in other assumed scenarios. The Black-Scholes model requires the Company to make certain estimates and assumptions, including assumptions related to the expected price volatility of the common units, the period during which the options will be outstanding, the rate of return on risk-free investments and the expected dividend yield for the Company's units.

The weighted average assumptions used in the Black-Scholes model were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
| Risk-free rate | 3.9% | 3.9% |
| Dividend yield | 0.0% | 0.0% |
| Expected life (in years)<sup>(1)</sup> | 2.5 | 5.0 |
| Expected volatility<sup>(2)</sup> | 74.3% | 55.0% |

---

------

(1)Expected life was estimated considering the time to a liquidity event.

(2)Expected volatility was based on historical share price volatility for comparable public companies over a period equal to the expected life of the option, adjusted to account for differences between the Company and the comparable public companies.

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A summary of the nonvested profits units for the years ended January 31, 2024 and 2025 is presented below:

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| | | |
|:---|:---|:---|
|  | **Number<br>of Units** | **Weighted-<br>Average<br>Grant-Date<br>Fair Value<br>(per Unit)** |
|  | **(in thousands)** |  |
| Non-vested at February 1, 2023 |  | $— |
| &nbsp;&nbsp;&nbsp;Granted | 4315 | 0.77 |
| &nbsp;&nbsp;&nbsp;Vested | (1246) | 0.77 |
| &nbsp;&nbsp;&nbsp;Forfeited/Cancelled |  |  |
| Non-vested at January 31, 2024 | 3069 | $0.77 |
| &nbsp;&nbsp;&nbsp;Granted | 6770 | 1.25 |
| &nbsp;&nbsp;&nbsp;Vested | (2229) | 0.77 |
| &nbsp;&nbsp;&nbsp;Forfeited/Cancelled |  |  |
| Non-vested at January 31, 2025 | 7610 | $1.20 |

---

The total fair value of profits units vested during the years ended January 31, 2024, and 2025 was approximately $1.0 million and $1.7 million, respectively.

The Company recognized compensation cost related to profits units of approximately $1.2 million and $1.9 million during the years ended January 31, 2024 and 2025, respectively. As of January 31, 2025, there was approximately $7.9 million of unrecognized compensation cost related to unvested profits units to be expensed over a weighted average period of 3.9 years. No portion of the related cost was capitalized during the year ended January 31, 2025.

***Equity Notes Receivable***

In July 2014, the Company entered into Common Unit Purchase Agreements ("CUP Agreements") with three employees in connection with the issuance of Equity Notes Receivable (see Note 19, *Related Party Transactions*). Under the CUP Agreements, the Company issued 2,709,574 common membership units ("Common Units") at a purchase price of $0.20 per unit. The employees financed their purchases using proceeds from the Equity Notes Receivable, which are non-recourse in nature. For accounting purposes, the Common Units are treated as in-substance stock options.

The Common Units were fully vested and exercisable upon issuance. The Company measured the associated compensation cost at the grant date fair value using the Black-Scholes option pricing model. The resulting compensation expense was recognized immediately, with a corresponding credit to additional paid-in capital ("APIC").

The Equity Notes Receivable have been amended five times to extend their maturity, most recently to December 31, 2026. Because the Common Units are accounted for as in-substance options, each modification was evaluated as an option modification under *ASC Topic 718,Compensation - Stock Compensation ("ASC 718")*. Incremental compensation expense was measured based on the change in fair value at each modification date. The December 31, 2024 modification resulted in additional compensation expense of approximately $20.0 thousand, which was recognized immediately as the awards were fully vested.

The Common Units are not considered outstanding for accounting purposes until the Equity Notes Receivable are settled. As of January 31, 2025, none of the Common Units had been forfeited.

The Company recognized approximately $0 and $20.0 thousand in equity-based compensation expense related to the Common Units during the fiscal years ended January 31, 2024 and 2025, respectively. This expense is included in general and administrative expenses in the consolidated statements of operations. As of January 31, 2025, there was no unrecognized compensation cost related to these awards.

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***VR Call Options***

On December 31, 2024 (the "VR Call Option Grant Date"), the Company entered into the VR Call Options with certain co-founders of Visitor Reach in connection with the Company's acquisition of a majority interest in Visitor Reach. For further details, refer to Note 3, *Variable Interest Entities* and Note 4, *Business Combinations*. The VR Call Options give the holders the right, but not the obligation, to purchase up to 332 Visitor Reach common units from the Company for $1,506 per unit.

The call right becomes exercisable on the third anniversary of the Grant Date and remains outstanding for 12 months thereafter. Exercisability is contingent upon each holder's continuous service to VR through the date of exercise; unexercised options are forfeited upon earlier termination of service. The VR Call Options are accounted for as equity-classified awards under ASC 718 because (1) the options are settled in Visitor Reach equity units, (2) the Company cannot be required to settle the awards in cash or other assets, and (3) the VR Call Options are contingent on the continued employment of the holders.

The awards were measured at grant-date fair value using a Black-Scholes option-pricing model resulting in an aggregate grant-date fair value of $1.6 million. Compensation cost is recognized on a straight-line basis over the three-year requisite-service period with a corresponding credit to additional paid-in capital. No portion of the related cost was capitalized during the year ended January 31, 2025. The weighted average assumptions used in the Black-Scholes model were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
| Risk-free rate | 0.0% | 4.3% |
| Dividend yield | 0.0% | 0.0% |
| Expected life (in years)<sup>(1)</sup> |  | 4.0 |
| Expected volatility<sup>(2)</sup> | 0.0% | 57.6% |

---

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(1)Expected life is based on the three-year vesting period and the year-long exercisable term

(2)Expected volatility was derived using the Merton Model for an asset volatility analysis with a four-year lookback

A summary of the option activity for the year ended January 31, 2025, is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number<br>of Units** | **Weighted-<br>Average<br>Exercise<br>Price** | **Weighted-<br>Average<br>Contractual<br>Term<br>(Years)** | **Aggregate<br>Intrinsic<br>Value** |
|  | **(in thousands)** |  |  | **(in thousands)** |
| Outstanding at January 31, 2024 |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;Granted | 332 | $1506 | 4.0 | 1555 |
| &nbsp;&nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited/Cancelled |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expired |  |  |  |  |
| Outstanding at January 31, 2025 | 332 | $1506 | 3.9 | $1555 |

---

During the year ended January 31, 2025, the options were not yet exercisable, and therefore the Company did not receive any cash from exercises. The Company recognized $0 and $43,190 in compensation expense related to the VR call options during the years ended January 31, 2024 and 2025, respectively. $1,511,655 of unrecognized compensation expense related to these options remains to be recognized over the requisite service period of three years.

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**18.** **Members' Deficit**

The total number of units of all classes of units for which the Company shall have authority to issue is 39,651,074 Common Units, with no par value and 117,751,845 Series A preferred units, with no par value.

***Common Units***

At January 31, 2024 and January 31, 2025, the Company had 22,739,574 and 24,603,574 Common Units outstanding, respectively. During the year ended January 31, 2025, the Company did not issue any of the Company's Common Units. Each Common Unit carries one vote and ranks junior to all Series A preferred units for dividends and in liquidation. Dividends are payable when, and if, declared by the Board of Managers, but only after the Series A preferred units' cumulative dividends are fully paid and the preferred liquidation preference has been returned. Following satisfaction of those obligations, common warrant holders, then common holders receive "catch-up" distributions intended to equalize cumulative per-unit returns with the Series A preferred units on an as-converted basis; thereafter, all residual distributions are made pro rata to Common Units, treating the Series A preferred units as if converted. Common Units are subject to redemption by the Company following the seventh anniversary of the date the first membership units (Common Units or Series A preferred units) are acquired by the holder (refer to the Series A preferred units below for additional information). In liquidation the Common Units and Series A preferred units on an as-converted basis are entitled to any residual net assets after payment of the liquidation preference and arrears, if any, owed to the Series A preferred units.

***Series A Preferred Units***

At January 31, 2024 and January 31, 2025 there were 108,459,120 and 113,429,956 Series A preferred units outstanding, respectively.

*Issuances*

During the years ended January 31, 2024 and 2025, the Company issued 7,540,949 and 54,168 Series A preferred units for total cash proceeds of $44.7 million and $0.3 million, respectively. The Company incurred $0.5 million of issuance costs during the year ended January 31, 2024. The Company did not incur any issuance costs during the year ended January 31, 2025. Additionally, the Company applied the $18.0 million member advance balance to issue 3,000,000 Series A preferred units during the year ended January 31, 2024, for which there were no issuance costs.

In conjunction with the Company's investment in Midwestern described in Note 5, *Equity Method Investments*, in January 2025, the Company issued 2,083,333 Series A preferred units as consideration, deemed to have a fair value of approximately $8.5 million.

In conjunction with the Visitor Reach Acquisition described in Note 4, *Business Combinations*, in January 2025, the Company issued 833,334 Series A preferred units as consideration, deemed to have a fair value of approximately $3.4 million.

In conjunction with the Church Law & Tax and ChurchSalary Acquisition described in Note 4, *Business Combinations*, in May 2024, the Company issued 666,667 Series A preferred units as consideration, deemed to have a fair value of approximately $4.0 million.

In conjunction with various asset acquisitions the Company conducted during the year ended January 31, 2025, the Company issued an aggregate of 1,333,334 Series A preferred units as consideration, deemed to have a fair value of approximately $6.1 million.

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In conjunction with the Outreach Acquisition described in Note 4, *Business Combinations*, in January 2024, the Company issued 3,333,334 Series A preferred units as consideration, deemed to have a fair value of approximately $20.0 million. A stockholder of the Company entered into a freestanding put option with the sellers to purchase these units at $9.00 per unit during a 12-month period in 2027. The fair value of this put option was deemed to be $11.9 million and was deemed a capital contribution (see Note 19, *Related Party Transactions* for further information).

As described in Note 15, *Debt*, in January 2024, $90.2 million of convertible debt and accrued interest was converted into 20,037,364 Series A preferred units at a conversion price of $4.50 per unit.

The rights, preferences, and privileges of the redeemable convertible preferred units are as follows:

*Conversion Rights*

The Series A preferred units will mandatorily convert upon (1) election by members holding more than fifty percent of the Series A preferred units, voting as a separate class, to convert all Series A preferred units into Common Units or (2) the closing of a qualified IPO that raises at least $50.0 million in gross proceeds (a "Qualified IPO").

*Dividends and Voting*

The Series A preferred units bear a cumulative dividend of 6.00% per annum on their original issue price, which ranges from $1.00 to $6.00. The Company had $51.3 million and $71.6 million in unpaid undeclared cumulative dividends to Series A Preferred Unit holders as of January 31, 2024, and January 31, 2025, respectively, representing approximately $0.47 and $0.63 per Series A Preferred Unit, respectively. Each unit votes together with Common Units on an as-converted basis and, voting separately as a class, on matters adversely affecting its rights.

*Liquidation Rights*

In the event of any liquidation or dissolution of the Company, either voluntary or involuntary, the Series A preferred units rank senior to all other equity classes, each having a liquidation preference of their original issue price plus accrued and unpaid dividends. As of January 31, 2024 and 2025, the Series A preferred units had an aggregate liquidation preference of $382.6 million and $432.7 million, respectively.

*Redemption*

Beginning five years after the original issuance of the units, a holder may require the Company to redeem its Series A preferred units for cash equal to four times trailing-twelve-month EBITDA (the "Redemption Price"), payable in three equal annual installments. Additionally, the Company may call the Series A preferred units at fair market value (the "Call Price") any time following the seventh anniversary of the date the first membership units (Common Units or Series A preferred units) were acquired by the member. This call can be triggered upon a majority vote of the Board, including the affirmative vote of Scott Beck, Gloo Holdings, LLC's CEO (a "Specific Majority Vote") and the affirmative vote of the holders with more than 50.00% of the Series A preferred units and Common Units, which vote includes the affirmative vote of Pearl Street Trust (a "Specific Majority Interest"). As of January 31, 2024, and 2025, the Company had no redemptions. The Company does not have any fixed redemptions in the five years following January 31, 2025.

The Series A preferred units issued and outstanding are accounted for as redeemable units in the mezzanine section on the Company's consolidated balance sheets as the units are redeemable outside of the Company's control. The Company has elected to adjust the carrying value of the redeemable Series A preferred units to its maximum redemption value at each reporting date, with the value being the greater of the initial cost of the units or its redemption value. As of January 31, 2025, the redemption value of the Series A preferred units was less than the carrying value.

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**19.** **Related Party Transactions**

The Company has entered into a number of transactions with entities affiliated with members of its board of directors and other related parties, as described below.

*Visitor Reach Notes*

As discussed in Note 15, *Debt*, in May through September 2024, the Company's subsidiary, Visitor Reach, entered into a series of subordinated loan agreements totaling $1.0 million (the "Visitor Reach Notes") with related parties and their affiliates, including Howard Rachinski, the subsidiary's chief executive officer. Each subordinated loan bears interest at a fixed annual rate of 14.0% and matures one year from the effective date of the respective agreement.

*Midwestern Notes*

As discussed in Note 5, *Equity Method Investment*, and Note 15, *Debt*, on January 3, 2025, the Company issued the Midwestern Notes as partial consideration for its acquisition of Midwestern. The Midwestern Notes, which are prepayable at any time by the Company without penalty, consist of (1) a $2.4 million note bearing interest at 4.8%, issued to Mr. Johnson, (2) a $6.5 million note bearing interest at 3.1%, issued to Flourish Holdings, Inc., and (3) a $3.2 million note bearing interest at 5.0%, to Flourish Holdings, Inc. Mr. Johnson is the chief executive officer of Midwestern, of which the Company holds an equity method investment, and is the sole owner of Flourish Holdings, Inc.

*Equity Notes Receivable*

In July 2014, the Company issued Promissory Notes (the "Equity Notes Receivable") totaling approximately $0.5 million to three employees. The notes bear interest at 3.00% per annum, compounded annually. Proceeds from the notes were used in full to purchase 2,709,574 Common Units of the Company. The notes are secured by the underlying Common Units and require full repayment of principal and accrued interest by the executive officers.

The Equity Notes Receivable initially matured on July 1, 2019. Since issuance, the notes have been amended five times, primarily to extend their maturity date, with their maturity date being December 31, 2026.

Upon evaluation, the Company concluded that the notes represented non-recourse notes in substance and should be accounted for as such. Accordingly, neither the principal balance nor the related accrued interest is reflected on the Company's consolidated balance sheets. For further details regarding the equity-based compensation associated with these transactions, refer to Note 17, *Equity-Based Compensation*.

*Member Advances*

During the year ended January 31, 2024, the Company received advances (the "Member Advances") totaling approximately $14.8 million from Pearl Street Trust to address short-term working capital needs. The Member Advances were not subject to any contractual repayment obligation, whether in cash, equity, or other form, and were provided without any stated terms or conditions requiring repayment by the Company. On December 19, 2023, $18.0 million of Member Advances were applied to issue 3,000,000 units of the Company's Series A preferred units, which were issued to Pearl Street Trust for no additional consideration. Refer to Note 18, *Members' Deficit* for additional information.

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*Series A Preferred Unit Issuances*

On December 8, 2023, the Company issued 3,208,334 Series A preferred units to entities affiliated with members of its board of directors or executive management for aggregate consideration of $19.25 million, as part of a broader equity financing. The issuances were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pearl Street Trust purchased 3,000,000 units for $18.0 million. Scott Beck, the Company's Chief Executive Officer and a director, serves as trustee of Pearl Street Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•JAJO Partners, LP purchased 166,667 units for $1.0 million. Jack Furst, a Company director, is the chief executive officer, president and treasurer of JAJO LLC, the general partner of JAJO Partners, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Patrick P. Gelsinger Revocable Trust UAD 11/7/2000 purchased 41,667 units for $250,002. Patrick Gelsinger, the Company's Head of Technology and a director, is the trustee.

These issuances were part of a broader offering totaling 9,126,116 Series A preferred units for gross proceeds of approximately $54.76 million (the "2023 Financing").

In connection with the 2023 Financing, Mr. Beck and Pearl Street Trust jointly and severally entered into put agreements with several third-party investors (the "2023 Put Agreements"), including Compassion International, Inc.; GuideStone Financial Resources of the Southern Baptist Convention; Paul and Amaryah Lanum; RightNow Ministries International; Trinity FFV Alternative Income Fund, LP; and WC Gloo Fund, LLC.

Under these agreements, Mr. Beck and Pearl Street Trust agreed to repurchase the purchasers' Series A preferred units at $6.00 per unit, upon demand at any time from the first to the fourth anniversary of the agreement's effective date. The Company was a party to these purchase agreements solely to represent and warrant that the put agreements were authorized under its operating agreement.

On December 19, 2023, Pearl Street Trust granted WC Gloo Fund a mortgage on real property it owns to secure its obligations under WC Gloo Fund's put agreement.

On December 20, 2024, Scott Beck executed personal guaranty agreements with RightNow Ministries International, WC Gloo Fund, and Compassion International, agreeing to satisfy any obligations under exercised put options.

*Series A Preferred Units Issued in Connection with Acquisitions and Related Transactions*

As described in Note 4, *Business Combinations*, on January 2, 2024, the Company acquired all outstanding equity interests of Outreach from the Evans Revocable Living Trust and the Evans Family Charitable Trust for total upfront consideration of $53.0 million, consisting of $19.7 million in cash and 3,333,334 Series A preferred units of Gloo Holdings, LLC. The transaction also provides for the potential payment of additional earn-out consideration.

On the same date, Mr. Beck and Pearl Street Trust entered into a put option agreement with the selling trusts (the "Outreach Put Agreement") pursuant to which Mr. Beck and Pearl Street Trust jointly and severally agreed to purchase, upon demand, the Series A preferred units issued in the transaction at a price of $9.00 per unit. The put option is exercisable during a 12-month window beginning January 2, 2027. Concurrently, Mr. Beck and Pearl Street Trust entered into a guaranty agreement with the selling trusts, pursuant to which they jointly and severally guaranteed payment under the Outreach Put Agreement within ten business days of any demand made under the agreement.

As described in Note 4, *Business Combinations*, on April 29, 2024, the Company acquired certain assets of Christianity Today International for total consideration of $6.2 million, comprised of $1.4 million in cash and 666,667 Series A preferred units of Gloo Holdings, LLC. Two members of the Company's board of directors, Nona Jones and Bishop Claude Alexander, serve on the board of directors of Christianity Today but received no consideration in connection with the transaction.

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In connection with the acquisition, on April 29, 2024, Mr. Beck and Pearl Street Trust entered into a put option agreement with Christianity Today International. Under this agreement, Mr. Beck and Pearl Street Trust jointly and severally agreed to purchase, upon demand, the Series A preferred units issued in the transaction at a price of $6.00 per unit. The option is exercisable during a 12-month period beginning May 1, 2027.

On August 1, 2024, Gloo Technologies, LLC, a wholly-owned subsidiary of the Company, acquired the Church Metrics platform from Life Covenant Church, Inc. for total consideration of $2,500,002, paid entirely in the form of 416,667 Series A preferred units of Gloo Holdings, LLC. Robert Gruenewald, a member of the Company's board of directors, also serves as a board member and vice president of Life Covenant Church.

In connection with the acquisition, Mr. Beck and Pearl Street Trust entered into a put option agreement with Life Covenant Church on August 1, 2024. Under the agreement, Pearl Street Trust and Scott Beck jointly and severally agreed to purchase, upon demand, the Series A preferred units issued in the transaction at a price of $6.00 per unit. The option is exercisable during a 12-month window beginning July 1, 2027, but may be accelerated upon a Qualified IPO resulting in proceeds of at least $50 million and a trading price of at least $15.00 per share of the Company's Class A common stock for 60 consecutive days.

On September 27, 2024, the Company acquired substantially all assets of InspireHub in exchange for 1,375,000 common units of Gloo Holdings, LLC, representing total consideration of $3,616,250. Jack Furst was a director of InspireHub.

*Convertible Note Issuances*

As described in Note 15, *Debt*, on September 1, 2021, the Company entered into a series of convertible note purchase agreements with various investors, including certain related parties, pursuant to which the Company issued Convertible Notes with an aggregate principal amount of $83.6 million. These Convertible Notes were automatically converted into an aggregate of 20,037,364 Series A preferred units of Gloo Holdings, LLC on January 2, 2024.

Related-party investors included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Pearl Street Trust*: The Company issued convertible notes with an aggregate principal amount of $2.7 million to Pearl Street Trust, which converted into 664,854 Series A preferred units on January 2, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Oak Stream Investors III, LTD.*: The Company issued a $1.0 million convertible note to Oak Stream Investors III, LTD., which converted into 234,105 Series A preferred units. Jack Furst, who is the chairman of the board of Oak Stream Ranch, Inc. (the general partner of Oak Stream Investors III, LTD.), is considered a related party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*DLF Family Trust*: The Company issued a $1.0 million convertible note to DLF Family Trust, which converted into 249,136 Series A preferred units. Mr. Furst is the trustee of the DLF Family Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Patrick P. Gelsinger Revocable Trust UAD 11/7/2000*: The Company issued a $1.0 million convertible note to the trust, which converted into 246,574 Series A preferred units.

In connection with the Convertible Note issuances, Mr. Beck entered into a personal guaranty agreement dated September 1, 2021 (as amended and restated on January 14, 2022), whereby he agreed to guarantee repayment of the outstanding balances of all such Convertible Notes. The guaranty was effective in the event that the notes were not either converted into equity securities of the Company or fully repaid by their respective maturity dates.

In connection with the Convertible Note issuance to one of the investors, Mr. Beck entered into a put option agreement on August 23, 2022. Under the agreement, in the event the Convertible Notes converted into Series A Preferred Units prior to the maturity date, Mr. Beck or one of his affiliate may have been required to purchase, upon demand, the Series A preferred units issued following such conversion at a price of $4.50 per unit. The option was exercisable from January 2, 2024 until December 31, 2024.

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*Senior Secured Notes and Warrant Issuances*

As described in Note 15, *Debt*, on April 23, 2024, the Company entered into a Note Purchase Agreement with Pearl Street Trust and certain other purchasers, under which it issued Senior Secured Notes totaling $45.0 million to Pearl Street Trust across multiple tranches, each bearing interest at 8% plus a floating SOFR-based margin, with a floor of 1%, and maturing in April 2027. In connection with these issuances, the Company granted Warrants to purchase an aggregate of 2,250,000 Gloo Holdings, LLC common units at an exercise price of $6.00 per unit.

On April 24, 2024, the Company issued a $10.0 million Senior Secured Note under the Note Purchase Agreement to FMAB Partners, LP ("FMAB"), an entity affiliated with Mr. Furst, who also served as collateral agent under the security agreement associated with the Note Purchase Agreement. In connection with the FMAB note, the Company issued a warrant to purchase 500,000 common units at $6.00 per unit.

On the same date as the FMAB note issuance, Pearl Street Trust and Scott Beck jointly and severally guaranteed repayment of the FMAB note under a guaranty agreement, enforceable upon demand if a defined Event of Default remains uncured for at least 90 days.

*Leases*

The Company entered into two operating leases for the occupancy of office space in two separate building complexes in Boulder, Colorado, with an entity that is controlled by a member of management. The Company has evaluated the relationship with these related parties and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship with the related party other than the leases. The leases both commenced on January 1, 2023, both having a term of three years with two three-year extension options. Upon the commencement of each extension term, the base rent shall be adjusted to reflect any percentage increase in the Consumer Price Index since the preceding reference index date. Following each such extension, the number of remaining extension terms shall be reduced accordingly, or eliminated if none remain. On both properties, the Company pays rent, real estate taxes, insurance, and operating expenses related to maintenance and operating costs that arise from the use of the property.

On January 2, 2024, the Company acquired 100% of the equity ownership of Outreach Media, Inc. As part of this transaction, the Company acquired two operating leases for the occupancy of office and warehouse spaces in Colorado Springs, Colorado, each with entities controlled by a member of the subsidiary's management. The Company has evaluated the relationship with these related parties and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship with the related party other than the leases. The leases both commenced on January 2, 2024, both having a term of seven years with no extension options. On one of the properties, the Company pays operating expenses related to maintenance and operating costs that arise from the use of the property. Additionally, the Company recognized an asset on both of the leases related to the fair value of the below-market component included in the acquired leases.

The Company has determined that the leases are both operating leases. Operating lease cost related to these leases recognized for the years ended January 31, 2024, and 2025 was $0.3 million and $1.0 million, respectively. The operating lease cost was allocated to General and administrative in the consolidated statements of operations. The Operating lease right-of-use assets as of January 31, 2024, and 2025 were $4.2 million and $3.6 million, respectively, in the consolidated balance sheets. These balances included assets recognized for the below-market component of the acquired operating leases of $0.4 million and $0.3 million, respectively. The current and long-term portions of the lease liabilities as of January 31, 2025, were $0.5 million and $3.1 million, respectively, and were recognized in within the current and non-current the lease liability in the consolidated balance sheets. The current and long-term portions of the lease liabilities as of January 31, 2024, were $0.4 million and $3.5 million, respectively, and were recognized in within the current and non-current the lease liability in the consolidated balance sheets.

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*Revenue and Revenue-Sharing Arrangements* 

In addition, the Company entered into a revenue-sharing agreement with one of its equity method investees. Under this agreement, the Company provides sales support services, marketing and other services to the end-customer. During the fiscal years ended January 31, 2024 and 2025 the Company generated revenues under this agreement of $0.5 million and $1.4 million, respectively.

*Vendor Agreements* 

During the fiscal years ended January 31, 2024 and 2025, the Company incurred expenses of $0.6 million and $0.4 million, respectively, in connection with strategic and executive consulting services provided under vendor agreements with a related party. These services were rendered by an entity that is controlled by the chief executive officer of the Company.

*Other Transactions* 

During the fiscal years ended January 31, 2024 and 2025, the Company obtained salary reimbursements of $147 thousand and $122 thousand, respectively. These reimbursements were related to the salary of a Company employee who was rendering services to an entity controlled by the chief executive officer of the Company.

**20.** **Net Loss Per Unit Attributable to Common Members**

The following table sets forth the computation of basic and diluted net loss per unit attributable to common members:

---

| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands, except unit and per unit data)** | **(in thousands, except unit and per unit data)** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(48313) | $(85689) |
| &nbsp;&nbsp;&nbsp;Less: Undeclared cumulative dividends on Series A Preferred Units | 10414 | 20264 |
| &nbsp;&nbsp;&nbsp;Less: Deemed dividend for conversion of Member Advance | 18000 |  |
| &nbsp;&nbsp;&nbsp;Net loss attributable to common members, basic and diluted | (76727) | (105953) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of common units outstanding, basic and diluted | 22739574 | 23293429 |
| Net loss per unit attributable to common members, basic and diluted | $(3.37) | $(4.55) |

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The following potentially dilutive outstanding securities were excluded from the computation of diluted income (loss) per unit attributable to common members because their effect was anti-dilutive:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
| Options | 8958417 | 9953872 |
| Warrants |  | 3034000 |
| Series A Preferred Units | 108459120 | 113429956 |
| Total | 117417537 | 126417828 |

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**21.** **Segment Reporting**

The Company operates as a single operating segment, the Gloo segment, consistent with how its CODM, Co-Founder and CEO, Scott Beck, reviews financial information and allocates resources. The Company primarily derives its revenue within the United States by providing a breadth of products, services and solutions to the faith-based ecosystem.

The CODM uses revenue, operating expenses, and net loss as reported in our consolidated statements of operations to identify underlying trends in the performance of our business, make comparisons with the financial performance of our competitors, and determine how to allocate resources of the Company as a whole. The CODM does not review assets in evaluating the results of the Gloo segment, and therefore, such information is not repeated in this disclosure.

The following table presents the significant expenses and other segment items of the Gloo segment, as regularly reviewed by our CODM:

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| | | |
|:---|:---|:---|
|  | **Year Ended January 31,** | **Year Ended January 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Revenue | $21289 | $23216 |
| Less: |  |  |
| &nbsp;&nbsp;Cost of revenue | 6471 | 19749 |
| &nbsp;&nbsp;Depreciation and amortization | 4685 | 7714 |
| &nbsp;&nbsp;Hosting and software | 2121 | 2830 |
| &nbsp;&nbsp;Insurance | 157 | 185 |
| &nbsp;&nbsp;Maintenance and equipment | 193 | 290 |
| &nbsp;&nbsp;Outside services | 10218 | 4151 |
| &nbsp;&nbsp;Payroll and benefits | 27240 | 31842 |
| &nbsp;&nbsp;Professional services | 3029 | 2302 |
| &nbsp;&nbsp;Rent and utilities | 1618 | 1523 |
| &nbsp;&nbsp;Advertising and marketing | 4028 | 5201 |
| &nbsp;&nbsp;Travel and entertainment | 2450 | 1349 |
| &nbsp;&nbsp;Impairment of goodwill |  | 27753 |
| &nbsp;&nbsp;Other operating expenses | 3587 | 1556 |
| &nbsp;&nbsp;Other segment expense <sup>(1)</sup> | 3805 | 2573 |
| &nbsp;&nbsp;&nbsp;Net loss | $(48313) | $(85802) |

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(1)Other segment items primarily include interest expense; other income (expense), net; and income tax (expense) benefit as reported in our consolidated statements of operations.

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**22.** **Subsequent Events**

The Company has identified the following subsequent events:

*Acquisitions*

On February 18, 2025, the Company acquired all outstanding shares of Carey Nieuwhof Communications Limited ("CNCL"), a Canadian-based digital content creation company that produces faith-based content. CNCL provides on demand subscriptions, preaching, and growth that enhances the Company's Gloo Workspace. Consideration for the purchase was approximately $7.1 million issued in cash and equity in the Company, pending final valuation reports and subject to a net working capital adjustment. The Company expects to complete the preliminary purchase price allocations relating to this transaction in the third quarter of fiscal year 2025.

On February 18, 2025 the Company entered into a membership interest purchase agreement to acquire a 49.00% equity interest in Barna Holdings, LLC ("Barna"), a faith-oriented research firm that the Company had previously commissioned for research endeavors with the goal of equipping ministry leaders and their communities with regular research findings and measurement tools to better advance human flourishing and church thriving. Consideration for the purchase was approximately $4.9 million, pending final valuation reports and subject to a net working capital adjustment. The Company expects to complete the preliminary purchase price allocations relating to this transaction in the second quarter of fiscal year 2025.

As of January 31, 2025, the Company held a 5% equity interest in Servus Consulting Partners, LLC ("Servant"). On March 12, 2025, the Company acquired an additional 45.1% interest in Servant for an estimated purchase price of $5.6 million, providing the Company with a controlling interest and representing an acquisition in accordance with ASC 805 (the "Servant Acquisition"). Servant is a business and technology consulting firm that specializes in supporting faith-driven organizations, not-for-profit organizations, and purpose-driven businesses, strengthening the Company's commitment to serve the faith ecosystem by bolstering its technology, resource, and service offerings. The Company expects to complete the preliminary purchase price allocations relating to this transaction in the third quarter of fiscal year 2025.

On June 11, 2025, the Company entered into an amended and restated call option agreement with Flourish Holdings, Inc, the minority interest holder of Midwestern (the "Amended MW Call Option"). Under the amendment, the terms of the original MW Call Option were amended to allow NewCo to repurchase exactly 6,012 of the Company-owned Midwestern units so that, if exercised, the Company would retain approximately a 20% membership interest in the Midwestern. Additionally, the Amended MW Call Option revised the payment terms upon exercise, establishing a fixed per-unit valuation that is payable through exchange of the following, required to be in this order: (1) Gloo Units received by NewCo as part of the Acquisition (deemed to have a value of $6.00 per unit), (2) the forgiveness of the then unpaid balance of the note issuances consummated as part of the original transaction, in any order or combination, and (3) cash, if any portion of the call price remains unpaid after applying the foregoing. In connection with this amendment, the Company is currently reassessing its existing consolidation conclusion.

On July 3, 2025, the Company entered into a securities purchase agreement to acquire all outstanding shares of Masterworks, Inc., a digital fundraising and engagement platform company that serves mission-driven organizations and churches. The Company believes Masterworks will be a foundational part of the Gloo Media Network as it brings a deep technology stack and expertise in donor engagement, creative development, digital marketing and direct mailing. Consideration for the purchase was approximately $11.8 million, pending final valuation reports and subject to a net working capital adjustment. The Company expects to complete the preliminary purchase price allocations relating to this transaction in the third quarter of fiscal year 2025.

The Company expects to complete one or more subsequent closings pursuant to its Amended NPA (as defined below) beginning on or after July 1, 2025, to admit additional purchasers, as well as to issue an Amended Note in respect of Pearl Street Trust's existing Member Advance. All Notes issued in future closings will bear the same economic terms as the Amended Notes described below.

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*Amended and Restated Note Purchase Agreement*

On June 23, 2025, the Company amended the terms of its Senior Secured Notes and Warrants under the terms of an amended and restated note purchase agreement (the "Amended NPA") and provided Purchasers with the option to exchange their existing Senior Secured Notes for senior secured convertible notes under the Amended NPA (the "Senior Secured Convertible Notes"). Under the Amended NPA, the terms of the Senior Secured Convertible Notes were amended to (1) increase the aggregate principal capacity to $130.0 million dollars, (2) revise certain default covenants, (3) introduce a new mandatory conversion feature that will automatically convert the Notes into common stock at the per share conversion price equal to the lesser of (i) 80% of the public offering price upon a qualified IPO and (ii) $30.00, and (iii) eliminate the warrant feature for all Senior Secured Notes and Warrantsholders that enter into the new form of the Senior Secured Convertible Notes following the modification, while allowing holders that elected to not participate in the Senior Secured Convertible Notes to maintain their warrants, unaffected by the discount clause. The remaining terms of the Senior Secured Convertible Notes will remain substantially unchanged from the initial Senior Secured Notes.

At the initial closing under the Amended NPA, all but two existing note holders, with an aggregate balance of $12.0 million, exchanged their existing Senior Secured Notes for new Senior Secured Convertible Notes that reflect the terms above. Each Senior Secured Convertible Note states a principal amount equal to the holder's original funded principal plus accrued PIK Interest through June 23, 2025. The Senior Secured Convertible Notes bear interest at a variable rate equal to the higher of 1-Month SOFR or 1%, plus 8.0% per annum. Interest is payable quarterly in arrears, comprising 8.0% cash interest and the remainder as PIK Interest. In connection with the Amendment, the Company entered into a new personal guaranty from Pearl Street Trust in favor of the holders of the Senior Secured Convertible Notes.

Through various closings on or around July 1, 2025, the Company issued an additional $40.6 million of Senior Secured Convertible Notes to multiple investors under the Amended NPA. In connection with three of the issuances, the Company's chief executive officer and principal stockholder entered into a put option agreement with the investors, granting the investors the right, but not the obligation, to cause the chief executive officer to purchase all of their Senior Secured Convertible Notes or all, but not less than all, of any equity securities the Senior Secured Convertible Notes have been converted into at the time of exercise, in exchange for payment in cash of the Senior Secured Convertible Note balance prior to conversion during a two month window beginning in February 2026. The Company is not a party to the agreement and has no obligation to settle the put options.

*Other Transactions*

On February 1, 2025, the Company entered into a services agreement pursuant to which a related party will provide strategic consulting and advisory services in exchange for an option to purchase 333,333 common units of Gloo Holdings, LLC at an exercise price of $6.00 per unit. The units subject to the option vest in equal monthly installments over a four-year period, contingent upon the continued provision of services. The services are being provided by an entity wholly owned and controlled by Mr. Gruenewald.

On February 1, 2025, the Company entered into a services agreement pursuant to which a related party will provide strategic consulting and advisory services in exchange for an option to purchase 333,333 common units of Gloo Holdings, LLC at an exercise price of $6.00 per unit. The units subject to the option vest in equal monthly installments over the course of four years, subject to the continued provision of services. The services are being provided by an entity in which Mr. Gruenewald is a director and officer.

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**Gloo Holdings, LLC**

**Condensed Consolidated Balance Sheets**

(unaudited)

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| | | |
|:---|:---|:---|
|  | **January 31,** | **July 31,** |
|  | **2025** | **2025** |
|  | **(in thousands, except unit data)** | **(in thousands, except unit data)** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $13592 | $22589 |
| &nbsp;&nbsp;Restricted cash | 252 | 254 |
| &nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $68 and $33, respectively<sup>(1)</sup> | 623 | 6050 |
| &nbsp;&nbsp;Inventory, net | 1460 | 1248 |
| &nbsp;&nbsp;Contract assets |  | 3098 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 2388 | 6582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 18315 | 39821 |
| Property and equipment, net | 2303 | 2634 |
| Capitalized software, net | 23578 | 26717 |
| ROU operating lease asset <sup>(2)</sup> | 3835 | 6834 |
| Long-term investments | 33252 | 1181 |
| Other non-current assets | 209 | 1381 |
| Intangible assets, net | 11431 | 26951 |
| Goodwill | 27901 | 80278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $120824 | $185797 |
| **LIABILITIES, MEZZANINE EQUITY, AND MEMBERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable <sup>(3)</sup> | $3613 | $8279 |
| &nbsp;&nbsp;Accrued compensation | 4538 | 6181 |
| &nbsp;&nbsp;Accrued liabilities | 3521 | 6402 |
| &nbsp;&nbsp;Acquisition-related liabilities, current | 1350 | 2522 |
| &nbsp;&nbsp;Deferred revenue | 3725 | 5622 |
| &nbsp;&nbsp;Debt, current <sup>(4)</sup> | 3177 | 5011 |
| &nbsp;&nbsp;Lease liabilities, current <sup>(5)</sup> | 685 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 20609 | 35204 |
| Acquisition-related liabilities, non-current | 100 | 708 |
| Debt, non-current <sup>(6)</sup> | 66959 | 125488 |
| Lease liabilities, non-current <sup>(7)</sup> | 3095 | 5609 |
| Derivative liability <sup>(8)</sup> | 832 | 23410 |
| Deferred income taxes | 1911 | 2675 |
| Other non-current liabilities | 13426 | 11502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $106932 | $204596 |
| Commitment and Contingencies (See Note 12) |  |  |
| Mezzanine Equity: |  |  |
| &nbsp;&nbsp;Series A Preferred Units (no par value; 117,751,845 and 117,751,845 authorized as of January 31,<br>2025 and July, 31 2025, respectively; 113,429,956 and 115,368,634 units issued and outstanding as of January 31, 2025 and July 31, 2025, respectively; and aggregate liquidation preference of $432,669 and $459,672 as of January 31, 2025 and July 31, 2025, respectively) | 351887 | 360063 |
| &nbsp;&nbsp;Redeemable NCI |  | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mezzanine equity | 351887 | 363446 |
| Members' Deficit: |  |  |
| &nbsp;&nbsp;Common member units (no par value; 39,651,074 and 39,667,849 units authorized as of January 31, 2025 and July 31, 2025, respectively; and 24,603,574 and 24,651,074 units issued and outstanding as of January 31, 2025 and July 31, 2025, respectively) |  |  |
| &nbsp;&nbsp;Additional paid-in capital | 23591 | 36134 |
| &nbsp;&nbsp;Accumulated deficit | (368312) | (438063) |
| &nbsp;&nbsp;Accumulated other comprehensive income |  | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit attributable to common members | (344721) | (401667) |
| Equity attributable to noncontrolling interests | 6726 | 19422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total members' deficit | (337995) | (382245) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, mezzanine equity, and members' deficit | $120824 | $185797 |

---

------

(1)Includes related party accounts receivable of $0.2 million and $0.3 million for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(2)Includes related party leases of $0.2 million and $4.7 million for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(3)Includes related party accounts payable of $0.6 million and $— for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(4)Includes current debt from related parties of $1.0 million and $1.3 million for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(5)Includes related party leases of $0.2 million and $0.7 million for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(6)Includes non-current debt from related parties of $56.2 million and $110.4 million for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(7)Includes related party leases of $— million and $4.0 million for the year ended January 31, 2025 and the six months ended July 31, 2025, respectively.

(8)Includes the derivative liability associated with non-current debt from related parties of $0.8 million and $21.7 million for the year ended January 31, 2025 and the six months ended July 31, 2025.

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

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**Gloo Holdings, LLC**

# Condensed Consolidated S tatements of Operations
(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands, except unit and per unit data)** | **(in thousands, except unit and per unit data)** |
| Revenue <sup>(8)</sup>: |  |  |
| &nbsp;&nbsp;Platform revenue | $10463 | $17241 |
| &nbsp;&nbsp;Platform solutions revenue | 121 | 11234 |
| &nbsp;&nbsp;Other revenue | 13 |  |
| &nbsp;&nbsp;&nbsp;Total revenue | 10597 | 28475 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) | 9394 | 20968 |
| &nbsp;&nbsp;Product development <sup>(9)</sup> | 6105 | 10730 |
| &nbsp;&nbsp;Sales and marketing | 10824 | 15823 |
| &nbsp;&nbsp;General and administrative | 7535 | 22206 |
| &nbsp;&nbsp;Depreciation and amortization | 3611 | 5200 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 37469 | 74927 |
| Operating loss | (26872) | (46452) |
| Other expense (income): |  |  |
| &nbsp;&nbsp;Interest expense <sup>(10)</sup> | 1075 | 6003 |
| &nbsp;&nbsp;Other expense (income), net | (194) | (473) |
| &nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments | (220) | 11436 |
| &nbsp;&nbsp;Loss on extinguishment of debt |  | 7473 |
| &nbsp;&nbsp;&nbsp;Total other expense (income), net | 661 | 24439 |
| Net loss before income taxes | (27533) | (70891) |
| &nbsp;&nbsp;Income tax (expense) benefit | 412 | 293 |
| &nbsp;&nbsp;Income (loss) from equity method investments, net | (273) | (460) |
| Net loss | (27394) | (71058) |
| &nbsp;&nbsp;Less: net loss attributable to noncontrolling interests |  | (1307) |
| Net loss attributable to common members | $(27394) | $(69751) |
| Net loss per unit attributable to common members, basic and diluted | $(1.64) | $(3.47) |
| Weighted-average common units used to compute net loss per unit<br> attributable to common members, basic and diluted | 22739574 | 24650701 |

---

------

(8)Includes revenues from related parties of $0.31 million and $1.9 million for the six months ended July 31, 2024 and 2025, respectively.

(9)Includes product development costs from related parties of $0.8 million and $2.1 million for six months ended July 31, 2024 and 2025, respectively.

(10)Includes net charges from related parties of $1.0 million and $5.3 million for the six months ended July 31, 2024 and 2025, respectively.

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

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**Gloo Holdings, LLC**

# Condensed Consolidated Statements of Comprehensive Loss
(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Net loss | $(27394) | $(71058) |
| &nbsp;&nbsp;Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments |  | 262 |
| Comprehensive loss | (27394) | (70796) |
| &nbsp;&nbsp;Less: comprehensive income (loss) attributable to noncontrolling interests |  | (1307) |
| Comprehensive loss attributable to common members | $(27394) | $(69489) |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

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**Gloo Holdings, LLC**

# Condensed Consolidated Statements of M ezzanine Equity and Members' Deficit
(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** |  |
|  | **Series A Preferred Units** | **Series A Preferred Units** |  | **Common Units** | **Common Units** |  |  |  |  |  |
| *(in thousands, except unit data)* | **Units** | **Amount** | **Noncontrolling<br>Interests** | **Units** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated Other Comprehensive Income** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests** | **Total<br>Members'<br>Deficit** |
| **Balance as of January 31, 2024** | 108459120 | $332944 | $— | 22739574 | $— | $14949 | $— | $(282623) | $— | $(267674) |
| Issuance of Series A Preferred Units<br> in connection with acquisitions<br> and investments | 666667 | 4000 |  |  |  | 850 |  |  |  | 850 |
| Issuance of Series A Preferred Units | 54168 | 325 |  |  |  |  |  |  |  |  |
| Equity-based compensation |  |  |  |  |  | 1432 |  |  |  | 1432 |
| Net loss attributable to common<br> members |  |  |  |  |  |  |  | (27164) |  | (27164) |
| **Balance as of July 31, 2024** | 109179955 | $337269 | $— | 22739574 | $— | $17231 | $— | $(309787) | $— | $(292556) |
|  | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** | **Members' Deficit** |  |
|  | **Series A Preferred Units** | **Series A Preferred Units** |  | **Common Units** | **Common Units** |  |  |  |  |  |
| *(in thousands, except unit data)* | **Units** | **Amount** | **Noncontrolling<br>Interests** | **Units** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated Other Comprehensive Income** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests** | **Total<br>Members'<br>Deficit** |
| **Balance as of January 31, 2025** | 113429956 | $351887 | $— | 24603574 | $— | $23591 | $— | $(368312) | $6726 | $(337995) |
| Issuance of Series A Preferred Units in connection with acquisitions and investments | 1901850 | 7955 |  |  |  | 2503 |  |  | 13626 | 16129 |
| Issuance of Barna Units Put Option (see Note 4) |  |  | 3760 |  |  |  |  |  |  |  |
| Repurchase of Series A Preferred Units in connection with the Servant Acquisition (see Note 4) | (63172) | (379) |  |  |  |  |  |  |  |  |
| Issuance of Series A Preferred Units | 100000 | 600 |  |  |  |  |  |  |  |  |
| Exercise of common unit options |  |  |  | 47500 |  | 64 |  |  |  | 64 |
| Members advance |  |  |  |  |  | 6700 |  |  |  | 6700 |
| Equity-based compensation |  |  |  |  |  | 3276 |  |  |  | 3276 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 262 |  |  | 262 |
| Net income (loss) attributable to noncontrolling interests |  |  | (377) |  |  |  |  |  | (930) | (930) |
| Net loss attributable to common members |  |  |  |  |  |  |  | (69751) |  | (69751) |
| **Balance as of July 31, 2025** | 115368634 | $360063 | $3383 | 24651074 | $— | $36134 | $262 | $(438063) | $19422 | $(382245) |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

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**Gloo Holdings, LLC**

**Condensed Consolidated Statements of Cash Flows** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| **Operating activities:** |  |  |
| Net loss | $(27394) | $(71058) |
| Adjustments to reconcile net loss attributable to common members to net cash used in<br> operating activities: |  |  |
| &nbsp;&nbsp;Equity-based compensation expense | 2846 | 3275 |
| &nbsp;&nbsp;Depreciation and amortization | 3611 | 5200 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 131 | 1247 |
| &nbsp;&nbsp;Provision for expected credit losses | 30 | 479 |
| &nbsp;&nbsp;Lease expense | 584 | 862 |
| &nbsp;&nbsp;Deferred income taxes | (412) | (360) |
| &nbsp;&nbsp;Loss (gain) from change in fair value of financial instruments | 220 | 11436 |
| &nbsp;&nbsp;Loss (gain) on sale of property and equipment | 205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from equity method investments, net | 273 | 106 |
| &nbsp;&nbsp;Loss on extinguishment of debt |  | 7473 |
| &nbsp;&nbsp;Debt assumed through PIK interest | 239 | 41 |
| &nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (480) | (1385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (9) | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets |  | (4478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (581) | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (2650) | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 674 | (1134) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | (780) | (606) |
| **Net cash used in operating activities** | (23493) | (44226) |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;Purchases of property and equipment | (324) | (520) |
| &nbsp;&nbsp;Capitalized internal-use software costs | (2502) | (6447) |
| &nbsp;&nbsp;Acquisitions, net of cash acquired | (1350) | (3765) |
| **Net cash used in investing activities** | (4176) | (10732) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;Payments on debt | (105) | (24) |
| &nbsp;&nbsp;Proceeds from debt | 44000 | 56950 |
| &nbsp;&nbsp;Payment of deferred financing costs | (78) | (73) |
| &nbsp;&nbsp;Proceeds from exercise of common unit options |  | 64 |
| &nbsp;&nbsp;Proceeds from Member Advances received |  | 6700 |
| &nbsp;&nbsp;Proceeds from Series A Preferred Units issuance | 325 | 600 |
| **Net cash provided by financing activities** | 44142 | 64217 |
| **Effect of exchange rate changes on cash and cash equivalents** |  | (260) |
| **Net increase in cash, cash equivalents and restricted cash** | 16473 | 8999 |
| **Cash, cash equivalents, and restricted cash** |  |  |
| **Beginning of period** | 13727 | 13844 |
| **End of period** | $30200 | $22843 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;Cash paid for interest | $364 | $2750 |
| &nbsp;&nbsp;Cash paid for taxes |  |  |
| **Supplemental disclosure of non-cash investing and financing activity:** |  |  |
| ROU assets obtained in acquisitions | $— | $2206 |
| ROU assets obtained in exchange for new lease liabilities |  | 1315 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

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# Notes to the Cons olidated Financial Statements
**1.** **Nature of Business**

Gloo Holdings, LLC's ("Gloo" or the "Company") mission is to build the leading technology platform for the faith and flourishing ecosystem, which is one of the largest, oldest, and least-digitized ecosystems in the world. Since the Company's founding in 2013, Gloo has provided a breadth of products, services, and solutions to the two primary stakeholders at the core of the faith and flourishing ecosystem: (1) network capability providers ("NCPs") and (2) the churches and frontline organizations ("CFLs") they serve.

The Gloo platform serves as a digital infrastructure between NCPs and CFLs. By facilitating efficient exchange between the two, Gloo enables both sides to succeed; CFLs gain access to better resources and NCPs benefit from efficient distribution and targeted reach. This creates a virtuous cycle, strengthening the platform with each interaction. The Gloo platform includes a suite of technology, marketplace, and service solutions offered directly from Gloo or from Gloo's consolidated subsidiaries and equity method investments ("Gloo Capital Partners").

***Going Concern***

Since inception, the Company has incurred cumulative losses from operations. The Company has funded its operations and capital needs primarily through net proceeds received from the sale of preferred units and proceeds from long-term debt. The Company held cash and cash equivalents of $22.6 million and had an accumulated deficit of $438.1 million as of July 31, 2025. Additionally, the Company incurred net losses of $71.1 million and used $44.2 million of cash in operating activities during the six months ended July 31, 2025. The Company will need to raise additional funds to meet its long-term strategic plans. Such plans include, but are not limited to, generating revenue through subscriptions of our expanding technology and AI offerings, increased marketplace offerings and growing advertising services, as well as seeking external sources of liquidity. Management believes it will be able to obtain additional capital to fund its operations, however, there are no assurances that the Company will be able to raise additional capital on terms acceptable to the Company or at all. If the Company's plans are not implemented on a timely basis, Management may delay or modify the Company's business plans, potentially including the timing of planned capital expenditures, development and other planned activities, all of which, individually or in the aggregate, could have material negative consequences to the Company and its results of operations and business relationships.

In connection with the preparation of these condensed consolidated financial statements, Management evaluated conditions and events known and reasonably knowable that could adversely affect the Company's ability to meet its obligations through one year from the date the financial statements are available to be issued. Management's assessment considered the Company's current financial condition, characterized by recurring operating losses, negative cash flows, limited liquid resources, and dependence on external financing, as well as the funds required to execute its business plan over the evaluation period. Based on these factors, the Company has concluded there is substantial doubt about its ability to continue as a going concern for at least twelve months from the date the financial statements are available to be issued.

The condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

**2.** **Summary of Significant Accounting Policies**

***Basis of Presentation and Principles of Consolidation***

The accompanying unaudited condensed consolidated financial statements include the accounts of Gloo Holdings, LLC, its wholly-owned subsidiaries, less-than-wholly-owned subsidiaries in which the Company holds a controlling financial interest, and variable interest entities ("VIEs") for which the Company has determined it is the primary beneficiary. The Company has prepared the unaudited condensed consolidated financial statements in

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accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended January 31, 2025 and the related notes. Our unaudited interim condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. All material intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes in accounting policies during the six months ended July 31, 2025 from those disclosed in the annual consolidated financial statements as of and for the year ended January 31, 2025 and the related notes. The interests of the minority owners in less-than-wholly-owned subsidiaries are accounted for as non-controlling interests.

Ownership interests in unconsolidated entities for which the Company has significant influence are accounted for using the equity method of accounting.

***Use of Estimates***

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are based on historical and anticipated results and trends, and on various other assumptions the Company believes are reasonable under the circumstances, including assumptions as to future events. Management evaluates these estimates, judgments and assumptions on an ongoing basis. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company's condensed consolidated financial statements. Significant estimates reflected in the condensed consolidated financial statements include revenue recognition, including the stand-alone selling prices ("SSP") for each distinct performance obligation; internal-use software development costs; the useful lives of long-lived assets; the net realizable value of inventory; the reserve for expected credit losses; income taxes; equity-based compensation; the valuation of the Company's common units, equity awards and financial instruments; the fair value of assets and noncontrolling interest acquired and liabilities assumed in business combinations; valuation of consideration transferred in business combinations; the fair value of the call option associated with the Midwestern Interactive, LLC ("Midwestern") acquisition; the incremental borrowing rate used to determine operating lease right-of-use assets and lease liabilities, the fair value of derivative and warrant liabilities, and legal and other loss contingencies.

***Noncontrolling Interests***

The Company accounts for an equity interest in a less-than-wholly owned consolidated subsidiary that is not attributable, either directly or indirectly, to the Company as noncontrolling interest in accordance with *ASC Topic 810, Consolidation ("ASC 810")*.

Noncontrolling interest is recognized as equity in our consolidated balance sheets and presented separately from the equity attributable to common members. Any change in ownership of a less-than-wholly-owned consolidated subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests. The amounts of consolidated net loss attributable to common members and noncontrolling interest are separately presented in the consolidated statements of operations. The Company's net loss per unit attributable to common members excludes net losses attributable to noncontrolling interests.

Noncontrolling interests that are redeemable outside the Company's control at fixed or determinable prices and dates are presented as mezzanine equity in the condensed consolidated balance sheets. Redeemable noncontrolling interests are recorded at the greater of the redemption fair value or the carrying value of the noncontrolling interest and adjusted each reporting period for income, loss and any distributions made. Remeasurements to the redemption value of the redeemable noncontrolling interest are recorded with corresponding adjustments against additional paid in capital. The Company has a redeemable noncontrolling interest related to an acquisition as the minority interest owner holds a put option which may require the Company to purchase its interest in certain scenarios.

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***Cash and Cash Equivalents and Restricted Cash***

The Company considers all highly liquid investments with an original maturity of three months or less when acquired to be cash equivalents. The Company maintains cash and cash equivalent balances in financial institutions that may at times exceed federally-insured limits. The Company has not experienced any losses in such accounts.

Restricted cash consists of funds that are contractually restricted as to usage or withdrawal. The Company defines restricted cash as cash that cannot be withdrawn or used for general operating activities. Restricted cash includes amounts held to collateralize outstanding credit card borrowing facilities and is classified as current or noncurrent assets based on the nature and duration of the restriction. As of January 31, 2025 and July 31, 2025, the Company did not have any non-current restricted cash balances. All restricted cash amounts are expected to be utilized within one year and are therefore classified as current assets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash as presented in the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
|  | **January 31,** | **July 31,** |
|  | **2025** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Cash and cash equivalents | $13592 | $22589 |
| Restricted cash | 252 | 254 |
| Total cash, cash equivalents, and restricted cash | $13844 | $22843 |

---

***Accounts Receivable, Net Allowance for Credit Losses***

Accounts receivable are recorded at the invoiced amounts, net of allowance.The Company maintains an allowance for expected credit losses for amounts it does not expect to collect. In establishing an estimated allowance, the Company considers the financial condition and credit quality of its customers, historical losses, current market conditions, the age of the receivables, and current payment patterns. Account balances are written off against the allowance in the period in which the balance is deemed uncollectible. Subsequent recoveries of previously written off balances are recognized when received. Provisions for expected credit losses are recorded to general and administrative in the condensed consolidated statements of operations.

Changes in the Company's allowance for credit losses as of January 31, 2025 and July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31,** | **July 31,** |
|  | **2025** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Allowance, beginning of period | $75 | $68 |
| Write-offs of uncollectible accounts, net | (71) | (515) |
| Provision for expected credit losses | 64 | 480 |
| Allowance, end of period | $68 | $33 |

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***Revenue Recognition***

The Company derives its revenue primarily from platform solutions revenue and platform revenue. The Company's primary revenue streams were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Subscription revenue | $2875 | $6270 |
| Marketplace revenue | 6873 | 6935 |
| Advertising revenue | 715 | 4036 |
| Platform revenue | 10463 | 17241 |
| Platform solutions revenue | 121 | 11234 |
| Other revenue | 13 |  |
| &nbsp;&nbsp;Total revenue | $10597 | $28475 |

---

*Subscription Revenue*

The Company provides customers with access to its cloud-based platforms, including Gloo+, Barna Access Plus, Church Law & Tax, ChurchSalary, and others, under subscription arrangements that do not convey a license or ownership of the software. Subscriptions are typically offered in one- or twelve-month terms and are billed in advance.

Revenue is recognized over the subscription term as the Company satisfies its performance obligation by providing continuous access to the platforms. For certain platforms, customers may cancel and receive a refund for the unused portion of the subscription. Refundable amounts are recorded as customer deposit liabilities until recognized or refunded.

*Marketplace Revenue*

Marketplace revenue primarily consists of physical and digital products such as books, publications, curricula, marketing collateral and church supplies sold through the Company's online marketplace and online stores of the consolidated subsidiaries. The timing of revenue recognition within marketplace is generally point-in-time when products ship to customers.

*Advertising Revenue*

Advertising revenue consists of digital advertising services and campaign management services.

Digital advertising services include display advertising sold on the Company's website and the management of cross-channel campaigns for customers. For fixed-fee arrangements, revenue is recognized over the service period, generally as costs are incurred or as time elapses, depending on the nature of the campaign. For performance-based placements, such as cost-per-click, revenue is recognized as the clicks occur. The Company applies the invoice practical expedient for these arrangements.

Campaign management services include strategy and creative consulting, mail campaigns, digital media campaigns, data and analytics, email campaigns, and SMS campaigns. Revenue from these services is recognized over time using an input method based on actual costs incurred relative to budgeted costs.

In providing advertising and campaign services, the Company engages third-party vendors for printing, postage, data acquisition, and media placement. The Company acts as the principal in these arrangements because it controls the specified services before they are transferred to the customer, has discretion in selecting and directing vendors, and is responsible for fulfilling the services. Accordingly, advertising revenues are reported on a gross basis and related third-party costs are recorded in cost of revenue.

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*Platform Solutions Revenue*

The Company derives revenue from professional service offerings to customers. These services are primarily fixed fee engagements or scoped engagements with a projected set of hours that are billed as time is incurred. For fixed fee engagements, which have a stand-ready obligation, revenue is measured over time elapsed and recognized ratably over the contractual service period as the performance obligation is satisfied. For scoped engagements, revenue is measured using service hours that have been rendered over the contractual service period as the scope of the engagement is completed.

Customer payments for professional services are generally billed over the contractual term. Contracts generally have a term of 12 months or less and the Company performs services consistently over time and concluded that no significant financing component exists.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

*Contract Balances*

The timing of revenue recognition, invoicing, and cash collections results in the recognition of accounts receivable, contract assets, and deferred revenue in the condensed consolidated balance sheets. Contract assets represent revenue recognized in excess of billings for partially fulfilled performance obligations recognized over time. Deferred revenue represents payments received from customers in excess of revenue recognized. Contract assets are classified as current assets in the condensed consolidated balance sheets.

*Disaggregation of Cost of Revenue (exclusive of depreciation and amortization)*

The Company disaggregates cost of revenue based on whether the cost is attributable to services rendered, tangible products, and other indirect costs. The breakdown of cost of revenue (exclusive of depreciation and amortization) is as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Subscription revenue costs | $2472 | $3608 |
| Marketplace revenue costs | 6328 | 6213 |
| Advertising revenue costs | 501 | 2964 |
| Platform revenue costs | 9301 | 12785 |
| Platform solutions revenue costs | 74 | 8183 |
| Other revenue costs | 19 |  |
| &nbsp;&nbsp;Total cost of revenue (exclusive of depreciation and amortization) | $9394 | $20968 |

---

***Foreign Currency***

The Company's consolidated financial statements are presented in U.S. dollars, which is its reporting currency. The Company has one foreign subsidiary whose functional currency is its local currency. The financial statements of this subsidiary are translated into U.S. dollars using exchange rates at the balance sheet date for assets and liabilities, average exchange rates for the period for revenues and expenses, and historical exchange rates for equity transactions. Resulting translation adjustments are recorded in accumulated other comprehensive income within the condensed consolidated statements of comprehensive loss. Foreign currency transaction gains and losses are included in other expense (income), net in the condensed consolidated statements of operations.

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***Deferred Offering Costs***

Deferred offering costs, which consist of direct and incremental legal, accounting, consulting, printing, and other third-party fees related to the Company's planned initial public offering ("IPO"), are capitalized within other non-current assets in the condensed consolidated balance sheets. The deferred offering costs will be offset against proceeds from the offering upon consummation of the IPO. In the event the planned offering is terminated, the deferred offering costs will be immediately expensed in the condensed consolidated statements of operations.

Deferred offering costs were $0.4 million and $3.0 million as of January 31, 2025 and July 31, 2025, respectively.

***Recent Accounting Pronouncements Not Yet Adopted***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosure*, requiring enhanced income tax disclosures ("ASU 2023-09"). This ASU requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. This ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and income tax expense or benefit from continuing operations disaggregated between federal, state, and foreign. For public companies, the requirements of this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact of the new guidance on the disclosure within its condensed consolidated financial statements.

In March 2024, the FASB issued ASU 2024-01, "*Compensation - Stock Compensation*" which was issued to reduce complexity in determining if profit interest awards are subject to *ASC Topic 718, Compensation - Stock Compensation ("ASC 718")* and to reduce diversity in practice. For public entities, the standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. For all other entities, including EGCs, the standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. The Company has elected to use the extended transition period available to it as an EGC and is currently evaluating the impact of the new guidance on the disclosure within its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "*Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures*," which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. The standard is effective for all entities with annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, "*Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*," which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, "*Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*," which modernizes the accounting for internal-use software costs. The ASU eliminates all references to prescriptive and sequential software developmental stages, establishes a probable-to-complete threshold for commencing capitalization, incorporates website development guidance into Subtopic 350-40 and requires enhanced disclosures for capitalized internal-use software costs. The amendments do not change the existing criteria for which costs are

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eligible for capitalization or the point at which capitalization ceases.This guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

**3.** **Variable Interest Entities**

***Consolidated VIEs***

*Visitor Reach*

As of July 31, 2025, the Company continues to hold 51.2% of the issued and outstanding equity units of Visitor Reach and reports a non-controlling interest. In connection with the acquisition of Visitor Reach, the Company entered into call option agreements (the "VR Call Options") with three minority stockholders of Visitor Reach (the "VR Option Holders") in exchange for future post-combination services. As the VR Call Options remain outstanding and are not yet exercisable, the Company has determined that it is still the primary beneficiary of Visitor Reach as it continues to hold to the power to direct the activities that most significantly impact Visitor Reach's economic performance.

*Barna*

As discussed in Note 4, *Business Combinations*, in February 2025, the Company acquired 49.0% of the equity ownership of Barna, and a majority voting interest in Barna, to build on prior collaborations and expand the Company's offerings. Barna is a research and strategy consulting firm specializing in church engagement, leadership development, cultural analysis, and generational insights.

Barna was determined to be a VIE because it lacks sufficient equity at risk to finance its operations without future subordinated financial support. The Company determined that it was the primary beneficiary of Barna because it has the power to direct activities that most significantly impact the entity's economic performance, primarily the research, development, sale, and marketing of Barna's faith-based content. The Company also has an obligation to absorb losses of the entity through its equity ownership interest. Accordingly, the Company consolidated Barna as of February 18, 2025. The Company holds an additional variable interest in Barna through a revenue sharing arrangement on co-developed content, including the Barna Access Plus platform.

Barna is financed primarily through related-party debt and capital contributions from the Company. At the acquisition date, the Company provided $1.25 million of new capital, most of which was used to repay outstanding loans, resulting in limited liquidity. Barna's creditors do not have recourse to the general credit of the Company as part of its outstanding debt agreements, as the Company does not guarantee any of Barna's debt obligations.

In conjunction with the acquisition, the Company entered into a $2.0 million commercial services agreement with Barna, committing to purchasing $1.0 million in services from Barna for the first two years following the acquisition with the intent that the companies would continue their existing commercial relationships in substantially the same manner as conducted prior to the acquisition.

Additionally, in connection with the acquisition of Barna, the Company entered into an amended and restated limited liability company agreement that included a put option (the "Barna Units Put Option") given to the noncontrolling stockholder of Barna. This option provides the stockholder the right, but not the obligation, to cause Gloo to purchase all, but not less than all, equity ownership held in Barna by the noncontrolling stockholder at fair market value. This option is nontransferable and is exercisable within a 30-day window following either (i) the termination of Barna's CEO, who is the majority owner of Barna's noncontrolling stockholder, without cause, or (ii) his voluntary resignation for reasons specified in his employment agreement. The option was assigned negligible value, and the Company has classified this ownership interest as a redeemable non-controlling interest. For further detail, see *Redeemable Non-Controlling Interest in Consolidated VIEs*, below.

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Total assets and liabilities included on the consolidated balance sheet for Barna as of July 31, 2025, were $10.4 million and $2.5 million, respectively. Barna's assets consisted primarily of intangible assets related to customer relationships, trademarks, and goodwill, further supporting the fact that Barna requires ongoing assistance from the Company to finance its operations and cover its existing obligations.

*Redeemable Non-Controlling Interest in VIEs - Barna*

The holder of the redeemable non-controlling interest in Barna may elect to cause the Company to purchase its ownership interests at fair market value during a 30-day window immediately following either (i) the termination of Barna's CEO, who is the majority owner of Barna's noncontrolling stockholder, without cause, or (ii) his voluntary resignation for reasons specified in his employment agreement. Because the redemption feature is not solely within the control of the Company, this ownership interest is classified as a redeemable non-controlling interest in a consolidated VIE within mezzanine equity on the accompanying condensed consolidated balance sheets.

Subsequent adjustment of the amount presented in temporary equity is currently not required because it was not probable that the instrument will become redeemable. If and when the redemption becomes probable, the Company will record adjustments to bring the carrying value to redemption value. Adjustments of redeemable non-controlling interest to its redemption value are recorded through additional paid-in capital. Total redeemable non-controlling interest was $3.4 million as of July 31, 2025. Net income attributable to redeemable non-controlling interest was $0.4 million during the six months ended July 31, 2025.

***Unconsolidated VIEs***

*Sermons Tech*

The Company accounts for its investment in Sermons Tech, LLC ("Sermons Tech") under the equity method of accounting, in accordance with ASC 323, as it determined it has significant influence over Sermons Tech's financial and operating policies. However, the Company does not have the power to direct the activities that most significantly impact Sermons Tech's economic performance; therefore, the Company is not the primary beneficiary of the entity as of the balance sheet date.

The Company's carrying value of its investment in Sermons Tech was $1.3 million and $1.1 million as of January 31, 2025 and July 31, 2025, respectively, and is included in investments in the condensed consolidated balance sheets. The Company's maximum exposure to loss is limited to the carrying value of its investment, as the Company has not entered into any other funding arrangements or guarantees for which it would be held liable by the VIE.

**4.** **Business Combinations**

*Barna Acquisition*

On February 18, 2025, the Company acquired 49.0% of the equity ownership of Barna Holdings, LLC ("Barna" and the transaction, the "Barna Acquisition"). Barna is a research and strategy consulting firm specializing in church engagement, leadership development, cultural analysis, and generational insights. Its offerings include custom research, data reports, webcasts, and podcasts that help organizations better understand and connect with church leaders and spiritually curious audiences. The Company acquired Barna to build on prior collaborations related to co-funded research projects, while enhancing the Company's ability to deliver advanced data-driven solutions, broaden its digital content offerings, and provide end users with a seamless digital experience with data-driven insights to the faith ecosystem. The Company's 49.0% equity ownership represents a controlling financial interest in Barna as the Company has determined that it is the primary beneficiary of Barna. For more information on this determination, refer to Note 3, *Variable Interest Entities*.

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The contractual purchase price consideration of $4.9 million was adjusted to the acquisition date fair value of $3.6 million. The remaining acquisition date fair valued $1.3 million was contributed directly to the acquiree as a capital infusion to fund working capital and support post-acquisition operations. Because the $1.3 million remains within the acquiree and under the Company's control as the controlling stockholder, only the $3.6 million paid to the selling stockholders constitutes consideration transferred in accordance with *ASC 805*. The difference between the contractual purchase price and the GAAP purchase consideration is primarily related to a fair value adjustment related to equity consideration, and an adjustment to cash consideration to reflect the amount transferred to the sellers. The as-adjusted purchase price representing the consideration transferred under ASC 805 consisted of the following:

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| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration paid within one year | $250 |
| Equity consideration | 3362 |
| &nbsp;&nbsp;Fair value of total consideration transferred | $3612 |

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As part of the equity consideration transferred in the Barna Acquisition, the Company issued 566,667 Series A preferred units. Concurrent with the Barna Acquisition, the Company's chief executive officer and principal stockholder, Mr. Beck, entered into a put option agreement with the sellers (the "Gloo Units Put Option"), granting the sellers the right, but not the obligation, to sell all, but not less than all, of their Series A preferred units to Pearl Street Trust for a total price of $3.4 million during a 12-month exercise window beginning three years after the acquisition date. Although the Company is not a party to the agreement and has no obligation to settle the Barna Units Put Option, the fair value of the option has been included as part of the total consideration transferred in the Barna Acquisition. This treatment reflects the substance of the arrangement, as the Barna Units Put Option was provided in connection with the acquisition and represents a deemed capital contribution from Mr. Beck. The Series A preferred units were assigned an aggregate fair value of $2.3 million as of the acquisition date, not inclusive of the fair value of the Gloo Units Put Option, which was estimated to be $1.1 million using the Black-Scholes Option Pricing Method. The $1.1 million value of the Gloo Units Put Option, written by Mr. Beck, was considered a deemed capital contribution to the Company and recorded as an increase to additional paid-in capital as part of the acquisition and included in consideration transferred to acquire Barna. The valuation of the Gloo Units Put Option required significant management judgment, including assumptions related to volatility, risk-free interest rates, expected term, and other relevant inputs. As the Company is neither primarily nor secondarily obligated under the put option, no liability has been recognized and there is no ongoing impact to the Company's financial position or results of operations.

Concurrent with the Barna Acquisition, the Company provided a separate put option (the "Barna Units Put Option") to the noncontrolling interest holders in Barna, providing them the right, but not the obligation, to cause Gloo to purchase all, but not less than all, equity ownership in Barna held by the noncontrolling interest holders at fair market value if certain conditions are met. For further information regarding this option and its impacts, refer to Note 3, *Variable Interest Entities*.

The Company incurred an immaterial amount of transaction-related costs, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations. Additionally, the Company settled an immaterial amount of pre-existing contractual relationships with Barna in connection with the transaction. These pre-existing contractual relationships primarily consisted of intercompany payables and receivables between Barna and the Company. No settlement gain or loss was recognized as the arrangements were at market terms.

The Barna Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The Company was identified as the accounting acquirer in the transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Barna Acquisition closing date.

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The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7, *Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

The Company engaged an independent third-party valuation firm to assist in determining the fair value of the transaction, including intangible assets. The provisional measurements of fair value for certain intangible assets and liabilities (and any accompanying tax impact) may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The excess of the purchase price over the estimated fair values of the underlying identifiable assets acquired, liabilities assumed, and non-controlling interest was allocated to goodwill. The estimated fair value of the non-controlling interest was based on the price the Company paid for its 49.0% controlling interest in Barna.

The allocation of the purchase price and the estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interest are shown below:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | $— |
| Accounts receivable | 298 |
| Contract assets | 20 |
| Prepaid expense | 25 |
| Customer Relationships | 3000 |
| Trademarks | 750 |
| Current liabilities | (1894) |
| Other long-term liabilities | (763) |
| Total identifiable net assets acquired | 1436 |
| Noncontrolling interests | (3760) |
| Goodwill | 5936 |
| Consideration transferred | $3612 |

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The resulting goodwill of $5.9 million is partially deductible for income tax purposes and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Barna Acquisition includes, but is not limited to: (1) the expected synergies Barna will bring the Company's portfolio while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of Barna.

The Company recorded finite-lived intangible assets related to customer relationships and trademarks. The fair value of the customer relationships was determined using the multi-period excess earnings method under the income approach, and the fair value of the trademarks was determined using the relief from royalty rate method under the income approach. The newly recognized intangible assets are being amortized over their estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values and estimated useful lives for the identifiable intangible assets acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 14 years | $3000 |
| Trademarks | 10 years | 750 |
|  |  | $3750 |

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For the period ending July 31, 2025, the Company's consolidated results included $1.6 million of Barna's revenue, and $0.7 million of Barna's net loss.

*CNCL Acquisition*

On February 18, 2025, the Company acquired 100% of the equity ownership of Carey Nieuwhof Communications Ltd. ("CNCL" and the transaction, the "CNCL Acquisition"). CNCL is a media and training platform dedicated to equipping faith-aligned leaders with tools to run their congregation by providing digital content, courses, podcasts, and live community engagement opportunities. With a global reach that includes a widely-enjoyed podcast, weekly newsletters, and an online network of a vast number of pastors and ministry professionals, CNCL addresses pressing leadership and cultural challenges facing today's churches. The Company acquired CNCL to expand the distribution of its courses, integrate its "Art of Leadership" academy into the broader Gloo ecosystem, and apply AI-powered tools to increase reach and engagement. As a result, the Company aims to strengthen resources available to pastors and ministry leaders, driving greater growth, connection, and resilience across the faith ecosystem. The Company obtained a controlling financial interest in CNCL through its acquisition of 100% of the equity ownership.

The contractual purchase price of $7.1 million was adjusted to the acquisition date fair value of $5.8 million. The difference between the contractual purchase price and the GAAP purchase consideration is primarily related to a fair value adjustment related to equity consideration, and a fair value adjustment to the promissory note issued to the sellers. The as-adjusted purchase price representing the consideration transferred under ASC 805 consisted of the following:

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| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration | $2135 |
| Fair value of exchangeable shares liability | 2413 |
| Promissory note to sellers | 1229 |
| &nbsp;&nbsp;Fair value of total consideration transferred | $5777 |

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As part of the consideration transferred in the CNCL Acquisition, the Company issued to the sellers 592,991 units of CNCL, which are exchangeable into the Company's Series A preferred units ("Exchangeable Shares"). The Exchangeable Shares are substantially the economic equivalent of the corresponding Series A preferred units that a seller would have received as consideration for the sale of their business. Exchangeable stockholders receive the Canadian dollar ("CAD") equivalent of dividends declared on Series A preferred units on the date of declaration. For more information regarding the Company's Exchangeable Shares, refer to Note 16*, Members' Deficit*.

The Company incurred an immaterial amount of transaction-related costs, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations.

The CNCL Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The Company was identified as the accounting acquirer in the transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the CNCL Acquisition closing date.

The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7*, Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

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The Company engaged an independent third-party valuation firm to assist in determining the fair value of the transaction, including intangible assets. The provisional measurements of fair value for certain intangible assets and liabilities (and any accompanying tax impact) may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.

The allocation of the purchase price and estimated fair values of the assets acquired and liabilities assumed is as follows:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | $297 |
| Accounts receivable | 18 |
| Prepaid expense | 89 |
| Intangible assets | 850 |
| Other non-current assets | 11 |
| Current liabilities | (271) |
| Other long-term liabilities | (215) |
| Total identifiable net assets acquired | 779 |
| Goodwill | 4998 |
| Consideration transferred | $5777 |

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The resulting goodwill of $5.0 million is not deductible for income tax purposes and represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the CNCL Acquisition includes, but is not limited to: (1) the expected synergies the acquisition of CNCL will bring to the Company's portfolio, while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of CNCL.

The Company recorded finite-lived intangible assets related to the CNCL Acquisition. The fair value of the CNCL tradename was determined using the relief from royalty rate method under the income approach. This newly recognized intangible asset is being amortized over its estimated useful life on a straight-line basis. The following table summarizes the estimated fair value and estimated useful life for the identifiable intangible asset acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Tradename | 15 years | $850 |

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For the period ending July 31, 2025, the Company's consolidated results included $0.7 million of CNCL's revenue, and $0.1 million of CNCL's net income.

*Servant Acquisition*

On March 12, 2025, the Company acquired 50.1% of the equity ownership of Servus Consulting Partners, LLC ("Servant" and the transaction, the "Servant Acquisition"). Servant is a business and technology consulting firm that supports faith-driven founders, nonprofits, and purpose-driven businesses through strategic growth initiatives and innovative software solutions. Servant was established in 2021 by Benjamin Elmore and Ranjan Thomas and operates Servant.io, its premier product. The Company acquired Servant for the purpose of expanding its tech-enabled consulting offerings to faith-driven organizations. The Company's 50.1% equity ownership represents a controlling financial interest in Servant as the Company has obtained control through its voting interest and control of the board of directors.

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The contractual purchase price of $5.6 million, which had an acquisition date fair value of $4.9 million, was paid directly to the selling stockholders in return for the Company acquiring a 50.1% equity interest. Differences between the contractual purchase price and the GAAP purchase consideration relate primarily to adjustments to fair value for equity consideration, and an adjustment related to cash consideration reflecting the amount transferred to the sellers. The $4.9 million consideration transferred under ASC 805 consisted of the following:

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| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration | $653 |
| Equity consideration | 4253 |
| &nbsp;&nbsp;Fair value of total consideration transferred | $4906 |

---

As part of the consideration transferred, the Company issued 689,550 Series A preferred units. Concurrent with the Servant Acquisition, the Company executed Call Option Agreements with Benjamin Elmore and Ranjan Thomas. These agreements provide each holder of the option to reacquire the membership units provided to Gloo in the Acquisition, subject to agreed-upon conditions. The Call Options are exercisable beginning on July 1, 2027 and remain exercisable for a 12-month period thereafter at the then-determined fair market value of the shares. These options have been assigned a negligible dollar value.

Additionally, as part of the consideration transferred in the Servant Acquisition, the Company's chief executive officer and principal stockholder, Mr. Beck, executed separate non-transferable Put Option Agreements with Benjamin Elmore and Ranjan Thomas, granting the sellers the right, but not the obligation, to sell Gloo Units received at a price of $6.00 per share during a 12-month exercise window in 2027. Although the Company is not a party to the agreements and has no obligation to settle the put options, the fair value of the option has been included as part of the total consideration transferred in the Servant Acquisition. This treatment reflects the substance of the arrangement, as the put option was provided in connection with the acquisition and represents a deemed capital contribution from Mr. Beck. The Series A preferred units were assigned an aggregate fair value of $2.8 million as of the acquisition date, not inclusive of the fair value of the put options, which was estimated to be $1.4 million using the Black-Scholes Option Pricing Method. The $1.4 million value of the put option written by Mr. Beck was considered a deemed capital contribution to the Company and recorded as an increase to APIC as part of the acquisition of Servant. The valuation of the put option required significant management judgment, including assumptions related to volatility, risk-free interest rates, expected term, and other relevant inputs. As the Company is neither primarily nor secondarily obligated under the put option, no liability has been recognized and there is no ongoing impact to the Company's financial position or results of operations.

As part of the transaction, the Company incurred an immaterial amount of transaction-related costs, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations. Additionally, the Company settled an immaterial account payable with Servant in connection with the transaction related to services previously provided by Servant to Gloo. No settlement gains or loss was recognized as the arrangement was at market terms.

The Servant Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The Company was identified as the accounting acquirer in the transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Servant Acquisition closing date.

The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7*, Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

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The Company engaged an independent third-party valuation firm to assist in determining the fair value of the transaction, including intangible assets. The provisional measurements of fair value for certain intangible assets and liabilities (and any accompanying tax impact) may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The estimated fair value of the non-controlling interest was based on the price the Company paid for its 50.1% controlling interest in Servant.

Prior to the business combination, the Company held a noncontrolling equity interest in Servant, which was accounted for at cost using the measurement alternative under *ASC Topic 321, Investments*—*Equity Securities ("ASC 321")*. In connection with the business combination, the Company revalued its previously held equity interest based on the fair value indicated by the consideration described above. This resulted in a $354,000 gain on revaluation of a previously held equity interest, which has been presented in "Other expense (income), net".

The allocation of the purchase price and estimated fair values of the assets acquired and liabilities assumed is as follows:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | $111 |
| Accounts receivable | 454 |
| Contract assets | 36 |
| Prepaid expense | 87 |
| Intangible assets | 2500 |
| Equity investment - Gloo (treasury units) | 379 |
| Accounts payable | (374) |
| Accrued compensation | (173) |
| Accrued liabilities | (195) |
| Deferred revenue | (672) |
| Total identifiable net assets acquired | 2153 |
| Noncontrolling interests | (6472) |
| Goodwill | 9754 |
| Fair value of previously held equity interest in acquiree | (529) |
| Consideration transferred | $4906 |

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The resulting goodwill of $9.8 million is partially deductible for income tax purposes and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Servant Acquisition includes, but is not limited to: (1) the expected synergies Servant will bring the Company's portfolio while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of Servant.

The Company recorded finite-lived intangible assets related to customer relationships and trademarks. The fair value of the customer relationships was determined using the multi-period excess earnings method under the income approach, and the fair value of the trademarks was determined using the relief from royalty rate method under the income approach. The newly recognized intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values and estimated useful lives for the identifiable intangible assets acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 16 years | $1750 |
| Trademarks | 8 years | 750 |
|  |  | $2500 |

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For the period ending July 31, 2025, the Company's consolidated results included $4.1 million of Servant's revenue, and $0.8 million of Servant's net loss.

*Midwestern Acquisition*

On June 11, 2025, the Company acquired a controlling financial interest in Midwestern Interactive, LLC ("Midwestern") with a minority interest retained by Flourish Holdings, Inc. ("Flourish") (the "Midwestern Acquisition"). In January 2025, the Company obtained an 80% interest in Midwestern accounted for as an equity method because, notwithstanding its majority equity interest, it did not obtain a controlling financial interest due to certain rights held by the noncontrolling stockholder through the call option agreement.

Midwestern, a Missouri-based technology and design development firm, has built a reputation as a powerhouse in software innovation with a team of more than 100 developers and product experts. Midwestern specializes in embedding talent within partner organizations to support every stage of product development, from concept and prototyping to scalable delivery, ensuring quality, speed, and impact. With deep experience in both ministry contexts and advanced technical solutions, Midwestern has already contributed to Gloo's platform and will now expand its role through this partnership. The Company acquired a majority interest in Midwestern to accelerate AI-driven initiatives, provide turnkey development for faith-based applications, and strengthen the overall technology capabilities available to Gloo partners. By integrating Midwestern's expertise with Gloo's data intelligence and expansive faith ecosystem, the acquisition aims to enhance innovation, reduce development friction, and drive faster, more effective technology solutions for churches and ministries worldwide.

The Company's control and consolidation of Midwestern was a consequence of the June modification of the terms of the call option agreement initially agreed in January, which resulted in a $2.8 million reduction of the option's value (a concession by Flourish) as well as control by the Company. Management has determined that this reduction in the value of the option represents consideration transferred.

The contractual purchase price of $22.6 million was adjusted to the acquisition date fair value of $31.4 million, which includes the value of the call option. The as-adjusted purchase price representing the consideration transferred under ASC 805 consisted of the following:

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| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration | $2120 |
| Equity consideration | 8479 |
| Promissory notes to seller | 12045 |
| Fair value of call option | 8792 |
| Initial investment | 31436 |
| Less: reduction in option due to June modification | (2822) |
| &nbsp;&nbsp;Fair value of total consideration transferred | $28614 |

---

As part of the total consideration transferred in the Midwestern Acquisition, the Company issued 2,083,333 Series A preferred units assigned an aggregate fair value of $8.5 million as of the January 2025 transaction. No additional equity compensation was issued in June 2025 when the Company obtained a controlling financial interest.

The Company incurred $0.3 million transaction-related costs as part of the initial investment which were capitalized to the Company's equity method investment in Midwestern. Upon consolidation, the value of those transaction costs was recognized as loss on revaluation of previously held equity method investment. An immaterial amount of transaction-related costs was incurred related to the modification, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations. Additionally, the Company and its subsidiaries were significant customers of Midwestern, and the transaction effectively settled certain intercompany contract assets on Midwestern's balance sheet as of the acquisition date. No settlement gain or loss was recognized as the arrangements were at market terms.

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The Midwestern Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The Company was identified as the accounting acquirer in the transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Midwestern Acquisition closing date.

The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7, *Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

The Company engaged an independent third-party valuation firm to assist in determining the fair value of the transaction, including intangible assets. The provisional measurements of fair value for certain intangible assets and liabilities (and any accompanying tax impact) may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.. The estimated fair value of the non-controlling interest was based on the price the Company paid for its 80.0% controlling interest Midwestern.

The Midwestern Acquisition has been accounted for as a step acquisition. Prior to consolidating Midwestern, the Company revalued its previously-held equity method investment based on the fair value of consideration described above. This resulted in a $1.1 million loss, $0.9 million of which pertained to the reversal of equity method income recorded during the six months ended July 31, 2025 and $281,000 of which pertained to formerly-capitalized transaction costs, as described above. This loss has been presented net of income from equity method investments in Income (loss) from equity method investments, net.

The allocation of the purchase price and the estimated fair values of the assets acquired, and liabilities assumed are shown below:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | $1182 |
| Accounts receivable | 241 |
| Prepaid expense and other assets | 343 |
| Fixed assets | 155 |
| Right-of-use assets | 1475 |
| Intangible assets | 6050 |
| Other LT Assets | 6 |
| Accrued liabilities | (407) |
| Lease liabilities | (1475) |
| Notes payable | (717) |
| Total identifiable net assets acquired | 6853 |
| Noncontrolling interests | (7154) |
| Goodwill | 28917 |
| Fair value of previously held equity interest in acquiree | (31438) |
| Consideration transferred | $(2822) |

---

The resulting goodwill of $28.9 million is partially deductible for income tax purposes and represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Midwestern Acquisition includes, but is not limited to: (1) the expected synergies the acquisition of Midwestern will bring to the Company's portfolio, while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of Midwestern.

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The Company recorded finite-lived intangible assets related to customer relationships and trademarks. The fair value of customer relationships was determined using the income approach, and the fair value of the trademarks was determined using the relief from royalty rate method under the income approach. The newly recognized intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values and estimated useful lives for the identifiable intangible assets acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 16 years | $4550 |
| Trademarks | 8 years | 1500 |
|  |  | $6050 |

---

For the period ending July 31, 2025, the Company's consolidated results included $3.4 million of Midwestern's revenue, and $0.3 million of Midwestern's net income.

*Masterworks Acquisition*

On July 3, 2025, the Company acquired 100% of the equity ownership of Masterworks, Incorporated ("Masterworks" and the transaction, the "Masterworks Acquisition"). Masterworks, a leading marketing and fundraising firm with more than three decades of experience serving Christian nonprofits, has built its reputation on helping faith-based organizations strengthen donor relationships, expand brand presence, and optimize fundraising strategies through media, analytics, and proven ministry insight. With a team deeply rooted in serving Christ-centered missions, Masterworks has enabled countless organizations to grow their reach and impact. The Company acquired Masterworks to combine its fundraising and communications expertise with Gloo's digital infrastructure, data intelligence, and AI-powered tools. By integrating these complementary strengths, the acquisition aims to provide ministries with more personalized, scalable, and effective strategies to engage supporters and accelerate mission impact. Operating as a wholly owned subsidiary, Masterworks will leverage Gloo's ecosystem of churches and partners to promote synergistic growth that advances the shared vision of serving those who serve. Masterworks is a Washington-based advertising and fundraising agency serving Christian nonprofits, with a subsidiary Historic Agency. The Company obtained a controlling financial interest in Masterworks through its acquisition of 100% of the equity ownership.

The contractual purchase price of $5.6 million, subject to net working capital adjustments, was adjusted to the acquisition fair date value of $6.7 million, with differences pertaining to working capital adjustments and payments to a key executive which were determined to be compensation rather than consideration transferred pursuant to ASC 805. This bonus payment related to the retention of the key employee and was recorded as an operating expense following consummation of the transaction. The as-adjusted purchase price consisted of the following:

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| | |
|:---|:---|
|  | **Estimated<br>Fair Value** |
|  | **(in thousands)** |
| Cash consideration | $4027 |
| Equity consideration | 2652 |
| &nbsp;&nbsp;Fair value of total consideration transferred | $6679 |

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As part of the consideration transferred in the Masterworks Acquisition, the Company issued 613,961 Series A preferred units with an aggregate fair value of $2.7 million as of the acquisition date.

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The Company incurred an immaterial amount of transaction-related costs, which were expensed as incurred and included in general and administrative expenses on the consolidated statements of operations. Certain costs incurred by the seller but paid by the Company were included as consideration, as noted above.

The Masterworks Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The Company was identified as the accounting acquirer in the transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Masterworks Acquisition closing date.

The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Refer to Note 7, *Fair Value Measurements* for additional information. These fair value estimates represent management's best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparable equity valuations, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates.

The Company engaged an independent third-party valuation firm to assist in determining the fair value of the transaction, including intangible assets. The provisional measurements of value for certain intangible assets and liabilities (and any accompanying tax impact) may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.

The allocation of the purchase price and the estimated fair values of the assets acquired and liabilities assumed and noncontrolling interest are shown below:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Identified assets and liabilities: |  |
| Cash and cash equivalents | $1725 |
| Accounts receivable | 4107 |
| Contract assets | 2193 |
| Prepaid expense and other assets | 500 |
| Intangible assets | 3870 |
| Right-of-use asset | 640 |
| Current liabilities | (5512) |
| Long-term liabilities | (3427) |
| Total identifiable net assets acquired | 4096 |
| Goodwill | 2583 |
| Consideration transferred | $6679 |

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The resulting goodwill of $2.6 million is not deductible for income tax purposes and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Masterworks Acquisition includes, but is not limited to: (1) the expected synergies Masterworks will bring the Company's portfolio while also unlocking new opportunities for growth, and (2) any intangible assets that do not qualify for separate recognition, such as the assembled workforce of Masterworks.

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The Company recorded finite-lived intangible assets related to customer relationships, trademarks, and developed technology. The fair value of the customer relationships was determined using the multi-period excess earnings method under the income approach, and the fair values of the trademarks and developed technology were determined using the relief from royalty rate method under the income approach. The newly recognized intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the estimated fair values and estimated useful lives for the identifiable intangible assets acquired as of the acquisition date:

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| | | |
|:---|:---|:---|
|  | **Estimated<br>Useful Life** | **Estimated<br>Fair Value** |
|  |  | **(in thousands)** |
| Customer relationships | 10 years | $2220 |
| Trademarks | 16 years | 1230 |
| Developed technology | 6 years | 420 |
|  |  | $3870 |

---

Contract assets and liabilities were recorded under *ASC Topic 606, Revenue from Contracts with Customers ("ASC 606")* in accordance with ASU No. 2021-08; therefore, adjustments in contract assets and liabilities related to the estimated fair values of the acquired contract assets and liabilities were not required.

For the period ending July 31, 2025, the Company's consolidated results included $4.2 million of Masterworks' revenue, and an immaterial amount of Masterworks' net income.

*Supplemental Unaudited Pro Forma Information*

The unaudited supplemental pro forma financial information below presents the combined historical results of operations of the Company, Visitor Reach, Barna, CNCL, Servant, Midwestern, and Masterworks for the period presented as if Visitor Reach, Barna, CNCL, Servant, Midwestern, and Masterworks had been acquired as of February 1, 2024:

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| | | |
|:---|:---|:---|
|  | **Pro Forma (unaudited)** | **Pro Forma (unaudited)** |
|  | **For the Six Months Ended July 31,** | **For the Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Revenue | $38179 | $49775 |
| Net loss | $(31448) | $(70887) |

---

Pro forma information reflects adjustments that are expected to have a continuing impact on the Company's results of operations and are directly attributable to the acquisition. The unaudited supplemental pro forma information above includes adjustments to reflect, among other things, direct transaction costs relating to the acquisition, the incremental intangible asset amortization to be incurred based on the preliminary values of each identifiable intangible asset, and to eliminate a portion of the interest expense related to liabilities, which were assumed by the Company upon completion of the acquisition. The unaudited supplemental pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisitions taken place on the date indicated, or of the Company's future consolidated statements of operations. The supplemental pro forma information presented above has been derived from the Company's historical consolidated financial statements and from the historical accounting records of Visitor Reach, Barna, CNCL, Servant, Midwestern, and Masterworks.

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**5.** **Equity Method Investments**

The Company accounts for its investments in unconsolidated investees using the equity method of accounting when it has the ability to exercise significant influence over the operating and financial policies of these entities. The Company's equity method investments as of July 31, 2025, consisted of one investee: Sermons Tech. Midwestern was accounted for as an equity method investment until June 2025, at which point the Company obtained a controlling financial interest and thus consolidated the entity pursuant to *ASC Topic 810*, *Consolidation ("ASC 810")*. Refer to Note 4*, Business Combinations* for additional information.

The summarized financial information below presents the results of operations of Midwestern, through June 11, 2025, when the Company obtained a controlling financial interest:

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| | |
|:---|:---|
| **Statement of Operations** | **Six Months Ended <br>July 31, 2025** |
|  | **(in thousands)** |
| Total revenues | $5755 |
| Gross profit | 2014 |
| Income from operations | 1259 |
| &nbsp;&nbsp;Net income | $1133 |

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***Midwestern Interactive, LLC***

On January 3, 2025, the Company acquired 8,000 common units of Midwestern Interactive, LLC ("Midwestern"), representing an 80.0% membership interest in the company, for a total purchase price of approximately $31.7 million, paid for with a combination of cash, Series A preferred units, and note issuances. The investment was determined to be an equity method investment due to the Company's ability to exercise significant influence over Midwestern through its equity investment and representation on Midwestern's board of directors. The Company did not consolidate Midwestern under ASC 810 because the participating rights held by Midwestern's minority interest holder limited the Company's ability to unilaterally control the company.

In connection with the investment, the Company entered into a freestanding call option agreement (the "MW Call Option") with the minority interest holder of Midwestern, Flourish Holdings, Inc. ("Flourish"). The MW Call Option originally granted the minority interest holder the right to repurchase all of the Company-owned Midwestern units during a 12-month exercise period which begins on the third anniversary of the Company's acquisition of its interest. In June 2025, certain terms of the MW Call Option were modified, which, among other things, resulted in the Company obtaining a controlling financial interest in Midwestern. The option becomes exercisable on the third anniversary of the effective date of the investment and expires twelve months thereafter and is subject to earlier exercise if the Company (1) enters insolvency proceedings or (2) completes a qualified IPO that raises at least $50.0 million, and its shares trade above $12.00 per share for 90 consecutive days. The MW Call Option was recorded as a liability in other non-current liabilities on the Company's condensed consolidated balance sheets and is re-measured at fair value on a recurring basis with changes in fair value recorded in loss (gain) from change in fair value of financial instruments in the condensed consolidated statements of operations. Refer to Note 7*, Fair Value Measurements* for more information regarding the value of the call option and Note 4*, Business Combinations* for additional information regarding the modification of the call option, which resulted in the Company's consolidation of Midwestern.

The initial value of the Company's investment in Midwestern was $31.7 million. Included in the initial carrying amount was a basis difference between the equity method investment recorded on the books of Gloo and the standalone books of Midwestern of approximately $5.4 million. This difference was primarily related to the recognition of intangible assets associated with Midwestern's customer relationships and trademarks. Basis differences are amortized on a straight-line basis over the remaining life of the assets or liabilities to which they relate and are recognized as an adjustment to the Company's share in the income or losses of Midwestern.

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***Sermons Tech LLC***

On October 25, 2023, the Company entered into a purchase agreement to acquire 40,000 Class A units of Sermons Tech, representing a 40.0% equity interest, for total consideration of $2.0 million payable in multiple installments throughout 2023, 2024 and 2025. Sermons Tech is a limited liability company formed in July 2023 through a planned strategic relationship with the Company to commercialize the Sermons Tech software platform, an artificial intelligence-driven tool designed to support church leaders and staff in developing and enhancing sermons and related media.

Based on the size and nature of its investment, including its representation on Sermons Tech's board of directors, the Company determined that it can exercise significant influence over Sermons Tech and should account for its investment under the equity method in accordance with *ASC Topic 323, Investments – Equity Method and Joint Ventures ("ASC 323")*.

The Company recognized its proportionate share of Sermons Tech's results of operations in gain (loss) on equity investments, net in the condensed consolidated statements of operations for the year ended January 31, 2025 and six months ended July 31, 2025. For those periods, the Company recognized equity method losses of $0.6 million and $0.1 million, respectively. The carrying amount of the investment was included in long-term investments in the condensed consolidated balance sheets and was $1.2 million and $1.1 million as of January 31, 2025 and July 31, 2025, respectively.

**6.** **Revenue**

***Contract Assets, Deferred Revenue and Remaining Performance Obligations*** 

The Company did not have any activity related to contract assets during the six months ended July 31, 2024. The Company did not have any contract assets as of January 31, 2025. During the six months ended July 31, 2025, the Company acquired contract assets of $2.3 million in connection with acquisitions, had additions of $1.9 million, and $1.1 million of contract assets that were acquired and added during the period were transferred to accounts receivable.

During the six months ended July 31, 2024, the Company did not assume deferred revenue liabilities in connection with acquisitions, had additions of $14.4 million, and recognized $13.7 million of revenue that was included in deferred revenue at the beginning of the respective period. During the six months ended July 31, 2025, the Company assumed deferred revenue liabilities of $4.4 million in connection with acquisitions, had additions of $24.3 million, and recognized $26.8 million of revenue that was included in deferred revenue at the beginning of the respective period.

As of July 31, 2025, all contracts recognized over time have contract durations of 12 months or less, and the Company expects to recognize all remaining performance obligations over the next 12 months.

***Significant Payment Terms***

The Company enters into contracts that are typically one year in length or less with payments required up front on either an annual or monthly basis. The Company has applied the practical expedient to not adjust the consideration for the effects of a significant financing component because the period between the transfer of the promised service and the payment is one year or less. In most cases, contracts are non-cancelable, and consideration paid for services that customers purchase from the Company is non-refundable.

***Costs to Obtain Revenue Contracts***

As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as expenses when incurred if the amortization period is one year or less.

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**7.** **Fair Value Measurements**

The following tables present the Company's assets and liabilities that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuations:

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| | | | | |
|:---|:---|:---|:---|:---|
| **`** | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** |  |  |  |  |
| Derivative liability | $— | $— | $832 | $832 |
| Warrant liability |  |  | 4551 | 4551 |
| MW Call Option |  |  | 8793 | 8793 |
| &nbsp;&nbsp;Total | $— | $— | $14176 | $14176 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** |  |  |  |  |
| Derivative liability | $— | $— | $23410 | $23410 |
| Warrant liability |  |  | 822 | 822 |
| Exchangeable Shares |  |  | 2449 | 2449 |
| MW Call Option |  |  | 8231 | 8231 |
| &nbsp;&nbsp;Total | $— | $— | $34912 | $34912 |

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The derivative liability, warrant liability, Exchangeable Shares, and MW Call Option are classified as non-current liabilities in the condensed consolidated balance sheets. Refer to Note 5, *Equity Method Investments* for additional information on the MW Call Option.

***Derivative Liability***

The embedded derivative liability relates to the features embedded in both the Senior Secured Promissory Notes issued during the fiscal year ended January 31, 2025, and the Senior Secured Convertible Notes issued during the six months ended July 31, 2025. The Company estimates the fair value of these liabilities using the "With and Without" method. This approach involves modeling the expected cash flows to the noteholder under both a default and non-default scenario, and determining the fair value differential between a note with and without the embedded features.

The valuation of these derivative liabilities incorporates significant unobservable inputs, such as the timing and probability of potential liquidity events, discount rate, illiquidity discount, and expected volatility. Other inputs include prevailing interest and risk-free rates, which are not considered significant unobservable estimates. See Note 13, *Debt*, for details on the embedded derivative liabilities.

***Warrant Liability***

The fair value of the warrant liability is estimated using an option-pricing model across IPO and Stay Private Scenarios in determining the fair values. These models consider many assumptions, including the likelihood of various potential liquidity events, the nature and timing of such potential events, actions taken with regard to the warrants at expiration, as well as discounts for lack of marketability of the underlying securities and warrants.

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The Company estimated the fair value using the following key assumptions:

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| | | |
|:---|:---|:---|
|  | **January 31, 2025** | **July 31, 2025** |
|  | **(in thousands)** | **(in thousands)** |
| Discounts for lack of marketability |  |  |
| Fair value of underlying securities | $1.50 | $1.41 |
| Expected volatility | 55.0% | 55.0% |
| Dividend rate | 0.0% | 0.0% |
| Risk-free interest rate | 4.3% | 3.9% |

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The following table sets forth a summary of the changes in the estimated fair value of the Company's warrant liability:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Balance as of January 31, 2025 | $4551 |
| &nbsp;&nbsp;June 2025 extinguishment<sup>(1)</sup> | (3919) |
| &nbsp;&nbsp;Changes in fair value of warrants | 190 |
| Balance as of July 31, 2025 | $822 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Refer to Note 13, *Debt,* for additional information on the June 2025 extinguishment.

***Exchangeable Shares***

The Exchangeable Shares were issued to the sellers of CNCL in connection with the CNCL Acquisition, as further described in Note 4, *Business Combinations*. The Exchangeable Shares are substantially the economic equivalent of the Company's Series A preferred units, and therefore their value approximates that of the underlying Series A preferred units. The Company estimates the fair value of these units using various valuation methods including combinations of income and market approaches, with input from management.

The income approach estimates value based on the expectation of future cash flows that the Company may generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies as of each valuation date, adjusted to reflect the inherent risks in our cash flows.

The market approach estimates value based on a comparison to comparable public companies in a similar line of business and may also include backsolves, which infers value from recent financing rounds or tender offers. From these comparable companies, a representative market value multiple is determined and then applied to the Company's financial forecasts to estimate its value.

For each valuation, the enterprise value determined by the income and/or market approaches was then allocated to the Series A preferred units using the option pricing method, or OPM, or a hybrid of the PWERM and OPM, which estimates the probability weighted value across multiple scenarios but uses OPM to estimate the allocation of value within one or more of those scenarios. Refer to Note 16, *Members' Deficit* for further details of the Exchangeable Shares.

***Nonrecurring Fair Value Measurements***

The fair values of assets acquired and liabilities assumed in an acquisition are measured on a non–recurring basis on the acquisition date. If the assets acquired and liabilities assumed are current and short–term in nature, the Company uses their approximate carrying values as their fair values, which are either categorized as Level 1 or Level 2 inputs in the fair value hierarchy. If the assets acquired are not short–term in nature, then the fair value is determined using the estimated future cash flows, as such, are considered Level 3 inputs in the fair value hierarchy. Refer to Note 4*, Business Combinations* for a further discussion of the Company's acquisitions.

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**8.** **Capitalized Software, Net**

Capitalized software consisted of the following as of January 31, 2025 and July 31, 2025:

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| | | |
|:---|:---|:---|
|  | **January 31,** | **July 31,** |
|  | **2025** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Capitalized software | $38921 | $45367 |
| Less: accumulated amortization | (15343) | (18650) |
| &nbsp;&nbsp;Capitalized software, net | $23578 | $26717 |

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Amortization expense, which is included in depreciation and amortization in the condensed consolidated financial statements of operations, totaled $2.3 million and $3.3 million for the six months ended July 31, 2024 and 2025, respectively.

**9.** **Intangible Assets** 

Intangible assets consisted of the following as of January 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** | **As of January 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Useful Life** | **Gross Carrying<br>Value** | **Accumulated<br>Amortization** | **Net Book Value** |
| Customer relationships | 4-10 years | $7465 | $(1730) | $5735 |
| Developed technology | 5 years | 2050 | (354) | 1696 |
| Tradenames | 6-15 years | 4300 | (300) | 4000 |
| &nbsp;&nbsp;Total |  | $13815 | $(2384) | $11431 |

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Intangible assets consisted of the following as of July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Useful Life** | **Gross Carrying<br>Value** | **Accumulated<br>Amortization** | **Net Book Value** |
| Customer relationships | 4-16 years | 18985 | (2763) | 16222 |
| Developed technology | 5-6 years | 2470 | (565) | 1905 |
| Tradenames | 6-16 years | 9419 | (595) | 8824 |
| &nbsp;&nbsp;Total |  | 30874 | (3923) | 26951 |

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Amortization expense was $1.1 million and $1.5 million for the six months ended July 31, 2024 and 2025, respectively.

**10.** **Goodwill**

The following table reflects the changes in the carrying amount of goodwill for the six months ended July 31, 2025:

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| | |
|:---|:---|
|  | **(in thousands)** |
| Balance, January 31, 2025 | $27901 |
| &nbsp;&nbsp;Acquired goodwill | 52186 |
| &nbsp;&nbsp;Effect of foreign currency exchange rates | 191 |
| Balance, July 31, 2025 | $80278 |

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**11.** **Leases**

The Company leases office facilities under non-cancellable operating lease arrangements, expiring at various dates through 2030. The Company's leases generally provide for periodic rent increases and may contain escalation clauses, extension options, or renewal options. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company's lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

On February 28, 2025, as part of the Barna Acquisition, the Company acquired one lease, resulting in an operating lease liability of $0.2 million and a right-of-use asset of $0.2 million.

On May 31, 2025, as part of the Midwestern Acquisition, the Company acquired four leases, resulting in an operating lease liability of $1.3 million and a right-of-use asset of $1.3 million.

On July 3, 2025, as part of the Masterworks Acquisition, the Company acquired one lease, resulting in an operating lease liability of $0.6 million and a right-of-use asset of $0.6 million.

The components of lease costs, lease term, and discount rate for operating leases are as follows for the six months ended July 31, 2024 and 2025:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Operating lease costs | $616 | $763 |
| Variable lease costs | 449 | 122 |
| Total lease cost | $1065 | $885 |
| Weighted-average remaining lease term (in years) | 6.17 | 4.19 |
| Weighted-average discount rate | 11% | 11% |

---

Supplemental balance sheet information related to operating leases consisted of the following as of January 31, 2025 and July 31, 2025:

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| | | |
|:---|:---|:---|
|  | **January 31,** | **July 31,** |
|  | **2025** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Operating lease ROU assets – related parties | $3618 | $4646 |
| Operating lease ROU assets – third parties | 217 | 2188 |
| Total operating lease ROU assets | $3835 | $6834 |
| Operating lease liabilities – related parties | $3556 | $4662 |
| Operating lease liabilities – third parties | 224 | 2134 |
| Total operating lease liabilities | $3780 | $6796 |

---

Supplemental cash flow information related to operating leases were as follows:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Cash payments for operating leases | $472 | $668 |

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The future maturities of long-term operating lease liabilities for each fiscal year are as follows:

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| | |
|:---|:---|
| **Year Ending January 31:** | **Maturity of<br>Operating<br>Lease Liabilities** |
|  | **(in thousands)** |
| 2026 (remaining) | $2678 |
| 2027 | 1895 |
| 2028 | 1813 |
| 2029 | 1382 |
| 2030 | 962 |
| Thereafter |  |
| Total | $8730 |
| &nbsp;&nbsp;Less: imputed interest | (1934) |
| Present value of lease liabilities | $6796 |
| &nbsp;&nbsp;Less: current obligations | (1187) |
| Long-term obligations under leases | $5609 |

---

**12.** **Commitments and Contingencies**

***Litigation***

From time to time, the Company may be involved in litigation related to claims arising out of operations in the normal course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within the range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. As of July 31, 2025, and through the date these condensed consolidated financial statements were issued, there were no legal proceedings requiring recognition or disclosure in the condensed consolidated financial statements.

**13.** **Debt**

The carrying value of our non-current debt was as follows for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Effective** | **January 31,** | **July 31,** |
| **Instrument** | **Maturities** | **Interest Rate** | **2025** | **2025** |
|  |  |  | **(in thousands)** | **(in thousands)** |
| PPP loans |  | 0.00% | $952 | $919 |
| Senior Secured Notes | April 23, 2027 | 17.48% | 62061 | 12764 |
| Senior Secured Convertible Notes | April 23, 2027 | 15.41% |  | 107582 |
| Midwestern Notes | Varied | 3.07% - 5.00% | 11827 | 10904 |
| Visitor Reach Notes | Varied | 14.00% | 1000 | 1000 |
| Other notes payable | Varied | 1.6% - 25.8% | 374 | 4472 |
| &nbsp;&nbsp;Total |  |  | $76214 | $137641417 |
| Less: unamortized discount and issuance costs |  |  | 6078 | 7142 |
| Less: amounts due within one year |  |  | 3177 | 5011 |
| &nbsp;&nbsp;Total debt, non-current |  |  | $66959 | $125488 |

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As of January 31, 2025 and July 31, 2025, the Company had short-term borrowings from related parties totaling $1.0 million and $1.0 million, respectively, with a weighted average interest rate of 14%. The maximum and average outstanding borrowings during the periods presented were $1.0 million and $1.0 million, respectively. Refer to the Visitor Reach Notes below for additional information.

As of July 31, 2025, future principal payments for the Company's long-term debt were as follows:

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| | |
|:---|:---|
| **Year Ending January 31:** | **(in thousands)** |
| 2026 (remaining) | $3294 |
| 2027 | 2988 |
| 2028 | 121619 |
| 2029 | 1219 |
| 2030 | 2612 |
| Thereafter | 5909 |
| &nbsp;&nbsp;Total | $137641 |

---

***Paycheck Protection Program Loans***

During the year ended January 31, 2021, the Company received a Paycheck Protection Program ("PPP") loan in the amount of $4.9 million. During the year ended January 31, 2022, the Small Business Administration claimed that the Company did not qualify for forgiveness for $1.0 million of the PPP loan. In September 2024, the Company agreed on a payment plan with the SBA to pay the loan in 180 equal monthly installments starting September 25, 2024, including interest. As of July 31, 2025, the balance for the Paycheck Protection Program ("PPP") loan continued to be reflected as a liability on the consolidated balance sheet.

***Senior Secured Notes and Warrants***

On April 23, 2024, the Company entered into a promissory note purchase agreement (the "Note Purchase Agreement") authorizing the issuance of up to an aggregate principal amount of $70.0 million in secured promissory notes (the "Senior Secured Notes"). The Company issued $60.7 million and no Senior Secured Notes to multiple investors (the "Purchasers") during the periods ended January 31, 2025 and July 31, 2025, respectively. Issuances were primarily to related parties. For more information on related party debt see Note 17, *Related Party Transactions*. The Senior Secured Notes bear interest at a variable rate equal to the higher of 1-Month SOFR or 1.0%, plus 8.0% per annum. Interest is payable quarterly in arrears, comprising 8.0% cash interest and the remainder as payment-in-kind ("PIK Interest"). Upon the Purchaser electing to continue holding such Senior Secured Notes upon an event of default occurring (as defined in the Note Purchase Agreement), the obligations under the Senior Secured Notes will automatically bear interest at a rate equal to an additional 5.0% per annum over the rate otherwise applicable.

On June 23, 2025, the Company entered into an amended and restated note purchase agreement (the "Amended NPA") and provided Purchasers with the option to exchange their existing Senior Secured Notes for senior secured convertible notes under the Amended NPA (the "Senior Secured Convertible Notes"). Under this agreement, the terms of the Senior Secured Convertible Notes were amended to (1) increase the aggregate principal capacity to $130.0 million dollars, (2) revise certain default covenants, (3) introduce a new mandatory conversion feature that will automatically convert the Notes into common stock at the per share conversion price equal to the lesser of (i) 80% of the public offering price upon a qualified IPO and (ii) $30.00, and (4) eliminate the Warrant feature for all holders that enter into the new form of the Senior Secured Convertible Notes following the modification. Purchasers that elected to not participate in the Senior Secured Convertible Notes maintain their Warrants with no modifications to their terms.

As a result of the Amended NPA, the Company exchanged $50.6 million in principal of the Senior Secured Notes and the related Warrants for principal in the Senior Secured Convertible Notes. The Company determined that the fair value of the Senior Secured Convertible Notes was higher than the exchanged principal of the Senior Secured Notes, and as such, recorded the exchanged notes at their fair value of $58.5 million, inclusive of the embedded derivative discussed in further detail in Senior Secured Convertible Notes below. The exchange was

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accounted for as an accounting extinguishment under ASC 480, resulting in a net loss on debt extinguishment of $7.5 million for the period ended July 31, 2025, composed of both a gain on the extinguishment of Warrants and a loss related to the additional value received by the Purchasers through the exchange. For further information, see Senior Secured Convertible Notes below.

As of July 31, 2025, there were two Purchasers who had not exchanged their Senior Secured Notes and Warrants for the Senior Secured Convertible Notes, representing a total principal balance of $12.7 million, inclusive of PIK Interest.

All Senior Secured Notes are jointly and severally guaranteed by the Company's wholly owned subsidiaries. Further, the Senior Secured Notes issued to one of the Purchasers are personally guaranteed by the Company's principal stockholders, Scott and Theresa Beck as discussed further in Note 17, *Related Party Transactions*.

As additional consideration to the Purchasers for providing the financing with the Senior Secured Notes, the Company issued to each Purchaser warrants to purchase Series A preferred units at an exercise price of $6.00 per unit (the "Warrants"). The Warrants were initially recorded at fair value, with subsequent changes in fair value recognized in earnings. During the six months ended July 31, 2025, the Company extinguished $3.9 million of its Warrant liability in connection with the Amended NPA discussed above. As of July 31, 2025, there were 600,000 Warrants outstanding with a fair value of $0.8 million. Refer to Note 7, *Fair Value Measurements* for additional information.

During the six months ended July 31, 2024, total interest expense related to the Senior Secured Pr4.3omissory Notes was $1.0 million, including $0.5 million of coupon interest; $0.3 million of PIK Interest; and $0.1 million of amortization of debt discounts and issuance costs. During the six months ended July 31, 2025, total interest expense was $4.2 million, including $2.1 million of coupon interest; $1.1 million of PIK Interest; and $1.0 million of amortization of debt discounts and issuance costs.

***Senior Secured Convertible Notes***

As described above, on June 23, 2025, the Company entered into the Amended NPA, which included an increased principal capacity, amended default covenants, an added conversion feature, and elimination of the Warrant for all exchanged Purchasers. The remaining terms of the Senior Secured Convertible Notes remain substantially unchanged from the Senior Secured Notes. Each Senior Secured Convertible Note states a principal amount equal to the holder's original funded principal plus accrued PIK Interest through June 23, 2025. The Senior Secured Convertible Notes bear interest at a variable rate equal to the higher of 1-Month SOFR or 1.0%, plus 8.0% per annum. Interest is payable quarterly in arrears, comprising 8.0% cash interest and the remainder as PIK Interest. In connection with the amendment, the Company entered into a new personal guaranty from Pearl Street Trust in favor of the holders of the Senior Secured Convertible Notes.

The Senior Secured Convertible Notes contain an embedded feature that is required to be bifurcated and accounted for separately as a derivative liability under *ASC Topic 815, Derivatives and Hedging ("ASC 815")*. This relates to the share-settled redemption feature that is not clearly and closely related to the debt host. The bifurcated derivative liability is recorded at fair value, with changes in fair value recognized in earnings, refer to Note 7, *Fair Value Measurements* for additional information for the Company's adjustments to fair value. The Company will continue to assess the fair value of this feature at each reporting date.

Following the exchange detailed above, the Company received additional proceeds of $57.0 million during the six months ended July 31, 2025. As discussed in Note 17, *Related Party Transactions*, the majority of the Senior Secured Convertible Notes were issued to current equity holders that are related parties of the Company and as such, the Company determined that the cash proceeds received were not indicative of fair value. Accordingly, the Company recorded the notes at their fair value of $65.8 million, inclusive of the embedded derivative above. The combination of the issuance of the notes and related derivative created a charge of $8.8 million, included within 'Other expenses, net' in the consolidated statement of operations.

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As of July 31, 2025, the Company had an outstanding principal balance of $108.0 million and a total estimated fair value of $132.4 million, inclusive of the bifurcated embedded derivative. The estimated fair value, which the Company deems Level 2 financial instruments, was determined by management based on an independent third-party valuation report.

During the six months ended July 31, 2025, the Company recognized $1.6 million in total interest expense, including $0.8 million of coupon interest, $0.4 million of PIK Interest, and $0.3 million of amortization of debt discounts and issuance costs.

***Midwestern Promissory Notes***

On January 3, 2025, the Company issued three promissory notes (the "Midwestern Notes") as partial consideration for its investment in Midwestern Interactive, LLC ("Midwestern"). The Midwestern Notes, which are prepayable at any time by the Company without penalty, consist of (1) a $2.4 million note bearing interest at 4.8%, issued to Mr. Johnson ("Seneca Note"), (2) a $6.5 million note bearing interest at 3.1%, issued to Flourish Holdings, Inc. ("Paden Note"), and (3) a $3.2 million note bearing interest at 5.0%, to Flourish Holdings, Inc. (the "Installment Note"). The Company is required to make monthly principal and interest payments on each of the notes. In the event the notes are not paid upon maturity, the obligations under the Midwestern Notes will automatically bear interest at a rate equal to an additional 5.0% per annum over the rate otherwise applicable. Refer to Note 17, *Related Party Transactions* for additional information.

As of July 31, 2025, the estimated fair value of the Midwestern Notes was $11.4 million. The estimated fair value of the notes, which the Company deems Level 2 financial instruments, was determined based on an independent third-party valuation report. During the six months ended July 31, 2025, total interest expense was $0.2 million.

***Visitor Reach Notes***

As of January 31, 2025, the Company's subsidiary, Visitor Reach, had entered into a series of subordinated loan agreements totaling $1.0 million (the "Visitor Reach Notes") with related parties and their affiliates, as discussed further in Note 17, *Related Party Transactions*, which are prepayable at any time by the Company without penalty. Each subordinated loan bears interest at a fixed annual rate of 14.0% and matures one year from the effective date of the respective agreement. The loans are unsecured, subordinated to all senior liabilities of Visitor Reach. The Visitor Reach Notes were recognized based on the proceeds received from issuance. No debt issuance costs were incurred in connection with the issuance of the Visitor Reach Notes. Interest expense associated with these notes is measured using the effective interest method.

As of January 31, 2025 and July 31, 2025, the carrying amount of the Visitor Reach Notes approximates their fair value due to the short-term nature of the instruments and the use of an interest rate that reflects market terms. Total interest expense was immaterial for the six months ended July 31, 2024 and 2025.

**14.** **Income Taxes**

The Company's effective tax rate for the six months ended July 31, 2024 and 2025 was 2.61% and 28.71%.

The effective tax rate for the six months ended July 31, 2024 and 2025 was primarily impacted by the following items: (i) the impairment of goodwill in the prior year, (ii) the business combination of Masterworks, Inc. in the current year, and, (iii) the mix of income generated among the jurisdictions in which the Company operates as Gloo Holdings, LLC is treated as a partnership and is not subject to U.S. federal and certain state and local income taxes. Accordingly, a separate estimated annual effective tax rate ("AETR") is computed and applied to ordinary losses in the applicable jurisdictions.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law. This act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. According to ASC 740, "Income Taxes," the effects of changes in tax

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rates and laws on deferred tax balances must be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, the Company is evaluating its impact on the financial statements.

The Company is treated as a partnership for U.S. Federal and most applicable state and local income tax purposes. As a partnership, the Company is not subject to U.S. Federal and certain state and local income taxes. Any taxable income or loss generated by the Company is passed through to and included in the taxable income or loss of its members. On January 2, 2024 and on July 3, 2025, the Company acquired 100% of the equity ownership of Outreach, Inc. and Masterworks, Inc. respectively, which are taxed as a C corporations and are subject to Federal and state income taxes and account for income taxes using the asset and liability method. On February 18, 2025, the Company acquired 100% of the equity ownership of Carry Nieuwhof Communications Ltd., a foreign corporation which is subject to income taxes in Canada and accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

**15.** **Equity-Based Compensation**

***Options***

Options granted under the Membership Unit Option Plan (the "Plan") are equity classified. The fair value of each option on the grant date was estimated using a Black-Scholes option-pricing model. The weighted average estimated grant-date fair value of stock options granted during the six months ended July 31, 2024 and 2025 was $0.77 and $1.54 per unit, respectively. The weighted average assumptions used in the Black-Scholes model were as follows:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
| Risk-free rate | 4.3% | 4.1% |
| Dividend yield | 0.0% | 0.0% |
| Expected life (in years)<sup>(1)</sup> | 5.65 | 6.00 |
| Expected volatility<sup>(2)</sup> | 50.2% | 50.3% |

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(1)Expected life was estimated as the mid-point between the weighted-average vesting period and the contractual life of the option.

(2)Expected volatility was based on historical share price volatility for comparable public companies over a period equal to the expected life of the option.

A summary of the option activity for the six months ended July 31, 2025 is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Units** | **Weighted-<br>Average<br>Exercise Price** | **Weighted-<br>Average<br>Remaining<br>Contractual<br>Term (Years)** | **Aggregate<br>Intrinsic<br>Value** |
|  | **(in thousands, except weighted-average exercise price)** | **(in thousands, except weighted-average exercise price)** | **(in thousands, except weighted-average exercise price)** | **(in thousands, except weighted-average exercise price)** |
| Outstanding at January 31, 2025 | 9953 | $3.78 | 6.6 | $4816 |
| &nbsp;&nbsp;Granted | 5099 | 6.00 |  |  |
| &nbsp;&nbsp;Exercised | (48) | 1.35 |  |  |
| &nbsp;&nbsp;Forfeited | (197) | 4.05 |  |  |
| &nbsp;&nbsp;Expired | (538) | 3.02 |  |  |
| Outstanding at July 31, 2025 | 14269 | 4.61 | 7.4 | 5066 |
| Exercisable at July 31, 2025 | 6504 | $3.48 | 5.3 | $4881 |

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Total compensation cost related to options was $1.3 million and $1.9 million during the six months ended July 31, 2024 and 2025, respectively.

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***Profits Units***

The Company did not issue profits units during the six months ended July 31, 2024 and 2025, respectively. Of the profits units outstanding as of July 31, 2025, 3,115,000 profits units vest as follows: 20.00% immediately, 20.00% nine months after the grant date, and 20.00% each anniversary thereafter. All other profits units vest 40.00% on the first vesting date, which ranges from 10 to 22 months after the grant date, with 20.00% vesting each anniversary thereafter. Certain awards provide for accelerated vesting of units upon a change in control or upon termination of the grantee.

As of July 31, 2025, all profits units are equity classified with the exception of 3,115,000 units which are liability classified. The liability-classified profits units provide the grantee with the right to require the Company to repurchase all or part of the units at any time following the grantee's termination at a price equal to four times the trailing 12-month EBITDA.

A summary of the nonvested profits units for the six months ended July 31, 2025 is presented below:

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| | | |
|:---|:---|:---|
|  | **Number<br>of Units** | **Weighted-<br>Average<br>Grant-Date<br>Fair Value<br>(per Unit)** |
|  | **(in thousands)** |  |
| Non-vested at January 31, 2025 | $7610 | $1.20 |
| &nbsp;&nbsp;Granted |  |  |
| &nbsp;&nbsp;Vested | (300) | 0.77 |
| &nbsp;&nbsp;Forfeited/Cancelled | (480) | 1.06 |
| Non-vested at July 31, 2025 | $6830 | $1.22 |

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The total fair value of profits units vested during the year ended January 31, 2025 and six months ended July 31, 2025 was approximately $1.7 million and $0.2 million, respectively.

The Company recognized compensation cost related to profits units of approximately $1.5 million and $1.2 million during the six months ended July 31, 2024 and 2025, respectively.

***Equity Notes Receivable***

In July 2014, the Company entered into Common Unit Purchase Agreements ("CUP Agreements") and issued 2,709,574 common membership units ("Common Units") at a purchase price of $0.20 per unit. The employees financed their purchases using proceeds from the Equity Notes Receivable, which are non-recourse in nature. For accounting purposes, the Common Units are treated as in-substance stock options. The Common Units are not considered outstanding for accounting purposes until the Equity Notes Receivable are settled.

As of July 31, 2025, none of the Common Units had been forfeited. The Company did not recognize any equity-based compensation expense related to the Common Units during the six months ended July 31, 2024 and 2025.

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***VR Call Options***

On December 31, 2024 (the "VR Call Option Grant Date"), the Company entered into the VR Call Options with certain co-founders of Visitor Reach in connection with the Company's acquisition of a majority interest in Visitor Reach.

A summary of the option activity for the six months ended July 31, 2025, is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number<br>of Units** | **Weighted-<br>Average<br>Exercise<br>Price** | **Weighted-<br>Average<br>Contractual<br>Term<br>(Years)** | **Aggregate<br>Intrinsic<br>Value** |
|  | **(in thousands)** |  |  | **(in thousands)** |
| Outstanding at January 31, 2025 | 332 | $1506 | 3.9 | $1555 |
| &nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;Forfeited/Cancelled |  |  |  |  |
| &nbsp;&nbsp;Expired |  |  |  |  |
| Outstanding at July 31, 2025 | 332 | $1506 | 3.4 | $1555 |

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During the six months ended July 31, 2025, the options were not yet exercisable, and therefore the Company did not receive any cash from exercises. The Company recognized $0.2 million in compensation expense related to the VR call options during the six months ended July 31, 2025. Unrecognized compensation expense of $1.3 million related to these options remains to be recognized over the requisite service period of three years.

**16.** **Members' Deficit**

The total number of units of all classes of units for which the Company shall have authority to issue is 39,667,849 Common Units, with no par value and 117,751,845 Series A preferred units, with no par value.

The Company's board of directors has additionally authorized the Company to issue the number of Common Units required at such time the Senior Secured Convertible Notes become convertible in the event of a qualified IPO, as further discussed in Note 13, *Debt*.

***Common Units***

At January 31, 2025 and July 31, 2025, the Company had 24,603,574 and 24,651,074 Common Units outstanding, respectively. During the six months ended July 31, 2025, the Company issued 47,500 of the Company's Common Units as a result of option exercises. Refer to Note 15, *Equity-Based Compensation*, for additional information.

***Series A Preferred Units***

At January 31, 2025 and July 31, 2025, there were 117,751,845 and 115,368,634 Series A preferred units outstanding, respectively, excluding 63,172 units held by consolidated subsidiaries of the Company as of July 31, 2025. Such units are accounted for as an investment in parent at the subsidiaries and are treated as treasury shares for accounting purposes in the Company's consolidated financial statements.

During the year ended January 31, 2025 and six months ended July 31, 2025, the Company issued 54,168 and 100,000 Series A preferred units for total cash proceeds of $0.3 million and $0.6 million, respectively. The Company did not incur any issuance costs during the year ended January 31, 2025 or six months ended July 31, 2025.

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In conjunction with the Masterworks Acquisition described in Note 4, *Business Combinations*, in March 2025, the Company issued 613,961 Series A preferred units as consideration, deemed to have a fair value of approximately $2.7 million.

In conjunction with the Servant Acquisition described in Note 4, *Business Combinations*, in February 2025, the Company issued 689,550 Series A preferred units as consideration, deemed to have a fair value of approximately $2.8 million. Prior to the Servant Acquisition, Servant held 63,172 Series A preferred units in the Company. Upon acquisition, the units are accounted for as an investment in parent at the subsidiary and are treated as treasury shares for accounting purposes in the Company's consolidated financial statements.

In conjunction with the Barna Acquisition described in Note 4, *Business Combinations*, in February 2025, the Company issued 566,667 Series A preferred units as consideration, deemed to have a fair value of approximately $2.3 million.

In conjunction with the CNCL Acquisition described in Note 4, *Business Combinations*, in February 2025, the Company issued to the sellers 592,991 units of CNCL, which are exchangeable into the Company's Series A preferred units ("Exchangeable Shares"), as consideration, deemed to have a fair value of approximately $3.4 million at the time of issuance. Refer to the *Exchangeable Shares* section below for additional information.

In conjunction with the Company's investment in Midwestern described in Note 5*, Equity Method Investments*, in January 2025, the Company issued 2,083,333 Series A preferred units as consideration, deemed to have a fair value of approximately $8.5 million.

The Series A preferred units will mandatorily convert into Common Units upon (1) election by members holding more than fifty percent of the Series A preferred units, voting as a separate class, to convert all Series A preferred units into Common Units or (2) the closing of a qualified IPO that raises at least $50.0 million in gross proceeds (a "Qualified IPO").

These units bear a cumulative dividend of 6.00% per annum on their original issue price. The Company had $71.6 million and $86.6 million in unpaid undeclared cumulative dividends to Series A preferred unit holders as of January 31, 2025, and July 31, 2025, respectively, representing approximately $0.63 and $0.75 per Series A preferred unit, respectively. Each unit votes together with Common Units on an as-converted basis and, voting separately as a class, on matters adversely affecting its rights.

In the event of any liquidation or dissolution of the Company, either voluntary or involuntary, the Series A preferred units rank senior to all other equity classes, each having a liquidation preference of their original issue price plus accrued and unpaid dividends. As of January 31, 2025 and July 31, 2025, the Series A preferred units had an aggregate liquidation preference of $432.7 million and $459.7 million, respectively.

Beginning five years after the original issuance, holders may require the Company to redeem their Series A preferred units for cash equal to four times trailing-twelve-month EBITDA, payable in three equal annual installments. The Company may also call the Series A preferred units at fair market value after seven years, subject to specified board and unitholder approvals. The Company does not have any fixed redemptions in the five years following July 31, 2025.

The Series A preferred units issued and outstanding are accounted for as redeemable units in the mezzanine section on the Company's consolidated balance sheets as the units are redeemable outside of the Company's control. The Company has elected to adjust the carrying value of the redeemable Series A preferred units to its maximum redemption value at each reporting date, with the value being the greater of the initial cost of the units or its redemption value. As of July 31, 2025, the redemption value of the Series A preferred units was less than the carrying value.

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***Exchangeable Shares***

As of January 31, 2025 there were no Exchangeable Shares outstanding, and as of July 31, 2025, there were 592,991 Exchangeable Shares outstanding. The Company determined that the Exchangeable Shares should be treated as a contract to issue the Company's Series A preferred units and is recorded to other non-current liabilities in the Company's consolidated balance sheets in accordance with ASC 480. The Exchangeable Shares were initially measured at fair value and are subsequently remeasured every reporting period. See Note 7, *Fair Value Measurements,* for further detail.

The Exchangeable Shares are substantially the economic equivalent of the Company's Series A preferred units. The Exchangeable Shares do not carry general voting rights at meetings of stockholders of CNCL or the Company, except in limited circumstances where class voting is required by law or in connection with certain amendments affecting the Exchangeable Shares.

*Exchange Rights*

Each Exchangeable Share is exchangeable, at the option of the holder, for one Series A preferred unit. The exchange may also be triggered automatically upon certain events, including liquidation, redemption, or retraction of the Exchangeable Shares, or in connection with a change of control of the Company or CNCL. Upon exchange, holders are entitled to receive one Series A preferred unit per Exchangeable Share, plus any declared and unpaid distributions as of the exchange date. The Company is required to reserve and keep available for issuance a sufficient number of Series A preferred units to satisfy all outstanding Exchangeable Shares.

*Dividends and Distributions*

Dividends or other distributions on the Exchangeable Shares are declared and paid only if, and to the extent that, an equivalent distribution is declared and paid on the underlying Series A preferred units. The amount and form of any distribution on the Exchangeable Shares is intended to be economically equivalent to the distribution on the Series A preferred units including the same declaration date, record date, and payment date. Holders are entitled to receive the Canadian dollar equivalent of such distribution on a per share basis.

In the event a dividend is declared on the Series A preferred units, the Company has the option to purchase from each holder a number of Exchangeable Shares equal in value to the declared dividend amount in cash.

**17.** **Related Party Transactions**

The Company has entered into a number of transactions with entities affiliated with members of its board of directors and other related parties, as described in the Company's historical consolidated financial statements for the years ended January 31, 2025 and the six months ended July 31, 2025*.* 

*Visitor Reach Notes*

As discussed in Note 13*, Debt*, in the year ended January 31, 2025, the Company's subsidiary, Visitor Reach, entered into a series of subordinated loan agreements totaling $1.0 million (the "Visitor Reach Notes") with related parties and their affiliates, including Howard Rachinski, the subsidiary's chief executive officer. Each subordinated loan bears interest at a fixed annual rate of 14.0% and matures one year from the effective date of the respective agreement. As of July 31, 2025, $0.2 million is currently due to a minority stockholder.

*Midwestern Notes*

As discussed in Note 4*, Business Combinations*, and Note 13, *Debt*, on January 3, 2025, the Company issued the Midwestern Notes as partial consideration for its acquisition of Midwestern. The Midwestern Notes, which are prepayable at any time by the Company without penalty, consist of (1) a $2.4 million note bearing interest at 4.8%, issued to Mr. Johnson, (2) a $6.5 million note bearing interest at 3.1%, issued to Flourish Holdings, Inc., and (3) a

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$3.2 million note bearing interest at 5.0%, to Flourish Holdings, Inc. Mr. Johnson is the chief executive officer of Midwestern, one of the Company's consolidated subsidiaries, and is the sole owner of Flourish Holdings, Inc.

*Member Advances*

During the six months ended July 31, 2025, the Company received advances (the "Member Advances") totaling approximately $1.7 million from Mr. Beck and $5.7 million from minority stockholders of the Company to address short-term working capital needs. The Member Advances were not subject to any contractual repayment obligation, whether in cash, equity, or other form, and were provided without any stated terms or conditions requiring repayment by the Company. On July 31, 2025, $0.7 million of Member Advances were applied to issue Senior Secured Convertible Notes. Refer to Note 13, *Debt* for additional information.

*Senior Secured Notes and Warrant Issuances*

As described in Note 13, *Debt*, on April 23, 2024, the Company entered into a Note Purchase Agreement with Pearl Street Trust and certain other purchasers, under which it issued Senior Secured Notes totaling $45.0 million to Pearl Street Trust across multiple tranches, each bearing interest at 8% plus a floating SOFR-based margin, with a floor of 1%, and maturing in April 2027. In connection with these issuances, the Company granted Warrants to purchase an aggregate of 2,250,000 Gloo Holdings, LLC common units at an exercise price of $6.00 per unit. All of the Senior Secured Notes and the Warrants held by Pearl Street Trust were exchanged into Senior Secured Convertible Notes, as discussed in Note 13, *Debt*.

On April 24, 2024, the Company issued a $10.0 million Senior Secured Note under the Note Purchase Agreement to FMAB Partners, LP ("FMAB"), an entity affiliated with Mr. Furst, who also served as collateral agent under the security agreement associated with the Note Purchase Agreement. In connection with the FMAB note, the Company issued Warrants to purchase 500,000 common units at $6.00 per unit. FMAB did not participate in the exchange of the Senior Secured Notes and the associated balance of $10.6 million, inclusive of PIK Interest, and the 500,000 Warrants remained outstanding as of July 31, 2025.

On the same date as the FMAB note issuance, Pearl Street Trust and Scott Beck jointly and severally guaranteed repayment of the FMAB note under a guaranty agreement, enforceable upon demand if a defined Event of Default remains uncured for at least 90 days.

During the year ended January 31, 2025, the Company issued additional Senior Secured Notes totaling $3.7 million, together with 184,000 related Warrants, to other minority stockholders. As of July 31, 2025, all but one of these stockholders had elected to participate in the exchange of the Senior Secured Notes.

*Senior Secured Convertible Notes*

As described in Note 13, *Debt*, on June 23, 2025, the Company entered into the Amended NPA and provided the holders of the Senior Secured Notes with the option to exchange their existing notes with Senior Secured Convertible Notes. In electing to participate in the exchange, the holders also gave up their associated Warrants.

In addition to exchanging its Senior Secured Notes and Warrants for Senior Secured Convertible Notes, the Company issued an additional $48.0 million of Senior Secured Convertible Notes to Pearl Street Trust in multiple tranches during July 2025. In July 2025, additional notes totaling $1.2 million were issued to other minority stockholders of the Company.

In connection with the Amended NPA, Pearl Street Trust guaranteed repayment of the issuances under the NPA, both exchanged and new, under a guaranty agreement, enforceable upon demand if a defined Event of Default remains uncured for at least 90 days.

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In connection with the Senior Secured Convertible Note issuances to two of the Purchasers, Mr. Beck entered into a put option agreement. Under the agreement, the holder has the right, but not the obligation, to require Mr. Beck to purchase their note or any equity securities issued upon its conversion, for cash consideration equal to the outstanding principal and accrued interest as of the date of exercise during a two month window beginning February 1, 2026.

*Series A Preferred Units Issued in Connection with Acquisitions and Related Transactions*

On April 29, 2024, the Company acquired certain assets of Christianity Today International for total consideration of $6.2 million, comprised of $1.4 million in cash and 666,667 Series A preferred units of Gloo Holdings, LLC. Two members of the Company's board of directors, Nona Jones and Bishop Claude Alexander, serve on the board of directors of Christianity Today but received no consideration in connection with the transaction.

In connection with the acquisition, on April 29, 2024, Mr. Beck and Pearl Street Trust entered into a put option agreement with Christianity Today International. Under this agreement, Mr. Beck and Pearl Street Trust jointly and severally agreed to purchase, upon demand, the Series A preferred units issued in the transaction at a price of $6.00 per unit. The option is exercisable during a 12-month period beginning May 1, 2027.

On August 1, 2024, Gloo Technologies, LLC, a wholly-owned subsidiary of the Company, acquired the Church Metrics platform from Life Covenant Church, Inc. for total consideration of $2,500,002, paid entirely in the form of 416,667 Series A preferred units of Gloo Holdings, LLC. Robert Gruenewald, a member of the Company's board of directors, also serves as a board member and vice president of Life Covenant Church.

In connection with the acquisition, Mr. Beck and Pearl Street Trust entered into a put option agreement with Life Covenant Church on August 1, 2024. Under the agreement, Pearl Street Trust and Scott Beck jointly and severally agreed to purchase, upon demand, the Series A preferred units issued in the transaction at a price of $6.00 per unit. The option is exercisable during a 12-month window beginning July 1, 2027, but may be accelerated upon a Qualified IPO resulting in proceeds of at least $50 million and a trading price of at least $15.00 per share of the Company's Class A common stock for 60 consecutive days.

On September 27, 2024, the Company acquired substantially all assets of InspireHub in exchange for 1,375,000 common units of Gloo Holdings, LLC, representing total consideration of $3,616,250. Jack Furst was a director of InspireHub.

On February 18, 2025, in connection with the Barna Acquisition discussed in Note 4, *Business Combinations*, Mr. Beck and Pearl Street Trust entered into a put option agreement with the sellers. Under the agreement, Mr. Beck and Pearl Street Trust jointly and severally agreed to purchase, upon demand, the Series A preferred units issued in the transaction at a price of $6.00 per unit. The option is exercisable during a 12-month window beginning February 18, 2028.

On March 12, 2025, in connection with the Servant Acquisition, Mr. Beck and Pearl Street Trust entered into put option agreements with two of the sellers. Under the agreement, Mr. Beck and Pearl Street Trust agreed to purchase, upon demand, the Series A preferred units received at a price of $6.00 per share during a 12-month exercise window beginning July 1, 2027.

*Leases*

The Company entered into two operating leases for the occupancy of office space in two separate building complexes in Boulder, Colorado, with an entity that is controlled by a member of management. The Company has evaluated the relationship with these related parties and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship with the related party other than the leases. The leases both commenced on January 1, 2023, both having a term of three years with two three-year extension options. Upon the commencement of each extension term, the base rent shall be adjusted to reflect any percentage increase in the Consumer Price Index since the preceding reference index date. Following each such

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extension, the number of remaining extension terms shall be reduced accordingly, or eliminated if none remain. On both properties, the Company pays rent, real estate taxes, insurance, and operating expenses related to maintenance and operating costs that arise from the use of the property.

On January 2, 2024, the Company acquired 100% of the equity ownership of Outreach Media, Inc. As part of this transaction, the Company acquired two operating leases for the occupancy of office and warehouse spaces in Colorado Springs, Colorado, each with entities controlled by a member of the subsidiary's management. The Company has evaluated the relationship with these related parties and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship with the related party other than the leases. The leases both commenced on January 2, 2024, both having a term of seven years with no extension options. On one of the properties, the Company pays operating expenses related to maintenance and operating costs that arise from the use of the property. Additionally, the Company recognized an asset on both of the leases related to the fair value of the below-market component included in the acquired leases. The Company has determined that the leases are both operating leases.

On May 31, 2025, the Company completed the acquisition of Midwestern Interactive, LLC. In connection with this acquisition, the Company assumed four operating leases for the occupancy of office space with an entity owned by Midwestern's Chief Executive Officer. Each of the leases has a remaining term of five years. The Company has determined that the leases are operating leases.

Operating lease cost related to these related party leases recognized for the year ended January 31, 2025 and the period ended July 31, 2025 was $1.0 million and $0.6 million, respectively. The operating lease cost was allocated to General and administrative in the condensed consolidated statements of operations. The related party operating lease right-of-use assets as of January 31, 2025 and July 31, 2025 were $3.6 million and $4.7 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the related party lease liabilities as of January 31, 2025, were $0.5 million and $3.1 million, respectively, and were recognized within the current and non-current lease liability in the condensed consolidated balance sheets. The current and long-term portions of the related party lease liabilities as of July 31, 2025, were $0.7 million and $4.0 million, respectively, and were recognized within the current and non-current lease liability in the condensed consolidated balance sheets.

*Revenue and Revenue-Sharing Arrangements* 

In addition, the Company entered into a revenue-sharing agreement with one of its equity method investees. Under this agreement, the Company provides sales support services, marketing and other services to the end-customer. During the fiscal year ended January 31, 2025 the Company generated revenues under this agreement of $1.4 million, and for the six months ended July 31, 2025 the revenue generated was immaterial.

*Vendor Agreements* 

During the year ended January 31, 2025 and the six months ended July 31, 2025, the Company incurred expenses of $0.4 million and $1.6 million, respectively, in connection with strategic and executive consulting services provided under vendor agreements with a related party. These services were rendered by an entity that is controlled by the chief executive officer of the Company.

On February 1, 2025, the Company entered into a services agreement pursuant to which a related party will provide strategic consulting and advisory services in exchange for an option to purchase 333,333 common units of Gloo Holdings, LLC at an exercise price of $6.00 per unit. The units subject to the option vest in equal monthly installments over a four-year period, contingent upon the continued provision of services. The services are being provided by an entity wholly owned and controlled by Mr. Gruenewald.

During the six months ended July 31, 2025, the Company incurred expenses of $2.1 million in connection with engineering staffing services received from one of its equity method investees. These services supported the development, maintenance, and enhancement of the Company's AI platform.

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*Other Transactions*

During the six months ended July 31, 2025, one of the Company's subsidiaries generated revenue of $0.5 million for services rendered to YouVision, an entity in which a member of the Company's board of directors is also the chief executive officer.

During the six months ended July 31, 2025, one of the Company's subsidiaries generated revenue of $1.4 million in connection with services provided to Come and See an entity of which the chairman of its board is one of the subsidiary's board members.

One of the Company's subsidiaries has entered into four month-to-month lease agreements with an entity that is controlled by the subsidiary's chief executive officer and minority stockholder. During six months ended July 31, 2025, total lease payments and expenses for these properties totaled $0.1 million.

**18.** **Net Loss Per Unit Attributable to Common Members**

The following table sets forth the computation of basic and diluted net loss per unit attributable to common members:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands, except unit and per unit data)** | **(in thousands, except unit and per unit data)** |
| Numerator: |  |  |
| &nbsp;&nbsp;Net loss attributable to common members | (27394) | $(69751) |
| &nbsp;&nbsp;Less: Undeclared cumulative dividends on Series A Preferred Units | 10007 | 15029 |
| &nbsp;&nbsp;Less: Deemed dividend for conversion of Member Advance |  | 700 |
| &nbsp;&nbsp;Net loss attributable to common members, basic and diluted | (37401) | (85480) |
| Denominator: |  |  |
| &nbsp;&nbsp;Weighted average number of common units outstanding, basic and diluted | 22739574 | 24650701 |
| Net loss per unit attributable to common members, basic and diluted | $(1.64) | $(3.47) |

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The following potentially dilutive outstanding securities were excluded from the computation of diluted income (loss) per unit attributable to common members because their effect was anti-dilutive:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
| Options | 9591384 | 14269176 |
| Warrants | 2200000 | 600000 |
| Exchangeable Shares |  | 592991 |
| Senior Secured Convertible Notes <sup>(1)</sup> |  | 10758175 |
| Series A preferred units | 109179955 | 115431806 |
|  | 120971339 | 141652148 |

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(1)The contingently convertible Senior Secured Convertible Notes were not included for purposes of calculating the number of diluted shares outstanding as of July 31, 2025, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a qualified IPO. Therefore, the Senior Secured Convertible Notes, conversion ratio, and the resulting number of dilutive shares, is not determinable until the contingency is resolved.

**19.** **Segment Reporting**

The Company operates as a single operating segment, the Gloo segment, consistent with how its CODM, Co-Founder and CEO, Scott Beck, reviews financial information and allocates resources. The Company primarily derives its revenue within the United States by providing a breadth of products, services and solutions to the faith-based ecosystem.

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The CODM uses revenue, operating expenses, and net loss as reported in our condensed consolidated statements of operations to identify underlying trends in the performance of our business, make comparisons with the financial performance of our competitors, and determine how to allocate resources of the Company as a whole. The CODM does not review assets in evaluating the results of the Gloo segment, and therefore, such information is not repeated in this disclosure.

The following table presents the significant expenses and other segment items of the Gloo segment, as regularly reviewed by our CODM:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Revenue | $10597 | $28475 |
| Less: |  |  |
| &nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization) | 9394 | 20968 |
| &nbsp;&nbsp;Depreciation and amortization | 3611 | 5200 |
| &nbsp;&nbsp;Hosting and software | 1382 | 2194 |
| &nbsp;&nbsp;Insurance | 92 | 117 |
| &nbsp;&nbsp;Maintenance and equipment | 112 | 342 |
| &nbsp;&nbsp;Outside services | 2302 | 2691 |
| &nbsp;&nbsp;Payroll and benefits | 14893 | 28262 |
| &nbsp;&nbsp;Professional services | 806 | 3489 |
| &nbsp;&nbsp;Rent and utilities | 792 | 1425 |
| &nbsp;&nbsp;Advertising and marketing | 1955 | 3882 |
| &nbsp;&nbsp;Travel and entertainment | 653 | 2007 |
| &nbsp;&nbsp;Other operating expenses | 1477 | 4350 |
| &nbsp;&nbsp;Other segment expense <sup>(1)</sup> | 522 | 24606 |
| Net loss | $(27394) | $(71058) |

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(1)Other segment items primarily include interest expense; other income (expense), net; and income tax (expense) benefit as reported in our condensed consolidated statements of operations.

***Major Customers***

For the six months ended July 31, 2024 and 2025, no customer represented more than 10% of total revenue.

The following table sets forth the percentage of accounts receivable, net from the Company's largest customers that exceed 10% of its total accounts receivable, net and contract assets for the six months ended July 31, 2024 and 2025:

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| | |
|:---|:---|
|  | **Six Months Ended July 31,** |
|  | **2024** |
| Customer A | 34%<br> \* |
| Customer B | 22%<br> \* |

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*\* Customer did not represent 10% or more of accounts receivable, net during the respective period*

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**20.** **Subsequent Events**

The Company has identified the following subsequent events:

*Acquisitions*

On August 1, 2025, the Company entered into a unit purchase agreement with Flourish, LLC, pursuant to which the Company purchased from Flourish 52,500 Class B Units of Sermons Tech, LLC, a technology company that developed an AI-powered platform designed to enhance the capabilities of pastors and church staff through tools that support sermon content generation, worship planning, small group coordination, and digital engagement. Consideration for the purchase was approximately $0.6 million in cash and 1,000,000 Series A preferred units. The additional 52,500 Class B Units provided the Company with 100.00% of Sermons Tech. The Company expects to complete the preliminary purchase price allocations relating to this transaction in the fourth quarter of fiscal year 2025.

On August 22, 2025, the Company entered into a securities purchase agreement to acquire all outstanding equity interests of RT Creative Group LLC, d/b/a Igniter Media, a digital media company based in Texas that provides creative church media assets, including worship backgrounds, sermon illustrations and countdowns through its platforms Igniter Media, Lightstock, Igniter TV and Igniter Studios. On August 29, 2025, the Company completed the acquisition, which strengthens several of the Company's current product offerings. The contractual purchase price was approximately $9.4 million issued in cash and a promissory note, pending final valuation reports and subject to a net working capital adjustment. The Company expects to complete the preliminary purchase price allocations relating to this transaction in the fourth quarter of fiscal year 2025.

On August 30, 2025, the Company entered into a securities purchase agreement to acquire all outstanding equity interests in XRI Global, Inc., a language-technology company that supports low-resource and long-tail languages through dataset development, machine translation, and speech and text models, and which partners with faith-based, public health, and education organizations to extend technology access in underserved communities. The contractual purchase price is approximately $10.0 million, comprised of cash and Gloo equity, pending final valuation reports and subject to adjustments for indebtedness and net working capital. The transaction is expected to close in the fourth quarter of fiscal year 2025.

*Issuances Under the Amended and Restated Note Purchase Agreement*

Through various closings in August and September 2025, the Company issued an additional $14.3 million of Senior Secured Convertible Notes to multiple investors under the Amended NPA. Additionally, on August 1, 2025, $5.0 million of the Members' Advances received from minority stockholders during the six months ended July 31, 2025 were applied to issue Senior Secured Convertible Notes.

*First Amendment to Amended and Restated Note Purchase Agreement*

On September 5, 2025, the Company amended the terms of its Amended NPA dated June 23, 2025, pursuant to a first amendment to the Amended NPA (the "First Amended NPA"). Under the First Amended NPA, the Company's aggregate principal borrowing capacity under the facility was increased from $130.0 million dollars to $160.0 million.

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INDEPENDENT AUDITOR'S REPORT

Board of Managers

Gloo Holdings, LLC

831 Pearl Street

Boulder, Colorado

***Opinion***

We have audited the financial statements of Midwestern Interactive, LLC (the "Company"), which comprise the balance sheet as of December 31, 2024, and the related statements of operations and member's capital, and cash flows for the year then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Substantial Doubt About the Company's Ability to Continue as a Going Concern*** 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, in June 2025, the Company began to be consolidated into the financial statements of Gloo Holdings, LLC (the "Parent"). The Company has historically generated positive cash flows from operations. The Company has total assets at December 31, 2024, of $1.4 million, total liabilities of $3.8 million and a deficit of $2.4 million. The Parent has generated significant losses and negative cash flows from operations in recent years. The Company's cash flows are expected to be available to the Parent for its liquidity needs which are in excess of the liquidity the Company is expected to generate. In addition, management has stated that there is substantial doubt about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year from the date the financial statements are available to be issued*.*

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of

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not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

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| | |
|:---|:---|
|  | /Crowe LLP/ |
| Los Angeles, California |  |
| July 23, 2025 |  |

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**Midwestern Interactive, LLC**

**Balance Sheet**

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| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2024** |
| **ASSETS** |  |
| Current assets: |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $532543 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 624088 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 20451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1177082 |
| Property and equipment, net | 190428 |
| ROU operating lease asset | 12379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term assets | 202807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1379889 |
| **LIABILITIES AND MEMBER'S DEFICIT** |  |
| Current liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $11905 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 354453 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 70865 |
| &nbsp;&nbsp;&nbsp;Line of credit | 196621 |
| &nbsp;&nbsp;&nbsp;Current portion of notes payable | 524059 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities - operating | 12692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1170595 |
| Lease liabilities - operating |  |
| Notes payable, net of current portion | 2625982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3796577 |
| Commitments and contingencies (See note 8) |  |
| Members deficit: |  |
| &nbsp;&nbsp;&nbsp;Member's deficit | (2416688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and member's deficit | $1379889 |

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*The accompanying notes are an integral part of these financial statements.*

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**Midwestern Interactive, LLC**

**Statement of Operations and Members' Deficit**

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| | |
|:---|:---|
|  | **Year Ended** |
|  | **December 31, 2024** |
| Revenue | $11975344 |
| Operating expenses: |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 8106407 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 423838 |
| &nbsp;&nbsp;&nbsp;General and administrative | 2317057 |
| &nbsp;&nbsp;&nbsp;Depreciation | 92553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 10939855 |
| Operating income | 1035489 |
| Other expense, net | 40839 |
| Interest expense | 306120 |
| Net income | 688530 |
| Member's deficit - beginning of period | (2264421) |
| &nbsp;&nbsp;&nbsp;Member distributions | (840797) |
| Member's deficit - end of period | $(2416688) |

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*The accompanying notes are an integral part of these financial statements.*

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**Midwestern Interactive, LLC**

**Statement of Cash Flows**

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| | |
|:---|:---|
|  | **Year Ended** |
|  | **December 31, 2024** |
| **Operating activities:** |  |
| Net income | $688530 |
| Adjustments to reconcile net income to operating activities: |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 92553 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 49581 |
| &nbsp;&nbsp;&nbsp;Non-cash change in ROU asset | 73624 |
| &nbsp;&nbsp;&nbsp;Notes payable origination fees | 33239 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 183238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 13776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (5758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (76326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - operating | (75164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 982063 |
| **Investing activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (14776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used investing activities** | (14776) |
| **Financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from line-of-credit and notes payable | 1008239 |
| &nbsp;&nbsp;&nbsp;Payments of line-of-credit and notes payable | (1767646) |
| &nbsp;&nbsp;&nbsp;Member distributions | (840797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (1600204) |
| **Net decrease in cash and cash equivalents** | $(632917) |
| **Cash and cash equivalents:** |  |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | $1165460 |
| &nbsp;&nbsp;&nbsp;**End of period** | $532543 |
| **Supplemental disclosures of cash flow information** |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $306120 |

---

*The accompanying notes are an integral part of these financial statements.*

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**Notes to the Financial Statements**

**1.** **Nature of Business**

Midwestern Interactive, LLC (the "Company" or "Midwestern") is a software development firm headquartered in Missouri. The Company, a limited liability company, provides limited liability to its single member, who is not personally liable for obligations of the LLC, and represents a single class of equity, Founded in 2012, Midwestern operates in the custom software development industry, focusing on deploying consulting resources to create tailored software solutions, mobile applications, and branding strategies for various clients. The Company specializes in providing embedded teams for strategic planning, design, development, and implementation of software, mobile applications, branding, and content processes.

*Going Concern*

In June 2025, the Company began to be consolidated into the financial statements of Gloo Holdings, LLC ("Gloo" or "Parent"). The Company has historically generated positive cash flows from operations. The Company has total assets at December 31, 2024 of $1.4 million, total liabilities of $3.8 million and a deficit of $2.4 million. The Parent has generated significant losses and negative cash flows from operations in recent years. The Company's cash flows are expected to be available to the Parent for its liquidity needs which are in excess of the liquidity the Company is expected to generate. Therefore, the going concern assessment of the company is dependent on the Parent's consolidated liquidity.

Since inception, Parent has incurred cumulative losses from operations. Parent has funded its operations and capital needs primarily through net proceeds received from the sale of preferred and common units and proceeds from long-term debt. Parent management believes it will be able to obtain additional capital to fund its operations, however, there are no assurances that the Parent will be able to raise additional capital on terms acceptable to the Parent or at all. If the Parent's plans are not implemented on a timely basis, management may delay or modify our business plans, potentially including the timing of planned capital expenditures, development and other planned activities, all of which, individually or in the aggregate, could have material negative consequences to us and our results of operations and business relationships.

In connection with the preparation of these financial statements, management evaluated conditions and events known and reasonably knowable that could adversely affect the Company's ability to meet its obligations through at least a year from the date the financial statements were available to be issued.

Based on these factors, management has concluded there is substantial doubt about the Company's ability to continue as a going concern for at least twelve months from the date the financial statement is available to be issued.

The financial statements have been prepared on a basis that assume the Company will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

**2.** **Summary of Significant Accounting Policies**

*Basis of Presentation*

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and Regulation S-X of the Securities Act of 1933, as amended. The accompanying financial statements include all the accounts of the Company. The financial statements are presented in U.S. dollars, which is also the Company's functional currency.

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*Use of Estimates*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Management evaluates these estimates, judgments and assumptions on an ongoing basis.

Estimates are based on historical and anticipated results and trends, and on various other assumptions the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company's financial statements.

*Risks and Uncertainties* 

The Company's future results of operations involve a number of risks and uncertainties. Factors that could affect the Company's future operating results and cause actual results to differ materially from expectations include, but are not limited to, competition, changes in regulations, dependence on key personnel, and the Company's ability to fund and manage growth.

*Cash and Cash Equivalents* 

The Company considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. Cash equivalents include on-demand money market accounts.

*Accounts receivable, Net*

Accounts receivable, are reduced by an allowance for credit losses that reflects management's best estimate of amounts that will not be collected. An allowance for credit losses is established for amounts expected to be uncollectible over the contractual life of the receivables. The Company evaluates trade receivables to determine the allowance for credit losses based on the financial condition of its customers. The Company calculates the allowance using an expected loss model that considers the Company's actual historical loss rates adjusted for current economic conditions and reasonable and supportable forecasts. Uncollectible amounts are written off against the allowance in the period they are determined to be uncollectible. Recoveries of amounts previously written off are recognized when received. As of December 31, 2024, the allowance for credit losses was $25,529.

*Prepaid Expenses and Other Assets*

Prepaid expenses consist of various payments that the Company has made in advance for goods or services to be received in the future and consists primarily of prepaid insurance, license fees, and other expenses.

*Credit Risk and Major Customers*

The Company maintains its cash balances at a financial institution located in southwest Missouri. Accounts held by the institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. The Company's cash balances at times may exceed the insured limits, and as of December 31, 2024, there was approximately $268,391 of uninsured cash.

Sales in the normal course of business are to customers located predominantly in the United States. The Company extends trade credit to its customers on terms that are generally practiced in the industry.

Three customers comprise approximately 53% of total 2024 revenue. Subsequent to year-end, one of these customers, Gloo Holdings, LLC, became a related party. See note 9 for further discussion of the transaction. Four customers comprise approximately about 76% of total accounts receivable as of December 31, 2024.

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*Leases*

The Company's leases are primarily operating leases for office facilities. The Company determines if an arrangement is a lease or contains a lease at lease inception. The Company classifies the lease as either a finance or operating lease at lease commencement. As of December 31, 2024, the Company did not have any finance lease arrangements. Operating leases are included in right-of-use ("ROU") operating lease asset, current portion of lease liabilities – operating, Lease liabilities – operating, on the Company's balance sheet.

Operating lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. The Company accounts for the lease and non-lease components as a single lease component for the Company's operating leases.

The Company measures ROU assets based on the corresponding lease liabilities adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date, net of lease incentives. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and lease liability and are recognized as lease expense as incurred. The Company's variable lease payments generally relate to payments affected by the Consumer Price Index and payments for maintenance and utilities.

The Company applies the short-term lease recognition exemption for leases with a lease term of 12 months or less, excluding those leases from the balance sheet and recognized related payments on a straight-line basis over the lease term.

*Property and Equipment, Net*

Property and equipment are recorded at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Computer equipment – five years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Furniture and equipment – seven years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Vehicles – five to seven years

Upon disposition, the cost of disposed assets and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recorded to other expense, net in the Statement of Operations.

*Impairment of Long-Lived Assets*

The Company reviews its long-lived assets, primarily consisting of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate. If such assets are considered to be impaired, the impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its estimated fair value. Estimates of expected future cash flows represent management's best estimate based on currently available information and reasonable and supportable assumptions. Any impairment recognized is permanent and may not be restored. The Company did not record any impairment charges on its long-lived assets for the year ended December 31, 2024.

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*Revenue Recognition*

Revenue is recognized upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenue also excludes any amounts collected on behalf of third parties, including sales and indirect taxes. The Company determines the amount of revenue to be recognized through application of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the contract(s) with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determine the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocate the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognize revenue when (or as) the Company satisfies a performance obligation.

In arrangements in which the Company has multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. Management generally determines stand-alone selling prices based on the prices charged to customers in arrangements without multiple performance obligations.

The Company derives revenue from professional service offerings to customers. These services are primarily fixed fee engagements for a set number of services hours, or scoped engagements with a projected set of hours that are billed as time is committed to a project. For fixed fee engagements, which have a stand-ready obligation, revenue is measured over time elapsed and recognized ratably over the contractual service period as the performance obligation is satisfied. For scoped engagements, revenue is measured utilizing service hours that have been rendered over the contractual service period as the scope of the engagement is completed.

Customer payments for professional services are generally billed over the contractual term. Although certain contracts extended beyond twelve months, the Company performed services consistently over time and concluded that no significant financing component exists.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

The Company evaluates whether two or more contracts should be combined and accounted for as one single performance obligation and whether a single contract should be accounted for as more than one performance obligation. Accounting Standards Codification 606 defines a performance obligation as a contractual promise to transfer a distinct good or service to a customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company's evaluation requires significant judgment and the decision to combine a group of contracts or separate a contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. The majority of the Company's contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and, therefore, is not distinct.

*Costs to Obtain Revenue Contracts*

As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as expenses when incurred if the amortization period is one year or less.

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*Deferred Revenue* 

For transactions in which there is significant outstanding obligation, the associated revenue is recorded as deferred revenue and recognized one such obligation is fulfilled. There were not any deferred revenue obligations outstanding as of December 31, 2024.

*General and Administrative Expenses*

General and administrative expenses consist primarily of personnel and related costs for executive, finance, legal, human resources, and administrative personnel, including salaries, benefits; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs.

*Advertising* 

The Company expenses the cost of advertising as incurred. Included in sales and marketing expenses on the statement of operations are charges for advertising of $33,832 for the year ended December 31, 2024.

*Income Taxes*

The Company's members have elected to have the Company's income taxed as an S corporation under the provisions of the Internal Revenue Code and similar sections of state and local law. Any taxable income or loss generated by the Company is passed through to and included in the taxable income or loss of its members, and no provision for any income taxes are included in these financial statements.

In accordance with authoritative guidance on accounting for and disclosure of uncertainty in tax positions, the Company follows a more likely than not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. For tax positions meeting the more-likely-than-not threshold, the tax liability recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. If tax authorities were to disallow any tax positions taken by the Company, the additional income taxes, if any, would be imposed on the members rather than the Company.

No amounts have been accrued for uncertain tax positions as of December 31, 2024. However, management's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations, and interpretations thereof, and other factors. The Company does not have any unrecognized tax benefits as of December 31, 2024, and does not expect that the total amount of unrecognized tax benefits will materially change over the next six months. Additionally, no interest or penalty related to uncertain taxes has been recognized in the accompanying financial statements.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. If such examinations result in changes to income or loss, the tax liability of the Company could be changed accordingly.

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**3.** **Property and Equipment** 

Property and equipment consisted of the following:

---

| | |
|:---|:---|
|  | **As of December 31,<br>2024** |
| Computer equipment | $257431 |
| Furniture and equipment | 117930 |
| Vehicles | 179622 |
| &nbsp;&nbsp;&nbsp;Total property and equipment | 554983 |
| Less: accumulated depreciation | 364555 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | $190428 |

---

Depreciation expense was $92,553 for the year ended December 31, 2024.

**4.** **Line of Credit** 

The Company entered into a revolving line of credit loan on December 17, 2023, of up to $250,000. The line of credit is secured by a term life insurance policy of a former member. Interest is payable monthly and accrues at 7.25% and the unpaid principal balance is due at maturity on December 17, 2025.

**5.** **Notes Payable**

The Company entered into a short-term working capital note payable on February 15, 2024, and the total net amount advanced was $975,000, net of origination fees of $33,239, which are amortized over the life of the note. Interest and principal are payable in equal monthly installments until maturity.

The Company entered into two equipment financing agreements on June 29, 2023, for $341,582 and on November 2, 2021, for $150,324, both secured by the property and equipment purchased from proceeds. Principal and interest payments are payable in equal monthly installments until maturity.

The Company entered into a promissory note for $393,291 on April 24, 2024, secured by personal assets of the sole member of the Company. Principal and interest payments are payable in equal monthly installments monthly until maturity.

The Company entered into a promissory note for $2,700,000 on June 30, 2022. Proceeds were used to purchase the then remaining ownership interest of the Company from another former member. The promissory note is repayable in 83 equal monthly installments of $21,099 beginning on July 30, 2022, which include principal and interest, and a single balloon payment of $1,700,000 at maturity. The outstanding balance is secured by a term life insurance policy held by the current sole member of the Company.

Notes payable consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agreement** |  |  | **As of December 31,** |
| **Instrument** | **Execution Date** | **Maturity** | **Interest Rate** | **2024** |
| Working capital note payable | February 15, 2024 | February 15, 2025 | 12.00% | $168040 |
| Equipment finance agreement | June 29, 2023 | June 29, 2026 | 7.70% | 180800 |
| Equipment finance agreement | November 2, 2021 | November 2, 2027 | 3.25% | 76783 |
| Promissory note | April 24, 2024 | April 24, 2029 | 8.95% | 350591 |
| Promissory note | June 30, 2022 | June 30, 2029 | 4.75% | 2373827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  | 3150041 |
| Amounts due within one year |  |  |  | (524059) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes payable |  |  |  | $2625982 |

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As of December 31, 2024, future principal payments for the Company's notes payable were as follows:

---

| | |
|:---|:---|
| 2025 | $524059 |
| 2026 | 314390 |
| 2027 | 265323 |
| 2028 | 272965 |
| 2029 | 1773304 |
|  | $3150041 |

---

**6.** **Leases** 

The Company leases an office building in Springfield, Missouri under a non-cancellable operating lease arrangement, expiring in early 2025. The Company's leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company's lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. The Company utilized a rate of 1.47% to recognize the operating lease liabilities at lease commencement date based on the present value of the future lease payments over the lease term.

Four of the Company's office buildings are leased from an entity controlled by the chief executive officer ("CEO") who is also the single member of the Company. These leases are on a month-to-month term basis and are not capitalized. For further details regarding these leases, refer to Note 7, *Related Party Transactions*.

---

| | |
|:---|:---|
|  | **For the Year Ended** |
|  | **December 31, 2024** |
| Operating lease costs | $73624 |
| Variable lease costs | 22910 |
| Total lease costs | $96534 |

---

**7.** **Related Party Transactions**

The Company has entered into four month-to-month lease agreements with an entity that is controlled by the CEO of the Company. Total lease payments and expenses for these properties totaled $588,711 for the year ended December 31, 2024. These leases are on a month-to-month term basis with monthly lease payments of approximately $49,060.

The Company has entered into various revenue agreements with a customer for which the CEO of the Company serves on the board of directors of the customer. Total revenue with this customer for the year ended December 31, 2024, was $429,100.

**8.** **Commitments and Contingencies**

*Litigation*

From time to time, the Company may be involved in litigation related to claims arising out of operations in the normal course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred, and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within the range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. As of December 31, 2024, and through the date these financial statements were issued, there were no legal proceedings requiring recognition or disclosure in the consolidated financial statements.

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**9.** **Evaluation of Subsequent Events**

Gloo Holdings, LLC ("Gloo") entered into a Securities Purchase Agreement ("SPA") on January 3, 2025, with the sole member of the Company, to acquire an 80% majority equity interest in the Company for a total purchase price of approximately $22.65 million. As part of the transaction, Gloo granted the sole member of the Company a call option to repurchase Gloo's interest in the Company beginning three years after the effective date.

On June 11, 2025, the Company was notified that Gloo amended its call option agreement with Flourish Holdings, Inc. ("NewCo"), the Company's minority interest holder. The amended agreement provides NewCo the right to repurchase a portion of Gloo's ownership units, which, if exercised, would reduce Gloo's interest in the Company to approximately 20%. The amendment also revised the consideration terms for the repurchase by establishing a fixed per-unit valuation that is payable through exchange of the following, required to be in this order: (1) Gloo Units received by NewCo as part of the Acquisition (deemed to have a value of $6.00 per unit), (2) the forgiveness of the then unpaid balance of the note issuances consummated as part of the original transaction, in any order or combination, and (3) cash, if any portion of the call price remains unpaid after applying the foregoing.

The Company has evaluated events subsequent to the balance sheet date of December 31, 2024, through the issuance of this report, which is the date the financial statements were available to be issued.

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**Midwestern Interactive, LLC**

**Balance Sheet**

**(Unaudited)**

---

| | |
|:---|:---|
|  | **As of** |
|  | **March 31, 2025** |
| **ASSETS** |  |
| Current assets: |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1041331 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 751183 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 20720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1813234 |
| Property and equipment, net | 167768 |
| ROU operating lease asset | 1430113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term assets | 1597881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3411115 |
| **LIABILITIES AND MEMBERS' DEFICIT** |  |
| Current liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $15939 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 313201 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 76497 |
| &nbsp;&nbsp;&nbsp;Current portion of debt | 557182 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities - operating | 246526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1209345 |
| Lease liabilities - operating | 1183587 |
| Notes payable, net of current portion | 2533429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4926361 |
| Commitments and contingencies (See note 8) |  |
| Members'deficit: |  |
| &nbsp;&nbsp;&nbsp;Members' deficit | (1515246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and members' deficit | $3411115 |

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*The accompanying notes are an integral part of these financial statements.*

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**Midwestern Interactive, LLC**

**Statement of Operations and Members' Deficit**

**(Unaudited)**

---

| | |
|:---|:---|
|  | **Three Months Ended** |
|  | **March 31, 2025** |
| Revenue | $4058924 |
| Operating expenses: |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 2460244 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 11833 |
| &nbsp;&nbsp;&nbsp;General and administrative | 664052 |
| &nbsp;&nbsp;&nbsp;Depreciation | 22659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3158788 |
| Operating income | 900136 |
| Other expense, net | 2145 |
| Interest expense | 59845 |
| Net income | 838146 |
| Members' deficit - beginning of period | (2416688) |
| &nbsp;&nbsp;&nbsp;Member contributions | 63296 |
| Members' deficit - end of period | $(1515246) |

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*The accompanying notes are an integral part of these financial statements.*

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**Midwestern Interactive, LLC**

**Statement of Cash Flows**

**(Unaudited)**

---

| | |
|:---|:---|
|  | **Three Months Ended** |
|  | **March 31, 2025** |
| **Operating activities:** |  |
| Net income | $838146 |
| Adjustments to reconcile net income to operating activities: |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 22659 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 5344 |
| &nbsp;&nbsp;&nbsp;Non-cash change in ROU asset | 12379 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (132440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | (41252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - operating | (12690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 701543 |
| **Investing activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used investing activities** |  |
| **Financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Payments of line-of-credit and notes payable | (256051) |
| &nbsp;&nbsp;&nbsp;Member contributions | 63296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (192755) |
| **Net decrease in cash and cash equivalents** | $508788 |
| **Cash and cash equivalents:** |  |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | $532543 |
| &nbsp;&nbsp;&nbsp;**End of period** | $1041331 |
| **Supplemental disclosures of cash flow information** |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $59845 |

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*The accompanying notes are an integral part of these financial statements.*

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**Notes to the Financial Statements**

**1.** **Nature of Business**

Midwestern Interactive, LLC (the "Company" or "Midwestern") is a software development firm headquartered in Missouri. The Company, a limited liability company, provides limited liability to its members, who is not personally liable for obligations of the LLC, and represents a single class of equity, Founded in 2012, Midwestern operates in the custom software development industry, focusing on deploying consulting resources to create tailored software solutions, mobile applications, and branding strategies for various clients. The Company specializes in providing embedded teams for strategic planning, design, development, and implementation of software, mobile applications, branding, and content processes.

*Going Concern*

In June 2025, the Company began to be consolidated into the financial statements of Gloo Holdings, LLC ("Gloo" or "Parent"). The Company has historically generated positive cash flows from operations. The Company has total assets at March 31, 2025 of $3.4 million, total liabilities of $4.9 million and a deficit of $1.5 million. The Parent has generated significant losses and negative cash flows from operations in recent years. The Company's cash flows are expected to be available to the Parent for its liquidity needs which are in excess of the liquidity the Company is expected to generate. Therefore, the going concern assessment of the company is dependent on the Parent's consolidated liquidity.

Since inception, Parent has incurred cumulative losses from operations. Parent has funded its operations and capital needs primarily through net proceeds received from the sale of preferred and common units and proceeds from long-term debt. Parent management believes it will be able to obtain additional capital to fund its operations, however, there are no assurances that the Parent will be able to raise additional capital on terms acceptable to the Parent or at all. If the Parent's plans are not implemented on a timely basis, management may delay or modify our business plans, potentially including the timing of planned capital expenditures, development and other planned activities, all of which, individually or in the aggregate, could have material negative consequences to us and our results of operations and business relationships.

In connection with the preparation of these financial statements, management evaluated conditions and events known and reasonably knowable that could adversely affect the Company's ability to meet its obligations through at least a year from the date the financial statements were available to be issued.

Based on these factors, management has concluded there is substantial doubt about the Company's ability to continue as a going concern for at least twelve months from the date the financial statement is available to be issued.

The financial statements have been prepared on a basis that assume the Company will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

**2.** **Summary of Significant Accounting Policies**

*Basis of Presentation*

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and Regulation S-X of the Securities Act of 1933, as amended. The accompanying financial statements include all the accounts of the Company. The financial statements are presented in U.S. dollars, which is also the Company's functional currency.

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*Use of Estimates*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Management evaluates these estimates, judgments and assumptions on an ongoing basis.

Estimates are based on historical and anticipated results and trends, and on various other assumptions the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company's financial statements.

*Risks and Uncertainties* 

The Company's future results of operations involve a number of risks and uncertainties. Factors that could affect the Company's future operating results and cause actual results to differ materially from expectations include, but are not limited to, competition, changes in regulations, dependence on key personnel, and the Company's ability to fund and manage growth.

*Cash and Cash Equivalents* 

The Company considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. Cash equivalents include on-demand money market accounts.

*Accounts Receivable, Net*

Accounts receivable, are reduced by an allowance for credit losses that reflects management's best estimate of amounts that will not be collected. An allowance for credit losses is established for amounts expected to be uncollectible over the contractual life of the receivables. The Company evaluates trade receivables to determine the allowance for credit losses based on the financial condition of its customers. The Company calculates the allowance using an expected loss model that considers the Company's actual historical loss rates adjusted for current economic conditions and reasonable and supportable forecasts. Uncollectible amounts are written off against the allowance in the period they are determined to be uncollectible. Recoveries of amounts previously written off are recognized when received. As of March 31, 2025, the allowance for credit losses was $20,184.

*Prepaid Expenses and Other Assets*

Prepaid expenses consist of various payments that the Company has made in advance for goods or services to be received in the future and consists primarily of prepaid insurance, license fees, and other expenses.

*Credit Risk and Major Customers*

The Company maintains its cash balances at a financial institution located in southwest Missouri. Accounts held by the institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. The Company's cash balances at times may exceed the insured limits, and as of March 31, 2025, there was approximately $775,337 of uninsured cash.

Sales in the normal course of business are to customers located predominantly in the United States. The Company extends trade credit to its customers on terms that are generally practiced in the industry.

Two customers comprise approximately 42% of the three months ending March 31, 2025 revenue. During the period, one of these customers, Gloo Holdings, LLC, became a related party. See note 9 for further discussion of the transaction. Three customers comprise approximately about 56% of total accounts receivable as of March 31, 2025.

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*Leases*

The Company's leases are primarily operating leases for office facilities. The Company determines if an arrangement is a lease or contains a lease at lease inception. The Company classifies the lease as either a finance or operating lease at lease commencement. As of March 31, 2025, the Company did not have any finance lease arrangements. Operating leases are included in right-of-use ("ROU") operating lease asset, current portion of lease liabilities – operating, lease liabilities – operating, on the Company's balance sheet.

Operating lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. The Company accounts for the lease and non-lease components as a single lease component for the Company's operating leases.

The Company measures ROU assets based on the corresponding lease liabilities adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date, net of lease incentives. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and lease liability and are recognized as lease expense as incurred. The Company's variable lease payments generally relate to payments affected by the Consumer Price Index and payments for maintenance and utilities.

The Company applies the short-term lease recognition exemption for leases with a lease term of 12 months or less, excluding those leases from the balance sheet and recognized related payments on a straight-line basis over the lease term.

*Property and Equipment, Net*

Property and equipment are recorded at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Computer equipment – five years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Furniture and equipment – seven years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Vehicles – five to seven years

Upon disposition, the cost of disposed assets and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recorded to other expense, net in the Statement of Operations.

*Impairment of Long-Lived Assets*

The Company reviews its long-lived assets, primarily consisting of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate. If such assets are considered to be impaired, the impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its estimated fair value. Estimates of expected future cash flows represent management's best estimate based on currently available information and reasonable and supportable assumptions. Any impairment recognized is permanent and may not be restored. The Company did not record any impairment charges on its long-lived assets for the three months ended March 31, 2025.

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*Revenue Recognition*

Revenue is recognized upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenue also excludes any amounts collected on behalf of third parties, including sales and indirect taxes. The Company determines the amount of revenue to be recognized through application of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the contract(s) with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Determine the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allocate the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognize revenue when (or as) the Company satisfies a performance obligation.

In arrangements in which the Company has multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. Management generally determines stand-alone selling prices based on the prices charged to customers in arrangements without multiple performance obligations.

The Company derives revenue from professional service offerings to customers. These services are primarily fixed fee engagements for a set number of services hours, or scoped engagements with a projected set of hours that are billed as time is committed to a project. For fixed fee engagements, which have a stand-ready obligation, revenue is measured over time elapsed and recognized ratably over the contractual service period as the performance obligation is satisfied. For scoped engagements, revenue is measured utilizing service hours that have been rendered over the contractual service period as the scope of the engagement is completed.

Customer payments for professional services are generally billed over the contractual term. Although certain contracts extended beyond twelve months, the Company performed services consistently over time and concluded that no significant financing component exists.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

The Company evaluates whether two or more contracts should be combined and accounted for as one single performance obligation and whether a single contract should be accounted for as more than one performance obligation. Accounting Standards Codification 606 defines a performance obligation as a contractual promise to transfer a distinct good or service to a customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company's evaluation requires significant judgment and the decision to combine a group of contracts or separate a contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. The majority of the Company's contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and, therefore, is not distinct.

*Costs to Obtain Revenue Contracts*

As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as expenses when incurred if the amortization period is one year or less.

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*Deferred Revenue* 

For transactions in which there is significant outstanding obligation, the associated revenue is recorded as deferred revenue and recognized one such obligation is fulfilled. There were not any deferred revenue obligations outstanding as of March 31, 2025.

*General and Administrative Expenses*

General and administrative expenses consist primarily of personnel and related costs for executive, finance, legal, human resources, and administrative personnel, including salaries, benefits; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs.

*Advertising* 

The Company expenses the cost of advertising as incurred. Included in sales and marketing expenses on the statement of operations are charges for advertising of $7,798 for the three months ended March 31, 2025.

*Income Taxes*

The Company's members have elected to have the Company's income taxed as an S corporation under the provisions of the Internal Revenue Code and similar sections of state and local law. Any taxable income or loss generated by the Company is passed through to and included in the taxable income or loss of its members, and no provision for any income taxes are included in these financial statements.

In accordance with authoritative guidance on accounting for and disclosure of uncertainty in tax positions, the Company follows a more likely than not measurement methodology to reflect the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. For tax positions meeting the more-likely-than-not threshold, the tax liability recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. If tax authorities were to disallow any tax positions taken by the Company, the additional income taxes, if any, would be imposed on the members rather than the Company.

No amounts have been accrued for uncertain tax positions as of March 31, 2025. However, management's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations, and interpretations thereof, and other factors. The Company does not have any unrecognized tax benefits as of March 31, 2025, and does not expect that the total amount of unrecognized tax benefits will materially change over the next six months. Additionally, no interest or penalty related to uncertain taxes has been recognized in the accompanying financial statements.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. If such examinations result in changes to income or loss, the tax liability of the Company could be changed accordingly.

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**3.** **Property and Equipment**

Property and equipment consisted of the following:

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| | |
|:---|:---|
|  | **As of March 31,<br>2025** |
| Computer equipment | $257431 |
| Furniture and equipment | 117930 |
| Vehicles | 179621 |
| &nbsp;&nbsp;&nbsp;Total property and equipment | 554982 |
| Less: accumulated depreciation | (387214) |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | $167768 |

---

Depreciation expense was $22,659 for the three months ended March 31, 2025.

**4.** **Line of Credit**

The Company entered into a revolving line of credit loan on December 17, 2023, of up to $250,000. The line of credit is secured by a term life insurance policy of a former member. Interest is payable monthly and accrues at 4.25% and the unpaid principal balance is due at maturity on December 17, 2025. As of March 31, 2025, there were no amounts outstanding under the revolving line of credit.

**5.** **Notes Payable**

The Company entered into a short-term working capital note payable on February 15, 2024, and the total net amount advanced was $975,000, net of origination fees of $33,239, which are amortized over the life of the note. Interest and principal are payable in equal monthly installments until maturity.

The Company entered into two equipment financing agreements on June 29, 2023, for $341,582 and on November 2, 2021, for $150,324, both secured by the property and equipment purchased from proceeds. Principal and interest payments are payable in equal monthly installments until maturity.

The Company entered into a promissory note for $393,291 on April 24, 2024, secured by personal assets of the sole member of the Company. Principal and interest payments are payable in equal monthly installments monthly until maturity.

The Company entered into a promissory note for $2,700,000 on June 30, 2022. Proceeds were used to purchase the then remaining ownership interest of the Company from another former member. The promissory note is repayable in 83 equal monthly installments of $21,099 beginning on July 30, 2022, which include principal and interest, and a single balloon payment of $1,700,000 at maturity. The outstanding balance is secured by a term life insurance policy held by the current sole member of the Company.

Notes payable consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Agreement** |  |  | **As of March 31,** |
| **Instrument** | **Execution Date** | **Maturity** | **Interest Rate** | **2025** |
| Working capital note payable | December 17, 2021 | December 17, 2025 | 4.25% | $196621 |
| Equipment finance agreement | June 29, 2023 | June 29, 2026 | 7.70% | 152026 |
| Equipment finance agreement | November 2, 2021 | November 30, 2027 | 3.25% | 70464 |
| Promissory note | April 24, 2024 | April 24, 2029 | 8.95% | 332832 |
| Promissory note | June 30, 2022 | June 30, 2029 | 4.75% | 2338668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  | 3090611 |
| Amounts due within one year |  |  |  | (557182) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes payable |  |  |  | $2533429 |

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As of March 31, 2025, future principal payments for the Company's notes payable were as follows:

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| | |
|:---|:---|
| 2025 | $494745 |
| 2026 | 304646 |
| 2027 | 263673 |
| 2028 | 255230 |
| 2029 | 1772317 |
|  | $3090611 |

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**6.** **Leases**

The Company leases an office building in Springfield, Missouri under a non-cancellable operating lease arrangement, expiring in early 2025. The Company's leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company's lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. The Company utilized a rate of 1.47% to recognize the operating lease liabilities at lease commencement date based on the present value of the future lease payments over the lease term.

On January 3, 2025 the Company entered into four lease agreements with an entity controlled by the chief executive officer ("CEO") who is the Company's minority interest holder. For further details regarding these leases, refer to note 7 – Related Party Transactions.

The components of lease costs, lease term, and discount rate for operating leases are as follows for the three months ended March 31, 2025:

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| | |
|:---|:---|
|  | **For the Three Months Ended** |
|  | **March 31, 2025** |
| Operating lease costs | 106887 |
| Variable lease costs | 16181 |
| Total lease costs | $123068 |
| Weighted-average remaining lease term (in years) | 4.8 |
| Weighted-average discount rate | 10.21% |

---

Supplemental balance sheet information related to operating leases consisted of the following as of March 31, 2025:

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| | |
|:---|:---|
|  | **For the Three Months Ended** |
|  | **March 31, 2025** |
| Operating lease ROU assets – related parties | 1430113 |
| Operating lease ROU assets – third parties | - |
| Total operating lease ROU assets | $1430113 |
| Operating lease liabilities – related parties | 1430113 |
| Operating lease liabilities – third parties | - |
| Total operating lease liabilities | $1430113 |

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Supplemental cash flow information related to operating leases were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2025** | **March 31, 2025** |
| Cash payments for operating leases | $— | 94500 |

---

The future maturities of long-term operating lease liabilities for each fiscal year are as follows:

---

| | |
|:---|:---|
| **Three Months Ending March 31:** | **Maturity of Operating Lease Liabilities** |
| 2025 (remaining) | 283500 |
| 2026 | 378000 |
| 2027 | 378000 |
| 2028 | 378000 |
| 2029 | 378000 |
| Thereafter | - |
| Total | 1795500 |
| &nbsp;&nbsp;Less: imputed interest | (365387) |
| Present value of lease liabilities | 1430113 |
| &nbsp;&nbsp;Less: current obligations | (246526) |
| Long-term obligations under leases | $1183587 |

---

**7.** **Related Party Transactions**

The Company has entered into four lease agreements with an entity that is controlled by the CEO of the Company. Total lease payments and expenses for these properties totaled $123,068 for the three months ended March 31, 2025. These leases have a five-year term basis with monthly lease payments of approximately $10,256.

The Company has entered into various revenue agreements with a customer for which the CEO of the Company serves on the board of directors of the customer. Additionally, the Company entered into various revenue agreements with related parties due to its acquisition by Gloo Holdings, LLC. Total revenue with the Company's related parties for the three months ended March 31, 2025, was $1,103,020.

**8.** **Commitments and Contingencies**

*Litigation*

From time to time, the Company may be involved in litigation related to claims arising out of operations in the normal course of business. The Company accrues a liability for such matters when it is probable that a liability has been incurred, and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within the range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. As of March 31, 2025, and through the date these financial statements were issued, there were no legal proceedings requiring recognition or disclosure in the consolidated financial statements.

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**9.** **Evaluation of Subsequent Events**

On June 11, 2025, the Company was notified that Gloo amended its call option agreement with Flourish Holdings, Inc. ("NewCo"), the Company's minority interest holder. The amended agreement provides NewCo the right to repurchase a portion of Gloo's ownership units, which, if exercised, would reduce Gloo's interest in the Company to approximately 20%. The amendment also revised the consideration terms for the repurchase by establishing a fixed per-unit valuation that is payable through exchange of the following, required to be in this order: (1) Gloo Units received by NewCo as part of the Acquisition (deemed to have a value of $6.00 per unit), (2) the forgiveness of the then unpaid balance of the note issuances consummated as part of the original transaction, in any order or combination, and (3) cash, if any portion of the call price remains unpaid after applying the foregoing.

The Company has evaluated events subsequent to the balance sheet date of March 31, 2025, through the issuance of this report on September 26, 2025, which is the date the financial statements were available to be issued.

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![img208649736_27.jpg](img208649736_27.jpg)

Gloo Holdings, Inc.

Class A Common Stock

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* | &nbsp;&nbsp;*Sole Book-Running Manager* |
| **Roth Capital Partners** | **Roth Capital Partners** | **Roth Capital Partners** | **Roth Capital Partners** | **Roth Capital Partners** |
| &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* | &nbsp;&nbsp; <br>*Co-Managers* |
| &nbsp;&nbsp;**Benchmark**<br>a StoneX Company | &nbsp;&nbsp;**Craig-Hallum** | &nbsp;&nbsp;**Lake Street** | &nbsp;&nbsp;**Loop Capital Markets** | &nbsp;&nbsp;**Texas Capital Securities** |

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**Through and including , 2025 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

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**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution** 

The following table sets forth all expenses to be paid by us in connection with this registration statement and the listing of our Class A common stock, other than underwriting discounts and commissions. All amounts shown are estimates except for the Securities and Exchange Commission, or SEC, registration fee, the Financial Industry Regulatory Authority, or FINRA, filing fee and the exchange listing fee.

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| | | |
|:---|:---|:---|
|  | **Amount<br>Paid or <br>to be Paid** | **Amount<br>Paid or <br>to be Paid** |
| SEC registration fee | $— | 13810 |
| FINRA filing fee |  | 14850 |
| Stock exchange listing fee | \* | \* |
| Printing and engraving expenses | \* | \* |
| Accounting fees and expenses | \* | \* |
| Legal fees and expenses | \* | \* |
| Transfer agent and registrar fees and expenses | \* | \* |
| Miscellaneous expenses | \* | \* |
| &nbsp;&nbsp;&nbsp;Total | $\* | \* |

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\* To be provided by amendment.

**Item 14. Indemnification of Directors and Officers**

Section 145 of the General Corporation Law of the State of Delaware, or the DGCL, authorizes a corporation's board of directors to grant, and authorizes a court to award, indemnity to officers, directors and other corporate agents.

We expect to adopt an amended and restated certificate of incorporation, which will be in effect upon the closing of this offering, and which will contain provisions that limit the liability of our directors and certain of our officers for monetary damages to the fullest extent permitted by the DGCL. Consequently, our directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any breach of their duty of loyalty to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any transaction from which they derived an improper personal benefit.

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Similarly, our officers who at the time of an act or omission as to which liability is asserted consented to or are deemed to have consented to certain service of process rules under Delaware law will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as officers, except for liability in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any breach of their duty of loyalty to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any transaction from which they derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any action by or in the right of the corporation.

Any amendment, repeal or elimination of these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred or arose prior to that amendment, repeal or elimination. If the DGCL is amended to provide for further limitations on the personal liability of directors or officers of corporations, then the personal liability of our directors and officers will be further limited to the greatest extent permitted by the DGCL.

In addition, we expect to adopt amended and restated bylaws, which will become effective as of the closing of this offering, and which will provide that we will indemnify our directors and officers, and may indemnify our employees, agents and any other persons, to the fullest extent permitted by the DGCL. Our amended and restated bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements will require us to, among other things, indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also generally require us to advance all expenses reasonably and actually incurred by our directors and executive officers in investigating or defending any such action, suit or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions that are expected to be included in our amended and restated certificate of incorporation, bylaws and indemnification agreements may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against our directors and officers as required by these indemnification provisions. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors or officers, or is or was one of our directors or officers serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

We expect to obtain and maintain insurance policies under which our directors and officers are insured, within the limits and subject to the limitations of those policies, against certain expenses in connection with the defense of, and certain liabilities which might be imposed as a result of, actions, suits, or proceedings to which they are parties by reason of being or having been our directors or officers. The coverage provided by these policies may apply whether or not we would have the power to indemnify such person against such liability under the provisions of the Delaware General Corporation Law.

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Certain of our non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of our board of directors.

The underwriting agreement to be filed as Exhibit 1.1 to this registration statement will provide for indemnification by the underwriters of us and our officers and directors for certain liabilities arising under the Securities Act of 1933, as amended, or the Securities Act, or otherwise.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling our company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 15. Recent Sales of Unregistered Securities**

On May 9, 2025, Gloo Holdings, Inc. issued 1,000 shares of its common stock to Gloo Holdings, LLC for $0.001 per share in cash. The issuance of such shares of common stock was not registered under the Securities Act because the shares were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

Immediately prior to the completion of this offering, we will complete a series of internal reorganization transactions pursuant to which, among other things, a Delaware limited liability company and wholly owned subsidiary of Gloo Holdings, Inc., will merge with and into Gloo Holdings, LLC, with Gloo Holdings, LLC as the surviving entity. As a result, Gloo Holdings, LLC will become a wholly owned subsidiary of Gloo Holdings, Inc., and the members of Gloo Holdings, LLC immediately prior to the consummation of the merger will become holders of shares of Class B common stock of Gloo Holdings, Inc., all as further described under the section titled "Corporate Reorganization" in the prospectus forming a part of this registration statement.

**Item 16. Exhibits**

***(a) Exhibits***

See the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement on Form S-1, which Exhibit Index is incorporated herein by reference.

***(b) Financial Statement Schedules***

All financial statement schedules are omitted because the information called for is not required or is shown either in the consolidated financial statements or in the accompanying notes.

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**Item 17. Undertakings**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 1.1\* | Form of Underwriting Agreement |
| 3.1\* | Form of Amended and Restated Certificate of Incorporation of the registrant, to be in effect upon completion of this offering |
| 3.2 | [<u>Form of Amended and Restated Bylaws of the registrant, to be in effect upon completion of this offering</u>](ck0002069785-ex3_2.htm) |
| 4.1\* | Form of Amended and Restated Unit Warrant |
| 5.1\* | Opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation |
| 10.1 | [<u>Form of Director and Executive Officer Indemnification Agreement</u>](ck0002069785-ex10_1.htm) |
| 10.2+\* | 2025 Equity Incentive Plan and related form agreements |
| 10.3+\* | 2025 Employee Stock Purchase Plan and related form agreements |
| 10.4+ | [<u>Gloo Holdings, LLC Membership Unit Option Plan and related form agreements</u>](ck0002069785-ex10_4.htm) |
| 10.5+ | [<u>Executive Incentive Compensation Plan</u>](ck0002069785-ex10_5.htm) |
| 10.6+\* | Outside Director Compensation Policy |
| 10.7+\* | Confirmatory Employment Letter by and between the registrant and Scott Beck |
| 10.8+\* | Confirmatory Employment Letter by and between the registrant and Patrick Gelsinger  |
| 10.9+\* | Confirmatory Employment Letter by and between the registrant and Paul Seamon |
| 10.10+\* | Confirmatory Employment Letter by and between the registrant and Matthew Gotschall |
| 10.11+ | [<u>Executive Change in Control and Severance Plan</u>](ck0002069785-ex10_11.htm) |
| 10.12 | [<u>Securities Purchase Agreement among Gloo Holdings, LLC, Flourish Holdings, Inc., Midwestern Interactive, LLC and Matthew S. Johnson, dated as of January 3, 2025</u>](ck0002069785-ex10_12.htm) |
| 10.13 | [<u>Note Purchase Agreement among Gloo Holdings, LLC, and certain parties thereto, dated as of April 23, 2024, as amended January 3, 2025</u>](ck0002069785-ex10_13.htm) |
| 10.14 | [<u>Amended and Restated Note Purchase Agreement among Gloo Holdings, LLC, and certain parties thereto, dated as of June 23, 2025</u>](ck0002069785-ex10_14.htm) |
| 10.15 | [<u>First Amendment to Amended and Restated Note Purchase Agreement among Gloo Holdings, LLC and certain parties thereto, dated as of September 5, 2025</u>](ck0002069785-ex10_15.htm) |
| 10.16\* | Form of Amended and Restated Secured Promissory Note |
| 16.1 | [<u>Letter regarding change in certifying accountant</u>](ck0002069785-ex16_1.htm) |
| 21.1 | [<u>List of subsidiaries of the registrant</u>](ck0002069785-ex21_1.htm) |
| 23.1 | [<u>Consent of Independent Registered Public Accounting Firm as to Gloo Holdings, LLC</u>](ck0002069785-ex23_1.htm) |
| 23.2 | [<u>Consent of Independent Registered Public Accounting Firm as to Midwestern Interactive, LLC</u>](ck0002069785-ex23_2.htm) |
| 23.3\* | Consent of Wilson Sonsini Goodrich & Rosati, Professional Corporation (included in the opinion filed as Exhibit 5.1 to this registration statement) |
| 24.1 | Power of Attorney (included on the signature page to this registration statement) |
| 107 | [<u>Filing Fee Table</u>](ck0002069785-exfiling_fees.htm) |

---

------

+ Indicates management contract or compensatory plan.

\* To be filed by amendment.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boulder, State of Colorado, on October 17, 2025.

---

| | |
|:---|:---|
| **GLOO HOLDINGS, INC.** | **GLOO HOLDINGS, INC.** |
| By: | /s/ Scott Beck |
|  | Scott Beck |
|  | President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Scott Beck and Paul Seamon, and each one of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to sign any new registration statement with respect to the offering contemplated thereby filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| <br>/s/ Scott Beck | <br>President, Chief Executive Officer and Director | <br>October 17, 2025 |
| Scott Beck<br>| (Principal Executive Officer) |  |
| /s/ Paul Seamon | Chief Financial Officer | October 17, 2025 |
| Paul Seamon<br>| (Principal Financial Officer) |  |
| /s/ Matthew Edward Gotschall | Chief Accounting Officer | October 17, 2025 |
| Matthew Edward Gotschall<br>| (Principal Accounting Officer) |  |
| /s/ Patrick Gelsinger | Chairman of the Board; Head of Technology  | October 17, 2025 |
| Patrick Gelsinger<br>|  |  |
| /s/ Bishop Claude Richard Alexander Jr. | Director | October 17, 2025 |
| Bishop Claude Richard Alexander Jr.<br>|  |  |
| /s/ John Douglas Furst | Director | October 17, 2025 |
| John Douglas Furst<br>|  |  |
| /s/ Derek Todd Green | Director | October 17, 2025 |
| Derek Todd Green<br>|  |  |
| /s/ Elizabeth Grennan | Director | October 17, 2025 |
| Elizabeth Grennan<br>|  |  |
| /s/ Robert Gruenewald | Director | October 17, 2025 |
| Robert Gruenewald<br>|  |  |
| /s/ Nona Jones | Director | October 17, 2025 |
| Nona Jones |  |  |

---

------

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED BYLAWS OF**

**GLOO HOLDINGS, INC.**

(initially adopted on May 9, 2025)

(as amended on October 16, 2025; effective as of the Effective Time as defined in <br>the Company's first amended and restated certificate of incorporation)

------

**TABLE OF CONTENTS**

***Page***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE I - CORPORATE OFFICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE I - CORPORATE OFFICES | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | REGISTERED OFFICE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | OTHER OFFICES | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE II - MEETINGS OF STOCKHOLDERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE II - MEETINGS OF STOCKHOLDERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | PLACE OF MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | ANNUAL MEETING | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | SPECIAL MEETING | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | ADVANCE NOTICE PROCEDURES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | NOTICE OF STOCKHOLDERS' MEETINGS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | QUORUM | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | ADJOURNED MEETING; NOTICE | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | CONDUCT OF BUSINESS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | VOTING | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | RECORD DATES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | PROXIES | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | LIST OF STOCKHOLDERS ENTITLED TO VOTE | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | INSPECTORS OF ELECTION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE III - DIRECTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE III - DIRECTORS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | POWERS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | NUMBER OF DIRECTORS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | RESIGNATION AND VACANCIES | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | PLACE OF MEETINGS; MEETINGS BY TELEPHONE | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | REGULAR MEETINGS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | SPECIAL MEETINGS; NOTICE | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | QUORUM; VOTING | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | FEES AND COMPENSATION OF DIRECTORS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | REMOVAL OF DIRECTORS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IV - COMMITTEES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IV - COMMITTEES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | COMMITTEES OF DIRECTORS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | COMMITTEE MINUTES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | MEETINGS AND ACTION OF COMMITTEES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | SUBCOMMITTEES | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE V - OFFICERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE V - OFFICERS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | OFFICERS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | APPOINTMENT OF OFFICERS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | SUBORDINATE OFFICERS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | REMOVAL AND RESIGNATION OF OFFICERS | 18 |

---

-i-

------

**TABLE OF CONTENTS**

**(continued)**

***Page***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | VACANCIES IN OFFICES | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | REPRESENTATION OF SECURITIES OF OTHER ENTITIES | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | AUTHORITY AND DUTIES OF OFFICERS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VI - STOCK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VI - STOCK | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | STOCK CERTIFICATES; PARTLY PAID SHARES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | SPECIAL DESIGNATION ON CERTIFICATES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | LOST CERTIFICATES | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | DIVIDENDS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | TRANSFER OF STOCK | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | STOCK TRANSFER AGREEMENTS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | REGISTERED STOCKHOLDERS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VII - MANNER OF GIVING NOTICE AND WAIVER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VII - MANNER OF GIVING NOTICE AND WAIVER | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | NOTICE OF STOCKHOLDERS' MEETINGS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | NOTICE TO STOCKHOLDERS SHARING AN ADDRESS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | NOTICE TO PERSON WITH WHOM COMMUNICATION IS UNLAWFUL | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | WAIVER OF NOTICE | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VIII - INDEMNIFICATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VIII - INDEMNIFICATION | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Indemnification of Directors and Officers in Third Party Proceedings | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Indemnification of Directors and Officers in Actions by or in the Right of the COMPANY | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Successful Defense | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Indemnification of Others | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Advanced Payment of Expenses | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Limitation on Indemnification | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Determination; Claim | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | Non-Exclusivity of Rights | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Insurance | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | Survival | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | Effect of Repeal or Modification | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | Certain Definitions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IX - GENERAL MATTERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IX - GENERAL MATTERS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | FISCAL YEAR | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | SEAL | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | CONSTRUCTION; DEFINITIONS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | FORUM SELECTION | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE X - AMENDMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE X - AMENDMENTS | 27 |

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-ii-

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**AMENDED AND RESTATED BYLAWS OF** 

<br> **GLOO HOLDINGS, INC.**

# ARTICLE I - CORPORATE OFFICES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 REGISTERED OFFICE

The registered office of Gloo Holdings, Inc. (the "**Company**") shall be fixed in the Company's certificate of incorporation, as the same may be amended from time to time (the "**certificate of incorporation**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 OTHER OFFICES

The Company may at any time establish other offices.

# ARTICLE II - MEETINGS OF STOCKHOLDERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 PLACE OF MEETINGS

Meetings of stockholders shall be held at a place, if any, within or outside the State of Delaware, determined by the board of directors of the Company (the "**Board of Directors**"). The Board of Directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the Delaware General Corporation Law or any successor legislation (the "**DGCL**"). In the absence of any such designation or determination, stockholders' meetings shall be held at the Company's principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ANNUAL MEETING

The annual meeting of stockholders shall be held each year. The Board of Directors shall designate the date and time of the annual meeting. At the annual meeting, directors shall be elected and any other proper business, brought in accordance with Section 2.4 of these bylaws, may be transacted. The Board of Directors acting pursuant to a resolution adopted by a majority of the Whole Board may cancel, postpone or reschedule any previously scheduled annual meeting at any time, before or after the notice for such meeting has been sent to the stockholders. For the purposes of these bylaws, the term "**Whole Board**" shall mean the total number of authorized directorships whether or not there exist any vacancies or other unfilled seats in previously authorized directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 SPECIAL MEETING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in the certificate of incorporation, a special meeting of the stockholders, other than as required by statute, may be called at any time by (i) the Board of Directors acting pursuant to a resolution adopted by a majority of the Whole Board, (ii) the chairperson of the Board of Directors, (iii) the chief executive officer or (iv) the president, but a special meeting may not be called

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by any other person or persons and any power of stockholders to call a special meeting of stockholders is specifically denied. The Board of Directors acting pursuant to a resolution adopted by a majority of the Whole Board may cancel, postpone or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notice of a special meeting shall include the purpose for which the meeting is called. Unless otherwise provided in the certificate of incorporation, only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting by or at the direction of a majority of the Whole Board, the chairperson of the Board of Directors, the chief executive officer or the president. Nothing contained in this Section 2.3(b) shall be construed as limiting, fixing or affecting the time when a meeting of stockholders called by action of the Board of Directors may be held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ADVANCE NOTICE PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Meetings of Stockholders.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nominations of persons for election to the Board of Directors or the proposal of other business to be transacted by the stockholders at an annual meeting of stockholders may be made only (1) pursuant to the Company's notice of meeting (or any supplement thereto); (2) by or at the direction of the Board of Directors, or any committee thereof that has been formally delegated authority to nominate such persons or propose such business pursuant to a resolution adopted by a majority of the Whole Board; (3) as may be provided in the certificate of designations for any class or series of preferred stock; or (4) by any stockholder of the Company who (A) is a stockholder of record at the time of giving of the notice contemplated by Section 2.4(a)(ii); (B) is a stockholder of record on the record date for the determination of stockholders entitled to notice of the annual meeting; (C) is a stockholder of record on the record date for the determination of stockholders entitled to vote at the annual meeting; (D) is a stockholder of record at the time of the annual meeting; and (E) complies with the procedures set forth in this Section 2.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant to clause (4) of Section 2.4(a)(i), the stockholder must have given timely notice in writing to the secretary of the Company (the "**Secretary**") and any such nomination or proposed business must constitute a proper matter for stockholder action. To be timely, a stockholder's notice must be received by the Secretary at the principal executive offices of the Company no earlier than 8:00 a.m., Eastern time, on the 120th day and no later than 5:00 p.m., Eastern time, on the 90th day prior to the day of the first anniversary of the preceding year's annual meeting of stockholders as first specified in the Company's notice of such annual meeting (without regard to any adjournment, rescheduling, postponement or other delay of such annual meeting occurring after such notice was first sent). However, if no annual meeting of stockholders was held in the preceding year, or if the date of the annual meeting for the current year has been changed by more than 25 days from the first anniversary of the preceding year's annual meeting, then to be timely such notice must be received by the Secretary at the principal executive offices of the Company no earlier than 8:00 a.m., Eastern time, on the 120th day prior to the day of the annual meeting and no later than 5:00 p.m., Eastern time, on the later of the 90th day prior to the day of the annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of the annual meeting was first made by the Company. In no event will the adjournment, rescheduling, postponement or other delay of any annual meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. In no event may a stockholder provide notice with respect to a greater number of

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A stockholder's notice to the Secretary must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to each person whom the stockholder proposes to nominate for election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) such person's name, age, business address, residence address and principal occupation or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the class or series and number of shares of the Company that are held of record or are beneficially owned by such person and any (i) Derivative Instruments (as defined below) held or beneficially owned by such person, including the full notional amount of any securities that, directly or indirectly, underlie any Derivative Instrument; and (ii) other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of such person with respect to the Company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all information relating to such person that is required to be disclosed in connection with solicitations of proxies for the contested election of directors, or is otherwise required, in each case pursuant to Section 14 of the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) such person's written consent (x) to being named as a nominee of such stockholder, (y) to being named in the Company's form of proxy pursuant to Rule 14a-19 under the 1934 Act ("**Rule 14a-19**") and (z) to serving as a director of the Company if elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any direct or indirect compensatory, payment, indemnification or other financial agreement, arrangement or understanding that such person has, or has had within the past three years, with any person or entity other than the Company (including, without limitation, the amount of any payment or payments received or receivable thereunder), in each case in connection with candidacy or service as a director of the Company (such agreement, arrangement or understanding, a "**Third-Party Compensation Arrangement**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a description of any other material relationships between such person and such person's respective affiliates and associates, or others with whom such person is

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acting in concert, on the one hand, and such stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made, and their respective affiliates and associates, or others acting in concert with them, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such stockholder, beneficial owner, affiliate or associate were the "registrant" for purposes of such rule and such person were a director or executive officer of such registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as to any other business that the stockholder proposes to bring before the annual meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a brief description of the business desired to be brought before the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the text of the proposal or business (including the text of any resolutions proposed for consideration and, if applicable, the text of any proposed amendment to these bylaws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the reasons for conducting such business at the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any material interest in such business of such stockholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates and associates, or others acting in concert with them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all agreements, arrangements and understandings between such stockholder, the beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates or associates or others acting in concert with them in connection with the proposal of such business by such stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and address of such stockholder (as they appear on the Company's books), of such beneficial owner, and of their respective affiliates or associates or others acting in concert with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for each class or series, the number of shares of stock of the Company that are, directly or indirectly, held of record or are beneficially owned by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any agreement, arrangement or understanding between such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them in connection with the proposal of such nomination or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any (i) agreement, arrangement or understanding (including, without limitation and regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of such stockholder, such beneficial owner or their respective affiliates or associates or

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others acting in concert with them with respect to the Company's securities (any of the foregoing, a "**Derivative Instrument**") including the full notional amount of any securities that, directly or indirectly, underlie any Derivative Instrument; and (ii) other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them with respect to the Company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any proxy, contract, arrangement, understanding or relationship pursuant to which such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them has a right to vote any shares of any security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any rights to dividends on the Company's securities owned beneficially by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them that are separated or separable from the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any proportionate interest in the Company's securities or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any performance-related fees (other than an asset-based fee) that such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them is entitled to based on any increase or decrease in the value of the Company's securities or Derivative Instruments, including, without limitation, any such interests held by members of the immediate family of such persons sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any significant equity interests or any significant Derivative Instruments in any principal competitor (as defined below) of the Company that are held by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) any direct or indirect interest of such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them in any contract with the Company, any affiliate of the Company or any principal competitor of the Company (in each case, including, without limitation, any employment agreement, collective bargaining agreement or consulting agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) any material pending or threatened legal proceeding in which such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them is a party or material participant involving the Company or any of its officers, directors or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) any material relationship between such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, on the one hand, and the Company or any of its officers, directors or affiliates, on the other hand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) a representation and undertaking that the stockholder is a holder of record of stock of the Company as of the date of submission of the stockholder's notice and intends to appear in person or by proxy at the annual meeting to bring such nomination or other business before the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) a representation and undertaking as to whether such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them intends, or is part of a group that intends, to (x) deliver a proxy statement or form of proxy to holders of at least the percentage of the voting power of the Company's then-outstanding stock required to approve or adopt the proposal or to elect each such nominee (which representation and undertaking must include a statement as to whether such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them intends to solicit the requisite percentage of the voting power of the Company's stock under Rule 14a-19); or (y) otherwise solicit proxies from stockholders in support of such proposal or nomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) any other information relating to such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, or director nominee or proposed business, that, in each case, would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee (in a contested election of directors) or proposal pursuant to Section 14 of the 1934 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) such other information relating to any proposed item of business as the Company may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

For purposes of this Section 2.4, "principal competitor" shall mean any entity that develops or provides products or services that compete with or are alternatives to the principal products developed or produced or services provided by the Company or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In addition to the requirements of this Section 2.4, to be timely, a stockholder's notice (and any additional information submitted to the Company in connection therewith) must further be updated and supplemented (1) if necessary, so that the information provided or required to be provided in such notice is true and correct as of the record date(s) for determining the stockholders entitled to notice of, and to vote at, the annual meeting and as of the date that is 10 business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof; and (2) to provide any additional information that the Company may reasonably request. Any such update and supplement or additional information (including, if requested pursuant to Section 2.4(a)(iii)(3)(P)) must be received by the Secretary at the principal executive offices of the Company (A) in the case of a request for additional information, promptly following a request therefor, which response must be received by the Secretary not later than such reasonable time as is specified in any such request from the Company; or (B) in the case of any other update or supplement of any information, not later than five business days after the record date(s) for the annual meeting (in the case of any update and supplement required to be made as of the record date(s)), and not later than eight business days prior to the date for the annual meeting or any adjournment, rescheduling, postponement or other delay thereof (in the case of any update or supplement required to be made as of 10 business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof). No later than five business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof, a stockholder nominating individuals for election as a director will provide the Company with reasonable evidence that such stockholder has met the

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requirements of Rule 14a-19. The failure to timely provide such update, supplement, evidence or additional information shall result in the nomination or proposal no longer being eligible for consideration at the annual meeting. If the stockholder fails to comply with the requirements of Rule 14a-19 (including because the stockholder fails to provide the Company with all information or notices required by Rule 14a-19), then the director nominees proposed by such stockholder shall be ineligible for election at the annual meeting and any votes or proxies in respect of such nomination shall be disregarded, notwithstanding that such proxies may have been received by the Company and counted for the purposes of determining quorum. For the avoidance of doubt, the obligation to update and supplement, or provide additional information or evidence, as set forth in these bylaws shall not limit the Company's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines pursuant to these bylaws or enable or be deemed to permit a stockholder who has previously submitted notice pursuant to these bylaws to amend or update any nomination or to submit any new nomination. No disclosure pursuant to these bylaws will be required with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is the stockholder submitting a notice pursuant to this Section 2.4 solely because such broker, dealer, commercial bank, trust company or other nominee has been directed to prepare and submit the notice required by these bylaws on behalf of a beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Meetings of Stockholders*. Except to the extent required by the DGCL, and subject to Section 2.3(a), special meetings of stockholders may be called only in accordance with the certificate of incorporation and these bylaws. Only such business will be conducted at a special meeting of stockholders as has been brought before the special meeting pursuant to the Company's notice of meeting. If the election of directors is included as business to be brought before a special meeting in the Company's notice of meeting, then nominations of persons for election to the Board of Directors at such special meeting may be made by any stockholder who (i) is a stockholder of record at the time of giving of the notice contemplated by this Section 2.4(b); (ii) is a stockholder of record on the record date for the determination of stockholders entitled to notice of the special meeting; (iii) is a stockholder of record on the record date for the determination of stockholders entitled to vote at the special meeting; (iv) is a stockholder of record at the time of the special meeting; and (v) complies with the procedures set forth in this Section 2.4(b). For nominations to be properly brought by a stockholder before a special meeting pursuant to this Section 2.4(b), the stockholder's notice must be received by the Secretary at the principal executive offices of the Company no earlier than 8:00 a.m., Eastern time, on the 120th day prior to the day of the special meeting and no later than 5:00 p.m., Eastern time, on the 10th day following the day on which public announcement of the date of the special meeting was first made. In no event will any adjournment, rescheduling, postponement or other delay of a special meeting or any announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. A stockholder's notice to the Secretary must comply with the applicable notice requirements of Section 2.4(a)(iii), with references therein to "annual meeting" deemed to mean "special meeting" for the purposes of this final sentence of this Section 2.4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Requirements and Procedures.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To be eligible to be a nominee of any stockholder for election as a director of the Company, the proposed nominee must provide to the Secretary, in accordance with the applicable time periods prescribed for delivery of notice under Section 2.4(a)(ii) or Section 2.4(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a signed and completed written questionnaire (in the form provided by the Secretary at the written request of the nominating stockholder, which form will be provided by the Secretary within 5 business days of receiving such request) containing information regarding such

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nominee's background and qualifications and such other information as may reasonably be required by the Company to determine the eligibility of such nominee to serve as a director of the Company or to serve as an independent director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a written representation and undertaking that, unless previously disclosed to the Company, such nominee is not, and will not become, a party to any voting agreement, arrangement, commitment, assurance or understanding with any person or entity as to how such nominee, if elected as a director, will vote on any issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a written representation and undertaking that, unless previously disclosed to the Company, such nominee is not, and will not become, a party to any Third-Party Compensation Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a written representation and undertaking that, if elected as a director, such nominee would be in compliance, and will continue to comply, with the Company's corporate governance, conflict of interest, confidentiality, stock ownership and trading guidelines, and other policies and guidelines applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Secretary will provide to such proposed nominee all such policies and guidelines then in effect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a written representation and undertaking that such nominee, if elected, intends to serve a full term on the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the request of the Board of Directors, any person nominated by the Board of Directors for election as a director must furnish to the Secretary the information that is required to be set forth in a stockholder's notice of nomination pertaining to such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No person will be eligible to be nominated by a stockholder for election as a director of the Company, or to be seated as a director of the Company, unless nominated and elected in accordance with the procedures set forth in this Section 2.4. No business proposed by a stockholder will be conducted at a stockholder meeting except in accordance with this Section 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The chairperson of the applicable meeting of stockholders will, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these bylaws or that other proposed business was not properly brought before the meeting. If the chairperson of the meeting should so determine, then the chairperson of the meeting will so declare to the meeting and the defective nomination will be disregarded or such business will not be transacted, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything to the contrary in this Section 2.4, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear in person at the meeting to present a nomination or other proposed business, such nomination will be disregarded or such business will not be transacted, as the case may be, notwithstanding that proxies in respect of such nomination or business may have been received by the Company and counted for purposes of determining a quorum. For purposes of this Section 2.4, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting, and such person must produce such writing

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or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Without limiting this Section 2.4, a stockholder must also comply with all applicable requirements of the 1934 Act with respect to the matters set forth in this Section 2.4, it being understood that (1) any references in these bylaws to the 1934 Act are not intended to, and will not, limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.4; and (2) compliance with clause (4) of Section 2.4(a)(i) and with Section 2.4(b) are the exclusive means for a stockholder to make nominations or submit other business (other than as provided in Section 2.4(c)(vii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding anything to the contrary in this Section 2.4, the notice requirements set forth in these bylaws with respect to the proposal of any business pursuant to this Section 2.4 will be deemed to be satisfied by a stockholder if (1) such stockholder has submitted a proposal to the Company in compliance with Rule 14a-8 under the 1934 Act; and (2) such stockholder's proposal has been included in a proxy statement that has been prepared by the Company to solicit proxies for the meeting of stockholders. Subject to Rule 14a-8 and other applicable rules and regulations under the 1934 Act, nothing in these bylaws will be construed to permit any stockholder, or give any stockholder the right, to include or have disseminated or described in the Company's proxy statement any nomination of a director or any other business proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 NOTICE OF STOCKHOLDERS' MEETINGS

Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given in accordance with Section 232 of the DGCL, and such notice shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Except as otherwise provided in the DGCL, the certificate of incorporation or these bylaws, the notice of any meeting of stockholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 QUORUM

The holders of a majority of the voting power of the capital stock of the Company issued and outstanding and entitled to vote, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders, unless otherwise required by law, the certificate of incorporation, these bylaws or the rules of any applicable stock exchange on which the Company's securities are listed. Where a separate vote by a class or series or classes or series is required, a majority of the voting power of the outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter, except as otherwise required by law, the certificate of incorporation, these bylaws or the rules of any applicable stock exchange on which the Company's securities are listed.

If, however, such quorum is not present or represented at any meeting of the stockholders, then either (a) the chairperson of the meeting, or (b) the stockholders entitled to vote at the meeting, present in

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person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 ADJOURNED MEETING; NOTICE

Unless these bylaws otherwise require, when a meeting is adjourned to another time or place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are (i) announced at the meeting at which the adjournment is taken, (ii) displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication or (iii) set forth in the notice of meeting given in accordance with Section 222(a) of the DGCL. At the adjourned meeting, the Company may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix a new record date for notice of such adjourned meeting in accordance with Section 213(a) of the DGCL and Section 2.11 of these bylaws, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 CONDUCT OF BUSINESS

The chairperson of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of business and discussion as seem to the chairperson in order. The chairperson of any meeting of stockholders shall be designated by the Board of Directors; in the absence of such designation, the chairperson of the Board of Directors, if any, or the chief executive officer (in the absence of the chairperson of the Board of Directors) or the president (in the absence of the chairperson of the Board of Directors and the chief executive officer), or in their absence any other executive officer of the Company, shall serve as chairperson of the stockholder meeting. The chairperson of any meeting of stockholders shall have the power to adjourn the meeting to another place, if any, date or time, whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 VOTING

The stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Section 2.11 of these bylaws, subject to Section 217 (relating to voting rights of fiduciaries, pledgors and joint owners of stock) and Section 218 (relating to voting trusts and other voting agreements) of the DGCL.

Except as otherwise provided by law, the certificate of incorporation, these bylaws or the rules of any applicable stock exchange on which the Company's securities are listed, in all matters other than the election of directors, the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Except as otherwise required by law, the certificate of incorporation or these bylaws, directors

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shall be elected by a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Except as otherwise provided by law, the certificate of incorporation, these bylaws or the rules of any applicable stock exchange on which the Company's securities are listed, where a separate vote by a class or series or classes or series is required, in all matters other than the election of directors, the affirmative vote of the majority of the voting power of the outstanding shares of such class or series or classes or series present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of such class or series or classes or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents setting forth the action so taken shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. A consent must be set forth in writing or in an electronic transmission. No consent shall be effective to take the corporate action referred to therein unless valid consents signed by a sufficient number of stockholders to take such action are delivered to the Company in the manner prescribed in this Section 2.10 and applicable law within 60 days of the first date on which a consent is so delivered to the Company. All references to a consent in this Section 2.10 mean a consent permitted by this Section 2.10 and contemplated by Section 228 of the DGCL.

A consent permitted by this Section 2.10 shall be delivered (i) to the principal place of business of the Company; (ii) to an officer or agent of the Company having custody of the book in which proceedings of meetings of stockholders are recorded; (iii) to the registered office of the Company in the State of Delaware by hand or by certified or registered mail, return receipt requested; or (iv) subject to the next sentence, in accordance with Section 116 of the DGCL, to an information processing system, if any, designated by the Company for receiving such consents. In the case of delivery pursuant to the foregoing clause (iv), such consent must set forth or be delivered with information that enables the Company to determine the date of delivery of such consent and the identity of the person giving such consent, and, if such consent is given by a person authorized to act for a stockholder as proxy, such consent must comply with the applicable provisions of Sections 212(c)(2) and (3) of the DGCL. A consent may be documented and signed in accordance with Section 116 of the DGCL, and when so documented or signed shall be deemed to be in writing for purposes of the DGCL and this Section 2.10; *provided* that if such consent is delivered pursuant to clause (i), (ii) or (iii) of the first sentence of this paragraph, such consent must be reproduced and delivered in paper form.

In the event that the Board of Directors shall have instructed the officers of the Company to solicit the vote or consent of the stockholders of the Company, an electronic transmission of a stockholder consent given pursuant to such solicitation, to be effective, must be delivered by electronic mail (as defined in Section 232 of the DGCL) to the secretary or president of the Company or to a person designated by the Company for receiving such consent, or delivered to an information processing system designated by the Company for receiving such consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 RECORD DATES

In order that the Company may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.

If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided, however*, that the Board of Directors may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the provisions of Section 213 of the DGCL and this Section 2.11 at the adjourned meeting.

In order that the Company may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 PROXIES

Each stockholder entitled to vote at a meeting of stockholders, or to take corporate action by written consent without a meeting, or such stockholder's authorized officer, director, employee or agent, may authorize another person or persons to act for such stockholder by proxy authorized by a document or by a transmission permitted by law filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The authorization of a person to act as a proxy may be documented, signed and delivered in accordance with Section 116 of the DGCL; *provided* that such authorization shall set forth, or be delivered with information enabling the Company to determine, the identity of the stockholder granting such authorization. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 LIST OF STOCKHOLDERS ENTITLED TO VOTE

The Company shall prepare, no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; *provided, however,* if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Company shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of ten days ending on the day before the meeting date: (a) on a reasonably accessible electronic network, *provided* that the information required to gain access to such list is provided with the notice of the meeting, or (b) during ordinary business hours, at the Company's principal place of business. In the event that the Company determines to make the list available on an electronic network, the Company may take reasonable steps to ensure that such information is available only to stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 INSPECTORS OF ELECTION

Before any meeting of stockholders, the Company shall appoint an inspector or inspectors of election to act at the meeting or its adjournment. The Company may designate one or more persons as alternate inspectors to replace any inspector who fails to act.

Such inspectors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ascertain the number of shares outstanding and the voting power of each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the shares represented at the meeting and the validity of proxies and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) count all votes and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certify their determination of the number of shares represented at the meeting, and their count of all votes and ballots.

The inspectors of election shall perform their duties impartially, in good faith, to the best of their ability and as expeditiously as is practical. If there are multiple inspectors of election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. Any report or certificate made by the inspectors of election is *prima facie* evidence of the facts stated therein.

# ARTICLE III - DIRECTORS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 POWERS

The business and affairs of the Company shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided in the DGCL or the certificate of incorporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 NUMBER OF DIRECTORS

The Board of Directors shall consist of one or more members, each of whom shall be a natural person. Unless the certificate of incorporation fixes the number of directors, the number of directors shall be determined from time to time by resolution of a majority of the Whole Board. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS

Except as provided in Section 3.4 of these bylaws, each director, including a director elected to fill a vacancy or newly created directorship, shall hold office until the expiration of the term for which elected and until such director's successor is elected and qualified or until such director's earlier death, resignation or removal. Directors need not be stockholders unless so required by the certificate of incorporation or these bylaws. The certificate of incorporation or these bylaws may prescribe other qualifications for directors.

If so provided in the certificate of incorporation, the directors of the Company shall be divided into three classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 RESIGNATION AND VACANCIES

Any director may resign at any time upon notice given in writing or by electronic transmission to the Company. A resignation is effective when the resignation is delivered unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events. Unless otherwise specified in the notice of resignation, acceptance of such resignation shall not be necessary to make it effective. A resignation which is conditioned upon the director failing to receive a specified vote for reelection as a director may provide that it is irrevocable. Unless otherwise provided in the certificate of incorporation or these bylaws, when one or more directors resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective.

Unless otherwise provided in the certificate of incorporation or these bylaws or permitted in the specific case by resolution of the Board of Directors, and subject to the rights of holders of preferred stock of the Company, vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all of the stockholders having the right to vote as a single class may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director, and not by stockholders. If the directors are divided into classes, a person so chosen to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until such person's successor shall have been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 PLACE OF MEETINGS; MEETINGS BY TELEPHONE

The Board of Directors may hold meetings, both regular and special, either within or outside the State of Delaware.

Unless otherwise restricted by the certificate of incorporation or these bylaws, members of the Board of Directors may participate in a meeting of the Board of Directors by means of conference telephone

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or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 REGULAR MEETINGS

Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 SPECIAL MEETINGS; NOTICE

Special meetings of the Board of Directors for any purpose or purposes may be called at any time by the chairperson of the Board of Directors, the chief executive officer, the president, or the Secretary or by a majority of the Whole Board; *provided* that the person(s) authorized to call a special meeting of the Board of Directors may authorize another person or persons to send notice of such meeting.

Notice of the time and place of special meetings shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivered personally by hand, by courier or by telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sent by United States first-class mail, postage prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sent by facsimile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sent by electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise given by electronic transmission (as defined in Section 232 of the DGCL),

directed to each director at that director's address, telephone number, facsimile number, electronic mail address or other contact for notice by electronic transmission, as the case may be, as shown on the Company's records.

If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile, (iii) sent by electronic mail or (iv) otherwise given by electronic transmission, it shall be delivered, sent or otherwise given to each director, as applicable, at least 24 hours before the time of the holding of the meeting. If the notice is sent by United States mail, it shall be deposited in the United States mail at least four days before the time of the holding of the meeting. Any oral notice of the time and place of the meeting may be communicated to the director in lieu of written notice if such notice is communicated at least 24 hours before the time of the holding of the meeting. The notice need not specify the place of the meeting (if the meeting is to be held at the Company's principal executive office) nor the purpose of the meeting, unless required by statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 QUORUM; VOTING

At all meetings of the Board of Directors, a majority of the Whole Board shall constitute a quorum for the transaction of business. If a quorum is not present at any meeting of the Board of Directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

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The affirmative vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, the certificate of incorporation or these bylaws.

If the certificate of incorporation provides that one or more directors shall have more or less than one vote per director on any matter, except as may otherwise be expressly provided herein or therein and denoted with the phrase "notwithstanding the final paragraph of Section 3.8 of the bylaws" or language to similar effect, every reference in these bylaws to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Unless otherwise restricted by the certificate of incorporation or these bylaws, (i) any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission and (ii) a consent may be documented, signed and delivered in any manner permitted by Section 116 of the DGCL. Any person (whether or not then a director) may provide, whether through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined upon the happening of an event), no later than 60 days after such instruction is given or such provision is made and such consent shall be deemed to have been given for purposes of this Section 3.9 at such effective time so long as such person is then a director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of the proceedings of the Board of Directors, or the committee thereof, in the same paper or electronic form as the minutes are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 FEES AND COMPENSATION OF DIRECTORS

Unless otherwise restricted by the certificate of incorporation or these bylaws, the Board of Directors shall have the authority to fix the compensation of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 REMOVAL OF DIRECTORS

Any director or the entire Board of Directors may be removed from office by stockholders of the Company in the manner specified in the certificate of incorporation and applicable law. No reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director's term of office.

# ARTICLE IV - COMMITTEES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 COMMITTEES OF DIRECTORS

The Board of Directors may, by resolution passed by a majority of the Whole Board, designate one or more committees, each committee to consist of one or more of the directors of the Company. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another

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member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors or in these bylaws, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, and may authorize the seal of the Company to be affixed to all papers that may require it; but no such committee shall have the power or authority to (a) approve or adopt, or recommend to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders for approval, or (b) adopt, amend or repeal any bylaw of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 COMMITTEE MINUTES

Each committee and subcommittee shall keep regular minutes of its meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 MEETINGS AND ACTION OF COMMITTEES

Unless otherwise specified by the Board of Directors, meetings and actions of committees and subcommittees shall be governed by, and held and taken in accordance with, the provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 3.5 (place of meetings and meetings by telephone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 3.6 (regular meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 3.7 (special meetings and notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 3.8 (quorum; voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 3.9 (action without a meeting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Section 7.4 (waiver of notice)

with such changes in the context of those bylaws as are necessary to substitute the committee or subcommittee and its members for the Board of Directors and its members. *However*, (i) the time and place of regular meetings of committees or subcommittees may be determined either by resolution of the Board of Directors or by resolution of the committee or subcommittee; (ii) special meetings of committees or subcommittees may also be called by resolution of the Board of Directors or the committee or the subcommittee; and (iii) notice of special meetings of committees and subcommittees shall also be given to all alternate members who shall have the right to attend all meetings of the committee or subcommittee. The Board of Directors or a committee or subcommittee may also adopt other rules for the government of any committee or subcommittee.

Any provision in the certificate of incorporation providing that one or more directors shall have more or less than one vote per director on any matter shall apply to voting in any committee or subcommittee, unless otherwise provided in the certificate of incorporation or these bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 SUBCOMMITTEES

Unless otherwise provided in the certificate of incorporation, these bylaws or the resolutions of the Board of Directors designating the committee, a committee may create one or more subcommittees, each

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subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.

# ARTICLE V - OFFICERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 OFFICERS

The officers of the Company shall be a president and a secretary. The Company may also have, at the discretion of the Board of Directors, a chairperson of the Board of Directors, a vice chairperson of the Board of Directors, a chief executive officer, a chief financial officer or treasurer, one or more vice presidents, one or more assistant vice presidents, one or more assistant treasurers, one or more assistant secretaries and any such other officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 APPOINTMENT OF OFFICERS

The Board of Directors shall appoint the officers of the Company, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws, subject to the rights, if any, of an officer under any contract of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 SUBORDINATE OFFICERS

The Board of Directors, or any duly authorized committee or subcommittee thereof, may appoint, or empower any officer to appoint, such other officers as the business of the Company may require. Each of such officers shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as determined from time to time by the Board of Directors or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 REMOVAL AND RESIGNATION OF OFFICERS

Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board of Directors or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of removal.

Any officer may resign at any time by giving notice, in writing or by electronic transmission, to the Company. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the officer is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 VACANCIES IN OFFICES

Any vacancy occurring in any office of the Company shall be filled by the Board of Directors or as provided in Section 5.3.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 REPRESENTATION OF SECURITIES OF OTHER ENTITIES

The chairperson of the Board of Directors, the chief executive officer, the president, any vice president, the treasurer, the secretary or assistant secretary of the Company or any other person authorized by the Board of Directors or the chief executive officer, the president or a vice president, is authorized to vote, represent and exercise on behalf of the Company all rights incident to any and all shares or other securities of, or interests in, or issued by, any other entity or entities, and all rights incident to any management authority conferred on the Company in accordance with the governing documents of any entity or entities, standing in the name of the Company, including the right to act by written consent. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 AUTHORITY AND DUTIES OF OFFICERS

Each officer of the Company shall have such authority and perform such duties in the management of the business of the Company as may be designated from time to time by the Board of Directors or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of designation and, to the extent not so provided, as generally pertain to such office, subject to the control of the Board of Directors.

# ARTICLE VI - STOCK
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 STOCK CERTIFICATES; PARTLY PAID SHARES

The shares of the Company shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Company. Unless otherwise provided by resolution of the Board of Directors, every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of, the Company by any two officers of the Company representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Company with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Company shall not have power to issue a certificate in bearer form.

The Company may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly-paid shares, or upon the books and records of the Company in the case of uncertificated partly-paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully-paid shares, the Company shall declare a dividend upon partly-paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 SPECIAL DESIGNATION ON CERTIFICATES

If the Company is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other

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special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate that the Company shall issue to represent such class or series of stock; *provided, however*, that, except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Company shall issue to represent such class or series of stock, a statement that the Company will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Within a reasonable time after the issuance or transfer of uncertificated stock, the registered owner thereof shall be given a notice, in writing or by electronic transmission, containing the information required to be set forth or stated on certificates pursuant to this Section 6.2 or Sections 151, 156, 202(a), 218(a) or 364 of the DGCL or with respect to this Section 6.2 a statement that the Company will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Except as otherwise expressly provided by law, the rights and obligations of the holders of uncertificated stock and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 LOST CERTIFICATES

Except as provided in this Section 6.3, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Company and cancelled at the same time. The Company may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Company may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Company a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 DIVIDENDS

The Board of Directors, subject to any restrictions contained in the certificate of incorporation or applicable law, may declare and pay dividends upon the shares of the Company's capital stock. Dividends may be paid in cash, in property, or in shares of the Company's capital stock, subject to the provisions of the certificate of incorporation. The Board of Directors may set apart out of any of the funds of the Company available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 TRANSFER OF STOCK

Transfers of record of shares of stock of the Company shall be made only upon its books by the holders thereof, in person or by an attorney duly authorized, and, subject to Section 6.3 of these bylaws, if such stock is certificated, upon the surrender of a certificate or certificates for a like number of shares, properly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 STOCK TRANSFER AGREEMENTS

The Company shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes or series of stock of the Company to restrict the transfer of shares

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of stock of the Company of any one or more classes or series owned by such stockholders in any manner not prohibited by the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 REGISTERED STOCKHOLDERS

The Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and notices and to vote as such owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

# ARTICLE VII - MANNER OF GIVING NOTICE AND WAIVER
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 NOTICE OF STOCKHOLDERS' MEETINGS

Notice of any meeting of stockholders shall be given in the manner set forth in the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 NOTICE TO STOCKHOLDERS SHARING AN ADDRESS

Except as otherwise prohibited under the DGCL, without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Company under the provisions of the DGCL, the certificate of incorporation or these bylaws shall be effective if given by a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice is given. Any such consent shall be revocable by the stockholder by written notice to the Company. Any stockholder who fails to object in writing to the Company, within 60 days of having been given written notice by the Company of its intention to send the single notice, shall be deemed to have consented to receiving such single written notice. This Section 7.2 shall not apply to Sections 164, 296, 311, 312 or 324 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 NOTICE TO PERSON WITH WHOM COMMUNICATION IS UNLAWFUL

Whenever notice is required to be given, under the DGCL, the certificate of incorporation or these bylaws, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the Company is such as to require the filing of a certificate under the DGCL, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 WAIVER OF NOTICE

Whenever notice is required to be given under any provision of the DGCL, the certificate of incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by

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electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders or the Board of Directors, as the case may be, need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the certificate of incorporation or these bylaws.

# ARTICLE VIII - INDEMNIFICATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Indemnification of Directors and Officers in Third Party Proceedings

Subject to the other provisions of this Article VIII, the Company shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "**Proceeding**") (other than an action by or in the right of the Company) by reason of the fact that such person is or was a director or officer of the Company, or is or was a director or officer of the Company serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Indemnification of Directors and Officers in Actions by or in the Right of the COMPANY

Subject to the other provisions of this Article VIII, the Company shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Company, or is or was a director or officer of the Company serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Company; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is

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fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Successful Defense

To the extent that a present or former director or officer (for purposes of this Section 8.3 only, as such term is defined in Section 145(c)(1) of the DGCL) of the Company has been successful on the merits or otherwise in defense of any Proceeding described in Section 8.1 or Section 8.2, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith. The Company may indemnify any other person who is not a present or former director or officer of the Company against expenses (including attorneys' fees) actually and reasonably incurred by such person to the extent he or she has been successful on the merits or otherwise in defense of any Proceeding described in Section 8.1 or Section 8.2, or in defense of any claim, issue or matter therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Indemnification of Others

Subject to the other provisions of this Article VIII, the Company shall have power to indemnify its employees and agents, or any other persons, to the extent not prohibited by the DGCL or other applicable law. The Board of Directors shall have the power to delegate to any person or persons identified in subsections (1) through (4) of Section 145(d) of the DGCL the determination of whether employees or agents shall be indemnified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Advanced Payment of Expenses

Expenses (including attorneys' fees) actually and reasonably incurred by an officer or director of the Company in defending any Proceeding shall be paid by the Company in advance of the final disposition of such Proceeding upon receipt of a written request therefor (together with documentation reasonably evidencing such expenses) and an undertaking by or on behalf of the person to repay such amounts if it shall ultimately be determined that the person is not entitled to be indemnified under this Article VIII or the DGCL. Such expenses (including attorneys' fees) actually and reasonably incurred by former directors and officers or other employees and agents of the Company or by persons serving at the request of the Company as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the Company deems appropriate. The right to advancement of expenses shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is excluded pursuant to these bylaws, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 8.6(b) or 8.6(c) prior to a determination that the person is not entitled to be indemnified by the Company.

Notwithstanding the foregoing, unless otherwise determined pursuant to Section 8.8, no advance shall be made by the Company to an officer of the Company (except by reason of the fact that such officer is or was a director of the Company, in which event this paragraph shall not apply) in any Proceeding if a determination is reasonably and promptly made (a) by a vote of the directors who are not parties to such Proceeding, even though less than a quorum, or (b) by a committee of such directors designated by the vote of the majority of such directors, even though less than a quorum, or (c) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, that facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person

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acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Limitation on Indemnification

Subject to the requirements in Section 8.3 and the DGCL, the Company shall not be obligated to indemnify any person pursuant to this Article VIII in connection with any Proceeding (or any part of any Proceeding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting or disgorgement of profits pursuant to Section 16(b) of the 1934 Act, or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any reimbursement of the Company by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person from the sale of securities of the Company, in either case as required under any clawback or compensation recovery policy adopted by the Company, applicable securities exchange and association listing requirements, including, without limitation, those adopted in accordance with Rule 10D-1 under the 1934 Act and/or the 1934 Act (including, without limitation, any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), or the payment to the Company of profits arising from the purchase and sale by such person of securities in violation of Section 306 of the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) initiated by such person, including any Proceeding (or any part of any Proceeding) initiated by such person against the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Board of Directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise required to be made under Section 8.7 or (iv) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Determination; Claim

If a claim for indemnification or advancement of expenses under this Article VIII is not paid in full within 90 days after receipt by the Company of the written request therefor, the claimant shall be entitled to an adjudication by a court of competent jurisdiction of such person's entitlement to such indemnification or advancement of expenses. The Company shall indemnify such person against any and all expenses that are actually and reasonably incurred by such person in connection with any action for indemnification or advancement of expenses from the Company under this Article VIII, to the extent such person is successful in such action, and to the extent not prohibited by law. In any such suit, the Company shall, to the fullest extent not prohibited by law, have the burden of proving that the claimant is not entitled to the requested indemnification or advancement of expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Non-Exclusivity of Rights

The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VIII shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the certificate of incorporation or any statute, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office. The Company is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advancement of expenses, to the fullest extent not prohibited by the DGCL or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Insurance

The Company may purchase and maintain insurance to the fullest extent permitted by the DGCL on behalf of any person who is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the Company would have the power to indemnify such person against such liability under the provisions of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 Survival

The rights to indemnification and advancement of expenses conferred by this Article VIII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 Effect of Repeal or Modification

A right to indemnification or to advancement of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to or repeal or elimination of the certificate of incorporation or these bylaws after the occurrence of the act or omission that is the subject of the Proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 Certain Definitions

For purposes of this Article VIII, references to the "**Company**" shall include, in addition to the resulting entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving entity as such person would have with respect to such constituent entity if its separate existence had continued. For purposes of this Article VIII, references to "**other enterprises**" shall include employee benefit plans; references to "**fines**" shall include any excise taxes assessed on a person with

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respect to an employee benefit plan; and references to "**serving at the request of the Company**" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "**not opposed to the best interests of the Company**" as referred to in this Article VIII.

# ARTICLE IX - GENERAL MATTERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS

Except as otherwise provided by law, the certificate of incorporation or these bylaws, the Board of Directors may authorize any officer or officers, or agent or agents, or employee or employees, to enter into any contract or execute any document or instrument in the name of and on behalf of the Company; such authority may be general or confined to specific instances. Unless so authorized or ratified by the Board of Directors or within the agency power of an officer, agent or employee, no officer, agent or employee shall have any power or authority to bind the Company by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 FISCAL YEAR

The fiscal year of the Company shall be fixed by resolution of the Board of Directors and may be changed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 SEAL

The Company may adopt a corporate seal, which shall be adopted and which may be altered by the Board of Directors. The Company may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 CONSTRUCTION; DEFINITIONS

Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term "**person**" includes a corporation, partnership, limited liability company, joint venture, trust or other enterprise, and a natural person. Any reference in these bylaws to a section of the DGCL shall be deemed to refer to such section as amended from time to time and any successor provisions thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 FORUM SELECTION

Unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, another State court in Delaware or the federal district court for the District of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Company, (b) any action asserting a claim of breach of a fiduciary duty owed by any director, stockholder, officer or other employee of the Company to the Company or the

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Company's stockholders, (c) any action arising pursuant to any provision of the DGCL or the certificate of incorporation or these bylaws (as either may be amended from time to time) or (d) any action asserting a claim governed by the internal affairs doctrine, except for, as to each of (a) through (d) above, any claim as to which such court determines that there is an indispensable party not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within 10 days following such determination).

Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, against any person in connection with any offering of the Company's securities, including, without limitation and for the avoidance of doubt, any auditor, underwriter, expert, control person or other defendant.

Any person or entity purchasing, holding or otherwise acquiring any interest in any security of the Company shall be deemed to have notice of and consented to the provisions of this Section 9.5. This provision shall be enforceable by any party to a complaint covered by the provisions of this Section 9.5.

# ARTICLE X - AMENDMENTS
Unless otherwise provided in the certificate of incorporation, these bylaws may be adopted, altered, amended or repealed by the affirmative vote of the holders of at least a majority of the total voting power of the outstanding voting securities of the Company, voting together as a single class. The Board of Directors shall also have the power to adopt, amend or repeal bylaws; *provided, however*, that a bylaw amendment adopted by stockholders which specifies the votes that shall be necessary for the election of directors shall not be further amended or repealed by the Board of Directors.

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## Exhibit 10.1

**Exhibit 10.1**

**GLOO HOLDINGS, INC.**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "***Agreement***") is dated as of [*insert date*], and is between Gloo Holdings, Inc., a Delaware corporation (the "***Company***"), and [*insert name of indemnitee*] ("***Indemnitee***").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Indemnitee's service to the Company substantially benefits the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Individuals are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided with adequate protection through insurance or indemnification against the risks of claims and actions against them arising out of such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Indemnitee does not regard the protection currently provided by applicable law, the Company's governing documents and any insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Agreement is a supplement to and in furtherance of the indemnification provided in the Company's certificate of incorporation and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder.

The parties therefore agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A "***Change in Control***" shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Acquisition of Stock by Third Party.* Any Person (as defined below) becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company's then outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Change in Board Composition.* During any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Company's board of directors, and any new directors (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company's stockholders was either (1) approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved or (2) approved by the holders of a majority of the

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outstanding shares of Class B Common Stock of the Company, cease for any reason to constitute at least a majority of the members of the Company's board of directors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*Liquidation.* The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*Other Events.* Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement.

For purposes of this Section 1(a), the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)"***Person***" shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended; *provided, however,* that "***Person***" shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)"***Beneficial Owner***" shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended; *provided, however,* that "***Beneficial Owner***" shall exclude any Person otherwise becoming a Beneficial Owner by reason of (i) the stockholders of the Company approving a merger of the Company with another entity or (ii) the Company's board of directors approving a sale of securities by the Company to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"***Corporate Status***" describes the status of a person who is or was a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"***DGCL***" means the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"***Disinterested Director***" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"***Enterprise***" means the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"***Expenses***" include all reasonable and actually incurred attorneys' fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements

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or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of Section 12(d), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"***Proceeding***" means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee's part while acting as a director or officer of the Company, or (iii) the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reference to "***other enterprises***" shall include employee benefit plans; references to "***fines***" shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to "***serving at the request of the Company***" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "***not opposed to the best interests of the Company***" as referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Indemnity in Third-Party Proceedings.** The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Indemnity in Proceedings by or in the Right of the Company.** The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court of Chancery or such other court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Indemnification for Expenses of a Party Who is Wholly or Partly Successful.** To the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Indemnification for Expenses of a Witness.** To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Additional Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or matter therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of Section 6(a), the meaning of the phrase "***to the fullest extent permitted by applicable law***" shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Exclusions.** Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any Proceeding (or any part of any Proceeding):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, in either case as required under any clawback or compensation recovery policy adopted by the Company, applicable securities exchange and association listing requirements, including, without limitation, those adopted in accordance with Rule 10D-1 under the Securities Exchange Act of 1934, as amended, and/or the Securities Exchange Act of 1934, as amended (including, without limitation, any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "***Sarbanes-Oxley Act***"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company's board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d) or (iv) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)if prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Advances of Expenses.** The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding prior to its final disposition, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 90 days, after the receipt by the Company of a written statement or statements requesting such advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee's ability to repay such advances. Indemnitee hereby undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 7(b) or 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Procedures for Notification and Defense of Claim.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it

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may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors' and officers' liability insurance in effect that may be applicable to the Proceeding, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company's assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee's separate counsel to the extent (i) the employment of separate counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations or (iv) the Company shall not have retained, or shall not continue to retain, counsel to defend such Proceeding. The Company shall have the right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's personal expense. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the Company's prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or liability on Indemnitee without Indemnitee's prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Procedures upon Application for Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. Any delay in providing the request will not relieve the Company from its obligations under this Agreement, except to the extent such failure is prejudicial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination with respect to Indemnitee's entitlement thereto shall be made in the specific case (i) if a

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Change in Control shall have occurred, by Independent Counsel in a written opinion to the Company's board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Company's board of directors, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Company's board of directors, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company's board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company's board of directors, by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Company's board of directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company's board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided*, *however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company agrees to pay the reasonable fees and expenses of any Independent Counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Presumptions and Effect of Certain Proceedings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Remedies of Indemnitee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 12(e), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(d) of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10 of this Agreement within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 4, 5 and 12(d) of this Agreement, within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration with respect to his or her entitlement to such indemnification or advancement of Expenses, to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); *provided, however,* that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 4 of this Agreement. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration

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commenced pursuant to this Section 12 shall be conducted in all respects as a *de novo* trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statements not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are incurred by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company to the extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 90 days, after receipt by the Company of a written request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification shall be required to be made prior to the final disposition of the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Contribution.** To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and agents) in connection with such events and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**Non-exclusivity.** The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company's certificate of incorporation or bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company's certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as

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expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Reserved.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**No Duplication of Payments.** The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**Insurance.** To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by such policy or policies to the same extent as the most favorably-insured persons under such policy or policies in a comparable position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**Subrogation.** In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**Services to the Company.** Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without notice, except as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the Company's board of directors or, with respect to service as a director or officer of the Company, the Company's certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof. [Indemnitee acknowledges that Indemnitee serves as an officer of the Company. Indemnitee consents to be identified as an officer of the Company for purposes of Section 3114(b) of the DGCL. Indemnitee acknowledges that (a) Indemnitee is deemed to have consented to the appointment of the registered agent of the Company (or, if there is none, the Delaware Secretary of State) as an agent upon whom service of process may be made in all civil actions or proceedings brought in the State of Delaware, by or on behalf of, or against the Company, in which Indemnitee is a necessary or proper party, or in any action or proceeding against Indemnitee for violation of a duty in Indemnitee's capacity as an officer of the Company, whether or not Indemnitee continues to serve as an officer at the time suit is commenced; and (b) Indemnitee's acceptance of appointment, or Indemnitee's service, as an officer of the Company shall be a signification of Indemnitee's consent that any process when so served shall be of the same legal force and validity as if served upon Indemnitee within the State of Delaware and such appointment of the registered agent of the Company (or, if there is none, the Delaware Secretary of State) shall be irrevocable.]<sup>1</sup>

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<sup>1</sup> Note: to include for Officers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**Duration.** This Agreement shall continue until and terminate upon the later of (a) ten years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as applicable; or (b) one year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**Successors.** This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect successor, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Company, and shall inure to the benefit of Indemnitee and Indemnitee's heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**Severability.** Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**Enforcement.** The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**Entire Agreement.** This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; *provided*, *however*, that this Agreement is a supplement to and in furtherance of the Company's certificate of incorporation and bylaws and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**Modification and Waiver.** No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.**Notices.** All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if to Indemnitee, to Indemnitee's address, facsimile number or electronic mail address as shown on the signature page of this Agreement or in the Company's records, as may be updated in accordance with the provisions hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 831 Pearl Street, Boulder, CO 80302, or at such other current address as the Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to Matthew Dubofsky, Wilson Sonsini Goodrich & Rosati, P.C., 1881 9th Street, Suite 110, Boulder, CO 80302-5148.

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent *via* a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), (ii) if sent *via* mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent *via* facsimile, upon confirmation of facsimile transfer or, if sent *via* electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient's next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.**Applicable Law and Consent to Jurisdiction.** This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801, as its agent in the State of Delaware as such party's agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.**Counterparts.** This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.**Captions.** The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

(*signature page follows*)

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The parties are signing this Indemnification Agreement as of the date stated in the introductory sentence.

**GLOO HOLDINGS, INC.**

(*Signature*)

(*Print name*)

(*Title*)

[***INSERT INDEMNITEE NAME***]

(*Signature*)

(*Print name*)

(*Street address*)

(*City, State and ZIP*)

(*Signature page to Indemnification Agreement*)

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## Exhibit 10.4

**Exhibit 10.4**

**GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

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**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| **<u>SECTION</u>** |  | **<u>PAGE</u>** |
| **<u>ARTICLE I</u> <u>ESTABLISHMENT</u>** | **<u>ARTICLE I</u> <u>ESTABLISHMENT</u>** | 1 |
| 1.1 | **<u>Purpose</u>** | 1 |
| **<u>ARTICLE II</u> <u>DEFINITIONS</u>** | **<u>ARTICLE II</u> <u>DEFINITIONS</u>** | 1 |
| 2.1 | <u>"</u>**<u>Affiliate</u>**<u>"</u> | 1 |
| 2.2 | <u>"</u>**<u>Award</u>**<u>"</u> | 1 |
| 2.3 | <u>"</u>**<u>Beneficiary</u>**<u>"</u> | 1 |
| 2.4 | <u>"</u>**<u>Board of Managers</u>**<u>" or "</u>**<u>Board</u>**<u>"</u> | 1 |
| 2.5 | <u>"</u>**<u>Change in Control</u>**<u>"</u> | 1 |
| 2.6 | <u>"</u>**<u>Code</u>**<u>" or "</u>**<u>Internal Revenue Code</u>**<u>"</u> | 1 |
| 2.7 | <u>"</u>**<u>Commission</u>**<u>"</u> | 2 |
| 2.8 | <u>"</u>**<u>Committee</u>**<u>"</u> | 2 |
| 2.9 | <u>"</u>**<u>Company</u>**<u>"</u> | 2 |
| 2.10 | <u>"</u>**<u>Disability</u>**<u>"</u> | 2 |
| 2.11 | <u>"</u>**<u>Effective Date</u>**<u>"</u> | 2 |
| 2.12 | <u>"</u>**<u>Exchange Act</u>**<u>"</u> | 2 |
| 2.13 | <u>"</u>**<u>Fair Market Value</u>**<u>"</u> | 2 |
| 2.14 | <u>"</u>**<u>Grant Date</u>**<u>"</u> | 3 |
| 2.15 | <u>"</u>**<u>NASDAQ</u>**<u>"</u> | 3 |
| 2.16 | <u>"</u>**<u>Nonqualified Unit Option</u>**<u>"</u> | 3 |
| 2.17 | <u>"</u>**<u>Operating Agreement</u>**<u>"</u> | 3 |
| 2.18 | <u>"</u>**<u>Option Period</u>**<u>"</u> | 3 |
| 2.19 | <u>"</u>**<u>Option Price</u>**<u>"</u> | 3 |
| 2.20 | <u>"</u>**<u>Participant</u>**<u>"</u> | 3 |
| 2.21 | <u>"</u>**<u>Plan</u>**<u>"</u> | 3 |
| 2.22 | <u>"</u>**<u>Public Offering</u>**<u>"</u> | 3 |
| 2.23 | <u>"</u>**<u>Representative</u>**<u>"</u> | 3 |
| 2.24 | <u>"</u>**<u>Retirement</u>**<u>"</u> | 4 |
| 2.25 | <u>"</u>**<u>Rule 16b-3</u>**<u>"</u> | 4 |
| 2.26 | <u>"</u>**<u>Securities Act</u>**<u>"</u> | 4 |
| 2.27 | <u>"</u>**<u>Unit Option</u>**<u>" or "</u>**<u>Option</u>**<u>"</u> | 4 |
| 2.28 | <u>"</u>**<u>Unitholder</u>**<u>"</u> | 4 |
| 2.29 | <u>"</u>**<u>Units</u>**<u>"</u> | 4 |
| 2.30 | <u>"</u>**<u>Termination of Employment</u>**<u>"</u> | 4 |
| **<u>ARTICLE III</u> <u>ADMINISTRATION</u>** | **<u>ARTICLE III</u> <u>ADMINISTRATION</u>** | 5 |
| <u>3.1</u> | **<u>Committee Structure and Authority</u>** | 5 |

---

------

---

| | | |
|:---|:---|:---|
| **<u>ARTICLE IV</u> <u>UNITS SUBJECT TO PLAN</u>** | **<u>ARTICLE IV</u> <u>UNITS SUBJECT TO PLAN</u>** | 7 |
| 4.1 | **<u>Number of Units</u>** | 7 |
| 4.2 | **<u>Release of Units</u>** | 7 |
| 4.3 | **<u>Restrictions on Units</u>** | 7 |
| 4.4 | **<u>Unitholder Rights</u>** | 7 |
| 4.5 | **<u>Adjustments</u>** | 8 |
| **<u>ARTICLE V</u> <u>ELIGIBILITY</u>** | **<u>ARTICLE V</u> <u>ELIGIBILITY</u>** | 9 |
| 5.1 | **<u>Eligibility</u>** | 9 |
| **<u>ARTICLE VI</u> <u>UNIT OPTIONS</u>** | **<u>ARTICLE VI</u> <u>UNIT OPTIONS</u>** | 9 |
| 6.1 | **<u>General</u>** | 9 |
| 6.2 | **<u>Grant and Exercise</u>** | 9 |
| 6.3 | **<u>Terms and Conditions</u>** | 9 |
| (a) | **<u>Option Period</u>** | 9 |
| (b) | **<u>Option Price</u>** | 10 |
| (c) | **<u>Exercisability</u>** | 10 |
| (d) | **<u>Method of Exercise</u>** | 10 |
| (e) | **<u>Non-transferability of Options</u>** | 11 |
| 6.4 | **<u>Termination by Reason of Death</u>** | 11 |
| 6.5 | **<u>Termination by Reason of Disability</u>** | 12 |
| 6.6 | **<u>Other Termination</u>** | 12 |
| **<u>ARTICLE VII</u> <u>PROVISIONS APPLICABLE TO OPTIONS AND UNITS ACQUIRED UNDER THE PLAN</u>** | **<u>ARTICLE VII</u> <u>PROVISIONS APPLICABLE TO OPTIONS AND UNITS ACQUIRED UNDER THE PLAN</u>** | 12 |
| 7.1 | **<u>Partner Status</u>** | 12 |
| 7.2 | **<u>Operating Agreement</u>** | 12 |
| 7.3 | **<u>Confidentiality, Intellectual Property Ownership and Noncompete</u>** | 12 |
| 7.4 | **<u>Special Provisions</u>** | 13 |
| **<u>ARTICLE VIII</u> <u>CHANGE IN CONTROL PROVISIONS</u>** | **<u>ARTICLE VIII</u> <u>CHANGE IN CONTROL PROVISIONS</u>** | 14 |
| 8.1 | **<u>Impact of Event</u>** | 14 |
| 8.2 | **<u>Definition of Change in Control</u>** | 15 |
| **<u>ARTICLE IX</u> <u>MISCELLANEOUS</u>** | **<u>ARTICLE IX</u> <u>MISCELLANEOUS</u>** | 15 |
| 9.1 | **<u>Amendments and Termination</u>** | 15 |
| 9.2 | **<u>Form and Timing of Payment Under Awards; Deferrals</u>** | 16 |
| 9.3 | **<u>Unfunded Status of Plan; Limits on Transferability</u>** | 16 |
| 9.4 | **<u>General Provisions</u>** | 16 |
| (a) | **<u>Representation and Legend</u>** | 16 |
| (b) | **<u>No Additional Obligation</u>** | 17 |
| (c) | **<u>Withholding</u>** | 17 |
| (d) | **<u>Designation of Representative</u>** | 17 |
| (e) | **<u>Controlling Law</u>** | 17 |
| (f) | **<u>Offset</u>** | 17 |
| (g) | **<u>Fail Safe</u>** | 18 |

---

ii

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9.5  **<u>No Rights with Respect to Continuance of Employment</u>** 18

9.6  **<u>Procedure for Adoption</u>** 18

9.7  **<u>Procedure for Withdrawal</u>** 18

9.8  **<u>Delay</u>** 18

9.9  **<u>Headings</u>** 19

9.10  **<u>Severability</u>** 19

9.11  **<u>Successors and Assigns</u>** 19

9.12  **<u>Entire Agreement</u>** 19

9.13  **<u>Code Section 409A</u>** 19

iii

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**GLOO HOLDINGS, LLC**

**<u>MEMBERSHIP UNIT OPTION PLAN</u>**

**<u>ARTICLE I</u>** 

**<u>ESTABLISHMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **<u>Purpose</u>**. The Gloo Holdings, LLC Membership Unit Option Plan ("Plan") is hereby established by Gloo Holdings, LLC, a Delaware limited liability company ("Company"), effective December 15, 2014 (the "Effective Date"). The purpose of the Plan is to promote the overall financial objectives of the Company and its Unitholders by motivating those persons selected to participate in the Plan to achieve long-term growth in Unitholder equity in the Company and by retaining the association of those individuals who are instrumental in achieving this growth.

**<u>ARTICLE II</u>** 

**<u>DEFINITIONS</u>**

For purposes of the Plan, the following terms are defined as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "**<u>Affiliate</u>**" means any individual, corporation, limited liability company, association, joint-stock company, trust, unincorporated association, partnership or other entity (other than the Company) that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company. For purposes of this Section 2.1, "control" shall mean having a majority equity interest in the applicable entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 "**<u>Award</u>**" means any Unit Option, together with any other right or interest granted to a Participant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 "**<u>Beneficiary</u>**" means the person, persons, trust or trusts which have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant's death or to which Awards or other rights are transferred if and to the extent permitted hereunder. If, upon a Participant's death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the Participant's Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 "**<u>Board of Managers</u>**" or "**<u>Board</u>**" means the "Manager" or any "Board of Managers" of the Company as set forth in the Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "**<u>Change in Control</u>**" has the meaning set forth in Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "**<u>Code</u>**" or "**<u>Internal Revenue Code</u>**" means the Internal Revenue Code of 1986, as amended, Treasury Regulations (including proposed regulations) thereunder and any successor statute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "**<u>Commission</u>**" means the Securities and Exchange Commission or any successor agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "**<u>Committee</u>**" means the Board, unless the Board delegates administration of the Plan to such individual or individuals as may be designated by the Board to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "**<u>Company</u>**" means Gloo Holdings, LLC, a Delaware limited liability company, and includes any successor or assignee entity, corporation or corporations into which the Company may be merged, changed or consolidated; any corporation or entity for whose securities all or substantially the securities of the Company shall be exchanged; and any assignee of or successor to substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 "**<u>Disability</u>**" means a mental or physical illness that entitles the Participant to receive benefits under the long-term disability plan of the Company or an Affiliate, or if the Participant is not covered by such a plan or the Participant is not an employee of the Company or an Affiliate, a mental or physical illness that in the Committee's opinion renders a Participant totally and permanently incapable of performing the Participant's duties for the Company or an Affiliate. Notwithstanding the foregoing, a Disability shall not qualify under this Plan if it is the result of (a) a willfully self-inflicted injury; or (b) an injury contracted, suffered, or incurred while participating in a criminal offense. The determination of Disability shall be made by the Committee. The determination of Disability for purposes of this Plan shall not be construed to be an admission of disability for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "**<u>Effective Date</u>**" means January 1, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "**<u>Exchange Act</u>**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "**<u>Fair Market Value</u>**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to a Public Offering, the value determined from time to time as of a specific date (each a "Valuation Date") on the basis of the good faith determination of the Committee, provided, however, that to the extent the Unit Options are intended to be exempt from the provisions of Code Section 409A, "Fair Market Value" shall be determined in a manner intended to meet the fair market value requirements of Treasury Regulation Section 1.409A-1(b)(5)(iv); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on or after a Public Offering, the value determined on the basis of the good faith determination of the Committee, without regard to whether the Units are restricted or represent a minority interest, pursuant to the applicable method described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Units are listed on a national securities exchange or quoted on NASDAQ, the last reported sale price of the Units, as reported by the principal national exchange on which such securities are traded (in the case of an exchange) or by NASDAQ, as the case may be, as of the close of trading on the preceding day; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Units are not listed on a national securities exchange or quoted on NASDAQ, but are actively traded in the over-the-counter market, the average of the closing bid and ask prices for the Units, as of the close of trading on the preceding day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, on the relevant date, the Units are not publicly traded or reported as described in (i) or (ii), the value determined in good faith by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "**<u>Grant Date</u>**" means the date as of which an Award is granted pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "**<u>NASDAQ</u>**" means The NASDAQ Stock Market, including the NASDAQ National Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "**<u>Nonqualified Unit Option</u>**" means an Option to purchase Units in the Company granted under the Plan, the taxation of which is pursuant to section 83 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "**<u>Operating Agreement</u>**" means the Operating Agreement of the Company, as it may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "**<u>Option Period</u>**" means the period during which an Option shall be exercisable, which, unless otherwise specified by the Committee, shall be the full period specified by Section 6.3(a), subject to the vesting provisions of Section 6.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "**<u>Option Price</u>**" means the price at which the Units may be purchased under an Option as provided in Section 6.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "**<u>Participant</u>**" means a person who has satisfied the eligibility conditions of Article V and to whom an Award has been granted by the Committee under the Plan, and in the event a Representative is appointed for a Participant or another person becomes a Representative, then the term "Participant" shall mean such Representative. The term shall also include a trust for the benefit of the Participant, a partnership the interest of which was held by or for the benefit of the Participant, the Participant's parents, spouse or descendants, or a custodian under a uniform gifts to minors act or similar statute for the benefit of the Participant's descendants, to the extent permitted by the Committee pursuant to an Award and not inconsistent with Rule 16b-3. Notwithstanding the foregoing, the term "Termination of Employment" shall mean the Termination of Employment of the person to whom the Award was originally granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "**<u>Plan</u>**" means the Gloo Holdings, LLC Membership Unit Option Plan, as herein set forth and as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "**<u>Public Offering</u>**" means the consummation of an initial public offering of Units registered under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "**<u>Representative</u>**" means (a) the person or entity acting as the executor or administrator of a Participant's estate pursuant to the last will and testament of a Participant or pursuant to the laws of the jurisdiction in which the Participant had the Participant's primary residence at the date of the Participant's death; (b) the person or entity acting as the guardian or

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temporary guardian of a Participant; (c) the person or entity which is the Beneficiary of the Participant upon or following the Participant's death; or (d) any person to whom a Unit Option has been permissibly transferred; provided that only one of the foregoing shall be the Representative at any point in time as determined under applicable law and recognized by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 "**<u>Retirement</u>**" means the Participant's Termination of Employment after attaining either the normal retirement age or the early retirement age as defined in the principal (as determined by the Committee) tax-qualified plan of the Company or another Affiliate, if the Participant is covered by such a plan, or if the Participant is not covered by such a plan, then age 65.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "**<u>Rule 16b-3</u>**" means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Commission under Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "**<u>Securities Act</u>**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 "**<u>Unit Option</u>**" or "**<u>Option</u>**" means a right, granted to a Participant under Section 6.1 hereof, to purchase Units at a specified price during specified time periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 "**<u>Unitholder</u>**" means any individual or entity which owns a membership interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 "**<u>Units</u>**" shall mean "Common Membership Units" of the Company as described in the Operating Agreement or any successor Operating Agreement of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 "**<u>Termination of Employment</u>**" means the occurrence of any act or event, whether pursuant to an employment agreement or otherwise, that actually or effectively causes or results in the person's ceasing, for whatever reason, to be an officer, consultant, director or employee of the Company or of any Affiliate, or to be an officer, consultant, director or employee of any entity that provides services to the Company or an Affiliate, including, without limitation, death, Disability, dismissal, severance at the election of the Participant, Retirement, or severance as a result of the discontinuance, liquidation, sale or transfer by the Company or its Affiliates of all or substantially all of the assets owned or operated by the Company or its Affiliates. With respect to any person who is not an employee of the Company or an Affiliate, Termination of Employment means the termination or expiration of the relationship giving rise to the grant of an Award, unless within 30 days of such expiration or termination such individual becomes an employee, director, consultant, or officer of the Company, an Affiliate, or an entity that provides service to the Company or an Affiliate. A transfer of employment (including the termination of a Participant and the hiring of such person within 30 days of the termination) from the Company to an Affiliate, from an Affiliate to the Company, or from an Affiliate to an Affiliate shall not be a Termination of Employment, unless otherwise expressly determined by the Committee. A transfer of employment (including the termination of a Participant and the hiring of such person within 30 days of the termination) from the Company or an Affiliate to an entity that provides services to the Company or an Affiliate shall be a Termination of Employment, unless otherwise expressly determined by the Committee. A Termination of Employment shall occur for a person who is employed by an Affiliate of the Company if the Affiliate shall cease to be an Affiliate and (a)

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within 30 days of such cessation the Participant does not become an employee of the Company or another Affiliate of the Company or (b) the Company does not expressly determine otherwise.

In addition, certain other terms used herein have definitions given to them in the first place in which they are used.

**<u>ARTICLE III</u>** 

**<u>ADMINISTRATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Committee Structure and Authority.</u>** The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum at any meeting thereof (including by telephone conference) and the acts of a majority of the members present, or acts approved in writing by a majority of the entire Committee without a meeting, shall be the acts of the Committee for purposes of this Plan. The Committee may authorize any one or more of its members or an officer of the Company to execute and deliver documents on behalf of the Committee. The Committee shall not exercise any discretion respecting any member of the Committee under the Plan without the approval of such actions by the Board. The Board shall have the authority to remove, replace or fill any vacancy of any member of the Committee upon notice to the Committee and the affected member. Any member of the Committee may resign upon notice to the Board. A person shall cease to be a Committee member automatically upon his or her resignation or removal from the Board. The Committee may allocate among one or more of its members, or may delegate to one or more of its agents, such duties and responsibilities as it determines.

Among other things, the Committee shall have the authority, subject to the terms of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to select those persons to whom Awards may be granted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine whether and to what extent Awards or any combination thereof are to be granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine the number of Units to be covered by each Award of Unit Options granted pursuant to Options hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to determine the terms and conditions of any Award granted hereunder (including, but not limited to, the Option Price, the Option Period, any exercise restriction or limitation and any exercise acceleration, forfeiture or waiver regarding any Award, any Units relating thereto, any performance criteria and the satisfaction of each criteria);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to adjust the terms and conditions, at any time or from time to time, of any Award, subject to the limitations of Section 9.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to determine under what circumstances an Option may be settled in cash or Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to provide for forms to be utilized in connection with the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to determine whether a Participant has incurred a Disability or a Retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to determine what securities law requirements are applicable to the Plan, Awards and the issuance of Units under the Plan and to require of a Participant that appropriate action be taken with respect to such requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to cancel, with the consent of the Participant or as otherwise provided in the Plan, outstanding Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to interpret and make final determinations with respect to the remaining number of Unit Options available under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to require, as a condition of the exercise of an Unit Option or the issuance or transfer of a certificate of Units, the withholding from a Participant of the amount of any federal, state or local taxes as may be required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to determine whether and with what effect a Participant has incurred a Termination of Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to determine whether the Company or any other person has a right or obligation to purchase Units from a Participant and, if so, the terms and conditions on which such Units are to be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to determine the restrictions or limitations on the transfer of Unit Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to determine whether an Award is to be adjusted, modified or purchased, or is to become fully exercisable, under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to determine the permissible methods of Award exercise and payment, including cashless exercise arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to adopt, amend and rescind such rules and regulations as, in its opinion, may be advisable in the administration of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to appoint and compensate agents, counsel, auditors or other specialists to aid it in the discharge of its duties.

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The Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any forms relating to the Plan) and to otherwise supervise the administration of the Plan. The Committee's policies and procedures may differ with respect to Awards granted at different times or to different Participants.

Any determination made by the Committee pursuant to the provisions of the Plan shall be made in its sole discretion, and in the case of any determination relating to an Award, may be made at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Participants. No determination shall be subject to de novo review if challenged in state or federal court.

**<u>ARTICLE IV</u>** 

**<u>UNITS SUBJECT TO PLAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Number of Units.</u>** Subject to any adjustment under Section 4.6, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 2,300,000 Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>Release of Units</u>.** If any Units that are subject to any Award cease to be subject to an Award or are forfeited, if any Award otherwise terminates without issuance of Units being made to the Participant, or if any Units (whether or not restricted) are received by the Company in connection with the exercise of an Award, including the satisfaction of any tax withholding obligation, such Units, in the discretion of the Committee, may again be available for distribution in connection with Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **<u>Restrictions on Units.</u>** Units issued as or in conjunction with an Award shall be subject to the terms and conditions specified herein and to such other terms, conditions and restrictions as the Committee in its discretion may determine or provide. The Company shall not be required to issue or deliver any certificates for Units or cash prior to the satisfaction of any applicable withholding obligation. The Company may cause any certificate for any Units to be delivered to be properly marked with a legend or other notation reflecting the limitations on transfer of such Units as provided in this Plan or as the Committee may otherwise require. The Committee may require any person exercising an Award to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of the Units in compliance with applicable law or otherwise. The Committee, in its sole discretion, may provide with respect to any or all Awards that fractional Units shall not be delivered, but shall be rounded to the next lower whole number of Units with appropriate payment for such fractional Units as shall reasonably be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **<u>Unitholder Rights</u>.** No person shall have any rights of a Unitholder as to Units subject to an Award until, after proper exercise of the Award or other required action, such Units

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are recorded on the Company's official Unitholder records as having been issued or transferred. Upon exercise of the Award (or any portion thereof) and the satisfaction of the requirements for issuance except as prohibited by applicable law, the Company will immediately issue the Units, and shall have up to ten (10) days to certificate such Units and the Participant will not be treated as a Unitholder for any purpose whatsoever prior to such issuance. No adjustment shall be made for distributions, cash dividends or other rights for any record date which is prior to the date such Units are recorded as issued or transferred in the Company's official Unitholder records, except as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **<u>Adjustments.</u>** In the event of any Company Unit distribution, Unit split, combination or exchange of Units, recapitalization or other change in the capital structure of the Company, separation or division of the Company (including, but not limited to, a split-up, spin-off, split-off or distribution to Company Unitholders other than a normal cash distribution), sale by the Company of all or a substantial portion of its assets (measured on either a stand-alone or consolidated basis), reorganization, rights offering, a partial or complete liquidation, or any other similar transaction, Company Unit offering or event involving the Company and having an effect similar to any of the foregoing, then the Committee shall adjust or substitute, as applicable, the number of Units available for Awards under the Plan, the number of Units covered by outstanding Awards, the exercise price per Unit of outstanding Awards, and performance conditions and any other characteristics or terms of the Awards as the Committee shall deem necessary or appropriate to reflect equitably the effects of such changes to the Participants; provided, however, that the Committee may limit any such adjustment so as to maintain the deductibility of the Awards under Section 162(m) and may, in its sole discretion, provide that any fractional Units resulting from such adjustment shall be eliminated by rounding to the next lower whole number of Units with appropriate cash payment for such fractional Units as shall reasonably be determined by the Committee. Notwithstanding the foregoing, no Units shall include preemption or antidilution rights of any kind unless such rights are specifically set forth in the Company's Operating Agreement.

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**<u>ARTICLE V</u>**

**<u>ELIGIBILITY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **<u>Eligibility.</u>** Except as herein provided, the persons who shall be eligible to participate in the Plan and be granted Awards shall be those persons (a) who are owners, officers, employees, managers and consultants of the Company, any Affiliate of the Company, or any entity that provides services to the Company or any Affiliate of the Company, and (b) who shall be in a position, in the opinion of the Committee, to make contributions to the growth and success of the Company and its Affiliates. Of those persons described in the preceding sentence, the Committee may, from time to time, select persons to be granted Awards and shall determine the terms and conditions with respect thereto. The Committee may give consideration to the person's functions and responsibilities, the person's contributions to his or her employer, the value of the individual's service to his or her employer and such other factors deemed relevant by the Committee. The Committee may designate in writing any person not eligible to participate in the Plan even if such person would otherwise be eligible to participate in this Plan. If a Commission Form S-8 has not been filed in connection with the Plan, then no Award shall be granted to any person hereunder unless the Committee determines that the grant and exercise of an Award is exempt from registration with the Commission under the Securities Act.

**<u>ARTICLE VI</u>** 

**<u>UNIT OPTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **<u>General.</u>** The Committee shall have authority to grant Unit Options under the Plan at any time or from time to time. A Unit Option shall entitle the Participant to receive Units upon exercise of such Option, subject to the Participant's satisfaction in full of any conditions, restrictions or limitations imposed in accordance with the Plan, including, without limitation, payment of the Option Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **<u>Grant and Exercise.</u>** The grant of a Unit Option shall occur as of the date the Committee determines. Any Unit Option issued pursuant to the Plan shall constitute a Nonqualified Unit Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **<u>Terms and Conditions.</u>** Unit Options shall be subject to such terms and conditions as shall be set forth in the Plan and/or determined by the Committee, including (but not limited to) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Option Period.</u>** The Option Period of each Unit Option shall be fixed by the Committee; provided that no Unit Option shall be exercisable more than ten (10) years after the date the Unit Option is granted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Option Price.</u>** The Option Price per Unit of the Units purchasable under a Unit Option shall be the Fair Market Value on the effective date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Exercisability</u>**. Subject to Section 9.1, forty (40%) of the Unit Options shall vest and become exercisable on the second anniversary of the vesting commencement date (described in an Award notice) and twenty (20%) of the Unit Options shall vest and become exercisable annually thereafter for a period of three years; provided, however, that the Committee may, at its sole discretion, determine to apply a different vesting schedule with respect to any grant as of the time of such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Method of Exercise</u>**. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary at his or her office of all of the following prior to the time when the Option or such portion becomes unexercisable under the terms of the Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notice in writing signed by the Optionee or the other person entitled to exercise the Option or portion, stating that the Option or portion is thereby exercised, such notice complying with all applicable rules established by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Full payment (in cash or by check) for the Units with respect to which such Option or portion is being exercised; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A bona fide written representation and agreement, in a form satisfactory to the Board, signed by the Optionee or other person then entitled to exercise such Option or portion, stating that the Units are being acquired for the individual's own account, for investment and without any present intention of distributing or reselling said Units or any of them except as may be permitted under the Securities Act and then applicable rules and regulations thereunder, and that the Optionee or other person then entitled to exercise such Option or portion will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the Units by such person is contrary to the representation and agreement referred to above. The Board may, in its absolute discretion, take whatever additional actions it deems appropriate to insure the observance and performance of such representation and agreement and to effect compliance with the Securities Act and any other federal or state securities laws or regulations. Without limiting the generality of the foregoing, the Board may require an opinion of counsel acceptable to it to the effect that any subsequent transfer of Units acquired on an Option exercise does not violate the Securities Act, and may issue stop-transfer orders covering such interests. Certificates evidencing Units issued on exercise of this Option shall bear an appropriate legend referring to the provisions of this subsection (iii) and the agreements herein. The written representation and agreement referred to in the first sentence of this subsection (iii) shall, however, not be required if the interests to be issued pursuant to such exercise have been registered under the Securities Act, and such registration is then effective in respect thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full payment to the Company (or other employer) is made of all amounts which, under federal, state or local tax law, it is required to withhold upon exercise of the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In the event the Option or portion shall be exercised pursuant to the terms of an Award by any person or persons other than the Optionee, appropriate proof of the right of such person or persons to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Non-transferability of Options</u>**. Except as provided herein, no Unit Option or interest therein shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all Unit Options shall be exercisable during the Participant's lifetime only by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **<u>Termination by Reason of Death</u>**. If a Participant incurs a Termination of Employment due to death, any unexpired and unexercised Unit Option held by such Participant that are vested on the date of death shall remain exercisable in accordance with its terms for a period of one (1) year following the date of the Participant's death or until the expiration of the Option Period, whichever period is the shorter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **<u>Termination by Reason of Disability</u>**. If a Participant incurs a Termination of Employment due to a Disability, any unexpired and unexercised Unit Option held by such Participant that are vested on the date of disability shall remain exercisable by the Participant for the one (1) year period immediately following the date of such Termination of Employment or until the expiration of the Option Period, whichever period is shorter, and the Participant's death at any time following such Termination of Employment due to Disability shall not affect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **<u>Other Termination</u>**. If a Participant incurs a voluntary or involuntary Termination of Employment (not due to death or Disability), any Unit Option held by such Participant shall thereupon terminate, except that such Unit Option, to the extent then exercisable, may be exercised for the lesser of the thirty (30) day period commencing with the date of such Termination of Employment or until the expiration of the Option Period, provided, however, that in the event a Participant incurs an involuntary Termination of Employment for misconduct that, in the sole discretion of the Company, adversely affects the business, operations or management of the Company, then in such case the Unit Option shall terminate immediately, including with respect to any Unit Options that were otherwise exercisable. The death or Disability of a Participant after a Termination of Employment shall not extend the time permitted to exercise an Option.

## <u>ARTICLE VII</u> 
**PROVISIONS APPLICABLE TO OPTIONS**

**<u>AND UNITS ACQUIRED UNDER THE PLAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **<u>Partner Status</u>**. No participant issued a Unit Option pursuant to the Plan shall be considered a partner, stockholder or member of the Company for any purpose by reason of the issuance of such Unit Option until the participant is actually issued Units following exercise of an option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **<u>Operating Agreement.</u>** Unless and until there is a Public Offering, at which time this Section 7.2 shall be ineffective, all Units acquired pursuant to an Award to any person or organization shall be subject to the terms of any then existing Operating Agreement governing Unitholders owning 51% or more of the total number of issued and outstanding Units including, but not limited to, provisions governing the establishment of a voting trust, restrictions on transfer, rights of first refusal, and involuntary transfers as these and other terms and provisions are defined or set forth in the Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **<u>Confidentiality, Intellectual Property Ownership and Noncompete.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As a condition to receipt of an Option, each Participant shall execute a proprietary information and inventions agreement ("PIIA Agreement") with the Company or its Affiliate, as the case may be, in a form satisfactory to the Company. If a Participant violates the terms and conditions of the PIIA Agreement (1) during the Participant's employment with the Company or an Affiliate or, if applicable, during the period of Participant's other relationship with the Company or an Affiliate giving rise to the issuance of the Option, or (2) within nine months of the date the Participant exercises any portion of the Option, as the case may be, such Participant shall forfeit all unexercised Options and shall pay the

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Company an amount equal to all Option Gain from Options exercised within nine (9) months of such violation. For purposes of this Section 7.3, the term "Option Gain" shall be defined as the gain represented by the Fair Market Value per Unit on the date of exercise reduced by the exercise price per Unit, multiplied by the number of Units purchased, without regard to whether such Units are sold or any subsequent market price decrease or increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of subsection 7.3(a), the Committee may release a Participant from his obligations under this Section 7.3, in its sole discretion. In addition, at the time of any exercise of an Option, such Participant shall be required to truthfully certify that (1) such Participant is in compliance with the terms and conditions of the PIIA Agreement and (2) any failure to continue to comply with the PIIA Agreement will subject such Participant's Option Gain to forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **<u>Special Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Absence of Conflicting Agreements</u>**. Each Participant receiving an Option or Units pursuant to the terms of the Plan warrants and covenants that his employment by the Company and his agreement to comply with the provisions of this Article VII do not and will not result in a breach of the terms, conditions or provisions of any agreement, order, judgment or decree to which a Participant is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of the Plan, any and all unexercised Options and all rights under the Plan of any Participant or former Participant who received such Option (or his or her designated beneficiary or legal representatives) and the right to exercise any such Options, shall be forfeited if, prior to the time of such exercise, the employee, former employee or consultant shall violate any agreement, duty, or obligation to the Company regarding confidentiality, non-competition or nonsolicitation contained in the Plan or in any other agreement between the Company and a Participant.

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**<u>ARTICLE VIII</u>** 

**<u>CHANGE IN CONTROL PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **<u>Impact of Event</u>**. The following provisions will apply to Unit Options in the event of a Change in Control unless otherwise provided in the instrument evidencing the Unit Option or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Committee at the time of grant of any Unit Option. In the event of a Change in Control, then, notwithstanding any other provision of the Plan, the Committee may take one or more of the following actions with respect to Unit Options, contingent upon the closing or completion of the Change in Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue the Unit Option or to substitute a similar award for the Unit Option (including, but not limited to, an award to acquire the same consideration paid to the Unitholders of the Company pursuant to the Change in Control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Units issued pursuant to the Unit Option to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** accelerate the vesting, in whole or in part, of the Unit Option (and, if applicable, the time at which the Unit Option may be exercised) to a date prior to the effective time of such Change in Control as the Committee determines (or, if the Committee does not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such Unit Option terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control; provided, however, that the Committee may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Change in Control, which exercise is contingent upon the effectiveness of such Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Unit Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** cancel or arrange for the cancellation of the Unit Option, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for such cash consideration, if any, as the Committee, in its sole discretion, may consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** make a payment, in such form as may be determined by the Committee equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Unit Option immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection

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with such exercise. For clarity, this payment may be $0 if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Company's Common Stock in connection with the Change in Control is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

The Committee need not take the same action or actions with respect to all Unit Options or portions thereof or with respect to all Participants. The Committee may take different actions with respect to the vested and unvested portions of a Unit Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **<u>Definition of Change in Control</u>**. For purposes of the Plan a Change in Control shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The acquisition, subsequent to the Effective Date, other than by the laws of descent and distribution, by a person (including a group or person, within the meaning of Section 13(d) (3) or 14 (d) (2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), other than the Company or any of its affiliates, or any profit-sharing, employee membership units, employee pension or other employee plan established or maintained by the Company or any of its affiliates, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act), except for an acquisition pursuant to a stock split or stock dividend, of the Company's outstanding membership units if, immediately after such acquisition, such person (other than current members or groups of current members) shall beneficially own 50% or more of the combined voting power of the Company's then outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The first purchase subsequent to the Effective Date, under a tender offer or exchange offer of at least 20% of the membership interests of the then current members of the Company, other than an offer by the Company or any of its affiliates, pursuant to which the Company's outstanding membership units have been purchased; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Approval by the Members of the Company subsequent to the Effective Date of a liquidation or dissolution of the Company, or of the sale of all or substantially all of the assets of the Company to a non-Affiliate pursuant to the terms of the Operating Agreement.

**<u>ARTICLE IX</u>** 

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **<u>Amendments and Termination</u>**. The Committee may amend the Plan at any time provided that (a) no amendment shall impair the rights of any Participant under any Award previously granted without the Participant's consent, (b) if the Company is a reporting company under the Exchange Act, no amendment shall disqualify the Plan from an exemption provided by Rule 16b-3, and (c) any amendment shall be subject to the approval or rejection of the Committee. The Committee may amend, alter or discontinue the Plan at any time, but no amendment, alteration

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or discontinuation shall be made which would (x) impair the rights of a Participant under a Unit Option previously granted without the Participant's consent, except such an amendment made to cause the Plan to qualify for an exemption provided by Rule 16b-3 or (y) disqualify the Plan from complying with any exemption provided by Rule 16b-3. In addition, no such amendment shall be made without the approval of the Company's Unitholders to the extent such approval is required by law or by agreement among all the Unitholders.

The Committee may amend the terms of any Award or other Award theretofore granted, prospectively or retroactively, but no such amendment shall impair the rights of any Participant without the Participant's consent or reduce an Option Price, except such an amendment made to cause the Plan or Award to qualify for an exemption provided by Rule 16b-3.

Subject to the above provisions, the Committee shall have authority to amend the Plan to take into account changes in law and tax and accounting rules, as well as other developments, and to grant Awards which qualify for beneficial treatment under such rules without Unitholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **<u>Form and Timing of Payment Under Awards; Deferrals</u>**. Subject to the terms of the Plan, payments to be made by the Company or an Affiliate upon the exercise of an Award or settlement of an Award shall be made in Units and may be made in a single payment or transfer, in installments, or on a deferred basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **<u>Unfunded Status of Plan; Limits on Transferability</u>**. It is intended that the Plan be an "unfunded" plan for incentive and deferred compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Units or make payments; provided, however, that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the "unfunded" status of the Plan. Unless otherwise provided in this Plan, no Award shall be subject to the claims of Participant's creditors and no Award may be transferred, assigned, alienated or encumbered in any way other than by will or the laws of descent and distribution or to a Representative upon the death of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 **<u>General Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Representation and Legend</u>**. The Committee may require each person purchasing or receiving Units pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Units without a view to the distribution thereof. The certificates for such Units shall include the following legend or such other language as the Committee deems appropriate to reflect any restrictions on transfer:

"The membership interests represented by this certificate are transferable only upon compliance with the terms of the GLOO HOLDINGS, LLC MEMBERSHIP UNIT OPTION PLAN ("Plan"), and any existing Operating Agreement covering Unitholders possessing at least 51% of the issued and outstanding membership interests of Gloo Holdings, LLC. A copy of the Plan,

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and the applicable Operating Agreement are on file at the offices of Gloo Holdings, LLC. These securities have not been registered under the Securities Act of 1933, as amended, or state blue sky laws and may not be sold, assigned or alienated in any manner absent registration or an exemption from registration under such Act or applicable state blue sky laws."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>No Additional Obligation</u>**. Nothing contained in the Plan shall prevent the Company or an Affiliate from adopting other or additional compensation arrangements for its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Withholding</u>**. No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal income tax purposes with respect to any Award, the Participant shall pay to the Company (or other entity identified by the Committee), or make arrangements satisfactory to the Company or other entity identified by the Committee regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount required in order for the Company or an Affiliate to obtain a current deduction. Unless otherwise determined by the Committee, withholding obligations may be settled with Units, including Units that are part of the Award that gives rise to the withholding requirement, provided that any applicable requirements under Section 16 of the Exchange Act and accounting rules are satisfied. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Designation of Representative</u>**. The Committee shall establish such procedures as it deems appropriate for a Participant to designate a Representative to whom any amounts payable in the event of the Participant's death are to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Controlling Law</u>**. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware (other than its law respecting choice of law). The Plan shall be construed to comply with all applicable law and to avoid liability to the Company, an Affiliate or a Participant, including, without limitation, liability under Section 16(b) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Offset</u>**. Any amounts owed to the Company or an Affiliate by the Participant of whatever nature may be offset by the Company from the value of any Units, cash or other thing of value under this Plan to be transferred to the Participant, and no Units, cash or other thing of value under this Plan shall be transferred unless and until all disputes between the Company and the Participant have been fully and finally resolved and the Participant has waived all claims to such against the Company or an Affiliate. By participating in the Plan, each Participant expressly consents to this deduction as a result of a violation the terms, conditions and limitations of Section 7.3 of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Fail Safe</u>**. With respect to persons subject to Section 16 of the Exchange Act, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or any other rules promulgated pursuant to Section 16 of the Exchange Act, as applicable. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. Moreover, in the event the Plan does not include a provision required by Rule 16b-3 or any other applicable rule promulgated pursuant to Section 16 of the Exchange Act to be stated herein, such provision (other than one relating to eligibility requirements or the price and amount of Awards) shall be deemed to be incorporated by reference into the Plan with respect to Participants subject to Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 **<u>No Rights with Respect to Continuance of Employment</u>**. Nothing contained herein shall be deemed to alter the relationship between the Company or an Affiliate and a Participant, or the contractual relationship between a Participant and the Company or an Affiliate if there is a written contract regarding such relationship. Nothing contained herein shall be construed to constitute a contract of employment between the Company or an Affiliate and a Participant. The Company or an Affiliate and each of the Participants continue to have the right to terminate the employment or service relationship at any time for any reason, except as provided in a written contract. The Company or an Affiliate shall have no obligation to retain the Participant in its employ or service as a result of this Plan. There shall be no inference as to the length of employment or service hereby, and the Company or an Affiliate reserves the same rights to terminate the Participant's employment or service as existed prior to the individual's becoming a Participant in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 **<u>Procedure for Adoption</u>**. Any Affiliate of the Company may by resolution of such Affiliate's board of directors, with the consent of the Committee and subject to such conditions as may be imposed by the Company, adopt the Plan for the benefit of its employees as of the date specified in the board resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 **<u>Procedure for Withdrawal</u>**. Any Affiliate which has adopted the Plan may, by resolution of the board of directors of such Affiliate, with the consent of the Committee and subject to such conditions as may be imposed by the Committee, terminate its adoption of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 **<u>Delay</u>**. If at the time a Participant incurs a Termination of Employment or if at the time of a Change in Control, the Participant is subject to "shortswing" liability under Section 16 of the Exchange Act, any time period provided for under the Plan to the extent necessary to avoid the imposition of liability shall be suspended and delayed during the period the Participant would be subject to such liability, but not more than six (6) months and one (1) day and not to exceed the Option Period. The Company shall have the right to suspend or delay any time period described in the Plan if the Committee shall determine that the action may constitute a violation of any law or result in liability under any law to the Company, an Affiliate or a Unitholder until such time as the action required or permitted shall not constitute a violation of law or result in liability to the Company, an Affiliate or a Unitholder. The Committee shall have the discretion to suspend the application of the provisions of the Plan required solely to comply with Rule 16b-3 if the Committee shall determine that Rule 16b-3 does not apply to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 **<u>Headings</u>**. The headings contained in this Plan are for reference purposes only and shall not affect the meaning or interpretation of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 **<u>Severability</u>**. If any provision of this Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereby, and this Plan shall be construed as if such invalid or unenforceable provision were omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 **<u>Successors and Assigns</u>**. This Plan shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon a Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant's heirs, legal representatives and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 **<u>Entire Agreement</u>**. This Plan, except where specifically provided for under the terms of the Plan, constitutes the entire agreement with respect to the subject matter hereof and thereof, provided that in the event of any inconsistency between the Plan and any summary, listing, or form, the terms and conditions of this Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 **<u>Code Section 409A</u>**. The Company's intention is that no Unit Option granted under this Plan shall constitute "deferred compensation" under Code Section 409A, and the Plan and the terms of all Unit Options shall be interpreted accordingly. If any provision of the Plan or other Award agreement contravenes any regulations or Treasury guidance promulgated under Code Section 409A or could cause a Unit Option to be subject to the additional tax under Code Section 409A, such provision of the plan or other Award agreement shall be modified to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating Code Section 409A.

Executed on this fifteenth day of December, 2014.

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| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | &nbsp;&nbsp;Scott Beck |
| Title: | &nbsp;&nbsp;President & CEO |

---

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**FIRST AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Directors and the members of Gloo Holdings, LLC, the Plan is hereby amended, effective April 28, 2017, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.6, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 4,500,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this First Amendment to the Gloo Holdings, LLC Membership Unit Option Plan, as adopted on December 15, 2014, the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

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| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

---

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**SECOND AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Managers and the Members of Gloo Holdings, LLC, the Plan is hereby amended, effective October 10, 2018, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.5, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 6,000,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this Second Amendment to the Gloo Holdings, LLC Membership Unit Option Plan, as adopted on December 15, 2014 and amended on April 28, 2017, the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

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| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

---

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**THIRD AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Managers and the Members of Gloo Holdings, LLC, the Plan is hereby amended effective October 7, 2019 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.5, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 7,500,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this Third Amendment to the Gloo Holdings, LLC Membership Unit Option Plan as adopted on December 15, 2014 and amended on April 28, 2017 and October 10, 2018, the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

---

| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

---

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**FOURTH AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Managers and the Members of Gloo Holdings, LLC, the Plan is hereby amended effective March 13, 2021 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.5, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 9,000,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this Fourth Amendment to the Gloo Holdings, LLC Membership Unit Option Plan as adopted on December 15, 2014 and amended on April 28, 2017, October 10, 2018, and October 7, 2019 the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

---

| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

---

------

**FIFTH AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Managers and the Members of Gloo Holdings, LLC, the Plan is hereby amended effective November 9, 2023 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.5, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 11,000,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this Fifth Amendment to the Gloo Holdings, LLC Membership Unit Option Plan as adopted on December 15, 2014 and amended on April 28, 2017, October 10, 2018, October 7, 2019, and March 13, 2021 the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

---

| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

---

------

**SIXTH AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Managers and the Members of Gloo Holdings, LLC, the Plan is hereby amended effective December 23, 2024 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.5, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 12,500,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this Sixth Amendment to the Gloo Holdings, LLC Membership Unit Option Plan as adopted on December 15, 2014 and amended on April 28, 2017, October 10, 2018, October 7, 2019, March 13, 2021, and November 9, 2023 the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

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| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

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**SEVENTH AMENDMENT TO GLOO HOLDINGS, LLC**

**MEMBERSHIP UNIT OPTION PLAN**

In accordance with Section 9.1 of the Gloo Holdings, LLC Membership Unit Option Plan (the "Plan"), pursuant to the approval of the Board of Managers and the Members of Gloo Holdings, LLC, the Plan is hereby amended effective March 8, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

"4.1 **<u>Number of Units</u>.** Subject to any adjustment under Section 4.5, the total number of Units reserved and available for distribution pursuant to Awards under the Plan shall be 15,000,000 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended by this Seventh Amendment to the Gloo Holdings, LLC Membership Unit Option Plan as adopted on December 15, 2014 and amended on April 28, 2017, October 10, 2018, October 7, 2019, March 13, 2021, November 9, 2023, and December 23, 2025, the Plan shall remain unchanged and in full force and effect.

THIS AMENDMENT has been executed and is effective as of the effective date first above written.

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| | |
|:---|:---|
| **GLOO HOLDINGS, LLC** | **GLOO HOLDINGS, LLC** |
| By: | /s/ Scott Beck |
| Name: | Scott Beck |
| Title: | President & CEO |

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**GLOO HOLDINGS, LLC MEMBERSHIP** 

**<u>UNIT OPTION PLAN GRANT NOTIFICATION</u>**

We are pleased to inform you that Gloo Holdings, LLC (the "Company") has granted you an option to purchase membership interests in the Company pursuant to the terms of the Company's Membership Unit Option Plan ("Plan"). Some details relating to your option are set forth below. Please note that your option has been granted pursuant to the terms, conditions and limitations of the Plan.

Options may only be granted in accordance with the Plan or action of the Company's Board of Managers and are subject to the terms, vesting schedule, and conditions of the Plan. If you wish to exercise any of your vested options, please complete and execute the Option Exercise Notice attached hereto as <u>Exhibit A</u>, and provide it to the Company along with the payment required thereby.

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| |
|:---|
| **Name of Participant:** |
| **Grant Date:** |
| **Vesting Commencement Date:** |

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**Term of Option:** 10 Years from date of grant, subject to certain limitations described in the Plan.

**Term of Vesting:** Forty percent (40%) of the unit options shall vest on the second anniversary of the vesting commencement date and twenty percent (20%) of the unit options shall vest annually thereafter for a period of three (3) years.

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| |
|:---|
| **Number of Units Subject to this Option:** |
| **Exercise Price Per Unit:** |

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| | |
|:---|:---|
| PARTICIPANT: | GLOO HOLDINGS, LLC |
| By:  | By:  |
|  | Name: |
| Name: | Title:  |
| Date:  | Date:  |

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**CONFIDENTIAL**

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## Exhibit 10.5

**Exhibit 10.5**

**GLOO HOLDINGS, INC.**

**EXECUTIVE INCENTIVE COMPENSATION PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Purposes of the Plan</u>. The Plan is intended to increase stockholder value and the success of the Company by motivating Employees to (a) perform to the best of their abilities and (b) achieve the Company's objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1"<u>Actual Award</u>" means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period, subject to the authority of the Administrator (as defined in Section 3) under Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2"<u>Affiliate</u>" means any corporation or other entity (including, but not limited to, partnerships and joint ventures) that, from time to time and at the time of any determination, directly or indirectly, is in control of or is controlled by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3"<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4"<u>Bonus Pool</u>" means the pool of funds available for distribution to Participants. Subject to the terms of the Plan, the Administrator establishes the Bonus Pool for each Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder will include such section or regulation, any valid regulation or formal guidance of general or direct applicability promulgated under such section or regulation, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6"<u>Committee</u>" means a committee appointed by the Board (pursuant to Section 3) to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7"<u>Company</u>" means Gloo Holdings, Inc., a Delaware corporation, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8"<u>Company Group</u>" means the Company and any Parents, Subsidiaries, and Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9"<u>Disability</u>" means a permanent and total disability determined in accordance with uniform and nondiscriminatory standards adopted by the Administrator from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10"<u>Employee</u>" means any executive, officer, or other employee of the Company Group, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11"<u>Fiscal Year</u>" means the fiscal year of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12"<u>Parent</u>" means a "parent corporation," whether now or hereafter existing, as defined in Code Section 424(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13"<u>Participant</u>" means as to any Performance Period, an Employee who has been selected by the Administrator for participation in the Plan for that Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14"<u>Performance Period</u>" means the period of time for the measurement of the performance criteria that must be met to receive an Actual Award, as determined by the Administrator. A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the Administrator desires to measure some performance criteria over twelve (12) months and other criteria over three (3) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15"<u>Plan</u>" means this Executive Incentive Compensation Plan (including any appendix attached hereto), as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16"<u>Section 409A</u>" means Section 409A of the Code and any applicable state law equivalent, as each may be promulgated, amended or modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17"<u>Subsidiary</u>" means a "subsidiary corporation," whether now or hereafter existing, as defined in Code Section 424(f), in relation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18"<u>Target Award</u>" means the target award, at one hundred percent (100%) of target level performance achievement, payable under the Plan to a Participant for a Performance Period, as determined by the Administrator in accordance with Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19"<u>Tax Withholdings</u>" means tax, social insurance and social security liability or premium obligations in connection with the awards under the Plan, including without limitation: (a) all federal, state, and local income, employment and any other taxes (including the Participant's U.S. Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company Group, (b) the Participant's and, to the extent required by the Company Group, the fringe benefit tax liability of the Company Group associated with an award under the Plan, and (c) any other taxes or social insurance or social security liabilities or premium the responsibility for which the Participant has, or has agreed to bear, with respect to such award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20"<u>Termination of Employment</u>" means a cessation of the employee-employer relationship between an Employee and the Company Group, including without limitation a termination by resignation, discharge, death, Disability, retirement, or the disaffiliation of a Parent, Subsidiary or Affiliate. For purposes of the Plan, transfer of employment of a Participant between any members of the Company Group (for example, between the Company and a Subsidiary) will not be deemed a Termination of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Administration of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Administrator</u>. The Plan will be administered by the Board or a Committee (the "<u>Administrator</u>"). To the extent necessary or desirable to satisfy applicable laws, the Committee acting as the Administrator will consist of not less than two (2) members of the Board. The members of any Committee will be appointed from time to time by, and serve at the pleasure of, the Board. The Board may retain the authority to administer the Plan concurrently with a

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Committee and may revoke the delegation of some or all authority previously delegated. Different Administrators may administer the Plan with respect to different groups of Employees. Unless and until the Board otherwise determines, the Board's Compensation Committee will administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Administrator Authority</u>. It will be the duty of the Administrator to administer the Plan in accordance with the Plan's provisions. The Administrator will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees will be granted awards, (b) prescribe the terms and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are non-U.S. nationals or employed outside of the U.S. or to qualify awards for special tax treatment under the laws of jurisdictions other than the U.S., (e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret, amend or revoke any such rules. Any determinations and decisions made or to be made by the Administrator pursuant to the provisions of the Plan, unless specified otherwise by the Administrator, will be in the Administrator's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Decisions Binding</u>. All determinations and decisions made by the Administrator and/or any delegate of the Administrator pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Delegation by Administrator</u>. The Administrator, on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. Such delegation may be revoked at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5<u>Indemnification</u>. Each person who is or will have been a member of the Administrator will be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company's approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company's Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Selection of Participants and Determination of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Selection of Participants</u>. The Administrator will select the Employees who will be Participants for any Performance Period. Participation in the Plan will be on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given

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Performance Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period or Performance Periods. No Employee will have the right to be selected to receive an award under this Plan or, if so selected, to be selected to receive a future award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Determination of Target Awards</u>. The Administrator may establish a Target Award for each Participant (which may be expressed as a percentage of a Participant's average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula or factors as the Administrator determines).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Bonus Pool</u>. Each Performance Period, the Administrator may establish a Bonus Pool, which pool may be established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool (if a Bonus Pool has been established).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Discretion to Modify Awards</u>. Notwithstanding any contrary provision of the Plan, the Administrator, at any time prior to payment of an Actual Award, may: (a) increase, reduce or eliminate a Participant's Actual Award, and/or (b) increase, reduce or eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above the Target Award, as determined by the Administrator. The Administrator may determine the amount of any increase, reduction, or elimination based on such factors as it deems relevant, and will not be required to establish any allocation or weighting with respect to the factors it considers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Discretion to Determine Criteria</u>. Notwithstanding any contrary provision of the Plan, the Administrator will determine the performance goals, if any, applicable to any Target Award (or portion thereof) which may include, without limitation, goals related to: attainment of research and development milestones; sales bookings; business divestitures and acquisitions; capital raising; cash flow; cash position; contract awards or backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary, business unit or division; earnings (which may include any calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net taxes); earnings per share; expenses; financial milestones; gross margin; growth in stockholder value relative to the moving average of the S&P 500 Index or another index; internal rate of return; leadership development or succession planning; license or research collaboration arrangements; market share; net income; net profit; net sales; new product or business development; new product invention or innovation; number of customers; operating cash flow; operating expenses; operating income; operating margin; overhead or other expense reduction; patents; procurement; product defect measures; product release timelines; productivity; profit; regulatory milestones or regulatory-related goals; retained earnings; return on assets; return on capital; return on equity; return on investment; return on sales; revenue; revenue growth; sales results; sales growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted actual contract value; unadjusted or adjusted total contract value; and individual objectives such as peer reviews or other subjective or objective criteria. As determined by the Administrator, the performance goals may be based on U.S. generally accepted accounting principles ("<u>GAAP</u>") or non-GAAP results and any actual results may be adjusted by the Administrator for one-time items or unbudgeted or unexpected items and/or payments of Actual Awards under the Plan when determining whether the performance goals have been met. The performance goals may be based on any factors the Administrator determines relevant,

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including without limitation on an individual, divisional, portfolio, project, business unit, segment or Company-wide basis. Any criteria used may be measured on such basis as the Administrator determines, including without limitation: (a) in absolute terms, (b) in combination with another performance goal or goals (for example, but not by way of limitation, as a ratio or matrix), (c) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (d) on a per-share basis, (e) against the performance of the Company as a whole or a segment of the Company and/or (f) on a pre-tax or after-tax basis. The performance goals may differ from Participant to Participant and from award to award. Failure to meet the applicable performance goals will result in a failure to earn the Target Award, except as provided in Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Payment of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Right to Receive Payment</u>. Each Actual Award will be paid solely from the general assets of the Company Group. Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant's claim of any right other than as an unsecured general creditor with respect to any payment to which the Participant may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Timing of Payment</u>. Payment of each Actual Award will be made as soon as practicable after the end of the Performance Period to which the Actual Award relates and after the Actual Award is approved by the Administrator, but in no event after the later of (a) the fifteenth (15th) day of the third (3rd) month of the Fiscal Year immediately following the Fiscal Year in which the Participant's Actual Award first becomes no longer subject to a substantial risk of forfeiture, and (b) March 15 of the calendar year immediately following the calendar year in which the Participant's Actual Award first becomes no longer subject to a substantial risk of forfeiture. Unless otherwise determined by the Administrator, to earn an Actual Award a Participant must be employed by the Company Group on the date the Actual Award is paid, and in all cases subject to the Administrator's discretion pursuant to Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Form of Payment</u>. Each Actual Award generally will be paid in cash (or its equivalent) in a single lump sum. The Administrator reserves the right to settle an Actual Award with a grant of an equity award with such terms and conditions, including any vesting requirements, as determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Payment in the Event of Death or Disability</u>. If a Termination of Employment occurs due to a Participant's death or Disability prior to payment of an Actual Award that the Administrator has determined will be paid for a prior Performance Period, then the Actual Award will be paid to the Participant or the Participant's estate, as the case may be, subject to the Administrator's discretion pursuant to Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1<u>Section 409A</u>. It is the intent that this Plan be exempt from or comply with the requirements of Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms will be interpreted to be so exempt or so comply. Each payment under this

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Plan is intended to constitute a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2). In no event will the Company Group have any liability, obligation, or responsibility to reimburse, indemnify or hold harmless any Participant or other Employee for any taxes, penalties or interest imposed, or other costs incurred, as a result of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2<u>Tax Withholdings</u>. The Company Group will have the right and authority to deduct from any Actual Award all applicable Tax Withholdings. Prior to the payment of an Actual Award or such earlier time as any Tax Withholdings are due, the Company Group is permitted to deduct or withhold, or require a Participant to remit to the Company Group, an amount sufficient to satisfy any Tax Withholdings with respect to such Actual Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>No Effect on Employment or Service</u>. Neither the Plan nor any award under the Plan will confer upon a Participant any right regarding continuing the Participant's relationship as an Employee or other service provider to the Company Group, nor will they interfere with or limit in any way the right of the Company Group or the Participant to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Forfeiture Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1<u>Clawback Policy; Applicable Laws</u>. All awards under the Plan will be subject to reduction, cancellation, forfeiture, or recoupment in accordance with any clawback policy that the Company Group is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions with respect to an award under the Plan as the Administrator determines necessary or appropriate, including without limitation a reacquisition right in respect of previously acquired cash, stock, or other property provided with respect to an award. Unless this Section 6.3.1 is specifically mentioned and waived in a written agreement between a Participant and a member of the Company Group or other document, no recovery of compensation under a clawback policy will give the Participant the right to resign for "good reason" or "constructive termination" (or similar term) under any agreement with a member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2<u>Additional Forfeiture Terms</u>. The Administrator may specify when providing for an award under the Plan that the Participant's rights, payments, and benefits with respect to the award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of the award. Such events may include, without limitation, termination of the Participant's status as an Employee for "cause" or any act by a Participant, whether before or after the Participant's status as an Employee terminates, that would constitute "cause."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3<u>Accounting Restatements</u>. If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who knowingly or through gross negligence engaged in the misconduct, or who knowingly or through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley

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Act of 2002, will reimburse the Company Group the amount of any payment with respect to an award earned or accrued during the twelve (12) month period following the first public issuance or filing with the U.S. Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Successors</u>. All obligations of the Company under the Plan, with respect to awards under the Plan, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Nontransferability of Awards</u>. No award under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and except as provided in Section 5.4. All rights with respect to an award granted to a Participant will be available during his or her lifetime only to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Amendment, Termination, and Duration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1<u>Amendment, Suspension, or Termination</u>. The Administrator may amend or terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award earned by such Participant. No award may be granted during any period of suspension or after termination of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>Duration of Plan</u>. The Plan will commence on the date first adopted by the Board or the Compensation Committee of the Board, and subject to Section 7.1 (regarding the Administrator's right to amend or terminate the Plan), will remain in effect thereafter until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Legal Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1<u>Gender and Number</u>. Unless otherwise indicated by the context, any feminine term used herein also will include the masculine and any masculine term used herein also will include the feminine; the plural will include the singular and the singular will include the plural.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2<u>Severability</u>. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality, or unenforceability will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the invalid, illegal, or unenforceable provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3<u>Governing Law</u>. The Plan and all awards will be construed in accordance with and governed by the laws of the State of Delaware, but without regard to its conflict of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4<u>Bonus Plan</u>. The Plan is intended to be a "bonus program" as defined under U.S. Department of Labor regulations section 2510.3-2(c) and will be construed and administered in accordance with such intention.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5<u>Headings</u>. Headings are provided herein for convenience only, and will not serve as a basis for interpretation or construction of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Compliance with Applicable Laws</u>. Awards under the Plan (including without limitation the granting of such awards) will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

\* \* \*

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## Exhibit 10.11

**Exhibit 10.11** 

**GLOO HOLDINGS, INC.**

**EXECUTIVE CHANGE IN CONTROL AND SEVERANCE PLAN**

**AND SUMMARY PLAN DESCRIPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Introduction</u>. The purpose of this Gloo Holdings, Inc. Executive Change in Control and Severance Plan (the "<u>Plan</u>") is to provide assurances of specified benefits to certain employees of the Company Group whose employment could be being involuntarily terminated other than for death, Disability, or Cause or voluntarily terminated for Good Reason under the circumstances described in the Plan. This Plan is an "employee welfare benefit plan," as defined in Section 3(1) of ERISA. This document is both the written instrument under which the Plan is maintained and the required summary plan description for the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Important Terms</u>. The following words and phrases, when the initial letter of the term is capitalized, will have the meanings set forth in this Section 2, unless a different meaning is plainly required by the context:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1"<u>Administrator</u>" means the Company, acting through the Compensation Committee or another duly constituted committee of members of the Board, or any person to whom the Administrator has delegated any authority or responsibility with respect to the Plan pursuant to Section 11, but only to the extent of such delegation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2"<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3"<u>Cause</u>" has the meaning set forth in the Participant's Participation Agreement or, if no definition is set forth therein, means any of the following with respect to a Participant:(i) any willful, material violation by Participant of any law or regulation applicable to the business of the Company or a parent or subsidiary of the Company, (ii) Participant's conviction for, or guilty or no contest plea to, a felony or a crime involving moral turpitude or any willful perpetration by Participant of a common law fraud, (iii) Participant's commission of fraud, embezzlement, or material theft against the Company or a parent or subsidiary of the Company, (iv) Participant's material breach of any applicable invention assignment and/or confidentiality agreement or similar agreement with the Company or a parent or subsidiary of the Company, or (v) Participant's willful and continued failure or refusal to perform the material, lawful duties required of him or her, provided that, with respect to any such willful and continued failure or refusal to perform, prior to Participant's termination, the Company will have given Participant written notice of the failure or refusal and the opportunity to cure such failure or refusal within thirty (30) days of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4"<u>Change in Control</u>" has the same meaning as "Change in Control" under the Company's 2025 Equity Incentive Plan, as it may hereinafter be amended by its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5"<u>Change in Control Period</u>" means the time period beginning on the date that is 3 months prior to a Change in Control and ending on the date that is 12 months following a Change in Control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6"<u>CIC Qualifying Termination</u>" means a termination of a Participant's employment with the Company Group within the Change in Control Period by (i) the Participant for Good Reason, or (ii) any member of the Company Group without Cause (excluding by reason of the Participant's death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8"<u>Company</u>" means Gloo Holdings, Inc., a Delaware corporation, and any successor that assumes the obligations of the Company under the Plan, by way of merger, acquisition, consolidation or other transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9"<u>Company Group</u>" means the Company and any parent or subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10"<u>Compensation Committee</u>" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11"<u>Director</u>" means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12"<u>Disability</u>" means "Disability" as defined in the long-term disability plan or policy then in effect of the Company Group member employing Participant, as such plan or policy may be in effect from time to time, and, if there is no such plan or policy, a total and permanent disability as defined in Code Section 22(e)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13"<u>Equity Awards</u>" means a Participant's outstanding stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15"<u>Good Reason</u>" has the meaning set forth in the Participant's Participation Agreement or, if no definition is set forth therein, means the termination of Participant's employment with the Company Group by Participant in accordance with the next sentence after the occurrence of one or more of the following events without Participant's express written consent: (i) a material reduction of Participant's base salary, unless such reduction is part of a generalized salary reduction affecting similarly situated employees (provided that a reduction of 10% or less in any one calendar year will not be deemed material); (ii) a material reduction of Participant's authority, duties or responsibilities as an employee relative to such authority, duties or responsibilities in effect immediately prior to such reduction (provided that Participant's authority, duties and responsibilities will not be deemed to be materially reduced if Participant has reasonably comparable authority, duties and responsibilities as an employee with respect to the Company's business following a Change in Control, regardless of any change in title or whether Participant subsequently provides services to a subsidiary, affiliate, business unit, division or otherwise); or (iii) a material change in the principal geographic location at which Participant must perform services for the Company Group (provided that Participant's relocation to a facility or a location that would not increase Participant's one-way commute distance by more than thirty-five

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(35) miles from Participant's then-principal residence will not be considered a material change in geographic location).

# In order for the termination of Participant's employment with the Company Group to be for Good Reason, Participant must not terminate employment with the Company without first providing written notice to the Company of the acts or omissions constituting the grounds for "Good Reason" within 90 days of the initial existence of the grounds for "Good Reason" and a cure period of 30 days following the date of written notice (the " <u>Cure Period</u> "), the grounds must not have been cured during that time, and Participant must terminate employment with the Company within 30 days following the Cure Period. To the extent Participant's principal work location is not the Company's corporate offices or facilities due to a temporary shelter-in-place order, quarantine order, or similar work-from-home requirement that applies to Participant, Participant's principal work location, from which a change in location for purposes of this definition will be measured, will be considered the Company's office or facility location where Participant's employment with the Company Group primarily was based immediately before the commencement of such temporary shelter-in-place order, quarantine order, or similar work-from-home requirement.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16"<u>Non-CIC Qualifying Termination</u>" means a termination of a Participant's employment with the Company Group other than within the Change in Control Period by the Company Group without Cause (excluding by reason of the Participant's death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17"<u>Participant</u>" means an employee of the Company Group who (a) has been designated by the Administrator to participate in the Plan either by position or by name and (b) has timely and properly executed and delivered a Participation Agreement to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18"<u>Participation Agreement</u>" means the individual agreement (as will be provided in separate cover as <u>Appendix A</u>) provided by the Administrator to a Participant under the Plan, which has been signed and accepted by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19"<u>Plan</u>" means the Gloo Holdings, Inc. Executive Change in Control and Severance Plan, as set forth in this document, and as hereafter amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20."<u>Qualifying Termination</u>" means a CIC Qualifying Termination or a Non-CIC Qualifying Termination, as applicable. For the avoidance of doubt, a Qualifying Termination will not be considered to occur upon transfer of a Participant's employment between members of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21"<u>Section 409A Limit</u>" means 200% of the lesser of: (i) the Participant's annualized compensation based upon the annual rate of pay paid to the Participant during the Participant's taxable year preceding the Participant's taxable year of the Participant's termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Participant's employment is terminated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22"<u>Severance Benefits</u>" means the compensation and other benefits that the Participant will be provided in the circumstances described in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Eligibility for Severance Benefits</u>. A Participant is eligible for Severance Benefits, as described in Section 4, only if he or she experiences a Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Qualifying Termination</u>. Upon a Qualifying Termination, then, subject to the Participant's compliance with Section 6, the Participant will be eligible to receive the following Severance Benefits as described in Participant's Participation Agreement, subject to the terms and conditions of the Plan and the Participant's Participation Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Cash Severance Benefits</u>. Cash severance equal to the amount set forth in the Participant's Participation Agreement and payable in cash at the time(s) specified the Participant's Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Continued Medical Benefits</u>. If the Participant, and any spouse and/or dependents of the Participant ("<u>Family Members</u>") has or have coverage on the date of the Participant's Qualifying Termination under a group health plan sponsored by a Company Group member, such Company Group member will reimburse the Participant the total applicable premium cost for continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("<u>COBRA</u>") during the period of time following the Participant's employment termination, as set forth in the Participant's Participation Agreement, provided that the Participant validly elects and is eligible to continue coverage under COBRA for the Participant and his Family Members. However, if the applicable Company Group member determines in its sole discretion that it cannot provide the COBRA reimbursement benefits without potentially violating applicable laws (including, without limitation, Section 2716 of the Public Health Service Act and the Employee Retirement Income Security Act of 1974, as amended), the Company will in lieu thereof provide to the Participant a lump sum payment equal to the monthly COBRA premium (on an after-tax basis) that the Participant would be required to pay to continue the group health coverage in effect on the date of the Participant's termination of employment (which amount will be based on the premium for the first month of COBRA coverage), multiplied by the number of months in the period of time set forth in the Participant's Participation Agreement following the termination, which payments will be made regardless of whether the Participant elects COBRA continuation coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Equity Award Vesting Acceleration Benefit</u>. Only to the extent specifically provided in the Participant's Participation Agreement, a portion of Participant's Equity Awards will vest and, to the extent applicable, become immediately exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Limitation on Payments</u>. In the event that the severance and other benefits provided for in this Plan or otherwise payable to a Participant (i) constitute "parachute payments" within the meaning of Section 280G of the Code ("<u>280G Payments</u>"), and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code (the "<u>Excise Tax</u>"), then the 280G Payments will be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) delivered in full, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Participant on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in the 280G Payments is necessary so that no portion of such benefits are subject to the Excise Tax, reduction will occur in the following order: (i) cancellation of awards granted "contingent on a change in ownership or control" (within the meaning of Code Section 280G); (ii) a pro rata reduction of (A) cash payments that are subject to Section 409A as deferred compensation and (B) cash payments not subject to Section 409A of the Code; (iii) a pro rata reduction of (A) employee benefits that are subject to Section 409A as deferred compensation and (B) employee benefits not subject to Section 409A; and (iv) a pro rata cancellation of (A) accelerated vesting equity awards that are subject to Section 409A as deferred compensation and (B) equity awards not subject to Section 409A. In the event that acceleration of vesting of equity awards is to be cancelled, such acceleration of vesting will be cancelled in the reverse order of the date of grant of a Participant's equity awards.

A nationally recognized professional services firm selected by the Company, the Company's legal counsel or such other person or entity to which the parties mutually agree (the "<u>Firm"</u>) will make any determination required under this Section 5. Such determinations will be made in writing by the Firm and any good faith determinations of the Firm will be conclusive and binding upon Participant and the Company. For purposes of making the calculations required by this Section 5 the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. Participant and the Company will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 5. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Conditions to Receipt of Severance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Release Agreement</u>. As a condition to receiving the Severance Benefits, each Participant will be required to sign and not revoke a separation and release of claims agreement in a form reasonably satisfactory to the Company (the "<u>Release</u>"). In all cases, the Release must become effective and irrevocable no later than the 60th day following the Participant's Qualifying Termination (the "<u>Release Deadline Date</u>"). If the Release does not become effective and irrevocable by the Release Deadline Date, the Participant will forfeit any right to the Severance Benefits. In no event will the Severance Benefits be paid or provided until the Release becomes effective and irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Confidential Information</u>. A Participant's receipt of Severance Benefits will be subject to the Participant continuing to comply with the terms of any confidentiality, proprietary information and inventions agreement between the Participant and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Non-Disparagement</u>. As a condition to receiving Severance Benefits under this Plan, the Participant agrees that following the Participant's termination, the Participant will not knowingly and materially disparage, libel, slander, or otherwise make any materially

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derogatory statements regarding the Company, any member of the Company Group, or any of their officers or directors. Notwithstanding the foregoing, nothing contained in the Plan will be deemed to restrict the Participant from providing information to any governmental or regulatory agency or body (or in any way limit the content of any such information) to the extent the Participant is required to provide such information pursuant a subpoena or as otherwise required by applicable law or regulation, or in accordance with any governmental investigation or audit relating to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Other Requirements</u>. Severance Benefits under this Plan shall terminate immediately for a Participant if such Participant, at any time, violates any such agreement and/or the provisions of this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Timing of Severance Benefits</u>. Unless otherwise provided in a Participant's Participation Agreement, provided that the Release becomes effective and irrevocable by the Release Deadline Date and subject to Section 9, the Severance Benefits will be paid, or in the case of installments, will commence, on the first payroll date of the applicable Company Group member that employed Participant that follows the Release Deadline Date (such payment date, the "<u>Severance Start Date</u>"), and any Severance Benefits otherwise payable to the Participant during the period immediately following the Participant's termination of employment with such Company Group member through the Severance Start Date will be paid in a lump sum to the Participant on the Severance Start Date, with any remaining payments to be made as provided in this Plan and the Participant's Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Exclusive Benefit</u>. Except as otherwise specifically provided in <u>Appendix A</u>, the Severance Benefits shall be the exclusive benefit for a Participant related to termination of employment with the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1Notwithstanding anything to the contrary in this Plan, no Severance Benefits to be paid or provided to a Participant, if any, under this Plan that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Code, and the final regulations and any guidance promulgated thereunder ("<u>Section 409A</u>") (together, the "<u>Deferred Payments</u>") will be paid or provided until the Participant has a "separation from service" within the meaning of Section 409A. Similarly, no Severance Benefits payable to a Participant, if any, under this Plan that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until the Participant has a "separation from service" within the meaning of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2It is intended that none of the Severance Benefits will constitute Deferred Payments but rather will be exempt from Section 409A as a payment that would fall within the "short-term deferral period" as described in Section 9.4 below or resulting from an involuntary separation from service as described in Section 9.5 below. In no event will a Participant have discretion to determine the taxable year of payment of any Deferred Payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3Notwithstanding anything to the contrary in this Plan, if a Participant is a "specified employee" within the meaning of Section 409A at the time of the Participant's separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first 6 months following the Participant's separation from service, will become payable on the date 6 months and 1 day following the date of the Participant's separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, in the event of the Participant's death following the Participant's separation from service, but before the 6 month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of the Participant's death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Plan is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4Any amount paid under this Plan that satisfies the requirements of the "short-term deferral" rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5Any amount paid under this Plan that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the Severance Benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply or be exempt. Notwithstanding anything to the contrary in the Plan, including but not limited to Sections 11 and 13, the Company reserves the right to amend the Plan as it deems necessary or advisable, in its sole discretion and without the consent of the Participants, to comply with Section 409A or to avoid income recognition under Section 409A prior to the actual payment of Severance Benefits or imposition of any additional tax. In no event will the Company or any Company Group member reimburse a Participant for any taxes or other costs that may be imposed on the Participant as result of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Withholdings</u>. The Company or the applicable Company Group member will withhold from any Severance Benefits all applicable U.S. federal, state, local and non-U.S. taxes required to be withheld and any other required payroll deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Administration</u>. The Company is the administrator of the Plan (within the meaning of section 3(16)(A) of ERISA). The Plan will be administered and interpreted by the Administrator (in his or her sole discretion). The Administrator is the "named fiduciary" of the Plan for purposes of ERISA and will be subject to the fiduciary standards of ERISA when acting in such capacity. Any decision made or other action taken by the Administrator with respect to the Plan, and any interpretation by the Administrator of any term or condition of the Plan, or any related document, will be conclusive and binding on all persons and be given the maximum possible deference allowed by law. In accordance with Section 2.1, the Administrator (a) may, in its sole discretion

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and on such terms and conditions as it may provide, delegate in writing to one or more officers of the Company all or any portion of its authority or responsibility with respect to the Plan, and (b) has the authority to act for the Company (in a non-fiduciary capacity) as to any matter pertaining to the Plan; *provided, however,* that any Plan amendment or termination or any other action that reasonably could be expected to increase materially the cost of the Plan must be approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Eligibility to Participate</u>. To the extent that the Administrator has delegated administrative authority or responsibility to one or more officers of the Company in accordance with Sections 2.1 and 11, each such officer will not be excluded from participating in the Plan if otherwise eligible, but he or she is not entitled to act upon or make determinations regarding any matters pertaining specifically to his or her own benefit or eligibility under the Plan. The Administrator will act upon and make determinations regarding any matters pertaining specifically to the benefit or eligibility of each such officer under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Amendment or Termination</u>. The Company, by action of the Administrator, reserves the right to amend or terminate the Plan at any time, without advance notice to any Participant and without regard to the effect of the amendment or termination on any Participant or on any other individual, subject to the following; provided, however, that any amendment or termination of the Plan that is materially detrimental to a Participant prior to such amendment or termination of the Plan will not be effective with respect to such Participant without such Participant's prior written consent. Any amendment or termination of the Plan will be in writing. Notwithstanding the foregoing, any amendment to the Plan that (a) causes an individual to cease to be a Participant, or (b) reduces or alters to the detriment of the Participant the Severance Benefits potentially payable to that Participant (including, without limitation, imposing additional conditions or modifying the timing of payment), will not be effective without that Participant's written consent. Any action of the Company in amending or terminating the Plan will be taken in a non-fiduciary capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Claims and Appeals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1<u>Claims Procedure</u>. Any employee or other person who believes he or she is entitled to any Severance Benefits may submit a claim in writing to the Administrator within 90 days of the earlier of (i) the date the claimant learned the amount of his or her Severance Benefits or (ii) the date the claimant learned that he or she will not be entitled to any Severance Benefits. If the claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice also will describe any additional information needed to support the claim and the Plan's procedures for appealing the denial. The denial notice will be provided within 90 days after the claim is received. If special circumstances require an extension of time (up to 90 days), written notice of the extension will be given within the initial 90 day period. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision on the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2<u>Appeal Procedure</u>. If the claimant's claim is denied, the claimant (or his or her authorized representative) may apply in writing to the Administrator for a review of the decision denying the claim. Review must be requested within 60 days following the date the

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claimant received the written notice of their claim denial or else the claimant loses the right to review. The claimant (or representative) then has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge, and to submit issues and comments in writing. The Administrator will provide written notice of its decision on review within 60 days after it receives a review request. If additional time (up to 60 days) is needed to review the request, the claimant (or representative) will be given written notice of the reason for the delay. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision. If the claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice also will include a statement that the claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the claimant's right to bring an action under Section 502(a) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Attorneys' Fees</u>. The parties shall each bear their own expenses, legal fees and other fees incurred in connection with this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Source of Payments</u>. All payments under the Plan will be paid from the general funds of the Company or the applicable Company Group Member; no separate fund will be established under the Plan, and the Plan will have no assets. No right of any person to receive any payment under the Plan will be any greater than the right of any other general unsecured creditor of the Company or the applicable Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Inalienability</u>. In no event may any current or former employee of the Company or any of its subsidiaries or affiliates sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time will any such right or interest be subject to the claims of creditors nor liable to attachment, execution or other legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>No Enlargement of Employment Rights</u>. Neither the establishment or maintenance or amendment of the Plan, nor the making of any benefit payment hereunder, will be construed to confer upon any individual any right to continue to be an employee of the Company Group. The Company or any member of the Company Group may discharge any of its employees at any time, with or without cause. However, as described in the Plan, a Participant may be entitled to Severance Benefits depending upon the circumstances of his or her termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Successors</u>. Any successor to the Company of all or substantially all of the Company's business and/or assets (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or other transaction) will assume the obligations under the Plan and agree expressly to perform the obligations under the Plan in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under the Plan, the term "Company" will include any successor to the Company's business and/or assets which become bound by the terms of the Plan by operation of law, or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Applicable Law</u>. The provisions of the Plan will be construed, administered and enforced in accordance with ERISA and, to the extent applicable, the internal substantive laws of the state of Delaware (but not its conflict of laws provisions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Severability</u>. If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Headings</u>. Headings in this Plan document are for purposes of reference only and will not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Indemnification</u>. The Company hereby agrees to indemnify and hold harmless the officers and employees of the Company, and the members of its Board, from all losses, claims, costs or other liabilities arising from their acts or omissions in connection with the administration, amendment or termination of the Plan, to the maximum extent permitted by applicable law. This indemnity will cover all such liabilities, including judgments, settlements and costs of defense. The Company will provide this indemnity from its own funds to the extent that insurance does not cover such liabilities. This indemnity is in addition to and not in lieu of any other indemnity provided to such person by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Protected Activity Not Prohibited</u>. Nothing in this Plan or a Participant's Participation Agreement will in any way limit or prohibit the Participant from engaging in any Protected Activity. Protected Activity includes: (i) filing and/or pursuing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board ("<u>Government Agencies</u>"); and/or (ii) discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct Participant has reason to believe is unlawful. Notwithstanding the foregoing, the Participant agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any Company trade secrets, proprietary information, or confidential information that does not involve unlawful acts in the workplace or the activity otherwise protected herein. The Participant further understands that "Protected Activity" does not include the disclosure of any Company attorney-client privileged communications or attorney work product. In addition, pursuant to the Defend Trade Secrets Act of 2016, the Participant is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual's attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Finally, nothing herein constitutes a waiver of any rights Participant may have under the Sarbanes-Oxley Act or Section 7 of the National Labor Relations Act ("<u>NLRA</u>"). For purposes of clarity, nothing herein shall be interpreted to impair or limit

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Participant's participation in any legally protected activities, such as (i) forming, joining, or supporting labor unions, (ii) bargaining collectively through representatives of employees' choosing, (iii) discussing wages, benefits, or terms and conditions of employment, and (iv) discussing, or raising complaints about, working conditions for the purpose of mutual aid or protection of Participant or the Company's other current or former employees, to the extent such activities are protected by Section 7 of the NLRA. By executing a Participation Agreement, Participant acknowledges that Participant understands that nothing in the Plan or Participant's Participation Agreement shall limit or prohibit Participant from engaging in any protected conduct set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>Additional Information</u>.

**Plan Name:** Gloo Holdings, Inc. Executive Change in Control and Severance Plan

**Plan Sponsor:** Gloo Holdings, Inc.<br>831 Pearl Street

Boulder, Colorado 80302

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) 381-2645

**Identification Numbers:** EIN: [ ]<br>PLAN: [ ]

**Plan Year:** Company's fiscal year

**Plan Administrator:** Gloo Holdings, Inc.<br>*Attention:* Administrator of the Gloo Holdings, Inc. Executive Change in Control and Severance Plan<br>Gloo Holdings, Inc.<br>831 Pearl Street

Boulder, Colorado 80302

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) 381-2645

**Agent for Service of** Gloo Holdings, Inc.

**Legal Process:** *Attention:* General Counsel

Gloo Holdings, Inc.<br>831 Pearl Street

Boulder, Colorado 80302

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) 381-2645

Service of process also may be made upon the Administrator.

**Type of Plan** Severance Plan/Employee Welfare Benefit Plan

**Plan Costs** The cost of the Plan is paid by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Statement of ERISA Rights.</u>

As a Participant under the Plan, you have certain rights and protections under ERISA:

You may examine (without charge) all Plan documents, including any amendments and copies of all documents filed with the U.S. Department of Labor. These documents are available for your review in the Company's human resources department.

You may obtain copies of all Plan documents and other Plan information upon written request to the Administrator. A reasonable charge may be made for such copies.

In addition to creating rights for Participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan (called "fiduciaries") have a duty to do so prudently and in the interests of you and the other Participants. No one, including the Company or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit under the Plan or exercising your rights under ERISA. If your claim for a severance benefit is denied, in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the denial of your claim reviewed. (The claim review procedure is explained in Section 14 above.)

Under ERISA, there are steps you can take to enforce the above rights. For example, if you request materials and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Administrator to provide the materials and to pay you up to $110 a day until you receive the materials, unless the materials were not sent due to reasons beyond the control of the Administrator. If you have a claim which is denied or ignored, in whole or in part, you may file suit in a federal court. If it should happen that you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court.

In any case, the court will decide who will pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds that your claim is frivolous.

If you have any questions regarding the Plan, please contact the Administrator. If you have any questions about this statement or about your rights under ERISA, you may contact the nearest area office of the Employee Benefits Security Administration (formerly the Pension and Welfare Benefits Administration), U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington, D.C. 20210. You also may obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

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**<u>Appendix A</u>**

**Gloo Holdings, Inc. Executive Change in Control and Severance Plan<br>Participation Agreement**

Gloo Holdings, Inc. (the "<u>Company</u>") is pleased to inform you, the undersigned that you have been selected to participate in the Company's Executive Change in Control and Severance Plan (the "<u>Plan</u>") as a Participant.

A copy of the Plan was delivered to you with this Participation Agreement. Your participation in the Plan is subject to all of the terms and conditions of the Plan. The capitalized terms used but not defined herein will have the meanings ascribed to them in the Plan.

The Plan describes in detail certain circumstances under which you may become eligible for Severance Benefits. As described more fully in the Plan, you may become eligible for certain Severance Benefits if you experience a Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Non-CIC Qualifying Termination</u>. Upon your Non-CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Cash Severance Benefits</u>. A lump sum payment equal to [Tier 1: ][Tier 2: ] of your annual base salary [Tier 1: *plus* of your target annual bonus in effect for the year of the Non-CIC Qualifying Termination] (less applicable withholding taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Continued Medical Benefits.</u> Your reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as described in Section 4.2 of the Plan will be provided for a period of [Tier 1: ][Tier 2: ] months following the date of your Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>CIC Qualifying Termination</u>. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Cash Severance Benefits</u>. A lump-sum payment equal to the sum of: (i) [Tiers 1, 2: ] of your annual base salary *plus* (ii) [Tiers 1, 2: of your target annual bonus in effect for the year of the CIC Qualifying Termination] (less applicable withholding taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Continued Medical Benefits</u>. Your reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as described in Section 4.2 of the Plan, will be provided for a period of [Tiers 1, 2: ] months following the date of your Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Equity Award Vesting Acceleration</u>. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as

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to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Non-Duplication of Payment or Benefits</u>. If (a) your Qualifying Termination occurs prior to a Change in Control that qualifies you for Severance Benefits under Section 1 of this Participation Agreement and (b) a Change in Control occurs within the 3-month period following your Qualifying Termination that qualifies you for the superior Severance Benefits under Section 2 of this Participation Agreement, then (i) you will cease receiving any further payments or benefits under Section 1 of this Participation Agreement and (ii) the Cash Severance Benefits, Continued Medical Benefits, and Equity Award Vesting Acceleration, as applicable, otherwise payable under Section 2 of this Participation Agreement each will be offset by the corresponding payments or benefits you already received under Section 1 of this Participation Agreement in connection your Qualifying Termination (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Exclusive Benefit</u>. In accordance with Section 8 of the Plan, the benefits, if any, provided under this Plan will be the exclusive benefits for a Participant related to his or her termination of employment with the Company and/or a change in control of the Company and will supersede and replace any severance and/or change in control benefits set forth in any offer letter, employment or severance agreement and/or other agreement between the Participant and the Company, including any equity award agreement. For the avoidance of doubt, if you were otherwise eligible to participate in any other severance and/or change in control plan of any Company Group member (whether or not subject to ERISA), then participation in this Plan will supersede and replace eligibility in such other plan.

In order to receive any Severance Benefits for which you otherwise become eligible under the Plan, you must sign and deliver to the Company the Release, which must have become effective and irrevocable within the requisite period, and otherwise comply with the requirements under Section 6 of the Plan.

By your signature below, you and the Company agree that your participation in the Plan is governed by this Participation Agreement and the provisions of the Plan. Your signature below confirms that: (1) you have received a copy of the Executive Change in Control and Severance Plan and Summary Plan Description; (2) you have carefully read this Participation Agreement and the Executive Change in Control and Severance Plan and Summary Plan Description and you acknowledge and agree to its terms in accordance with the terms of the Plan and this Participation Agreement; and (3) decisions and determinations by the Administrator under the Plan will be final and binding on you and your successors.

*[Signature page follows]*

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**GLOO HOLDINGS, INC. PARTICIPANT**

Signature Signature

Name Name

Title Date

Attachment: Gloo Holdings, Inc. Executive Change in Control and Severance Plan and Summary Plan Description

*[Signature page to the Participation Agreement]*

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## Exhibit 10.12

**Exhibit 10.12**

**Securities Purchase Agreement**

**among**

**Gloo Holdings, LLC**

**Flourish Holdings, Inc.**

**Midwestern Interactive, LLC**

**and**

**Matthew S. Johnson**

**Dated as of January 3, 2025**

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**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article I Definitions; Interpretation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article I Definitions; Interpretation** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | **Definitions** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** | **Interpretation** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article II Purchase and Sale of Acquired Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article II Purchase and Sale of Acquired Securities** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** | **Purchase and Sale of Acquired Securities** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** | **Purchase Price** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** | **Purchase Price Adjustment** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** | **Tax Treatment** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** | **Withholding Tax** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article III Closing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article III Closing** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** | **Closing** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | **Delivery of Acquired Securities** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** | **Delivery of Purchaser Securities** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | **Delivery by Purchaser of Closing Payments** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IV Representations and Warranties Relating to Sellers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IV Representations and Warranties Relating to Sellers** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** | **Standing** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** | **Title to Acquired Securities** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** | **Authority; Execution and Delivery; Enforceability** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** | **No Conflicts; Consents** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** | **Brokers** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** | **Solvency** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** | **Investment Representations** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article V Representations and Warranties Relating to the Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article V Representations and Warranties Relating to the Company** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** | **Organization; and Good Standing** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** | **Equity Securities; Capitalization** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** | **Authority; Execution and Delivery; Enforceability** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** | **No Conflicts; Consents** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** | **Financial Matters** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6** | **No Undisclosed Liabilities** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** | **Absence of Changes** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8** | **Indebtedness** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9** | **Tangible Property; Real Property** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10** | **Intellectual Property** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11** | **Data Protection** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12** | **Material Contracts** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13** | **Insurance** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14** | **Legal Proceedings; Orders** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15** | **Compliance with Laws; Permits** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16** | **Taxes** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17** | **Employee Benefit Matters** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18** | **Employment Matters** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19** | **Environmental Matters** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20** | **Client Relations** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21** | **Vendors and Suppliers** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22** | **Brokers** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23** | **Affiliate Transactions** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.24** | **PPP Loans and COVID-19** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.25** | **Warranties** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.26** | **No Other Representations and Warranties** | 31 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.27** | **Independent Investigation** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VI Representations and Warranties of Purchaser** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VI Representations and Warranties of Purchaser** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** | **Organization; Authority; Execution** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** | **No Conflicts; Consents** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** | **Investment Purpose** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** | **Brokers** | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** | **Legal Proceedings** | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** | **Solvency** | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** | **Independent Investigation** | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** | **No Other Representation or Warranties** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VII Covenants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VII Covenants** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** | **Tax Matters** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** | **Transfer Taxes** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** | **Further Assurances; No Avoidance** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** | **Publicity** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** | **Seller Release** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** | **Certain Restrictions** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** | **Certain Post-Closing Rights and Obligations** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VIII Closing Deliverables** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VIII Closing Deliverables** | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** | **Sellers' Closing Deliveries** | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** | **Purchaser Closing Deliveries** | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IX Survival; Indemnification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IX Survival; Indemnification** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** | **Survival** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** | **Indemnification by the Sellers** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** | **Indemnification by Purchaser** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** | **Claim Notice** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** | **Exclusive Remedy; No Double Recovery** | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** | **Remedies Cumulative; Specific Performance** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** | **Determination of Losses** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8** | **Tax Treatment** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9** | **Payment or Reimbursement of Losses** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** | **Right to Setoff** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article X General Provisions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article X General Provisions** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** | **The Seller Disclosure Schedule** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** | **Assignment** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** | **No Third-Party Beneficiaries** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** | **Notices** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** | **Counterparts** | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** | **Entire Agreement** | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** | **Amendments** | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8** | **Severability** | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9** | **Governing Law; Venue; Waiver of Jury Trial** | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** | **Waiver** | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** | **Construction** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12** | **Legal Representation** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13** | **Expenses** | 54 |

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**<u>APPENDICES, EXHIBITS, AND SCHEDULES</u>**

<u>Appendices</u>

Appendix A F-Reorganization

Appendix B Definitions

ii

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Appendix C Notice Addresses

<u>Exhibits</u>

Exhibit A Securities Assignment

Exhibit B Lease Agreement

Exhibit C Call Option Agreement

Exhibit D Company LLC Agreement

Exhibit E Installment Payment Promissory Note

Exhibit F Permitted Indebtedness Promissory Note No. 1

Exhibit G Permitted Indebtedness Promissory Note No. 2

<u>Schedules</u>

Schedule 7.1(d) Allocation Principles

Schedule 8.1(g) Government Approvals and Third-Party Consents

Schedule 8.1(h) Terminated Affiliate Contracts

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**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "**<u>Agreement</u>**"), dated as of January 3, 2025 (the "**<u>Effective Date</u>**"), is among Gloo Holdings, LLC, a Delaware limited liability Company ("**<u>Purchaser</u>**"), Midwestern Interactive, LLC, a Missouri limited liability company (the "**<u>Company</u>**"), Flourish Holdings, Inc., a Missouri corporation ("**<u>NewCo</u>**") and sole equity owner of the Company, and Matthew S. Johnson, an individual residing in the State of Missouri ("**<u>Johnson</u>**" and together with NewCo, the "**<u>Sellers</u>**" and each individually, a "**<u>Seller</u>**"). Purchaser, the Sellers, and the Company are referred to in this Agreement collectively as the "**<u>Parties</u>**" and each individually as a "**<u>Party</u>**."

**<u>Preliminary Statements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Prior to the date of this Agreement, the Sellers and the Company consummated the Restructuring (as set forth on <u>Appendix A</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As of the date of this Agreement, (i) Johnson owns one hundred percent (100%) of the issued and outstanding Equity Securities of NewCo (the "**<u>NewCo Common Stock</u>**"), and (ii) NewCo owns one hundred percent (100%) of the issued and outstanding Equity Securities of the Company (the "**<u>Company Common Stock</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Sellers desire to cause NewCo to sell to Purchaser, and Purchaser desires to purchase from NewCo, eighty percent (80%) of the issued and outstanding Company Common Stock (the "**<u>Acquired Securities</u>**") in exchange for the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. For U.S. federal Income Tax purposes, the transactions contemplated by this Agreement are intended to be treated as (i) the sale by NewCo of a pro rata portion of the assets and liabilities of the Company to Purchaser in exchange for the Closing Cash Consideration, which sale will be governed by Section 1001 of the Code, and (ii) a contribution by NewCo of a pro rata portion of the assets and liabilities of the Company to Purchaser in exchange for the Purchaser Securities, which contribution will be governed by Section 721 of the Code (the "**<u>Agreed Tax Treatment</u>**").

**<u>Agreement</u>**

In consideration of the representations, warranties, covenants, and agreements contained in this Agreement, and intending to be legally bound, the Parties agree as follows:

# Article I  <br> <u>Definitions; Interpretation</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. Capitalized terms and other terms used in this Agreement have the respective meanings set forth in <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Interpretation</u>. As used in this Agreement, except as otherwise indicated in this Agreement or as the context may otherwise require: (a) the words "include," "includes," and "including" are deemed to be followed by "without limitation" whether or not they are, in fact, followed by such words or words of similar import; (b) the word "or" is not exclusive; (c)

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## references to an "Article," "Section," "preamble," "Recital," or any other subdivision, or to an "Appendix," "Exhibit," "Schedule," or "Disclosure Schedule" are to an article, section, preamble, recital, or subdivision of this Agreement, or to an appendix, exhibit, schedule, or disclosure schedule to this Agreement; (d) any word in the singular form includes the plural and vice versa; (e) references to this Agreement or any other Transaction Document include all appendices, exhibits, schedules, disclosure schedules, and other attachments related thereto; (f) references to any Law are to it as amended, modified, supplemented, and restated as of the date of this Agreement, and references to any statute will be deemed also to refer to all rules and regulations promulgated thereunder; (g) except for references in the Seller Disclosure Schedule, references to any Person include such Person's respective predecessors, successors, and permitted assigns (and in the case of a natural person, such Person's heirs, estate, and personal representatives); (h) references to a "day" or number of "days" (without the explicit qualification of "Business") refer to a calendar day or number of calendar days. If any action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action or notice may be taken or given on the next succeeding Business Day.

# Article II  <br> <u>Purchase and Sale of Acquired Securities</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Purchase and Sale of Acquired Securities</u>. On the terms and subject to the conditions of this Agreement, at the Closing, NewCo shall transfer, sell, assign, convey and deliver to Purchaser, and Purchaser shall purchase, acquire and accept from NewCo, all of NewCo's right, title, and interest in and to the Acquired Securities, free and clear of all Encumbrances other than Permitted Equity Encumbrances, in exchange for the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Purchase Price</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation</u>. The aggregate consideration to be paid by or on behalf Purchaser to the Sellers for the purchase of the Acquired Securities and the other Contemplated Transactions (the "**<u>Purchase Price</u>**") will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to Two Million One Hundred Twenty Thousand Dollars ($2,120,000.00) (the "**<u>Closing Cash Consideration</u>**"), which amount will be paid by Purchaser to NewCo at Closing by wire transfer of immediately available funds; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a promissory note in the principal amount equal to Three Million One Hundred Eighty Thousand Dollars ($3,180,000.00) in substantially the form of **Exhibit E** (the "**<u>Installment Payment Promissory Note</u>**"), which amount will be paid by Purchaser to NewCo in twenty-four (24) substantially equal monthly installments; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a promissory note in the principal amount equal to Six Million Four Hundred Ninety Two Thousand Four Hundred Forty Five and 05/100 Dollars ($6,492,445.05) in substantially the form of **Exhibit F** (the "**<u>Permitted Indebtedness Promissory Note No. 1</u>**"); *plus*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a promissory note in the principal amount equal to Two Million Three Hundred Seventy-Four Thousand Twenty-Five and 35/100 Dollars ($2,374,025.35) in substantially the form of **Exhibit G** (the "**<u>Permitted Indebtedness Promissory Note No. 2</u>**" and, collectively with the Installment Promissory Note and the Permitted Indebtedness Promissory Note No. 1, the "**<u>Promissory Notes</u>**"); *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 2,083,333 Gloo $6.00 Units, which the Parties agree shall have an aggregate value as of the Closing Date of Twelve Million Five Hundred Thousand Dollars ($12,500,000.00) (the "**<u>Purchaser Securities</u>**"); *plus or minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Adjustment Amount, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preliminary Estimates</u>. At least three (3) days before the Closing Date, the Sellers shall prepare and deliver to Purchaser for Purchaser's review and good faith approval a written notice (the "**<u>Sellers' Statement</u>**") containing (i) a balance sheet of the Company as of the Effective Time, prepared in accordance with the Accounting Principles (the "**<u>Initial Balance Sheet</u>**"); and (ii) the Sellers' good faith estimated calculation of each of the following as of the Effective Time: (A) the Working Capital of the Company ("**<u>Estimated Working Capital</u>**"); (B) the aggregate Indebtedness of the Company other than the Permitted Indebtedness ("**<u>Estimated Indebtedness</u>**"); (C) Closing Cash Consideration; and (D) unpaid Seller Transaction Expenses ("**<u>Estimated Seller Transaction Expenses</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Purchase Price Adjustment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchaser Statement</u>. No later than ninety (90) days after the Closing Date, the Company shall prepare and deliver to NewCo a written notice (the "**<u>Purchaser Statement</u>**") containing (i) a balance sheet of the Company as of the Effective Time, prepared in accordance with the Accounting Principles (the "**<u>Closing Balance Sheet</u>**"); and (ii) Purchaser's good faith calculation of each of the following as of the Effective Time: (A) the Working Capital of the Company ("**<u>Closing Working Capital</u>**"); (B) the aggregate Indebtedness of the Company other than the Permitted Indebtedness ("**<u>Closing Indebtedness</u>**"); and (C) unpaid Seller Transaction Expenses ("**<u>Closing Seller Transaction Expenses</u>**"). NewCo will have until 5:00 p.m. Mountain Time on the date that is thirty (30) days after delivery of the Purchaser Statement (the "**<u>Review Period</u>**") to review the items set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cooperation</u>. Until final determination of Closing Working Capital, Closing Indebtedness, Closing Cash Consideration, and Closing Seller Transaction Expenses pursuant to this <u>Section 2.3</u>, each Party shall use its Commercially Reasonable Efforts to, and to cause such Party's Representatives to, cooperate with the other Parties, the Accountant (if applicable), and their respective Representatives in connection with the preparation and review of the calculations contemplated by this <u>Section 2.3</u>, including providing reasonable access during ordinary business hours to the books and records (excluding any privileged work papers), accountants, and employees of such Party; *provided* that any Party submitting documents or information to the Accountant shall provide a copy thereof to each other Party immediately after such submission to the Accountant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Acceptance by NewCo</u>. If (i) at any time during the Review Period, NewCo notifies Purchaser in writing of its acceptance of Closing Working Capital, Closing Indebtedness, and/or Closing Seller Transaction Expenses set forth in the Purchaser Statement, or (ii) NewCo fails to deliver a timely Objection Notice in accordance with <u>Section 2.3(d)</u>, then Purchaser's calculation of Closing Working Capital, Closing Indebtedness, and/or Closing Seller Transaction Expenses, as the case may be, will be deemed accepted by NewCo and will be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disagreement by NewCo</u>. If NewCo disputes any item in the Purchaser Statement, NewCo may, before expiration of the Review Period, deliver to Purchaser an objection notice (an "**<u>Objection Notice</u>**"), which must set forth, in reasonable detail: (i) the items and amounts in dispute; (ii) the reasons for each such dispute and any supporting documentation with respect thereto; and (iii) NewCo's proposed calculation of Closing Working Capital, Closing Indebtedness, and/or Closing Seller Transaction Expenses, as the case may be. Any item not specifically disputed in the Objection Notice will be deemed accepted by NewCo and will be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Dispute Resolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If NewCo delivers a timely Objection Notice in accordance with <u>Section 2.3(d)</u>, then Purchaser and NewCo shall use their respective Commercially Reasonable Efforts to resolve the disputed items set forth in the Objection Notice during the thirty (30) day period after delivery of the Objection Notice to Purchaser (the "**<u>Resolution Period</u>**"). If, during the Resolution Period, Purchaser and NewCo agree as to any disputed items, then Purchaser and NewCo shall execute a written acknowledgement of such agreement, and such agreement will be final and binding with respect to such agreed items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any items remain in dispute upon expiration of the Resolution Period (the "**<u>Disputed Items</u>**"), they will be submitted to the Accountant for resolution. NewCo and Purchaser shall use their respective Commercially Reasonable Efforts to engage the Accountant (including executing engagement letters and other documents) within fifteen (15) days after expiration of the Resolution Period. Purchaser and NewCo shall instruct the Accountant that it: (A) will act as an expert in accounting, and not as an arbitrator, to resolve, in accordance with this Agreement, only the Disputed Items; (B) may not determine an amount for any Disputed Item greater than the greatest amount claimed by a Party with respect to such item or less than the lowest amount claimed by a Party with respect to such item; (C) will use Commercially Reasonable Efforts to deliver to Purchaser and NewCo a reasonably detailed written decision, as promptly as practicable and, in any event, within thirty (30) days after the engagement of the Accountant; and (D) may not engage in *ex parte* communications with any Party or its Representatives. The Accountant's resolution will be final and binding with respect to the Disputed Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The expenses and fees of the Accountant shall be paid by Purchaser, on the one hand, and jointly and severally by the Sellers, on the other hand, in proportion to the amounts by which their aggregate positions set forth in the

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Purchaser Statement (with respect to Purchaser) and the Sellers' Objection Notice (with respect to the Sellers), differ from the Accountant's final aggregate determination, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Calculation of Adjustment Amount</u>. After final determination of Closing Working Capital, Closing Indebtedness, Closing Cash Consideration, and Closing Seller Transaction Expenses pursuant to this <u>Section 2.3</u>, the Purchase Price payable to NewCo (or its designees) will be adjusted on a dollar for dollar basis as follows: (A) reduced by the amount, if any, by which Closing Working Capital is less than the Working Capital Target <u>or</u> increased by the amount, if any, by which Closing Working Capital is greater than the Working Capital Target; (B) reduced by the amount, if any, by which Closing Indebtedness is greater than Estimated Indebtedness <u>or</u> increased by the amount, if any, by which Closing Indebtedness is less than the Estimated Indebtedness; and (C) reduced by the amount, if any, by which Closing Seller Transaction Expenses are greater than Estimated Seller Transaction Expenses <u>or</u> increased by the amount, if any, by which Closing Seller Transaction Expenses are less than Estimated Seller Transaction Expenses. The "**<u>Adjustment Amount</u>**" means the net amount, if any, of all sums that are an increase or decrease to the Purchase Price as contemplated by this <u>Section 2.3(f)</u>; *provided*, that if such net amount has an absolute value of less than One Million Dollars ($1,000,000), then the "Adjustment Amount" will be deemed to be zero dollars ($0.00). For the avoidance of doubt, the Purchase Price shall be adjusted with respect to the matters that are the subject of this <u>Section 2.3</u> only to the extent of the Adjustment Amount (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Payment of Adjustment Amount</u>. Not more than three (3) Business Days after final determination of the Adjustment Amount pursuant to this <u>Section 2.3</u>, (i) if the Adjustment Amount is negative, the Sellers shall, jointly and severally, pay or cause to be paid to Purchaser (or its designees), by wire transfer of immediately available funds to the account(s) designated in writing by Purchaser, and amount in cash equal to the Adjustment Amount or, (ii) if the Adjustment Amount is positive, Purchaser shall pay or cause to be paid to the Sellers (or their respective designees), by wire transfer of immediately available funds to the account(s) designated in writing by the Sellers, an amount in cash equal to the Adjustment Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Tax Treatment</u>. The Parties agree to treat the transactions contemplated by this Agreement in a manner consistent with the Agreed Tax Treatment for U.S. federal Income Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Withholding Tax</u>. Purchaser will be entitled to deduct and withhold from any amounts otherwise payable pursuant to this Agreement (or, as the case may be, be promptly reimbursed therefor) such amounts as may be required to be deducted or withheld under applicable Law. Except for any deduction and withholding required as a result of a Person failing to timely deliver the items set forth in <u>Section 8.1(j)</u> or required in connection with the payment of any compensation, Purchaser shall use Commercially Reasonable Efforts to provide Sellers with written notice of its intent to withhold at least three (3) days prior to the Closing, and the parties shall use Commercially Reasonable Efforts to cooperate to mitigate or eliminate any such withholding to the maximum extent permitted by Law. To the extent that amounts are so withheld, such amounts will be treated for all purposes of this Agreement as having been paid to the Person entitled to receipt of the payment in respect of which such deduction and withholding was made by such Party.

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# Article III  <br> <u>Closing</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Closing</u>. The purchase and sale of the Acquired Securities shall take place simultaneously with the execution of this Agreement (the "<u>Closing</u>") on the date hereof (the "<u>Closing Date</u>") remotely by exchange of documents and signatures (or their electronic counterparts). Notwithstanding the foregoing and regardless of the time at which funds are actually transmitted, the purchase and sale of the Acquired Securities will be deemed to have been consummated at 12:01 a.m. Mountain Time on the Closing Date (the "<u>Effective Time</u>"). The calculation and payment of the Closing Cash Consideration and the delivery of the Purchaser Securities, all Transaction Documents, certificates, and instruments to be delivered at the Closing, will be deemed to have been delivered simultaneously, and neither the delivery of the Closing Cash Consideration nor any such Transaction Documents, certificates, and instruments will be deemed delivered or waived until all have been delivered or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Delivery of Acquired Securities</u>. At the Closing, NewCo shall deliver to Purchaser an assignment of securities for the Acquired Securities in substantially the form of <u>Exhibit A</u> (the "<u>Securities Assignment</u>"), duly executed by an authorized representative of NewCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Delivery of Purchaser Securities</u>. At the Closing, Purchaser will deliver or cause to be delivered the Purchaser Securities to NewCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Delivery by Purchaser of Closing Payments</u>. At Closing, Purchaser shall deliver or cause to be delivered the Closing Cash Consideration as follows, by wire transfer of immediately available funds to the account designated in writing by Purchaser before the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Estimated Indebtedness to the payees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Estimated Seller Transaction Expenses to the payees thereof in accordance with the Seller Transaction Expense Invoices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Net Closing Cash Consideration to NewCo.

# Article IV  <br> <u>Representations and Warranties Relating to Sellers</u> 
Sellers, jointly and severally, hereby represent and warrant to Purchaser as of the Closing (unless otherwise specified):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Standing</u>. If a natural person, such Seller has legal capacity to enter into this Agreement. If a corporation, limited liability company, partnership or other entity, such Seller is duly organized, validly existing and in good standing (if the concept of good standing applies) under the Laws of the jurisdiction of its incorporation or formation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Title to Acquired Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NewCo: (i) has good and valid title to, and record and beneficial ownership of, the Acquired Securities, free and clear of all Encumbrances, other than Permitted Equity Encumbrances; (ii) except for this Agreement or as set forth on <u>Section 4.2(a)(ii) of the Seller Disclosure Schedule</u>, has not granted any option or other right in or to any of the Acquired Securities; and (iii) except for this Agreement or as set forth on <u>Section 4.2(a)(iii) of the Seller Disclosure Schedule</u>, is not a party to any voting trust or agreement, investor agreement, registration rights agreement, shareholder agreement, operating agreement, or other Contract or arrangement relating to, binding on, or otherwise affecting the Acquired Securities. Except for any Encumbrance made by, or arising as a result of, Purchaser's acquisition of the Acquired Securities, the delivery by NewCo of the Securities Assignment at the Closing will transfer to Purchaser good and valid title to the Acquired Securities, free and clear of all Encumbrances other than Permitted Equity Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Johnson holds one hundred percent (100%) of the issued and outstanding NewCo Common Stock. Johnson: (i) has good and valid title to, and record and beneficial ownership of, such the NewCo Common Stock, free and clear of all Encumbrances, other than Permitted Equity Encumbrances; (ii) has not granted any option or other right in or to any NewCo Common Stock; and (iii) except as contained in the Organizational Documents of NewCo, copies of which have been provided to Purchaser, is not a party to any voting trust or agreement, investor agreement, registration rights agreement, shareholder agreement, operating agreement, or other Contract or arrangement relating to, binding on, or otherwise affecting Johnson's right to freely transfer the NewCo Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Authority; Execution and Delivery; Enforceability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a natural person, such Seller has full capacity, power and authority to execute and deliver the Transaction Documents to which such Seller is a party, to perform such Seller's obligations thereunder, and to consummate the Contemplated Transactions applicable to such Seller. If a corporation, limited liability company, partnership or other entity, such Seller has full corporate, limited liability company or other necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a natural person, each Transaction Document to which such Seller is a party has been duly executed and delivered by such Seller and (assuming due authorization, execution, and delivery by the other parties thereto) constitutes the legal, valid, and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, subject to the Remedies Exception. If a corporation, limited liability company, partnership or other entity, (i) the execution and delivery by such Seller of this Agreement, the performance by such Seller of its obligations under this agreement and the consummation by such Seller of the Contemplated Transactions have been duly authorized by all requisite corporate, limited liability company or other necessary action on the part of such Seller; and (ii) this Agreement has been duly executed and delivered by such Seller, and (assuming due authorization, execution and delivery by the other Parties), this Agreement constitutes a legal, valid and binding obligation of such Seller, enforceable against

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such Seller in accordance with its terms, except as such enforceability may be limited by the Remedies Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>No Conflicts; Consents</u>. The execution, delivery, and performance by each Seller of the Transaction Documents to which such Seller is a party, and the consummation of the Contemplated Transactions, do not and will not: (a) conflict with or result in a violation or breach of, any provision of the Organizational Documents of such Seller (if any); (b) result in a violation or breach of any provision of any Law or Order applicable to such Seller; (c) except as set forth in <u>Section 4.4 of the Seller Disclosure Schedule</u>, require the consent, notice, or other action by any Person under, conflict with, result in a violation or breach of, constitute a default under (with notice or lapse of time, or both) or give rise to any right of, or result in, the acceleration, termination, amendment, or cancellation of any Contract to which such Seller is a party; or (d) result in the creation or imposition of any Encumbrance, other than Permitted Equity Encumbrances, on the NewCo Common Stock, the Acquired Securities or Purchaser's interest in the Acquired Securities, as applicable, except in the cases of clauses (c) or (d), where the violation, breach, conflict, default or failure to give notice or obtain consent would not have a Material Adverse Effect. No Consent, Permit, Order, declaration or filing with, or notice to, any Person or Governmental Entity is required by or with respect to such Seller in connection with the execution and delivery of any Transaction Document or the consummation of the Contemplated Transactions, except where the failure to obtain or make such consents approvals, Permits, Governmental Orders, declarations, filings or notices would not have, in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Brokers</u>. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the Contemplated Transactions based upon arrangements made by or on behalf of such Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Solvency</u>. There is no Proceeding pending or, to Sellers' Knowledge, threatened against, or any Order against, binding on, or otherwise affecting, such Seller or any of its properties, assets, or businesses that: (a) challenges or seeks to prevent, enjoin, or otherwise delay the Contemplated Transactions; (b) would reasonably be expected to result in a Material Adverse Effect; or (c) would reasonably be expected to have a Material Adverse Effect on the ability of such Seller to consummate the Contemplated Transactions and perform its obligations under each Transaction Document to which it is a party. Such Seller is not insolvent or reasonably expected to become insolvent immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Investment Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Seller understands and acknowledges that the Purchaser Securities have not been registered under the Securities Act, or the securities laws of any other jurisdiction. No transfer, whether with or without consideration and whether voluntarily or involuntarily or by operation of law, of any of the Purchaser Securities is permitted unless such transfer is registered under the Securities Act and other applicable securities laws, or an exemption from such registration is available. Each Seller understands and acknowledges that no federal or state agency has passed upon the merits or risks of or made any finding or determination concerning the fairness or advisability of an investment in the Purchaser Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller understands and accepts that the purchase of the Purchaser Securities involves various risks. Each Seller has sufficient knowledge, sophistication, and experience in business and financial matters and illiquid investments similar to an investment in Purchaser so as to be capable of evaluating the merits and risks of an investment in the Purchaser Securities. With the assistance of each Seller's own professional advisors (to the extent that such Seller has deemed such assistance appropriate), each Seller has undertaken its own legal, tax, accounting, financial, and other evaluation of the merits and risks of an investment in the Purchaser Securities in light of such Seller's own circumstances and financial condition and has concluded that it is capable of bearing the economic risk of holding the Purchaser Securities for an indefinite period of time, has adequate means to provide for its current needs and contingencies (after giving effect to an investment in the Purchaser Securities), and can afford to suffer a complete loss of such Seller's investment in Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Seller acknowledges and agrees that no market for the resale of any of the Purchaser Securities currently exists, and no such market may ever exist. Each Seller confirms its understanding that such Seller must bear the economic and financial risk of an investment in the Purchaser Securities for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Seller has made such independent investigation of Purchaser, its management, its financial condition, and related matters as such Seller deems necessary or advisable in connection with its acquisition of the Purchaser Securities. Each Seller and such Seller's representatives have been afforded a full opportunity to ask questions of and receive answers from the managers and officers of Purchaser about the business and affairs of Purchaser, and to examine all such documents, materials, and information concerning Purchaser as such Seller or such representatives deem to be necessary or advisable in order for such Seller to reach an informed decision concerning whether to make an investment in Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Seller is an "accredited investor," as defined in Rule 501 of Regulation D promulgated under the Securities Act. Such Seller agrees to furnish any additional information requested by Purchaser or any of its Affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Purchaser Securities. Each Seller acknowledges that it has completed an accredited investor questionnaire (the "**<u>Investor Questionnaire</u>**") and that the information contained in such Investor Questionnaire is complete and accurate as of the Effective Date. Any information that has been furnished or that will be furnished by such Seller to evidence its status as an accredited investor is accurate and complete and does not contain any misrepresentation or material omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Seller is receiving the Purchaser Securities for such Seller's own benefit and account for investment purposes only, and not with a view to, or in connection with, any public offering, resale, or distribution thereof. Each Seller agrees that it will not sell, assign, transfer, or otherwise dispose of any of the Purchaser Securities, or any interest therein, in violation of the Securities Act or any applicable state securities law. Each Seller understands that Purchaser is relying upon such Seller's representations and agreements contained in this Agreement and any supplemental information that such Seller may provide for the purpose of determining whether the offering of the Purchaser Securities is exempt from registration under the Securities Act and all applicable state securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Seller confirms that it has not been offered the Purchaser Securities by any means of general solicitation or general advertising.

# Article V  <br> <u>Representations and Warranties Relating to the Company</u> 
NewCo hereby represents and warrants to Purchaser as of the Closing (unless otherwise specified):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Organization; and Good Standing</u>. The Company: (a) was duly organized, is validly existing, and is in good standing under the laws of the jurisdiction of its formation set forth in <u>Section 5.1 of the Seller Disclosure Schedule</u>; (b) has full corporate power and authority to own, lease, or otherwise hold its assets and properties and to carry on its business as presently conducted; and (c) is duly qualified, authorized, registered, or licensed and in good standing to do business in each jurisdiction where the conduct or nature of its business or the ownership, leasing, or holding of its assets and properties makes such qualification, authorization, registration, or licensure necessary, except where the failure to be so licensed, qualified or in good standing would not have a Material Adverse Effect. Each jurisdiction where the Company is qualified, authorized, registered, or licensed as a foreign Entity is listed in <u>Section 5.1 of the Seller Disclosure Schedule</u>. Correct and complete copies of the Organizational Documents of the Company as of the Closing have been made available to Purchaser prior to the Closing. The Company is not in violation of any provisions of its Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Equity Securities; Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The NewCo Common Stock held by Johnson constitutes one hundred percent (100%) of the issued and outstanding Equity Securities of NewCo. The Company Common Stock constitutes one hundred percent (100%) of the issued and outstanding Equity Securities of the Company. <u>Section 5.2(a) of the Seller Disclosure Schedule</u> accurately and completely sets forth the capitalization of each of the Company and NewCo as of (i) immediately prior to the Closing and (ii) as of immediately prior to the effectiveness of the Contribution Agreement, including with respect to each such Entity: (a) each class of Equity Securities authorized, issued, and outstanding; and (b) a list of the full legal names of each record and beneficial owner of such Equity Securities, and opposite the name of each such owner, the percentage and class of Equity Securities owned by each such owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company does not have, and has never had, any Subsidiaries and does not own and has never owned, directly or indirectly, (i) any Equity Security in any other Person, or (ii) any interest in any partnership, unincorporated joint venture, or other arrangement with any other Person involving the sharing of profits or losses, or in the nature of a partnership, joint venture, or other business enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither NewCo nor the Company has any options, issued, and outstanding or authorized for issuance, whether or not presently convertible, exercisable, or exchangeable, or other commitments or undertakings (other than this Agreement) under which NewCo or the Company, as applicable, is or may become obligated to issue, deliver, transfer, or sell, or cause to be issued, delivered, transferred, or sold, any of its Equity Securities or any security exercisable

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for, or convertible or exchangeable into, any Equity Securities of NewCo or the Company, as applicable. Except with respect to items of Permitted Indebtedness, no former equity owner of NewCo, the Company, or any of their respective predecessors, and no former holder of any right to acquire any interest in NewCo, the Company, or any of their respective predecessors (whether by warrant, option, convertible instrument, or otherwise), has any claim or rights to or in respect of any equity interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All outstanding Equity Securities of each Seller that is an Entity and the Company were duly authorized and validly issued, represent valid membership interests, and have been offered, issued, sold, and delivered in compliance with all applicable Laws. None of the outstanding Equity Securities of the Company were issued or held in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right, or any similar right under the Organizational Documents or any Contract of the Company or the owners of its Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no agreements or outstanding obligations (contingent or otherwise) of the Company to repurchase, redeem or otherwise acquire any Equity Securities of the Company. Except as set forth in <u>Section 5.2(e) of the Seller Disclosure Schedule</u>, there are no voting trusts, shareholder agreements, commitments, undertakings, understandings, proxies, or other restrictions to which the Company is a party that, directly or indirectly, restrict or limit in any manner, or otherwise relate to, the voting, sale, or other disposition of any Equity Securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Authority; Execution and Delivery; Enforceability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has full limited liability company power and authority to execute and deliver the Transaction Documents to which it is a party, to perform its obligations thereunder and to consummate the Contemplated Transactions applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery by the Company of the Transaction Documents to which it is a party, the performance of its obligations under such Transaction Documents and the consummation by the Company of the Contemplated Transactions applicable to it, have been duly authorized by all necessary limited liability company action of the Company, including any required approvals under the Law applicable to, or the Organizational Documents of, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Transaction Document to which the Company is a party has been duly executed and delivered by the Company, and (assuming due authorization, execution and delivery by the other parties thereto) constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Remedies Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>No Conflicts; Consents</u>. The execution, delivery and performance by the Company of this Agreement and the Transaction Documents to which it is a party, and the consummation of the Contemplated Transactions, do not and will not: (a) conflict with or result in a violation or breach of any provision of the Company's Organizational Documents; (b) result in a violation or breach of any provision of any Law or Order applicable to the Company; (c) except as set forth in <u>Section 5.4(c) of the Seller Disclosure Schedule</u>, require the consent, notice, or other action by any Person under, conflict with, result in a violation or breach of, constitute a default

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## under (with notice or lapse of time, or both), or give rise to any right of, or result in, the acceleration, termination, amendment, lapse in, or cancellation of any Benefit Plan, Permit, or Contract to which the Company is a party or by which its assets are bound; or (d) result in the creation or imposition of any Encumbrance, other than Permitted Encumbrances, with respect to any portion of the Company's assets or properties, except in the cases of clauses (c) or (d), where the violation, breach, conflict, default or failure to give notice or obtain consent would not have a Material Adverse Effect. Except as set forth in <u>Section 5.4 of the Seller Disclosure Schedule</u>, no Consent, Permit, Order, declaration or filing with, or notice to, any Person or Governmental Entity is required by or with respect to the Company in connection with the execution and delivery of any Transaction Document or the consummation of the Contemplated Transactions, except where the failure to obtain or make such consents approvals, Permits, Governmental Orders, declarations, filings or notices would not have, in the aggregate, a Material Adverse Effect.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Financial Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.5(a)(1) of the Seller Disclosure Schedule</u> sets forth correct and complete copies of the Company's (i) unaudited balance sheet as of each of December 31, 2023, and December 31, 2022, and the related statements of income, stockholders' or members' equity, and cash flows for the years then ended (collectively, the "**<u>Annual Financial Statements</u>**"), and (ii) unaudited balance sheet as at October 31, 2024 (the "**<u>Interim Balance Sheet</u>**," and the date thereof, the "**<u>Interim Balance Sheet Date</u>**"), and the related statements of income, stockholders' or members' equity, and cash flows for the ten (10)-month period then ended (the "**<u>Interim Financial Statements</u>**" and, together with the Annual Financial Statements, the "**<u>Financial Statements</u>**"). Except as set forth in <u>Section 5.5(a)(2) of the Seller Disclosure Schedule</u>, the Financial Statements (including the notes thereto, if any) fairly present in all material respects the financial position of the Company as of the respective dates they were prepared and the results of the operations and cash flows of the Company for the periods indicated, all in accordance with the accounting principles historically used by the Company as set forth in <u>Section 5.5(a)(3) of the Seller Disclosure Schedule</u> (the "**<u>Accounting Principles</u>**") applied on a consistent basis throughout the periods involved, subject, in the case of the Interim Financial Statements, to normal and recurring year-end adjustments, none of which are material, and the absence of notes. The Financial Statements were prepared based on the financial books and records of the Company, which books and records have been maintained in accordance with sound business practices and fairly and accurately reflect in all material respects all transactions, properties, assets, liabilities, revenues, expenses, and accounts of the Company for the periods covered by the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Company nor any Seller has taken any action, or omitted to take any action, or made or caused to be made any material change in the operations or financial reporting or accounting methods and practices of the Company, substantially for the purpose of artificially manipulating the financial results of the Company, including the amount of the Company's Cash, Working Capital, or Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company maintains a system of internal controls over financial reporting (of a type customary for similarly situated companies) that is reasonably sufficient to permit preparation of financial statements in accordance with the Accounting Principles, and otherwise in a manner that fairly presents the financial condition and results of operations of the Company in all material respects as of the respective dates and periods thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>No Undisclosed Liabilities</u>. The Company has no Liabilities of a type required to be reflected on a balance sheet prepared in accordance with GAAP, *except* for the following, none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of Contract, breach of warranty, tort, infringement, environmental liability, or violation of Law: (a) Liabilities included and reserved against on the Interim Balance Sheet; (b) accounts payable and Liabilities (of the types required to be reflected as current liabilities on a balance sheet prepared in accordance with GAAP) incurred by the Company since the Interim Balance Sheet Date in the Ordinary Course of Business; (c) the Liabilities set forth in <u>Section 5.6(c) of the Seller Disclosure Schedule</u>; and (d) Liabilities under Contracts not yet fully performed (correct and complete copies of which have been made available to Purchaser prior to Closing), arising in the Ordinary Course of Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Absence of Changes</u>. Except as set forth in <u>Section 5.7 of Seller Disclosure Schedule</u>, since December 31, 2023, (x) no Material Adverse Effect has occurred nor, to the Knowledge of Sellers, does any fact or circumstance exist that reasonably could be expected to have a Material Adverse Effect, (y) the Company has conducted its business only in the Ordinary Course of Business. Further, other than actions taken or Liabilities incurred as expressly provided for in the Transaction Documents, the Company has not, since the Interim Balance Sheet Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sold, transferred, assigned, leased, subleased, licensed, or otherwise disposed of any of its assets, tangible or intangible, owned, leased, or licensed, with a value in excess of $50,000 individually or $150,000 in any series of transactions, other than in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entered into any Material Contract (or series of related Contracts that in the aggregate would constitute a Material Contract) outside the Ordinary Course of Business and involving more than $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) created, incurred, or permitted to arise any Encumbrance on any of its assets, tangible or intangible, other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made any capital expenditure (or series of related capital expenditures) or commitments therefor outside the Ordinary Course of Business involving more than $100,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) made any capital investment in, any loan to, or any acquisition of the securities or assets of, any other Person (or series of related capital investments, loans, and acquisitions) outside the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent involving more than $100,000 in the aggregate, (i) issued, created, incurred, assumed, or guaranteed any Indebtedness other than Permitted Indebtedness or (ii) made any material voluntary purchase, cancellation, prepayment, or complete or partial discharge in advance of a scheduled payment date with respect to any Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) canceled, compromised, waived, or released any material right or claim (or series of related rights and claims that in the aggregate would constitute a material right or claim) outside the Ordinary Course of Business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) made or authorized any change in the Organizational Documents of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued, sold, or otherwise disposed of, or split, combined or subdivided, any of its capital stock or other Equity Securities, or granted any options or other rights to purchase or acquire (including upon conversion, exchange, or exercise) any of its capital stock or other Equity Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) declared or paid any dividends or other distributions, outside of the Ordinary Course of Business distributions, with respect to any shares of its capital stock or other Equity Securities or redeemed or purchased, directly or indirectly, any shares of its capital stock or other Equity Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) experienced any casualty, damage, destruction, theft, or loss (whether or not covered by insurance) to any of its assets and properties resulting in losses in excess of $100,000 individually or $300,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) increased or promised to increase the base compensation, wages, or other compensation of, or otherwise made any change in the employment or retention terms for, or (ii) paid any discretionary bonus or other cash or in kind award (other than sales commissions or annual bonuses in the Ordinary Course of Business) to, any of its respective employees, in each case under subsection (i) or (ii) other than as provided for in any written agreement a correct and complete copy of which has been made available to Purchaser or in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (i) adopted, entered into, become bound by, or amended, modified, or terminated, any bonus, profit-sharing, incentive, severance, or other Benefit Plan, any employment-related Contract or compensation arrangement, or any collective-bargaining agreement (other than in the Ordinary Course of Business or as required by applicable Law) or (ii) established or modified any (A) targets, goals, pools, or similar provisions under any Benefit Plan, employment-related Contract or other employee compensation arrangement, or (B) salary ranges, compensation increase guidelines, or similar provision with respect to any Benefit Plan, employment-related Contract, or other employee compensation arrangement (other than in the Ordinary Course of Business or as required by applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i) settled or compromised any material Tax liability; (ii) made, changed, or rescinded any material Tax election; (iii) surrendered any right in respect of a refund of Taxes; (iv) filed any amended Tax Return; (v) filed any Tax Return prepared in a manner inconsistent with the past practices of the Company; (vi) taken any significant position inconsistent with past practice on any Income Tax Return; or (vii) consented to any extension or waiver of the limitation period applicable to any claim or assessment in respect of Taxes that remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) instituted or settled any Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) made any write-off or write-down of or made any determination to write-off or write-down any of its properties and assets in excess of $100,000 in the aggregate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) made any material change in the general pricing practices or policies or the credit or allowance practices or policies of the Company, including any discounting or increased credit terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) outside the Ordinary Course of Business, entered into any amendment, modification, termination (partial or complete), or granted any waiver under or given any consent with respect to any Material Contract that is required to be disclosed on the Seller Disclosure Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) licensed in or purchased any Intellectual Property other than in the Ordinary Course of Business or licensed out or otherwise permitted any Person to use any material Intellectual Property outside the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) accelerated the collection of any of its accounts receivable, deferred the payment of any accounts payable, or otherwise altered or amended its practices with respect to items affecting working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) made any material changes to any of its methods of accounting or methods of reporting revenue and expenses or accounting practices or write up, write down, or write off the book value of any material assets, individually or in the aggregate, to the Company other than as required by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) made any arrangement with any customer, independent contractor, vendor, or other service providers that includes any of the following or similar terms: (i) profit, commission or cost sharing, (ii) marketing, advertising or other allowances, (iii) credit terms beyond ninety (90) days, financing other than on an accounts payable basis or the grant of a security interest to secure payment or credit extended, (iv) joint ventures, or (v) payment in any noncash form, including by way of example and not limitation equity, awards, incentives or other property, excluding product returns in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) given or committed to give, or had or committed to any change in any arrangement for, any rebate or free or discounted services to any customer, or any other financial or in-kind incentive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) received any rebate or free or discounted products or services from any vendor, or any other financial or in-kind incentive, in each case to the extent material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) in any way changed the ordering, re-ordering, new service rollout or other accelerated revenue or the recognition thereof with any existing customer, in each to the extent material, either individually or in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) commenced or terminated any line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) adopted any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) entered into, agreed to enter into, offered to enter into, or amended or modified, whether verbally, orally, or by any other means, any Contract to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Indebtedness</u>. <u>Section 5.8(a) of the Seller Disclosure Schedule</u> sets forth a correct and complete itemized list as of the date of this Agreement of all Indebtedness for borrowed money of the Company, the amounts outstanding with respect to such Indebtedness, and the Person to whom such amounts are owed. The Company has the unrestricted right to pay or pre-pay all such Indebtedness at its par value without penalty or premium, in part or in full, at any time. Except for the Permitted Indebtedness, the Company is not a party to or bound by, nor does it have any liability under, any Contract that constitutes a guaranty or that has the economic effect of guaranteeing any Indebtedness or other obligation of any other Person. For purposes of this Agreement, the Indebtedness shall not include the indebtedness set forth in <u>Section 5.8(b) of the Seller Disclosure Schedule</u> (the "<u>Permitted Indebtedness</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Tangible Property; Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has good and valid title to, or a valid leasehold interest in or license to, all of the tangible personal property and other assets reflected in the Interim Balance Sheet or acquired after the Interim Balance Sheet Date, other than inventories sold or otherwise disposed of in the Ordinary Course of Business since the Interim Balance Sheet Date. All such properties and assets are: (i) free and clear of all Encumbrances other than Permitted Encumbrances; (ii) have been maintained in accordance with customary industry practice and are free from material defects and in good condition and repair (subject to normal wear and tear), (iii) are in the possession of the Company; (iv) are suitable for the purposes for which the Company presently use such properties and assets; and (v) are, together with the Leased Real Property, sufficient for the continued operation of the business of the Company immediately following the Closing as currently conducted. Except as set forth in <u>Section 5.23 of the Seller Disclosure Schedule</u>, none of such properties and assets are held by any Affiliate of the Company or any Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company does not currently own, and has never owned, any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 5.9(c) of the Seller Disclosure Schedule</u> sets forth a correct and complete list of all real property used or occupied (but not owned) at Closing by the Company (collectively, the "**<u>Leased Real Property</u>**") under any lease, sublease, license, concession, or other agreement allowing for occupancy of the Leased Real Property (each, a "**<u>Real Property Lease</u>**"). The Company has a valid leasehold interest in its Leased Real Property, in each case free and clear of all Encumbrances other than Permitted Encumbrances. There exists no condition, restriction, or reservation that would prevent the Company from enforcing its rights with respect to Leased Real Property after the Closing to the full extent it could if the Contemplated Transactions did not occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Intellectual Property</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.10(a) of the Seller Disclosure Schedule</u> contains a true, complete and accurate list of each of the following items of Company Owned Intellectual Property: (i) patents and patent applications; (ii) trademarks, service marks, trade names and corporate names, that are either registered, subject to an application for registration, or material to the Company or the

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conduct of the business of the Company; (iii) registered copyrights and applications for and registrations of such copyrights; and (iv) domain names and registrations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as described in <u>Section 5.10(b)(i) of the Seller Disclosure Schedule</u>, the Company has good, valid and legal title to, and is the sole and exclusive owner of all right, title, and interest in and to, the Company Intellectual Property, free and clear of all Encumbrances other than Permitted Encumbrances. The Company Intellectual Property does not include any of the items of Intellectual Property set forth on <u>Section 5.10(b)(ii) of the Seller Disclosure Schedule</u> (any such listed Intellectual Property, the "**<u>Excluded Intellectual Property</u>**") and there is no Excluded Intellectual Property used or held for use in or otherwise necessary for the conduct of the business as currently conducted by the Company. The Company has the right to use and otherwise exploit all Company Owned Intellectual Property and all other Company Intellectual Property in the manner currently used or exploited by the Company, as well as in any manner necessary for the operation of the business of the Company. The consummation of the transactions contemplated by this Agreement will not alter, impair or extinguish any such rights and the Company shall have all such rights immediately following Closing without infringement, misappropriation, or other violation of any Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each item of Company Owned Intellectual Property is valid and subsisting and, to the Knowledge of Sellers, enforceable. There is no pending Proceeding, or any allegation thereof, asserting the invalidity or unenforceability of any item of Company Owned Intellectual Property or, to the Knowledge of the Sellers, any other Company Intellectual Property. In no instance have any rights in any Company Owned Intellectual Property been abandoned, cancelled, invalidated, allowed to expire, or permitted to enter the public domain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Section 5.10(d) of the Seller Disclosure Schedule</u> contains a true, complete, and accurate list of all Third Party Intellectual Property Contracts under which the Company is licensed, is granted, or otherwise receives or obtains any rights in, under, or with respect to Intellectual Property. <u>Section 5.10(d) of the Seller Disclosure Schedule</u> contains a true, complete, and accurate list of all Third Party Intellectual Property Contracts under which the Company licenses, grants, or otherwise provides or conveys any rights in, under, or with respect to Intellectual Property. All Third Party Intellectual Property Contracts required to be set forth in <u>Section 5.10(d) of the Seller Disclosure Schedule</u> are valid, enforceable, and in full force and effect against the Company and, to the Knowledge of the Sellers, each other party to such Contracts and the Company shall continue to have all rights to enforce any such Contracts after the Closing to the same full extent that the Company might do so if the sale and transfer contemplated hereby did not take place. The Company has complied with all Third Party Intellectual Property Contracts in all material respects and neither the Company nor, to the Knowledge of the Sellers, any other party is in breach of any Third Party Intellectual Property Contract. The Company Owned Intellectual Property and the Intellectual Property licensed by the Company under the Third Party Intellectual Property Contracts listed in <u>Section 5.10(d) of the Seller Disclosure Schedule</u> includes all Intellectual Property used or held for use by the Company and used in or necessary for the operation of the business of the Company, other than Intellectual Property licensed by the Company under Standard Software Contracts and licenses to Public Software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Company Owned Intellectual Property or, to the Knowledge of the Sellers, any Intellectual Property licensed or otherwise received or obtained by the Company under any Third

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Party Intellectual Property Contract, is or has been subject to any Order that restricts, impairs or otherwise imposes any obligation with respect to the validity, enforceability, disclosure, use, enforcement, prosecution, maintenance, transfer, licensing, or other exploitation of, or that otherwise relates to or affects, such Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as set forth in <u>Section 5.10(f) of the Seller Disclosure Schedule</u>: (i) the conduct of the Company's business as currently conducted, including the products, services, or other offerings provided or made available by, on behalf of, or through the Company (whether for sale, license, use, access, or otherwise), does not infringe, misappropriate or otherwise violate, and during the past three (3) years has not infringed, misappropriated or otherwise violated, the Intellectual Property of any Person; and (ii) to Sellers' Knowledge, no Person is infringing, misappropriating or otherwise violating, and during the past three (3) years no Person has infringed, misappropriated, or otherwise violated, any Company Intellectual Property. During the past three (3) years, (x) there has been no claim made or threatened by the Company against any Person and (y)there has been no claim made or, to the Sellers' Knowledge, threatened against the Company by any Person (and the Company has not been a party to any Proceeding), in each case, asserting any unauthorized use, disclosure, infringement, misappropriation, or violation of any Intellectual Property, nor to Sellers' Knowledge is there any reasonable basis for any such claim (or any action including such a claim).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company has taken all actions reasonable and necessary (and, in any case, all actions required under applicable Law or Contract) to maintain and protect: (i) the rights of the Company in and to all Company Intellectual Property; and (ii) the secrecy and confidentiality of the Company's trade secrets and other confidential or proprietary information and the trade secrets and other confidential or proprietary information of any Person, in the possession or control of Company ("**<u>Company Confidential Information</u>**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company Owned Intellectual Property was developed by or on behalf of, or using grants or any other subsidies of, any governmental or public entity or authority, university, corporate sponsor, charitable foundation or other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except as described in <u>Section 5.10(j) of the Seller Disclosure Schedule</u> (any such description setting forth the Software name, version, and applicable license and a description of the applicable use of such Software by the Company), no portion of the Company Software or any product, service, or other offering of the Company includes, imbeds, or incorporates, is bundled with or incorporated into, is distributed, delivered, or hosted with, is developed or maintained through the use of, or is otherwise reliant for its operation upon any Public Software. The Company has complied at all times with each license or agreement applicable to any Public Software. The Company has not distributed, embedded, modified, incorporated, or otherwise made any use of any Public Software in a manner that: (i) could require the Company to disclose or license to any Person any source code or trade secret; (ii) grants, or purports to grant, to any Person any rights or immunities under any Intellectual Property; (iii) requires any Intellectual Property to be made available at no charge; or (iv) otherwise limits or restricts the right or ability of the Company to use or distribute any Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company Software owned or purported to be owned by the Company ("**<u>Company Owned Software</u>**") includes, and the Company has possession and control of complete copies of, all current and past versions of and revisions made by or on behalf of the Company to such Software. No part of any Company Owned Software is copied from, based upon, or derived from any Software of any other Person. No Company Owned Software or Company Information Systems contains any Malicious Code. The source code for all Company Owned Software is in the sole possession and custody of the Company. Neither the Company nor any Person acting on behalf of the Company has provided, disclosed or delivered, or permitted the disclosure or delivery to any other Person of any Source Code for any Company Software. No event has occurred, and no breach or similar condition exists, that (with or without notice or lapse of time, or both) could require the disclosure or delivery to any other Person of any Source Code for any Company Software. Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby could be expected to result in the release of any Source Code for any Company Owned Software from or into escrow. The Company has at times obtained and maintained all licenses (in sufficient quantities and under sufficient terms) necessary or required for the Company to make valid and non-infringing use of all Software or other Intellectual Property owned by any other Person used or held for use by the Company or in connection with the Company's business. The Company owns or has the right to exploit, and after Closing, Purchaser will continue to own or have the right to exploit, each item of the Company Software in the same manner and to the same extent as it was used immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Data Protection</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has at all times during the past three (3) years established and maintained and complied with a written information security program (or programs) covering the Company and all Company Information Systems that: (i) includes not less than reasonable and appropriate technical, administrative, and physical safeguards that are designed to assure the availability, integrity, security, and confidentiality of the Company Information Systems and all Company Data; (ii) is designed to assure the availability, integrity, security, and confidentiality of

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the Company Information Systems and all Company Data; and (iii) is designed to protect against the occurrence of any Security Incident and all anticipated threats or hazards to the security or integrity of the Company Information Systems or Company Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.11(b) of the Seller Disclosure Schedule</u> sets forth a complete and accurate list of all policies maintained at any time by the Company regarding Company Data and the privacy, security, and Processing thereof ("**<u>Company Data Policies</u>**"). The Company Data Policies include all policies required by all Information Requirements and each Company Data Policy is itself in compliance in all material respects with all Information Requirements and other applicable Laws. The Company is and has during the past three (3) years complied in all material respects with all Company Data Policies and all applicable Information Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as described in <u>Section 5.11(c) of the Disclosure Schedule</u>, during the past three (3) years the Company has obtained and maintained all consents, permissions, and authorizations required in all material respects by all Information Requirements with respect to all Company Data and the Processing thereof by and on behalf of Company. Without limiting the foregoing, the Company has in place privacy policies regarding the collection, use and disclosure of Personal Information in the possession, custody or control of Company, or otherwise held or processed by or on behalf of Company, as required by all Information Requirements. Except as described in <u>Section 5.11(c) of the Disclosure Schedule</u>, during the past three (3) years, no Company Data has been provided to the Company by any Person in violation of any Information Requirements in any material respect or in a manner inconsistent in any material respect with such Person's own data or information privacy or security policies. Except as described in <u>Section 5.11(c) of the Disclosure Schedule</u>, immediately following the Closing, the Company will have all consents, permissions, authorizations, and other rights necessary to Process all Company Data in the same manner and to the same extent the Company Data was Processed by and on behalf of Company immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has during the past three (3) years complied in all material respects with all Information Requirements. The Company has not received notice alleging the occurrence of any failure to comply with any Information Requirements. Neither the execution, delivery, and performance of this Agreement, nor any subsequent transfer of any Company Data in connection with this Agreement, will cause, constitute, or result in a breach or violation of any applicable Information Requirements. There is no, and there has not during the past three (3) years been any, complaint or any investigation, action or other proceeding pending against the Company by any Person with respect to any breach or violation of any Information Requirements or any Company Data or the Processing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the past three (3) years, there has been no Security Incident. During the past three (3) years, the Company has not received notice alleging the occurrence of a Security Incident. During the past three (3) years, the Company has not notified and there have been no facts or circumstances that would require the Company to notify, any other Person of any actual or perceived Security Incident or any violation of any Information Requirements. During the past three (3) years, neither the Company nor any third party acting at the direction or authorization of the Company has paid (in any form of compensation, including but not limited to crypto-currency) any perpetrator of any actual or threatened Security Incident, including a ransomware attack or denial-of-service attack.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During the past three (3) years, the Company has not processed Company Data outside of the United States. The Company is not subject to or required to comply with the European Union (EU) General Data Protection Regulation or any other privacy or security Laws of the EU or any EU member state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.12(a) of the Seller Disclosure Schedule</u> sets forth a correct and complete list of each of the following Contracts (or series of related Contracts) currently in force (other than any Permits set forth in <u>Section 5.15(b) of the Seller Disclosure Schedule</u> and any Transaction Documents to which Purchaser is a party), to which the Company is a party, under which the Company has any material Liability, or by which the Company or any of its assets and properties are bound (the Contracts listed or required to be listed on <u>Section 5.12(a) of the Seller Disclosure Schedule</u>, collectively and with all amendments, modifications, and supplements thereto, the "**<u>Material Contracts</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract with (A) a Material Client, (B) a Material Vendor, or (C) other Contract providing for or reasonably expected to result in aggregate expenditures or receipts by the Company of $100,000 or more in any twelve (12)-month period, which, in each case, cannot be cancelled by the Company without penalty or without more than more than ninety (90) days' notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract with any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract entered into by the Company of which a primary purpose is to indemnify, defend, hold harmless, reimburse, or contribute to any Person by the Company outside the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract that includes any of the following or similar terms: (A) profit, commission, or cost sharing, (B) credit terms beyond ninety (90) days, financing other than on an accounts payable basis, or the grant of a security interest to secure payment or credit extended, in each case with respect to amounts payable to the Company, (C) payment in any noncash form, including equity, awards, incentives, or other property, (D) any rebate or free or discounted products or services, or any other financial or in-kind incentive, offered or provided to or (E) any warranty or similar guaranty given by the Company other than in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract that includes any of the following or similar terms: (A) exclusivity, stand-still, non-solicitation, non-hire, or other restriction on engaging in any business or competing with geographic area or with any Person, (B) "most favored nation" or similar understanding with a customer or supplier, (C) right of first refusal, right of first offer, or other preferential right to purchase, license, or otherwise acquire any right to or interest in any assets and properties of the Company, (D) purchase of requirements or outputs, minimum purchase volumes, or purchase volume discounts, or (E) "take-or-pay";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Contract between or among the Company, on the one hand, and any Seller or any Related Party of the Company or any Seller, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Contract that (A) relates to material Indebtedness other than Permitted Indebtedness or the guaranty thereof or (B) grants or creates any material Encumbrance upon any material assets and properties of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any surety bond, performance bond, letter of credit, hedge arrangement, or similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Contract providing for or reasonably expected to result in aggregate capital expenditures by the Company in excess of $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Contract relating to the purchase, sale, assignment, lease, license, exchange, contribution, transfer, or other disposition or acquisition, directly or indirectly (including by merger, consolidation, or other business combination), of any Equity Securities, any material assets or properties, or all or any material portion of the business of the Company or any third party, including options, rights of first offer or refusal, and similar rights with respect thereto, other than in the Ordinary Course of Business, in each case in excess of $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any partnership, joint venture, or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) (A) any material management, consulting, independent contractor, agency, brokerage, employment, or similar Contract, including any Contract with an employee leasing company, staffing agency, or similar organization, in each case which are not cancellable without material penalty or without more than 90 days' notice, and (B) any collective bargaining agreement or other Contract with a labor union, works council or other labor organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any voting trust, shareholder agreement, or other agreement relating to any Equity Securities of any Seller or the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any Contract relating to settlements, conciliations, or similar agreements (A) with any Governmental Entity or (B) pursuant to which the Company is obligated to pay consideration in excess of $100,000 or to satisfy any material non-monetary obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the insurance policies set forth in Section 5.13 of the Seller Disclosure Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Contract relating to any Company Intellectual Property or other Intellectual Property used or held for use by or on behalf of the Company in connection with its business other than (A) Contracts granting the Company non-exclusive licenses to generally commercially available software products made available for consideration of less than $100,000 in any given twelve (12)-month period and Contracts granting customers non-exclusive rights in Company

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Intellectual Property made in the Ordinary Course of Business, and (B) Contracts relating solely to any Excluded Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any Contract relating to the Processing of Personal Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) any Contract pertaining to real property, including the acquisition, sale, ownership, or lease thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) any Contract (or series of Contracts) not otherwise identified in the foregoing subsections of this <u>Section 5.12(a)</u> that is material to the business of the Company or the use of its assets and properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sellers have made available to Purchaser prior to Closing correct and complete copies of each written Material Contract and description (including all material terms) of each oral Material Contract. All Material Contracts are valid, binding, in full force and effect, and enforceable against the Company, and, to the Knowledge of Sellers, the other parties to such Material Contract. Neither the Company, nor, to the Knowledge of Sellers, any other Person that is a party to any Material Contract, is or, during the past three (3) years, has been in breach of or default under such Material Contract in any material respect. The Company has not released any of its rights under any Material Contract and, to the Knowledge of Sellers, no party to a Material Contract has repudiated any of the terms thereof or, to the Knowledge of Sellers, threatened to breach, terminate, cancel, or not renew any Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Insurance</u>. <u>Section 5.13 of the Seller Disclosure Schedule</u> sets forth a correct and complete list of all insurance policies maintained by the Company or with respect to which the Company or any of its directors, managers, or officers (in their capacities as such) is a named insured or otherwise the beneficiary of coverage (collectively, the "<u>Insurance Policies</u>"). The Insurance Policies are in full force and effect and all premiums due on such Insurance Policies have been paid, except as would not have a Material Adverse Effect. Neither any Seller nor the Company has received any written notice of and, to the Knowledge of Sellers, no fact or circumstance exists that would reasonably be expected to result in, nonrenewal, cancellation, termination, material change (including increased premiums), refusal of coverage, or retroactive upward adjustment in premiums with respect to any Insurance Policy. The Insurance Policies are sufficient to comply in all material respects with the requirements of all applicable Laws and Contracts to which the Company or its assets, properties, or business are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>Legal Proceedings; Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 5.14(a) of the Seller Disclosure Schedule</u>, there are no pending or, to the Knowledge of Sellers, threatened Proceedings involving or relating to the Company or any Seller. To the Knowledge of Sellers, there is no event or condition that would reasonably be expected to give rise to or serve as the basis for any Proceeding that, individually or in the aggregate, would result in a Material Adverse Effect. There is no pending or, to the Knowledge of Sellers, threatened Proceeding relating to the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no, and there have not been for the past three (3) years any, outstanding Orders against or affecting the Company or any of its properties or assets, or prohibiting any Seller or Representative of the Company from engaging in or continuing any conduct, activity, or

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practice, relating to the business of the Company or from consummating the Contemplated Transactions which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Compliance with Laws; Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 5.15(a) of the Seller Disclosure Schedule</u>, the Company is, and for the past three (3) years has been, in compliance in all material respects with all Laws and Orders applicable to it or its business, properties, or assets. Within the three (3) years prior to Closing, neither any Seller nor the Company has received any written notice (or to the Knowledge of Sellers, verbal or otherwise) from any Governmental Entity or any other Person regarding any actual or alleged violation of, or failure to comply with, or liability under any applicable Law or Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.15(b) of the Seller Disclosure Schedule</u> sets forth a correct and complete list and description (including date of expiration) of all Permits held by the Company and used by it in the conduct of the Company's business. The Company is in compliance in all material respects with all Permits set forth (or required to be set forth) on <u>Section 5.15(b) of the Seller Disclosure Schedule</u>. All Permits required for the Company to conduct its business have been obtained by the Company and are valid and in full force and effect, and the Company is in compliance in all material respects with the terms of each Permit listed on <u>Section 5.15(b) of the Seller Disclosure Schedule</u> and there is no pending or, to the Knowledge of Sellers, threatened termination, expiration, suspension, withdrawal, or revocation of any of such Permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 <u>Taxes</u>. Except as set forth in Section 5.16 of the Seller Disclosure Schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has timely filed with all appropriate Governmental Entities all Tax Returns required to be filed by Law. All such Tax Returns are true, complete, and correct in all material respects. All Taxes of the Company (whether or not shown as due on any Tax Return) have been timely and fully paid. The Company is not currently the beneficiary of any extension of time within which to file any Tax Return. There are no Encumbrances on any of the assets or properties of the Company that arose in connection with any failure (or alleged failure) to pay any Tax except for statutory liens for Taxes not yet due. The Company has not received from any Tax Authority any notice: (i) indicating an intent to open an audit or other review; (ii) for information related to Tax matters; or (iii) regarding deficiency or proposed adjustment for any amount of Tax. No claim has ever been made by any Governmental Entity in a jurisdiction where the Company does not file Tax Returns that it is or may be subject to taxation by that jurisdiction that would be covered by such Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has collected and withheld all Taxes that it has been required to collect or withhold from its employees, agents, contractors, nonresidents, creditors, equityholders, optionees, customers, and other third parties, and has timely paid over all such collected and withheld Taxes to the appropriate authorities. The Company has complied and is in compliance in all material respects with all Laws relating to the payment, withholding and information reporting requirements relating to any Taxes required to be collected, withheld or paid over.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no Proceedings (including Tax audits or other administrative proceedings or court proceedings) pending or, to the Knowledge of Sellers, threatened concerning any Liability

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for Taxes of the Company or with respect to any Taxes for which the Company has been or will be liable. No Governmental Entity has provided notice in writing of any intention to propose or assert any deficiency or claim for additional Taxes against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has not participated in any "reportable transaction" or any "listed transaction" within the meaning of Treasury Regulation Section 1.6011-4. No Tax Return of the Company contains any position that is, or would be, subject to penalties under Section 6662 of the Code (or any corresponding provisions of state, local, or foreign Law). The Company is not a party to or bound by any Tax allocation, Tax indemnification, or Tax sharing agreement or arrangement. The Company (i) is not now nor has it ever been a member of an affiliated group filing a consolidated federal Income Tax Return, or (ii) has ever had any liability for the Taxes of any Person as a transferee or successor, by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All deficiencies proposed or asserted, or assessments proposed or made, as a result of any examinations of the Company have been fully paid, or are fully reflected as a liability in the Financial Statements, or are being contested and an adequate reserve therefor has been established and is fully reflected in the Financial Statements. Any matter that is being contested is set forth in <u>Section 5.16(e) of the Seller Disclosure Schedule</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company will not be required to include any item of income in, or exclude any item of deduction from, taxable income for any period ending after the Closing Date (each, a "**<u>Post-Closing Tax Period</u>**") as a result of any (i) change in accounting method for any period ending on or prior to the Closing Date (each, a "**<u>Pre-Closing Tax Period</u>**") under Section 481 of the Code (or any analogous or comparable provision of state, local, or foreign Law); (ii) written agreement with a Tax Authority with regard to the Tax liability of the Company for any Pre-Closing Tax Period; (iii) installment sale or open transaction disposition made prior to the Closing Date or prior to the Closing on the Closing Date; (iv) prepaid amount received or deferred revenue accrued on or prior to the Closing Date; or (v) deferral of a payment of Tax obligation that was otherwise due on or prior to the Closing Date (and that was not paid on or prior to the Closing Date) or obtaining an advance of a credit with respect to Taxes on or prior to the Closing Date that was not otherwise available on or prior to the Closing Date, including, but not limited to, the delay of payment of employment Taxes under Section 2302 of the CARES Act, the advance refunding of credits under Section 3606 of the CARES Act, and any delay in the payment of estimated Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify for tax free treatment under Section 355 of the Code (i) in the two (2) years prior to the date of this Agreement or (ii) in a distribution that could otherwise constitute a "disqualified distribution" (within the meaning of Section 355(d) of the Code) or a part of a "plan" or "series of related transactions" (within the meaning of Section 355(e) of the Code) in conjunction with the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company has (i) collected and remitted all sales, use, valued added and similar Taxes with respect to sales or leases made or services provided to its customers and (ii) for all sales, leases or provision of services that are exempt from sales, use, valued added and similar Taxes and that were made without charging or remitting sales, use, valued added or similar Taxes, received and retained any appropriate Tax exemption certificates and other documentation qualifying such sale, lease or provision of services as exempt.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has never (i) had a permanent establishment in any country other than the United States, as defined in any applicable treaty or convention between such country and the jurisdiction of the United States, or (ii) engaged in activities in any country other than the United States that would subject it to Tax by such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At all times since the date of its formation up to the F-Reorg Date, the Company: (i) has been organized in compliance with the requirements necessary to be a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code; (ii) has been operated in compliance with the requirements necessary to be a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code; and (iii) has maintained its status as a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code. At all times prior to the F-Reorg Date, NewCo conducted no activities other than those described in or contemplated by this Agreement. At all times from the F-Reorg Date until the Closing Date, NewCo met all the requirements of and was a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code. Effective on the F-Reorg Date, NewCo timely filed a valid election on IRS Form 8869 to have the Company be treated as a "qualified subchapter S subsidiary" of NewCo. At all times from the F-Reorg Date through the Conversion Date, the Company was properly treated as a "qualified subchapter S subsidiary." At all times from the Conversion Date through the Closing, the Company has been treated as a limited liability company that is disregarded as separate from NewCo within the meaning of Treasury Regulation Section 301.7701-3(b)(1)(ii) for U.S. federal (and applicable state and local) Income Tax purposes. The Company has not, in the five (5) years preceding the date of this Agreement, (A) acquired assets from another corporation in a transaction in which the Company's tax basis for the acquired assets was determined in whole or in part by reference to the tax basis of the acquired assets (or any other property) in the hands of the transferor or (B) acquired the stock of any corporation that is a "qualified subchapter S subsidiary".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company is not a party to or a partner in any joint venture, partnership or other arrangement or Contract that could be treated as a partnership of U.S. federal Income Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 <u>Employee Benefit Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.17(a) of the Seller Disclosure Schedule</u> contains a correct and complete list of each Benefit Plan. The Company has no liability with respect to any plan, arrangement, or practice of the type described in the preceding sentence other than the Benefit Plans, except as would not have a Material Adverse Effect. Correct and complete copies of all material documents and correspondence, if any, related to each Benefit Plan have been made available to Purchaser prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not have a Material Adverse Effect, each Benefit Plan has been maintained, funded, operated and administered in compliance with its terms and applicable Law, including ERISA, the Code, and the Affordable Care Act. Each Benefit Plan that is intended to be tax-qualified under Section 401(a) of the Code and each trust forming a part thereof that is intended to be exempt from taxation under Section 501(a) of the Code has received or may otherwise reasonably rely upon a favorable determination or opinion letter from the Internal Revenue Service as to its tax-qualification under the Code. To the Knowledge of Sellers, nothing has occurred that would reasonably be expected to adversely affect the tax-qualification of any

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Benefit Plan or the tax-exempt status of its related trust. With respect to each Benefit Plan: (i) no prohibited transaction (as defined in Section 406 or 407 of ERISA or Section 4975 of the Code) has occurred for which a statutory exemption is not available; and (ii) to the Knowledge of Sellers, no event has occurred and there exists no set of circumstances in connection with which the Company could be subject to any material liability under ERISA, the Code or other applicable laws. No excise Tax or penalty under applicable Law, including ERISA, the Code, and the Affordable Care Act, is outstanding or has accrued with respect to any period prior to the Closing, with respect to any Benefit Plan. No Benefit Plan is funded through a "welfare benefit fund" as defined in Section 419(e) of the Code, and no benefits under any Benefit Plan are or at any time have been provided through a voluntary employees' beneficiary association (within the meaning of Section 501(c)(9) of the Code) or a supplemental unemployment benefit plan (within the meaning of Section 501(c)(17) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Company nor any member of the Controlled Group is required to contribute to a "defined benefit plan" as defined in Section 3(35) of ERISA, a pension plan subject to the funding standards of Section 302 of ERISA or Section 412 of the Code, a "multiemployer plan" as defined in Section 3(37) of ERISA or Section 414(f) of the Code or a "multiple employer plan" within the meaning of Section 210(a) of ERISA or Section 413(c) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as required under Section 4980B of the Code or other applicable Law, no Benefit Plan provides benefits or coverage in the nature of health, life, or disability insurance following retirement or other termination of employment (other than death benefits when termination occurs upon death). No Benefit Plan provides benefits to any individual who is not a current or former employee of the Company, or a dependent or other beneficiary of any such current or former employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no pending or, to the Knowledge of Sellers, threatened assessment or Proceeding relating to a Benefit Plan (other than routine claims for benefits). To the Knowledge of Sellers, no Benefit Plan is currently the subject of an audit or other inquiry from the Internal Revenue Service, U.S. Department of Labor, Pension Benefit Guaranty Corporation, or other governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as set forth in <u>Section 5.17(f) of the Seller Disclosure Schedule</u>, the consummation of the Contemplated Transactions will not: (i) result in the payment to any current or former employee, officer, director, or consultant (or dependents of such Persons) of any money or other property; or (ii) accelerate the payment or vesting of any payments or benefits or provide any additional rights or benefits (including funding of compensation or benefits through a trust or otherwise) to any current or former employee, officer, director, or consultant. No amount that is received (whether in cash or property or the vesting of property) as a result of the Contemplated Transactions by any employee, officer, or director of the Company or any of their affiliates who is a "disqualified individual" (as such term is defined in Treasury Regulation Section 1.280G-1) under any employment, severance, or termination agreement, other compensation arrangement or Benefit Plan currently in effect would be characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 <u>Employment Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.18(a) of the Seller Disclosure Schedule</u> sets forth a true and complete list of each employee and independent contractor of the Company (including any employee who is on a leave of absence or on layoff status), containing the following information with respect to each such employee and independent contractor: (i) name, title, and classification; (ii) compensation paid (including wages, salary, commissions, director's fees, fringe benefits, bonuses, profit sharing payments, and other payments or benefits of any type) for services performed in the prior calendar year and year-to-date; (iii) current annualized compensation or hourly wage rate, as applicable; (iv) hours of sick-time accrued as of the date of this Agreement and the aggregate dollar amount thereof; (v) hours of vacation time or paid time off accrued and the aggregate dollar amount thereof; (vi) length of employment; and (vii) whether the employee is receiving workers compensation or disability payments or who is on leave or layoff status, and the anticipated date of return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has during the past three (3) years complied, in all material respects, with all applicable Laws regarding labor and employment (including any such obligations under applicable Laws or any Contract to any employees providing services to the Company through a third party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There is no unfair labor practice charge or complaint against the Company pending before the National Labor Relations Board or similar Governmental Entity, and no such charge or complaint has been made against the Company during the twelve (12) months prior to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of Sellers, all individuals who perform services for the Company have been classified correctly, including in accordance with the terms of each Benefit Plan, ERISA, the Code, the Fair Labor Standards Act, and all other applicable Laws, as employees, independent contractors, or leased employees, and the Company has not received written (or to the Knowledge of Sellers, verbal or otherwise) notice to the contrary from any Person or Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The employment of each employee of the Company is terminable by the Company at will and no employee is entitled to severance pay or other benefits following termination or resignation, except as otherwise required by Law or any Benefit Plan set forth in <u>Section 5.17(a) of the Seller Disclosure Schedule</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There has not been pending or existing during the twelve (12) months prior to the date of this Agreement any strike, slowdown, work stoppage, or lockout involving the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company is not now, nor has ever been, a party to any collective-bargaining agreement or other contract with a labor union, or party to any representation proceeding before the National Labor Relations Board, or subject to any duty to bargain with any labor union, and there has not been, within the last three (3) years any labor union organizing activity pending or, to the Knowledge of Sellers, threatened with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company is in compliance in all material respects with the requirements of all applicable Laws regarding immigration, including but not limited to the requirements under the

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federal Immigration Reform and Control Act of 1986 regarding verification of employment eligibility, documentation fraud, document retention, non-discrimination, and the prohibition against knowing employment of workers who are not authorized to work in the United States. The Company has on file a valid and current I-9 form to the extent required by federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is in material compliance and has during the past three (3) years materially complied with all Environmental Laws and Permits that are or were required under any Environmental Laws for the conduct of its businesses and the acquisition, ownership, lease, license, operation, use, or disposition of its assets and properties. The Sellers have made available to Purchaser prior to Closing correct and complete copies of all material documents, records, and information in their possession or control concerning compliance with or potential liability under Environmental Laws or any other environmental or health and safety related issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except in compliance with Environmental Laws and applicable Contract terms or as would not have a Material Adverse Effect, the Company has not: (i) caused or contributed to any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit, disposal, discharge, dispersal, leaching, or migration of any Hazardous Material into the Environment (collectively, a "**<u>Release</u>**"); or (ii) generated, manufactured, refined, transported, stored, handled, disposed, produced, or processed any Hazardous Materials. Within the past three (3) years, neither any Seller nor the Company has received written (or the Knowledge of Sellers, verbal or otherwise) notice of any actual or potential Release or other environmental condition that has resulted in or would reasonably be expected to result in any material Liability to the Company under any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 <u>Client Relations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.20(a) of the Seller Disclosure Schedule</u> is a correct and complete list of: (a) the top ten (10) clients of the Company (in the aggregate, measured by gross revenue) for the current calendar year through the Interim Balance Sheet Date and for each of the fiscal years ended December 31, 2022, and December 31, 2023 (collectively, the "**<u>Material Clients</u>**"), and (b) the gross revenue generated from each Material Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Section 5.20(b) of the Seller Disclosure Schedule</u>, (i) no Material Client has advised any Seller or the Company in writing (or to the Knowledge of Sellers, verbally or otherwise) that it (A) is terminating or materially reducing its relationship or business dealings with the Company, (B) is seeking a material change in the terms of its business dealings with the Company, including price decreases greater than three percent (3.0%), or (C) is initiating or planning to initiate any request for proposal (RFP) process for the procurement of products or services currently provided by the Company; and (ii) the Company is not involved in and has not received written notice of, any material claim, dispute, or controversy with any Material Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 <u>Vendors and Suppliers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.21(a) of the Seller Disclosure Schedule</u> is a correct and complete list of the top ten (10) vendors and suppliers of the Company (in the aggregate, measured by gross revenue) for the current calendar year through the Interim Balance Sheet Date and for each of the

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fiscal years ended December 31, 2022, and December 31, 2023 (collectively, the "**<u>Material Vendors</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Section 5.21(b) of the Seller Disclosure Schedule</u>, (i) no Material Vendor has advised any Seller or the Company in writing (or to the Knowledge of Sellers, verbally or otherwise) that it (A) is terminating or materially reducing its relationship or business dealings with the Company, or (B) is seeking a material change in the terms of its business dealings with the Company, including price increases greater than three percent (3.0%); and (ii) the Company is not involved in and has not received written notice of, any material claim, dispute, or controversy with any Material Vendor. No vendor or supplier to the Company represents its sole source of supply for goods and services used in the conduct of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 <u>Brokers</u>. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the Contemplated Transactions based upon arrangements made by or on behalf of the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 <u>Affiliate Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as disclosed in <u>Section 5.23(a) of the Seller Disclosure Schedule</u>, no Representative or Related Party of the Company or any Seller is party to, owns, or has any beneficial interest in, as applicable: (i) any Contract, arrangement, or understanding with, or relating to, the Company or its properties or assets; (ii) any Contract, arrangement, or other material business relationship (in each case other than on behalf of the Company as an authorized employee) with any Person that is, or, at any time during the past three (3) years, has been a customer, vendor, service provider, business partner, or other business relationship of the Company; (iii) any property (real, personal, or mixed), tangible or intangible, used or currently intended to be used by the Company; or (iv) any material claim against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.23(b) of the Seller Disclosure Schedule</u> sets forth an accurate and complete list of all loans, advances, accounts receivable, notes receivable, and other obligations owed (i) by the Company to any Seller or any Related Party of the Company or of any Seller or (ii) by any Seller or any Related Party of the Company or of any Seller to the Company. No Seller is owed or entitled to any amount or other obligation from the Company and no Seller has any claim of any kind against the Company or any of its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 <u>PPP Loans and COVID-19</u>. All PPP Debt of the Company has been forgiven by the SBA, as consented to by People's Bank of Seneca, as of the date hereof, and no Company has any Liabilities with respect thereto. Except for the PPP Loans listed on <u>Section 5.24 of the Seller Disclosure Schedule</u>, the Company has not received or applied for (a) a loan under the CARES Act, (b) any other COVID-19 Relief Funds, or (c) any other accommodation or relief under any COVID-19 Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 <u>Warranties</u>. Neither the Company nor any Seller has made any oral or written warranties with respect to the quality or absence of defects of the services or products that the Company has performed or sold under any Material Contract that are in force as of the date of this Agreement, except as expressly set forth in Contracts made available to Purchaser. There are no claims pending or, to the Knowledge of Sellers, threatened against the Company with respect to

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## the quality of or absence of defects in its facilities, practices, policies, products, or services. Neither the Company nor any Seller has been required by any Governmental Entity to pay direct, incidental, or consequential damages to any Person in connection with any of such facilities, practices, policies, products, or services.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 <u>No Other Representations and Warranties</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN <u>Article IV</u>, THIS <u>Article V</u>, OR ANY OTHER TRANSACTION DOCUMENT (INCLUDING THE RELATED PORTIONS OF THE SELLER DISCLOSURE SCHEDULE), NONE OF SELLERS, THE COMPANY, OR ANY OTHER PERSON HAS MADE OR MAKES, AND SELLERS EXPRESSLY DISCLAIM, ANY OTHER EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY, EITHER WRITTEN OR ORAL, ON BEHALF OF SELLERS OR THE COMPANY, INCLUDING ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION REGARDING THE COMPANY FURNISHED OR MADE AVAILABLE TO PURCHASER AND ITS REPRESENTATIVES (INCLUDING ANY INFORMATION DOCUMENTS OR MATERIAL MADE AVAILABLE TO PURCHASER IN THE DATA ROOM) OR AS TO THE FUTURE REVENUE, PROFITABILITY OR SUCCESS OF THE COMPANY OR ANY REPRESENTATION OR WARRANTY ARISING FROM STATUTE OR OTHERWISE IN LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 <u>Independent Investigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sellers have conducted their own independent investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets of Purchaser, and acknowledge that they have been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data of Purchaser and its Affiliates for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sellers acknowledge that (i) neither Purchaser nor any other Person on behalf of Purchaser or any of its Affiliates has made any representation or warranty, expressed or implied, as to Purchaser or the Purchaser Securities, or the accuracy or completeness of any information regarding Purchaser or the Purchaser Securities furnished or made available to Sellers and their Representatives, or any other matter related to the transactions contemplated herein, other than those representations and warranties expressly set forth in <u>Article VI</u> of this Agreement or in the other Transaction Documents, (ii) in determining to enter into this Agreement, Sellers have not relied on any representation or warranty from Purchaser or any other Person on behalf of Purchaser, or upon the accuracy or completeness of any information regarding the regarding Purchaser or the Purchaser Securities furnished or made available to Sellers and their Representatives, other than those representations and warranties expressly set forth in <u>Article VI</u> of this Agreement or in the other Transaction Documents, and (iii) neither Purchaser or any of its Affiliates, nor any other Person acting on behalf of Purchaser or any of its Affiliates, shall have any liability to Sellers or any other Person with respect to any projections, forecasts, estimates, plans, or budgets of future revenue, expenses, or expenditures, future results of operations, future cash flows, or the future financial condition of Purchaser or the future business, operations,

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or affairs of Purchaser, except as expressly set forth in <u>Article VI</u> of this Agreement or in the other Transaction Documents.

# Article VI  <br> <u>Representations and Warranties of Purchaser</u> 
Purchaser represents and warrants to the Sellers as of the Closing (unless otherwise specified):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Organization; Authority; Execution</u>. Purchaser is a limited liability company that was duly organized, is validly existing, and is in good standing under the Laws of the State of Delaware. Purchaser has full limited liability company power and authority (including due authorization by all requisite corporate action on the part of Purchaser) to enter into, execute, and deliver each Transaction Document to which it is a party, to perform its obligations thereunder, and to consummate the Contemplated Transactions applicable to Purchaser. Each Transaction Document to which it is a party has been duly executed and delivered by Purchaser, and (assuming due authorization, execution, and delivery by the other parties thereto) such Transaction Documents constitute legal, valid, and binding obligation of Purchaser, enforceable against Purchaser in accordance with their terms, subject to the Remedies Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>No Conflicts; Consents</u>. The execution, delivery, and performance by Purchaser of the Transaction Documents to which it is a party, and the consummation of the Contemplated Transactions, do not and will not: (a) conflict with or result in a violation or breach of any provision of the Organizational Documents of Purchaser; (b) result in a violation or breach of any provision of any Law or Order applicable to Purchaser; (c) require the consent, notice, or other action by any Person under, conflict with, result in a violation or breach of, constitute a default under (with notice or lapse of time, or both), or give rise to any right of, or result in, the acceleration, termination, amendment, or cancellation of any Contract to which Purchaser is a party; or (d) result in the creation or imposition of any Encumbrance, other than Permitted Encumbrances, with respect to, or otherwise have an adverse effect upon, any of the properties or assets of Purchaser. No Consent, Permit, Order, declaration, or filing with, or notice to, any Person or Governmental Entity is required by or with respect to Purchaser in connection with the execution and delivery of any Transaction Document to which it is a party and the consummation of the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Investment Purpose</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser understands and acknowledges that the Acquired Securities have not been registered under the Securities Act, or the securities laws of any other jurisdiction. No transfer, whether with or without consideration and whether voluntarily or involuntarily or by operation of law, of any of the Acquired Securities is permitted unless such transfer is registered under the Securities Act and other applicable securities laws, or an exemption from such registration is available. Purchaser understands and acknowledges that no federal or state agency has passed upon the merits or risks of or made any finding or determination concerning the fairness or advisability of an investment in the Acquired Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser understands and accepts that the purchase of the Acquired Securities involves various risks. Purchaser has sufficient knowledge, sophistication, and experience in business and financial matters and illiquid investments similar to an investment in the Company so as to be capable of evaluating the merits and risks of an investment in the Acquired Securities. With the assistance of Purchaser's own professional advisors (to the extent that Purchaser has deemed such assistance appropriate), Purchaser has undertaken its own legal, tax, accounting, financial, and other evaluation of the merits and risks of an investment in the Acquired Securities in light of Purchaser's own circumstances and financial condition and has concluded that it is capable of bearing the economic risk of holding the Acquired Securities for an indefinite period of time, has adequate means to provide for its current needs and contingencies (after giving effect to an investment in the Acquired Securities), and can afford to suffer a complete loss of Purchaser's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser acknowledges and agrees that no market for the resale of any of the Acquired Securities currently exists, and no such market may ever exist. Purchaser confirms its understanding that Purchaser must bear the economic and financial risk of an investment in the Acquired Securities for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser has made such independent investigation of the Company, its management, its financial condition, and related matters as Purchaser deems necessary or advisable in connection with its acquisition of the Acquired Securities. Purchaser and its representatives have been afforded a full opportunity to ask questions of and receive answers from the managers and officers of the Company about the business and affairs of the Company, and to examine all such documents, materials, and information concerning the Company as Purchaser or such representatives deem to be necessary or advisable in order for Purchaser to reach an informed decision concerning whether to make an investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser is an "accredited investor," as defined in Rule 501 of Regulation D promulgated under the Securities Act. Purchaser agrees to furnish any additional information requested by the Company or any of its Affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Acquired Securities. Any information that has been furnished or that will be furnished by Purchaser to evidence its status as an accredited investor is accurate and complete and does not contain any misrepresentation or material omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Purchaser is receiving the Acquired Securities for Purchaser's own benefit and account for investment purposes only, and not with a view to, or in connection with, any public offering, resale, or distribution thereof. Purchaser agrees that it will not sell, assign, transfer, or otherwise dispose of any of the Acquired Securities, or any interest therein, in violation of the Securities Act or any applicable state securities law. Purchaser understands that the Company is relying upon Purchaser's representations and agreements contained in this Agreement and any supplemental information that Purchaser may provide for the purpose of determining whether the offering of the Acquired Securities is exempt from registration under the Securities Act and all applicable state securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Purchaser confirms that it has not been offered the Acquired Securities by any means of general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Brokers</u>. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the Contemplated Transactions based upon arrangements made by or on behalf of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Legal Proceedings</u>. There are no Proceedings pending or, to Purchaser's knowledge, threatened against Purchaser or any of its Affiliates that challenge or seek to prevent, enjoin, or otherwise delay the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Solvency</u>. Purchaser has and will have sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement. Purchaser is not insolvent or reasonably expected to become insolvent immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Independent Investigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets of the Company, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data of Sellers and the Company for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser acknowledges that (i) none of Sellers, the Company, nor any other Person on behalf of Sellers or the Company has made any representation or warranty, expressed or implied, as to the Company or the Acquired Securities, or the accuracy or completeness of any information regarding the Company or the Acquired Securities furnished or made available to Purchaser and its Representatives, or any other matter related to the transactions contemplated herein, other than those representations and warranties expressly set forth in <u>Article IV</u> and <u>Article V</u> of this Agreement (including the related portions of the Seller Disclosure Schedule) or in the other Transaction Documents, (ii) in determining to enter into this Agreement, Purchaser has not relied on any representation or warranty from Sellers, the Company or any other Person on behalf of Seller or the Company, or upon the accuracy or completeness of any information regarding the regarding the Company or the Acquired Securities furnished or made available to Purchaser and its Representatives, other than those representations and warranties expressly set forth in <u>Article IV</u> and <u>Article V</u> of this Agreement (including the related portions of the Seller Disclosure Schedule) or in the other Transaction Documents, and (iii) none of Sellers, the Company or any other Person acting on behalf of Sellers or the Company shall have any liability to Purchaser or any other Person with respect to any projections, forecasts, estimates, plans, or budgets of future revenue, expenses, or expenditures, future results of operations, future cash flows, or the future financial condition of the Company or the future business, operations, or affairs of the Company, except as expressly set forth in <u>Article IV</u> and <u>Article V</u> of this Agreement (including the related portions of the Seller Disclosure Schedule) or in the other Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>No Other Representation or Warranties</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS <u>ARTICLE VI</u> OR ANY OTHER TRANSACTION DOCUMENT, NONE OF PURCHASER OR ANY OTHER PERSON HAS MADE OR MAKES, AND PURCHASER EXPRESSLY DISCLAIMS, ANY OTHER EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY, EITHER WRITTEN OR ORAL, ON BEHALF OF PURCHASER, INCLUDING ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION REGARDING PURCHASER FURNISHED OR MADE AVAILABLE TO SELLERS AND THEIR REPRESENTATIVES OR AS TO THE FUTURE REVENUE, PROFITABILITY OR SUCCESS OF PURCHASER OR ANY REPRESENTATION OR WARRANTY ARISING FROM STATUTE OR OTHERWISE IN LAW.

# Article VII  <br> <u>Covenants</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tax Returns for Periods Ending on or Before the Closing Date</u>. The Sellers will, at the Sellers' expense, timely prepare, or cause to be timely prepared, and timely file, or cause to be timely filed, all Tax Returns, prepared in a manner consistent with past custom and practice of the Company (unless otherwise required by Law), for the Company for all Tax periods ending on or prior to the Closing Date. Subject to the provisions of this <u>Section 7.1</u>, if such Tax Returns are filed after the Closing Date, Sellers will permit Purchaser to review and comment on each of such Tax Returns (other than income tax returns of the Company for a period ending on or before the Closing Date) for at least thirty (30) days prior to the due date (with applicable extensions) for filing of such Tax Returns, and Sellers will accept any reasonable written comments of Purchaser. Sellers will pay all Taxes shown due on any such Tax Returns to Purchaser no later than five (5) Business Days before the date on which such Taxes are required to be paid to any Tax Authority unless such Taxes are reflected in the Adjustment Amount calculation under <u>Section 2.3</u> (before applying the $250,000 threshold), and Purchaser or the Company will timely pay such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Straddle Period Tax Returns</u>. Purchaser will timely prepare and file, or cause to be timely prepared and filed, all Tax Returns for the Company for all periods beginning on or before and ending after the Closing Date (a "**<u>Straddle Period</u>**"). Subject to the provisions of this <u>Section 7.1</u>, all such Tax Returns will be prepared in a manner consistent with past custom and practice of the Company unless otherwise required by Law. Sellers will pay all Taxes shown due on any such Tax Returns which are apportioned to any Pre-Closing Straddle Period to Purchaser no later than five (5) Business Days before the date on which such Taxes are required to be paid to any Tax Authority. For purposes of this Agreement, the portion of Tax with respect to the income, property, or operations of the Company that is attributable to any Straddle Period will be apportioned between the period of the Straddle Period that extends before the Closing Date through and includes the Closing Date (the "**<u>Pre-Closing Straddle Period</u>**") and the period of the Straddle Period that extends from the day after the Closing Date to the end of the Straddle Period (the "**<u>Post-Closing Straddle Period</u>**") in accordance with this <u>Section 7.1(b)</u>. The portion of such Tax attributable to the Pre-Closing Straddle Period will (i) in the case of any Taxes other than sales or use taxes, value-added taxes, employment taxes, withholding taxes, and any Tax based on or

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measured by income, receipts, or profits earned during a Straddle Period, be deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in the Pre-Closing Straddle Period and denominator of which is the number of days in the Straddle Period; and (ii) in the case of any sales or use taxes, value-added taxes, employment taxes, withholding taxes, and any Tax based on or measured by income, receipts, or profits earned during a Straddle Period, be deemed equal to the amount that would be payable if the Straddle Period ended on and included the Closing Date. The portion of Tax attributable to a Post-Closing Straddle Period will be calculated in a corresponding manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cooperation</u>. Purchaser and Sellers will use Commercially Reasonable Efforts to cooperate, upon the request of another Party, in connection with the preparation and filing of Tax Returns (including amendments thereto), audits, examinations, and administrative or judicial proceedings with respect to Taxes of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Purchase Price Allocation</u>. The Parties agree to allocate the Purchase Price (plus other relevant items, including capitalized costs and assumed liabilities) among the assets of the Company and the Restrictions set forth in <u>Section 7.6</u> in accordance with Section 1060 of the Code, the Agreed Tax Treatment and the allocation methodology set forth in <u>Schedule 7.1(d)</u> (the "**<u>Allocation Methodology</u>**") (such Purchase Price allocation, as finally determined pursuant to this <u>Section 7.1(d)</u>, the "**<u>Allocation</u>**"). Within thirty (30) days after the determination of the final Purchase Price pursuant to <u>Section 2.3</u>, Buyer shall provide to Sellers a draft Allocation, which shall be binding upon Purchaser and Sellers unless Sellers object to such draft Allocation in writing within fifteen (15) days following delivery thereof, in which case the Allocation shall be subject to the same dispute resolution procedures and other terms set forth in <u>Sections 2.3(e)(i)</u> through <u>2.3(e)(iii)</u>; *provided* that any such dispute shall be resolved in a manner consistent with <u>Schedule 7.1(d)</u>. The Parties agree to adhere to, and not take any position inconsistent with the Allocation before any Governmental Entity or in any Proceeding and for the purposes of any Tax Returns filed by them subsequent to the Closing. Each Party will notify the other Parties of any inquiry, audit, or investigation by any Tax Authority involving the Allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain Controversies</u>. This <u>Section 7.1(e)</u> and not <u>Section 9.4</u> will control any inquiry, assessment, Proceeding, or other similar event relating to any Taxes for a Pre-Closing Tax Period or Straddle Period of the Company (a "**<u>Tax Matter</u>**"). Purchaser will notify Sellers as soon as reasonably practicable after commencement of any Tax Matter relating to any Pre-Closing Tax Period (a "**<u>Pre-Closing Tax Matter</u>**") or any Straddle Period. Sellers will have the right to represent the interests of the Company before the relevant Governmental Entity with respect to any Tax Matter that is solely a Pre-Closing Tax Matter and to control the defense, compromise, or other resolution thereof; *provided* that (i) Purchaser has the right (but not the duty) to participate in the defense of such Pre-Closing Tax Matter and to employ counsel, at its own expense, separate from counsel employed by Sellers, and (ii) Sellers shall not enter into any settlement of or otherwise compromise any such Pre-Closing Tax Matter without the prior written consent of Purchaser, which consent shall not be unreasonably conditioned, withheld, or delayed. With respect to any Tax Matter that is (A) not solely a Pre-Closing Tax Matter, or (B) is solely a Pre-Closing Tax Matter but Sellers have not provided Purchaser with written notice of their intent to control such Pre-Closing Tax Matter, then Purchaser will have the right to represent the interests of the Company before the relevant Governmental Entity with respect to such Tax Matter and to control the defense, compromise, or other resolution of any such Tax Matter. If Sellers would be

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required to indemnify any Purchaser Indemnitee with respect to any Tax Matter controlled by Purchaser then: (1) Sellers will have the right (but not the duty) to participate in the defense of such Tax Matter and to employ counsel, at their own expense, separate from counsel employed by Purchaser, and (2) Purchaser shall not enter into any settlement of or otherwise compromise any such Tax Matter to the extent that it adversely affects the Tax liability of Sellers without the prior written consent of Sellers, which consent shall not be unreasonably conditioned, withheld, or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Transfer Taxes</u>. Provided that the Closing takes place, all transfer, documentary, sales, use, stamp, and registration Taxes and fees (including any penalties and interest) incurred in connection with this Agreement will be paid by Sellers when due. At the expense of Sellers, Purchaser or the Company will file all necessary Tax Returns and other documentation with respect to all such transfer, documentary, sales, use, stamp, and registration Taxes and fees. If required by applicable Law, Sellers will join in the execution of any such Tax Returns and other documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Further Assurances; No Avoidance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, as and when requested by any Party, each other Party shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as such requesting Party may reasonably request to consummate the Contemplated Transactions. Without limiting the generality of the foregoing, during the twelve (12)-month period after the Closing, the Sellers each agree (i) to cooperate with Purchaser and its Affiliates and counsel, to the extent reasonably requested, in the registration, issuance, protection, perfection, contest, or defense of any Company Intellectual Property, and (ii) to make reasonably available their personnel, to provide any testimony and access to their books and records in connection with, and to provide Purchaser and its Affiliates with such other assistance as they may reasonably request, in each case at the sole expense of Purchaser (except as results from a breach of this Agreement), for the purpose of protecting the Company Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party agrees that such Party will not, through reorganization, consolidation, merger, dissolution, or sale or other transfer of assets, or by any other voluntary act, avoid or seek to avoid the observance or performance of any of the covenants, stipulations, or conditions to be observed or performed in any Transaction Document by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Publicity</u>. Except with other Party's prior written approval or as, in the written opinion of outside counsel to such Party, may be required by Law, each Party will not, and will cause each of its Representatives and Affiliates not to, issue any press release, disclose to any third party (including employees, customers, suppliers, or others having dealings with the Company), or make any public statement with respect to this Agreement (or the existence of this Agreement) or the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Seller Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Seller (i) represents, warrants, and acknowledges that such Seller has been fully advised by such Seller's attorney that, under certain statutory or common-law

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principles applied in certain states, a general release does not extend to claims that a creditor does not know or suspect to exist in such creditor's favor at the time of executing the release, which if known by such creditor must have materially affected such creditor's settlement with the debtor, and (ii) hereby expressly waives the benefits thereof and any rights such Seller may have under any statute or common law principle of similar effect in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller hereby acknowledges and intends that this release will be effective as a bar to each and every one of the Released Claims and expressly consents that this release will be given full force and effect in accordance with every express term or provision, including those (i) relating to any Released Claims or (ii) relating to unknown and unsuspected Released Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and/or unanticipated claims). Each Seller relinquishes all rights and benefits, if any, afforded by Section 1542 of the California Civil Code (and any analogous law of any other state, locality or other jurisdiction) and does so understanding and acknowledging the significance and consequence of such specific waiver of Section 1542, which provides: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Certain Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Seller, on behalf of such Seller and such Seller's Related Parties (other than the other Sellers), hereby (i) generally, irrevocably, unconditionally, and completely releases and forever discharges each of the Releasees from, and hereby irrevocably, unconditionally, and completely waives and relinquishes, each of the Released Claims, and (ii) irrevocably covenants to refrain from, directly or indirectly, asserting any Released Claim, or commencing, instituting, or causing to be commenced, any litigation, action, audit, suit, investigation or proceeding of any kind against any Releasee with respect to the Released Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller acknowledges and agrees that, in light of (x) Purchaser's substantial investment in the business of the Company, including its good will, customer relationships, employee relationships, Intellectual Property, and other proprietary and/or confidential information, (y) Purchaser's present intent to expand upon the scope, geographic, industry, types of services and otherwise, of the relationships with its current and former customers, and (z) the continued employment of certain Sellers by the Company following the Closing Date, as a condition precedent to Purchaser's obligations to enter into and perform its obligations under the Transaction Documents, for a period of four (4) years commencing on the Closing Date, no Seller will, directly or indirectly, either for itself, himself, herself, or for any other Person, without the prior written consent of the board of directors of Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) own, consult for, provide services to, engage in sales, brokerage, or marketing for, manage, participate in, be employed by, permit its, his, or her name to be used by, or be connected or do any business, or otherwise have any direct or indirect interest in, whether as a manager, officer, director, employee (including of

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any competitor of the Company), partner, sole proprietor, agent, broker, representative, independent contractor, consultant, franchisor, franchisee, creditor, shareholder, owner, joint venture partner, or otherwise, any Person or business that provides technical design, engineering, and digital product development services through scoped, embedded, and recruiting offerings (x) as currently offered by the Company or (y) with respect to which the Company has taken active and documented steps to engage as of the Effective Date (any such business, a "**<u>Competing Business</u>**"), throughout North America; *provided* that the foregoing does not prohibit (A) the employment of any Seller that is a natural person by any member of the Company Group; (B) a Seller's ownership of two percent (2.0%) or less of the stock of a publicly held corporation whose stock is traded on a nationally or internationally recognized securities exchange; (C) a Seller's passive ownership of less than two percent (2.0%) of the equity interest in a private equity fund that is not formed specifically to invest in any Competing Business; (D) a Seller's direct or indirect ownership of equity interests of, or employment by, any member of the Company Group or any Seller; or (E) a Seller's direct or indirect engagement in any activity or business described on <u>Schedule 7.6(b)</u> ("**<u>Excluded Business</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) induce or solicit, or attempt to induce or solicit, any then-current or past (at any time within the preceding twelve (12) months, as applicable to such time) employee or contractor of any member of the Company Group, to terminate or reduce such employee or contractor's employment or engagement with any member of the Company Group, or to accept employment with, provide services to, or partner with another Person, (B) in any way materially interfere with the relationship between any member of the Company Group, on the one hand, and any employee or contractor thereof, on the other hand, or (C) hire or attempt to hire any then-current or past (at any time within the preceding twelve (12) months, as applicable to such time) employee or contractor of any member of the Company Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) call on or solicit any customer, client, strategic partner, joint venture partner, referral source, vendor, supplier, consultant, contractor, licensee, licensor, bona fide potential acquisition or investment target, or other material business relation (collectively, "**<u>Excluded Persons</u>**") of any member of the Company Group (including any Excluded Persons of the Company at any time during the twelve (12) month period immediately prior to the Closing Date), in order to induce or attempt to induce such Excluded Person to utilize the services of a Competing Business or cease doing business with any member of the Company Group, or in any way materially interfere with the relationship between any Excluded Person and any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding the foregoing, the placement of general advertisement that is not targeted towards employees or contractors of any member of the Company Group will not be deemed to breach the non-solicit provisions of <u>Section 7.6(b)(ii)</u>; *provided* that the preceding clause will not limit or otherwise modify the prohibitions against hiring set forth in <u>Section 7.6(b)(ii)(C)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Seller agrees that, at all times after the Closing, such Seller shall not make or publish, orally or in writing, any derogatory or disparaging statements regarding any member of the Company Group or any of their respective businesses, personnel, or practices; *provided* that this provision does not prohibit such Seller from testifying truthfully in response to a valid subpoena or other compulsory legal process. Purchaser agrees that, at all times after the Closing, no executive officer of Purchaser shall make or publish, orally or in writing, any derogatory or disparaging statements regarding any Seller or any of their respective businesses, personnel, or practices; *provided* that this provision does not prohibit Purchaser from testifying truthfully in response to a valid subpoena or other compulsory legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provision of this Agreement to the contrary, the covenants and restrictions set forth in this <u>Section 7.6</u> shall terminate and shall be of no further force or effect upon the consummation of the transactions contemplated by the Call Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Seller acknowledges and agrees that the covenants set forth in this <u>Section 7.6</u> (collectively, the "**<u>Restrictions</u>**") are reasonably designed to protect Purchaser's substantial investment in the business of the Company and are reasonable with respect to their duration, geographical area, and scope. To the extent such Seller is or is deemed to be a California resident, such Seller specifically acknowledges and agrees that the limitations set forth in this Agreement are valid under Section 16601 of the California Business & Professions Code and hereby irrevocably agree to refrain from directly or indirectly asserting any claim or demand or commencing (or causing to be commenced) any suit, action, or proceeding of any kind that would contest such Restrictions as being invalid under California law. It is the desire and intent of the Parties that the provisions of this <u>Section 7.6</u> be enforced to the fullest extent permissible under the Laws and public policies applied in each jurisdiction in which enforcement is sought, and each Party hereby consents to the jurisdiction of the state, provincial, and federal courts in any such jurisdiction. If any particular provision or portion of this <u>Section 7.6</u> is adjudicated to be invalid or unenforceable, this <u>Section 7.6</u> will be deemed amended to delete therefrom such provision or portion adjudicated to be invalid or unenforceable, such amendment to apply only with respect to the operation of this <u>Section 7.6</u> in the particular jurisdiction in which such adjudication is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Certain Post-Closing Rights and Obligations</u>. Until a sale of the Company, each Seller that is an Entity shall not, and each Seller shall take all Commercially Reasonable Efforts to cause each Seller that is an Entity not to, (a) undergo any transfer of its direct or indirect interests; (b) liquidate, dissolve, or go into voluntary bankruptcy or receivership; (c) become insolvent or under-capitalized for its liabilities, as measured at any point from time to time; or (d) distribute its assets either (i) in excess of its Liabilities or (ii) without an obligation of its equity holders to contribute to such Seller any amounts necessary to satisfy the obligations of such Seller under this Agreement, which obligation for each equity holder will at least equal the amount of proceeds received from the Contemplated Transactions by such equity holder. Notwithstanding the foregoing, the assignment or transfer of any Excluded Intellectual Property to any Seller or its Affiliates prior to or after the Closing shall not be a violation of this <u>Section 7.7</u> or any other covenant or agreement of any Seller set forth in this Agreement.

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# Article VIII  <br> <u>Closing Deliverables</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Sellers' Closing Deliveries</u>. Sellers will deliver or cause to be delivered the following to Purchaser at the Closing, each of which will, unless otherwise indicated, be dated as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable deposit account and related wire transfer instructions for each amount described in <u>Section 3.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) invoices for all Seller Transaction Expenses ("**<u>Seller Transaction Expense Invoices</u>**") and evidence reasonably satisfactory to Purchaser of payment thereof in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Securities Assignment, duly executed by NewCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A lease agreement to each of the Leased Real Properties, in the form attached to this Agreement as <u>Exhibit B</u> (the "**<u>Lease Agreement</u>**"), duly executed by an authorized party of Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Call Option Agreement in the form attached to this Agreement as <u>Exhibit C</u> (the "**<u>Call Option</u>**"), duly executed by NewCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Amended and Restated Limited Liability Company Agreement of Company in the form attached to this Agreement as <u>Exhibit D</u> (the "**<u>Company LLC Agreement</u>**"), duly executed by NewCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence reasonably satisfactory to Purchaser that all Consents and actions set forth in <u>Schedule 8.1(g)</u> have been obtained or taken place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) evidence reasonably satisfactory to Purchaser that all Contracts set forth in <u>Schedule 8.1(h)</u> have been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an employment agreement by and between the Company and Johnson (the "**<u>Employment Agreement</u>**"), duly executed by Johnson;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a duly executed IRS Form W-9 from each Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) evidence reasonably satisfactory to Purchaser of the consummation of the Restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a certificate of an officer or manager of each Seller that is an Entity, dated as of the Closing Date, certifying as to (i) the incumbency and signatures of the officer of such Seller executing each of the Transaction Documents to which such Seller is a Party, (ii) copies of such Seller's Organizational Documents, each as in effect on the Closing Date and attached to such certificate, (iii) copies of all resolutions adopted by such Seller's board of managers or similar governing body relating to the Contemplated Transactions and attached to such certificate, and (iv) copies of all resolutions adopted by such Seller's equity holders relating to the Contemplated Transactions and attached to such certificate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) for the Company, a certificate of an officer or manager of the Company, dated as of the Closing Date, certifying as to (i) the incumbency and signatures of the officers of the Company executing each of the Transaction Documents to which the Company is a party, (ii) copies of the Company's Organizational Documents, each as in effect on the Closing Date, (iii) copies of all resolutions adopted by the Company's board of directors or similar governing body relating to the Contemplated Transactions and attached to such certificate, and (iv) copies of all resolutions adopted by the Company's equity holders relating to the Contemplated Transactions and attached to such certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) for each Seller that is an Entity and for the Company, a certificate of good standing or equivalent issued as of a date not more than ten (10) days before the Closing Date by the Secretary of State or similar official of the jurisdiction of its organization or formation and each other jurisdiction where it is qualified to do business as a foreign corporation or other Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a properly executed and completed Investor Questionnaire, in a form and substance reasonably satisfactory to Purchaser, duly executed by each Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a properly executed Joinder to the Gloo LLC Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the resignation, effective as of the Closing Date, of Johnson as a Manager of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the original minute books, stock ledgers, and other corporate books and records of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) three (3) electronic copies of the full contents of the Data Room as of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) all other documents, instruments, or certificates as may be reasonably requested by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Purchaser Closing Deliveries</u>. Purchaser will deliver or cause to be delivered, the following to the Sellers at the Closing, each of which (if a document) will, unless otherwise indicated, be dated as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each amount described in <u>Section 3.4</u>, delivered in accordance with the instructions delivered to Purchaser by Sellers pursuant to <u>Section 8.1(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Securities Assignment, duly executed by Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company LLC Agreement, duly executed by Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Lease Agreement, duly executed by Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Call Option, duly executed by Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Employment Agreement, duly executed by the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a certificate of an officer or manager of Purchaser, dated as of the Closing Date, certifying as to (i) the incumbency and signatures of the officers of Purchaser executing each of the Transaction Documents to which Purchaser is a party, (ii) copies of Purchaser's Organizational Documents, each as in effect on the Closing Date and attached to such certificate, and (iii) copies of all resolutions adopted by Purchaser's board of directors or similar governing body relating to the Contemplated Transactions and attached to such certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for Purchaser, a certificate of good standing or equivalent issued as of a date not more than ten (10) days before the Closing Date by the Delaware Secretary of State; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all other documents, instruments, or certificates as may be reasonably requested by Sellers consistent with the terms of this Agreement.

# Article IX  <br> <u>Survival; Indemnification</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Survival</u>. Notwithstanding any longer period otherwise provided by Law, all representations and warranties in this Agreement (together with the right to initially assert a claim for indemnification under this <u>Article IX</u>) will, without regard to dissolution of any Party, remain in full force and effect for a period beginning on the Closing Date and survive until 5:00 p.m. MT on the date that is the twelve (12)-month anniversary of the Closing Date (the "<u>General Survival Period</u>"), and all liability of the Parties with respect to such representations and warranties (including for indemnification for an inaccuracy in or breach of such representations and warranties under this <u>Article IX</u>), will thereupon be extinguished following the General Survival Period, <u>except</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller Fundamental Representations and Purchaser Fundamental Representations will remain in full force and effect and survive for sixty (60) months following the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Claim involving Fraud or intentional misrepresentation will remain in full force and effect and survive indefinitely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the covenants or other agreements contained in this Agreement will survive the Closing Date until the first to occur of (x) the expiration by their terms of the obligations of the applicable Party under such covenant and (y) such covenant being fully performed or fulfilled, unless non-compliance with such covenants or agreements is expressly waived in writing by the Party entitled to such performance. Any Claims pending on the expiration of the applicable Survival Period for any representation or warranty may continue to be asserted and indemnified against until finally resolved. In order for a Claim to be pending on a date, notice of such Claim must have been given in accordance with this <u>Article IX</u> prior to or on such date. Any Claim that is not pending as of the expiration of the applicable Survival Period will be forfeited by the holder of such Claim vis-à-vis the Indemnifying Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Indemnification by the Sellers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sellers' Indemnification</u>. From and after the Closing and subject to any applicable limitation set forth in this <u>Article IX</u>, the Sellers will jointly and severally indemnify, defend, and hold harmless Purchaser and each of its Representatives, Affiliates, and members (each, a

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"**<u>Purchaser Indemnitee</u>**"), without duplication, from and against any and all Losses that are suffered or incurred by any of Purchaser Indemnitees and arising out of the following (each, a "**<u>Sellers Indemnifiable Matter</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any inaccuracy in or breach of any of the representations or warranties made by any Seller contained in this Agreement *other than* a Seller Fundamental Representation (each, a "**<u>Seller General Representation</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracy in or breach of any Seller Fundamental Representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any breach of any covenant of the Sellers in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Liability related to any Closing Indebtedness or Closing Seller Transaction Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Indemnified Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Fraud or intentional misrepresentation on the part of the Company or any Seller in connection with this Agreement, any Transaction Document, or any Contemplated Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Application of Limitations</u>. All obligations of Sellers under this <u>Section 9.2</u> are subject to each applicable limitation below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sellers Indemnifiable Matters that are for Losses in respect of any (and solely to the extent of any) inaccuracy in or breach of any Seller General Representation are referred to as, collectively "**<u>Limited Sellers Indemnifiable Matters</u>**" in this Agreement. All Sellers Indemnifiable Matters other than Limited Sellers Indemnifiable Matters are referred to as, collectively, "**<u>Excluded Sellers Indemnifiable Matters</u>**" in this Agreement. No Purchaser Indemnitee is entitled to recover for any Limited Sellers Indemnifiable Matters unless and until the aggregate amount of Losses for Limited Sellers Indemnifiable Matters for which Purchaser Indemnitees are entitled to seek indemnification under this Agreement exceeds $200,000 (the "**<u>Deductible</u>**"), in which event and with respect to Limited Sellers Indemnifiable Matters, Purchaser Indemnitees may only claim indemnification for Limited Sellers Indemnifiable Matters exceeding the Deductible. In no event will the aggregate amount of indemnification paid by the Sellers for Limited Sellers Indemnifiable Matters owed to Purchaser Indemnitees exceed $1,000,000 (the "**<u>Cap</u>**"); *provided, however*, that in no event will the Deductible or the Cap apply to any Losses arising out of or relating to any Excluded Sellers Indemnifiable Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In no event will Sellers' aggregate Liability under any claims of any inaccuracy in or breach of any Seller Fundamental Representation exceed an amount in the aggregate equal to the Purchase Price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For purposes of calculating the amount of Losses to which an Indemnified Person is entitled under this <u>Article IX</u> for Limited Sellers Indemnifiable Matters and for purposes of determining whether a Seller General Representation has been breached, the terms "material," "materiality," "Material Adverse Effect" and words of similar import will be disregarded; *provided, however*, that the foregoing materiality scrape will not (A) affect any "knowledge" qualifiers, or (B) apply to limit any list within representations and warranties calling for scheduling of "material" items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Indemnification by Purchaser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchaser Indemnification</u>. From and after the Closing and subject to any applicable limitation set forth in this <u>Article IX</u>, Purchaser will indemnify, defend, and hold harmless each Seller and each of its Representatives, Affiliates (excluding the Company), and equity holders (each, a "**<u>Seller Indemnitee</u>**"), without duplication, from and against any and all Losses that are suffered or incurred by any of Seller Indemnitees, directly or indirectly, and arising out of any of the following (each, a "**<u>Purchaser Indemnifiable Matter</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any inaccuracy in or breach of any of the representations or warranties made by Purchaser contained in this Agreement other than a Purchaser Fundamental Representation (a "**<u>Purchaser General Representation</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracy in or breach of any Purchaser General Representation or any breach of any covenant of Purchaser in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Fraud or intentional misrepresentation on the part of Purchaser in connection with this Agreement, any Transaction Document, or any Contemplated Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitations</u>. Other than in respect of any Fraud or intentional misrepresentation, in no event will Purchaser's aggregate Liability under any claims of any inaccuracy in or breach of any Purchaser Fundamental Representation exceed an amount in the aggregate equal (i) to the Purchase Price (other than, for the avoidance of doubt, Purchaser's obligation to pay the Purchase Price), *minus* (ii) an amount equal to that portion of the Purchase Price retained by or for the benefit of the Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Claim Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice of Direct Claims</u>. As soon as is reasonably practicable after any Purchaser Indemnitee or any Seller Indemnitee (each, as applicable, an "**<u>Indemnified Person</u>**") or any Party becomes aware of any event or condition that would reasonably be expected to result in a Loss with respect to which Purchaser or any Seller (in each case as the case may be, an "**<u>Indemnifying Person</u>**") may become obligated to indemnify, defend, hold harmless, compensate, or reimburse any Indemnified Person pursuant to this <u>Article IX</u> (a "**<u>Claim</u>**"), such Person will give notice of such Claim (a "**<u>Direct Claim Notice</u>**") (i) if such Person is Purchaser or a Purchaser Indemnitee, to Sellers, or (ii) if such Person is any Seller Indemnitee, to Purchaser. A Direct Claim Notice (A) must describe the Claim in reasonable detail; (B) on an informal and non-binding basis, reserving all future rights, identify whether such Claim pertains to a Seller General Representation, a Seller

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Fundamental Representation, a Purchaser General Representation, a Purchase General Representation, or Fraud or intentional misrepresentation; and (C) must in good faith indicate the amount (estimated, if necessary and to the extent feasible) of the Loss that has been or may reasonably be expected to be suffered by the Indemnified Person (the "**<u>Claimed Amount</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Third-Party Claims</u>. In the event of the assertion of any Claim by any third-party Person with respect to which an Indemnifying Person may become obligated to indemnify, defend, compensate, or reimburse any Indemnified Person pursuant to this <u>Article IX</u>, or the commencement by any third-party Person of any Proceeding (whether against a Party or any other Indemnified Person) with respect to which any Indemnifying Person may become obligated to indemnify, defend, compensate, or reimburse any Indemnified Person pursuant to this <u>Article IX</u> (each, a "**<u>Third-Party Claim</u>**"), the Indemnified Person or Indemnifying Person, as the case may be, if having notice of such Third-Party Claim, will provide the other party with prompt written notice (providing the same information as a Direct Claim Notice) of such Third-Party Claim (together with a Direct Claim Notice, a "**<u>Claim Notice</u>**") together with copies of all documents (including court pleadings) received by the notifying Person relating to the Third-Party Claim together with such supporting documents reasonably available to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Deliver Notice</u>. The delay or failure to provide such Claim Notice to the Indemnifying Person will not affect the rights or remedies of any Indemnified Person to receive indemnification for Losses or alter or relieve the Indemnifying Person of its obligations to indemnify for Losses, unless (i) such Claim Notice is delivered after the expiration of the applicable Survival Period (in which case the Indemnifying Person has no obligation to indemnify), or (ii) as a result of a material delay, the Indemnifying Person is materially prejudiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Response to Claim Notice</u>. During the thirty (30)-day period commencing upon the delivery to the Indemnifying Person of a Direct Claim Notice (the "**<u>Dispute Period</u>**"), the Indemnifying Person will deliver to the Indemnified Person a written response (the "**<u>Response Notice</u>**") in which the Indemnifying Person: (i) agrees that the full Claimed Amount is owed to the Indemnified Person; (ii) agrees, with specificity as to the reasons and amount, that part (but not all) of the Claimed Amount (the "**<u>Agreed Amount</u>**") is owed to the Indemnified Person; or (iii) asserts that no part of the Claimed Amount is owed to the Indemnified Person. Any part (or all) of the Claimed Amount that is not agreed by the Indemnifying Person to be owing to the Indemnified Person pursuant to the Response Notice will be referred to as the "**<u>Contested Amount</u>**." If a Response Notice is not timely received by the Indemnified Person prior to 5:00 p.m., Denver, Colorado, time on the thirtieth (30<sup>th</sup>) day of the Dispute Period, then the Indemnifying Person will be conclusively deemed to have agreed that the full Claimed Amount is owed to the Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payment of Full Claimed Amount</u>. If (i) the Indemnifying Person delivers a timely Response Notice agreeing that the full Claimed Amount is owed to the Indemnified Person, or (ii) the Indemnifying Person does not deliver a timely Response Notice during the Dispute Period, then, subject to the limitations of this <u>Article IX</u>, (A) if a Purchaser Indemnitee is the Indemnified Person, Sellers will pay such Indemnified Person any amount of the Claimed Amount; or (B) if a Seller Indemnitee is the Indemnified Person, Purchaser will pay to such Indemnified Person cash in an amount equal to the Claimed Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Payment of Less Than Full Claimed Amount</u>. If the Indemnifying Person delivers a timely Response Notice agreeing that less than the full Claimed Amount is owed to the Indemnified Person, then, subject to the limitations of this <u>Article IX</u>, (i) the Sellers will pay to such Indemnified Person any amount of the Agreed Amount; or (ii) if a Seller Indemnitee is the Indemnified Person, Purchaser will pay to such Indemnified Person cash in an amount equal to the Agreed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Settlement of Contested Amount</u>. If the Indemnifying Person delivers a timely Response Notice indicating that there is a Contested Amount, the Indemnifying Person and the Indemnified Person will attempt in good faith to resolve the dispute related to the Contested Amount. If the Indemnifying Person and the Indemnified Person resolve such dispute as to all or a portion of the Contested Amount (which mutually resolved amount will then become an "**<u>Agreed Amount</u>**"), then the Indemnifying Person and the Indemnified Person will execute a written settlement agreement, and then, subject to the limitations of this <u>Article IX</u>, (i) if a Purchaser Indemnitee is the Indemnified Person, the Sellers will pay such Indemnified Person any amount of the Agreed Amount; or (ii) if a Seller Indemnitee is the Indemnified Person, Purchaser will pay to such Indemnified Person cash in an amount equal to the Agreed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Failure to Settle Contested Amount</u>. If the Indemnifying Person and the Indemnified Person are unable to resolve any part of the dispute relating to any Contested Amount during the thirty (30)-day period commencing upon the delivery of the Response Notice, then with respect to the remaining Contested Amount, either the Indemnified Person or the Indemnifying Person (with Purchaser or NewCo as the sole authorized agents of the Parties, as the case may be) may submit the dispute to a court of competent jurisdiction within one (1) year following the delivery of the Response Notice, and the remaining Contested Amount will only be payable upon the earlier of the agreement of the parties or entry of a final, non-appealable Order concerning the matter issued by a court of competent jurisdiction (a "**<u>Final Award</u>**"), and, subject to the limitations of this <u>Article IX</u>, (i) if a Purchaser Indemnitee is the Indemnified Person, Sellers will pay to such Indemnified Person any amount of the Final Award; or (ii) Purchaser, if a Seller Indemnitee is the Indemnified Person, will pay cash to such Indemnified Person in an amount equal to the amount of the Final Award. If neither the Indemnified Person nor the Indemnifying Person submit the dispute to a court of competent jurisdiction within such one (1)-year period following delivery of the Response Notice, such dispute will be deemed resolved in favor of the Person delivering the Response Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Defense of Third-Party Claims</u>. The Indemnifying Person will be entitled to conduct the defense of any Third-Party Claim on the terms set forth in this <u>Section 9.4(i)</u>, *provided that* (A) the Indemnifying Person promptly notifies the Indemnified Person in writing (but, in any event, within ten (10) Business Days following the delivery of the Third-Party Claim Notice) of the Indemnifying Person's intent to conduct such defense, and (B) if any of Purchaser or its Affiliates are the Indemnified Person under this Agreement with respect to such Third-Party Claim, such Third-Party Claim (I) has not been brought by then-current customers or vendors of Purchaser or its Affiliates, and (II) is not otherwise disruptive to the Company if not defended directly by Purchaser, the Company or any of their respective Affiliates. Subject to the foregoing, the Indemnified Person will be entitled to conduct the defense of any Third-Party Claim on the

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terms set forth in <u>Section 9.4(i)(iii)</u>, *provided that* the Indemnifying Person has not elected to conduct the defense pursuant to the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Indemnifying Person does deliver such written notice of its intent to conduct the defense of such Third-Party Claim in accordance with this <u>Section 9.4(i)</u>, the Indemnifying Person will assume the defense of such Third-Party Claim, subject to the satisfaction of the following conditions: (A) the Third-Party Claim may not involve any criminal proceeding, action, investigation or allegations; (B) counsel selected by the Indemnifying Person must be reasonably acceptable to the Indemnified Person; (C) the Indemnifying Person expressly agrees in writing that it will be liable for any Loss incurred by the Indemnified Person, subject only to the limitations set forth in <u>Section 9.2(b)</u> or <u>Section 9.3(b)</u>, as applicable; and (D) the Indemnified Person has not been advised in writing by counsel that (I) a reasonable likelihood exists of a material conflict of interest between the Indemnifying Person and the Indemnified Person with respect to the defense of such Third-Party Claim, or (II) the Indemnified Person has one or more defenses not available to, and not otherwise being covered by counsel to, the Indemnifying Person (the conditions set forth in <u>clauses (A)</u> through <u>(D)</u> of this paragraph are, collectively, the "**<u>Litigation Conditions</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to continued fulfillment of the Litigation Conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Indemnifying Person will proceed to defend such Third-Party Claim in a diligent manner with counsel reasonably satisfactory to the Indemnified Person at the sole expense of the Indemnifying Person, subject to any applicable limitations in this <u>Article IX</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Indemnifying Person will keep the Indemnified Person reasonably informed of all material developments and events relating to such Third-Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Indemnified Person will cooperate in connection with the defense, compromise or settlement of any Third-Party Claim and will furnish such non-privileged records, information and testimony and attend such conferences, discovery, hearings, trials and appeals as may be reasonably requested by, and at the cost of, the Indemnifying Person in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Indemnified Person will have the right to participate (but not control), at its sole cost and expense, in the defense of such Third-Party Claim; <u>except</u> <u>that</u>, if (A) any of the Litigation Conditions cease to be met, or (B) the Indemnifying Person fails to take reasonable steps necessary to defend diligently such Third-Party Claim, and, in either case, the Indemnified Person provides notice and the Indemnifying Person fails to cure within ten (10) days, then the Indemnified Person may assume and control the defense of the Third-Party Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Indemnifying Person may not settle, adjust, or compromise such Third-Party Claim without the prior written consent of the

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Indemnified Person, unless such settlement or compromise includes only the payment of funds satisfied entirely by the Indemnifying Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Indemnified Person proceeds with the defense of any Third-Party Claim pursuant to this <u>Section 9.4</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all reasonable expenses relating to the defense of such Third-Party Claim (whether or not incurred by the Indemnified Person) to the extent they are indemnifiable Losses pursuant to this <u>Article IX</u> will be borne and paid exclusively by the Indemnifying Person, subject to any applicable limitations in this <u>Article IX</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Indemnified Person will proceed to defend such Third-Party Claim in a commercially reasonable, diligent manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Indemnifying Person will make available to the Indemnified Person any documents and materials (other than privileged documents or materials) in the possession or control of the Indemnifying Person that may be necessary to the defense, compromise or settlement of such Third-Party Claim and will furnish such information and testimony and attend such conferences, discovery, hearings, trials and appeals as may be reasonably requested by the Indemnified Person in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Indemnified Person will keep the Indemnifying Person reasonably informed of all material developments and events relating to such Third-Party Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Indemnified Person may not settle, adjust or compromise such Third-Party Claim without the prior written consent of the Indemnifying Person, which consent may not be unreasonably withheld, delayed or denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Additionally, the Indemnifying Person will lose its right to contest, defend, litigate and settle the Third-Party Claim if it fails to accept a tender of the defense of the Third-Party Claim. In such event, the Indemnified Person will have the right to conduct and control, through counsel of its choosing, the defense, compromise or settlement of any such Third-Party Claim; *provided, however*, that at least ten (10) days prior to any such settlement, written notice of its intention to settle is given to the Indemnifying Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Exclusive Remedy; No Double Recovery</u>. Other than Fraud or intentional misrepresentation or the equitable remedies described in this Agreement, the exclusive remedy of any Party or other Person for any breach of or inaccuracy in any representation, warranty, covenant, agreement or obligation set forth herein, shall be indemnification under this <u>Article IX</u>. No Indemnified Person will be entitled to recover any Losses relating to any matter arising under one provision of this Agreement to the extent that any Indemnified Person had already recovered the same Losses with respect to such matter pursuant to other provisions of this Agreement. Nothing in this <u>Section 9.5</u> shall limit any Person's right to seek and obtain any equitable relief to which any Person shall be entitled pursuant to <u>Section 9.5</u> or to pursue a claim of fraud against a

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## party hereto committing fraud outside of the indemnification provisions set forth in this <u>Article IX</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Remedies Cumulative; Specific Performance</u>. Subject to <u>Section 9.5</u>, the rights and remedies of the Parties under this Agreement are cumulative, not alternative. Each Party hereby acknowledges that the rights of each Party with respect to such matter are special, unique and of extraordinary character and that, in the event that any Party violates or fails or refuses to perform any covenant or agreement made by it in this Agreement, including Seller's obligations under <u>Section 7.6</u> or this <u>Section 9.6</u>, money damages would be inadequate and the non-breaching Party or Parties would have no adequate remedy at law. In the event that any Party violates or fails or refuses to perform any such covenant or agreement, in addition to and not in limitation of any other remedies that may be available to the non-breaching Party or Parties, the non-breaching Party or Parties will be entitled to seek: (a) subject to the terms of this Agreement and in addition to any remedy at law for damages or other relief, (i) a decree or order of specific performance or mandamus to enforce the observance and performance of such covenant, obligation or other provision, without any requirement of notice or to post any bond or deposit, and (ii) an injunction restraining such breach or threatened breach; and (b) any other equitable relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Determination of Losses</u>. Losses payable to or received by an Indemnified Person under this <u>Article IX</u> will be reduced by the amount of any (a) insurance proceeds with respect to such Losses, net of any increase in premiums or other out-of-pocket costs of the Indemnified Person as a result of such insurance claims; and (b) indemnification payments, contribution payments, collections, or reimbursements with respect to such Losses (collectively, "<u>Third-Party Recovery Proceeds</u>"), in each case, actually received by any Indemnified Person. The Indemnified Person shall use its commercially reasonable efforts to recover under insurance policies or indemnity, contribution or other similar agreements for any Losses. Each Indemnified Person shall take, and cause its Affiliates to take, commercially reasonable steps to mitigate any Loss upon becoming aware of any event or circumstance that would be reasonably expected to, or does, give rise thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Tax Treatment</u>. All amounts payable by Sellers to or for the benefit of a Purchaser Indemnitee under this <u>Article IX</u> will, for Tax purposes, be treated as an adjustment to the Purchase Price payable by Purchaser to Sellers, unless otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Payment or Reimbursement of Losses</u>. Subject to the limitations of this <u>Article IX</u>, payment or reimbursement for Losses incurred by an Indemnified Person will be made by or on behalf of the Indemnifying Person within fifteen (15) Business Days of the final resolution of any related claim for indemnification under the terms of this Agreement. Notwithstanding the foregoing, each Purchaser Indemnitee shall first seek to recover any Losses for which a Seller is liable to indemnify the Purchaser Indemnitee under this <u>Article IX</u> by setting off the amount of such Losses against the amounts owed by Purchaser under the Promissory Notes as permitted by <u>Section 9.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Right to Setoff</u>. Subject to the limitations and provisions in this <u>Article IX</u> and in addition to any rights that Purchaser may have under applicable Law, Purchaser will have the right to setoff, appropriate, and apply any amounts payable or to be payable to or on behalf of any Seller against any amounts payable to any Purchaser Indemnitee by or on behalf of Sellers pursuant to

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## <u>Article IX</u>. Purchaser will provide prompt written notice to Sellers of Purchaser's intent to set off any such payments against any amounts determined as payable to any Purchaser Indemnitee by or on behalf of Sellers under this <u>Article IX</u>.

# Article X  <br> <u>General Provisions</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>The Seller Disclosure Schedule</u>. The matters in the Seller Disclosure Schedule constitute (a) exceptions to particular representations and warranties of the Sellers in this Agreement, or (b) descriptions or lists of items referred to in particular representations and warranties of the Sellers in this Agreement; *provided* that if there is any conflict or inconsistency between this Agreement and the Seller Disclosure Schedule (other than a specific exception in the Seller Disclosure Schedule to a specific representation or warranty of the Sellers in this Agreement), then this Agreement will control. The statements in the Seller Disclosure Schedule relate only to the specific sections of this Agreement to which they refer and not to any other sections in this Agreement. The delivery to Purchaser of a Material Contract (or the description of a Contract's title and parties in the Seller Disclosure Schedule) will not constitute disclosure of any matter or item the specific disclosure of which is required under this Agreement, except the existence of such Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Assignment</u>. This Agreement is binding upon, and inures to the benefit of, each Party to this Agreement and such Party's successors and assigns (if any). No Party may assign any of its rights or delegate any of its obligations under this Agreement without the other Parties' prior written consent; *provided* that Purchaser may, without the consent of any other Party, assign its rights and obligations under this Agreement to any lenders of Purchaser, the Company, or any of their respective Affiliates as collateral security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>No Third-Party Beneficiaries</u>. This Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement expressed or implied will give or be construed to give to any other Person any legal or equitable rights under this Agreement. Without limiting the generality of the foregoing, (a) no employee or former employee (including any representative, beneficiary, or dependent thereof) of the Company, or trustees, administrators, participants, or beneficiaries of any Benefit Plan, will have any rights under any of the Transaction Documents to which he, she, or it is not personally a party, and (b) other than as an express party to any of the Transaction Documents, if applicable, no creditor of any of the Parties will have any rights under this Agreement or any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Notices</u>. All notices and other communications pursuant to this Agreement must be in writing and will be deemed given if delivered personally, sent by electronic mail, sent by nationally recognized overnight courier, or mailed by registered or certified mail (return-receipt requested), postage prepaid, to the Parties at the addresses set forth in <u>Appendix C</u> (or to such other address as any Party may have furnished to all other Parties in accordance with this <u>Section 10.4</u>). Any such notice or communication will be deemed to have been delivered and received (a) in the case of personal delivery, on the date of such delivery; (b) in the case of electronic mail, on the date sent if sent before 5:00 p.m. Mountain Time, or if sent after such time, on the next Business Day after the date sent; (c) in the case of a nationally recognized overnight courier in circumstances under which such courier guarantees next Business Day delivery, on the next Business Day after

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## the date sent; and (d) in the case of mailing, on the third (3 <sup>rd</sup>) Business Day after that on which the piece of mail containing such communication is posted.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Counterparts</u>. This Agreement may be executed and delivered in one or more counterparts, including by exchange of signatures in .pdf or other electronic format, each of which when executed and delivered will be deemed an original, and all of which when executed will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Entire Agreement</u>. This Agreement and the other Transaction Documents contain the entire agreement and understanding among the Parties with respect to the subject matter of this Agreement and thereof and supersede all prior agreements and understandings relating to such subject matter. The representations, warranties, and covenants in this Agreement are intended to be part of the bargain among the Parties. Except in the case of Fraud arising from any breach of any representations, warranties, or covenants made in this Agreement or the Transaction Documents, respectively, none of the Parties will be liable or bound to any other Party in any manner by any representations, warranties, or covenants relating to such subject matter except as specifically set forth in this Agreement and the Transaction Documents. The Parties have voluntarily agreed to define their rights, liabilities, and obligations respecting the subject matter of this Agreement exclusively in contract pursuant to the express terms and provisions of this Agreement, and the Parties expressly disclaim that they are owed any duties or are entitled to any remedies not expressly set forth in this Agreement. Furthermore, the Parties each hereby acknowledge that this Agreement embodies the justifiable expectations of sophisticated parties derived from arm's length negotiations; all Parties specifically acknowledge that no Party has any special relationship with another party that would justify any expectation beyond that of any ordinary buyer and an ordinary seller in an arm's length transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Amendments</u>. Except as expressly provided otherwise in this Agreement, this Agreement may be amended only pursuant to the written agreement of the Parties, and any attempted amendment to the contrary will be void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Severability</u>. If any provision of this Agreement is invalid or unenforceable in any jurisdiction, such provision will be fully severable from this Agreement and the other provisions of this Agreement will remain in full force and effect in such jurisdiction and the remaining provisions of this Agreement will be liberally construed to carry out the provisions and intent of this Agreement; *provided*, if any one or more of the provisions contained in this Agreement will be determined or held to be invalid or unenforceable because such provision is overly broad as to duration, geographic scope, activity, subject or otherwise, such provision will be deemed amended by limiting and reducing it to the minimum extent necessary to make such provision valid and enforceable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction will not affect the validity or enforceability of such provision in any other jurisdiction, nor will the invalidity or unenforceability of any provision of this Agreement with respect to any Person affect the validity or enforceability of such provision with respect to any other Person. To the extent not prohibited by Law, each Party hereby waives any provision of Law that renders any such provision prohibited or unenforceable in any respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Governing Law; Venue; WAIVER OF JURY TRIAL</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law</u>. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of, or relate to this Agreement or the negotiation, execution, or performance of this Agreement (including any claim or cause of action based upon, arising out of, or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) will be governed solely by the internal laws of the State of Delaware, without regard to the conflict-of-law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Venue and Jurisdiction</u>. Except as provided in <u>Section 7.6(d)</u> or <u>Section 9.6</u>, any Proceeding or other legal action relating to this Agreement or the enforcement of any provision of this Agreement must be brought or otherwise commenced in any state or federal court located in Joplin, Missouri. Each Party: (i) expressly and irrevocably consents and submits to the exclusive jurisdiction of each state and federal court located in Joplin, Missouri, (and each appellate court located in the State of Missouri) in connection with any such Proceeding; (ii) agrees that each state and federal court located in Joplin, Missouri, will be deemed to be a convenient forum; and (iii) agrees not to assert (by way of motion, as a defense or otherwise), in any such Proceeding commenced in any state or federal court located in Joplin, Missouri, any claim that such Party is not subject personally to the jurisdiction of such court, that such Proceeding has been brought in an inconvenient forum, that the venue of such Proceeding is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY AND ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT TO THIS AGREEMENT. EACH PARTY (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (ii) UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (iii) MAKES THIS WAIVER VOLUNTARILY; AND (iv) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.9(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Waiver</u>. No failure on the part of any Person to exercise any power, right, privilege, or remedy under this Agreement, and no delay on the part of any Person in exercising any power, right, privilege, or remedy under this Agreement, will operate as a waiver of such power, right, privilege, or remedy; and no single or partial exercise of any such power, right, privilege, or remedy will preclude any other or further exercise thereof or of any other power, right, privilege, or remedy. No Person will be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege, or remedy under this Agreement except as expressly set forth in a written instrument duly executed and delivered on behalf of such Person, any such waiver will not be applicable or have any effect except in the specific instance in which it is given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Construction</u>. Each Party acknowledges that it has participated in the drafting of this Agreement, and, as a result, the Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party may not be applied in the construction or interpretation of this Agreement. The Parties intend that each representation, warranty, and covenant contained in this Agreement have independent significance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Legal Representation</u>. Each Party hereby agrees, on its own behalf and on behalf of its Affiliates and its and their respective Representatives, that the Sellers' counsel has served as counsel to the Sellers and their Affiliates (the "<u>Seller Group</u>"), on the one hand, and the Company, on the other hand, in connection with the negotiation, preparation, execution, and delivery of this Agreement and the consummation of the Contemplated Transactions, and that, following consummation of the Contemplated Transactions, Sellers' counsel (or any successor) may serve as counsel to Seller Group in connection with any Proceeding or obligation arising out of or relating to this Agreement or the Contemplated Transactions notwithstanding such representation, and each Party hereby consents thereto and waives any conflict of interest arising therefrom. Each of the Parties acknowledges and agrees that (a) such consent and waiver is voluntary and has been carefully considered with counsel; and (b) Seller Group will have exclusive ownership and control over all attorney-client privilege matters and materials related to the Contemplated Transactions, including communications regarding the Contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Expenses</u>. Except as otherwise specifically provided in this Agreement, all Transaction Expenses will be paid by the Party incurring such expense (and all such expenses incurred pre-Closing by the Company will be expenses of Sellers); *provided* that the fees and expenses of the Accountant, if applicable, will be paid or reimbursed in accordance with <u>Section 2.3(e)(iii)</u>. In the event of any legal action or other legal proceeding among the Parties relating to this Agreement or the enforcement of any provision of this Agreement, the prevailing party will be entitled to payment by the non-prevailing party of all costs and expenses (including reasonable attorneys' fees) incurred by the prevailing party.

***[The remainder of page intentionally left blank.]***

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The Parties have duly executed this Agreement as of the date first written above.

**PURCHASER**:

**GLOO HOLDINGS, LLC**

By: <u>/s/ Scott Beck</u> 

Name: Scott Beck

Title: President & Chief Executive Officer

[Signature Page to Securities Purchase Agreement]

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The Parties have duly executed this Agreement as of the date first written above.

**COMPANY**:

**MIDWESTERN INTERACTIVE, LLC**

By: <u>/s/ Matthew S. Johnson</u> 

Name: Matthew S. Johnson

Title: Manager

**SELLERS**:

**FLOURISH HOLDINGS, INC.**

By: <u>/s/ Matthew S. Johnson</u> 

Name: Matthew S. Johnson

Title: President

<u>/s/ Matthew S. Johnson</u> <br> **Matthew S. Johnson**

[Signature Page to Securities Purchase Agreement]

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**<u>Appendix A</u><br><u>Restructuring</u>**

1. At least two (2) Business Days before the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Johnson organized NewCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pursuant to a duly approved Plan of Reorganization, Johnson contributed one hundred percent (100%) of his shares of Company Common Stock to NewCo in exchange for an equal number of shares of NewCo Common Stock (the "**<u>Contribution</u>**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. NewCo filed with respect to the Company an IRS Form 8869 (the "**<u>QSub Election</u>**"), pursuant to which the Company became a "qualified subchapter S subsidiary" of NewCo within the meaning of Section 1361(b)(3)(B) of the Code for federal Income Tax purposes, effective as of the date of the Contribution (the "**<u>F-Reorg Date</u>**"), and NewCo succeeded to the Company's election to be treated as an S-corporation for federal income tax purposes.

The transactions described above in Section 1a. through d. of this <u>Appendix A</u> constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code and Revenue Ruling 2008-18, 2008-1 C.B. 674 (Mar. 7, 2008).

2. At least one (1) day following the QSub Election was filed with the IRS, Newco filed Form 8832 (the "**<u>Conversion</u>**") to treat the Company as a disregarded entity, with such election being effective as of the date of filing (the "**<u>Conversion Date</u>**").

The transactions described above in Sections 1 and 2 of this <u>Appendix A</u> are referred to as the "**<u>Restructuring</u>**".

Appendix A-1

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**<u>Appendix B<br>Definitions</u>**

Capitalized terms and other terms used in this Agreement have the following respective meanings:

"**<u>Accountant</u>**" means BDO USA, P.C. or, if such firm declines to act in such capacity, another firm of independent accountants having no material relationship with any Party and reasonably acceptable to both Purchaser and Sellers.

"**<u>Accounting Principles</u>**" is defined in <u>Section 5.5(a)</u>.

"**<u>Acquired Securities</u>**" is defined in the Preliminary Statements to this Agreement.

"**<u>Adjustment Amount</u>**" is defined in <u>Section 2.3(f)</u>.

"**<u>Affiliate</u>**" means (a) with respect to a Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such Person, and (b) with respect to a natural person, also any Related Party of such natural person. As used in this definition, the word "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract, or otherwise; *provided*, that any beneficial owner (as defined in Rule 13d-3 of the Exchange Act) of 10% or more of the equity securities or voting securities will be deemed to control such other Person.

"**<u>Agreed Amount</u>**" is defined in <u>Section 9.4(d)</u>.

"**<u>Agreed Tax Treatment</u>**" is defined in the Preliminary Statement to this Agreement.

"**<u>Agreement</u>**" is defined in the opening paragraph of this Agreement.

"**<u>Allocation</u>**" is defined in <u>Section 7.1(d)</u>.

"**<u>Annual Financial Statements</u>**" is defined in <u>Section 5.5(a)</u>.

"**<u>Benefit Plan</u>**" means each (a) "employee benefit plan," as defined in Section 3(3) of ERISA, (b) material employment, severance or similar contract, plan, arrangement or policy, and (c) other material plan or arrangement (written or oral) providing for compensation, bonuses, profit-sharing, equity-based compensation or other forms of incentive or deferred compensation, vacation benefits, health and welfare benefits, severance or post-employment or retirement benefits, in each case which is sponsored, maintained, administered. or contributed to by the Company and which covers any current or former director or employee of the Company, or with respect to which the Company has any liability or obligation.

"**<u>Business Day</u>**" means any day other than a Saturday, Sunday, or a day on which banks in Colorado are authorized or obligated to close.

"**<u>Call Option</u>**" is defined in Section 8.1(e).

Appendix B-1

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"**<u>Cap</u>**" is defined in Section 9.2(b)(i).

"**<u>CARES Act</u>**" means (i) the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. 116-136), and (ii) Division N – Additional Coronavirus Response and Relief of the Consolidated Appropriations Act, 2021 (H.R. 133), in each case, together with all rules and regulations and guidance issued by any Governmental Entity with respect thereto.

"**<u>Claim</u>**" is defined in <u>Section 9.4(a)</u>.

"**<u>Claim Notice</u>**" is defined in <u>Section 9.4(b)</u>.

"**<u>Claimed Amount</u>**" is defined in <u>Section 9.4(a)</u>.

"**<u>Closing</u>**" is defined in <u>Section 3.1</u>.

"**<u>Closing Date</u>**" is defined in <u>Section 3.1</u>.

"**<u>Closing Indebtedness</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Closing Seller Transaction Expenses</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Closing Working Capital</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Code</u>**" means the U.S. Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

"**<u>Commercially Reasonable Efforts</u>**" means the commercially reasonable efforts that a prudent Person that desires to achieve a result would use in similar circumstances to ensure that the result is achieved as expeditiously as possible; *provided, however,* that a Person required to use its Commercially Reasonable Efforts may not be required to take actions that would result in a material adverse change in the benefits to such Person under this Agreement and the Contemplated Transactions, commence any litigation, or offer or grant any material accommodation (financial or otherwise) to any third-party.

"**<u>Company</u>**" is defined in the opening paragraph of this Agreement.

"**<u>Company Common Stock</u>**" is defined in the Preliminary Statements to this Agreement.

"**Company Confidential Information**" is defined in Section 2.3(a).

"**<u>Company Data</u>**" means all data and information, including Personal Information, Processed in the conduct of the Business or by or on behalf of the Company, including by third party service providers on behalf of the Company.

"**<u>Company Data Policies</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Company Group</u>**" means Purchaser together with each of its direct and indirect Subsidiaries (including, after the Closing, the Company).

Appendix B-2

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"**<u>Company Information Systems</u>**" means all computers, devices, equipment, networks, systems, and other information technology infrastructure used in, enabling, or relating to the Processing of data or information, including all Software operating on or in connection with such systems, devices, or equipment, used or held for use in the conduct of the Business or by or on behalf of the Company, including all computers, servers, storage devices, workstations, routers, hubs, switches, sensors, and other devices, equipment, networks, or systems.

"**<u>Company Intellectual Property</u>**" means all Company Owned Intellectual Property, all Intellectual Property otherwise used or held for use by or on behalf of the Company, and all other Intellectual Property otherwise necessary for the conduct of the Business, other than Excluded Intellectual Property.

"**<u>Company LLC Agreement</u>**" is defined in <u>Section 8.1(f)</u>.

"**<u>Company Owned Intellectual Property</u>**" means all Intellectual Property owned, or purported to be owned, by the Company or exclusively licensed to the Company, other than Excluded Intellectual Property.

"**<u>Company Owned Software</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Company Software</u>**" means all Software owned or purported to be owned by the Company, licensed or otherwise received or obtained under any Third Party Intellectual Property Contract, or otherwise used or held for use in the conduct of the Business or by or on behalf of the Company.

"**<u>Competing Business</u>**" is defined in <u>Section 7.6(b)(i)</u>.

"**<u>Consent</u>**" means, with respect to a Person, any (a) consent, novation, approval, qualification, license, Permit, order, or authorization of any other Person; (b) obligation of such Person under any Law, Order, or Contract to provide notice; (c) waiver that such Person is required to obtain under any Law, Order, Contract, or Permit, including the waiver of a breach, default, or event of default of such Person or the right of any other Person to terminate any rights or accelerate any obligations of such Person, and, for the avoidance of doubt, waiver of any event of default or right of termination triggered by the Contemplated Transactions; or (d) release that such Person is required to obtain of any Encumbrance, in each case of the foregoing, without regard to any cure periods, the requirement of any other Person to provide notice, the requirement that time elapse, or any combination of the foregoing.

"**<u>Contemplated Transactions</u>**" means the purchase and sale of the Acquired Securities and the other transactions and obligations contemplated by or provided for by the Transaction Documents.

"**<u>Contested Amount</u>**" is defined in <u>Section 9.4(d)</u>.

"**<u>Contract</u>**" means, with respect to any Person, any written, oral, implied, or other agreement, contract, instrument, note, mortgage, bond, loan, indenture, guaranty, option, indemnity, representation, warranty, deed, assignment, power of attorney, sale or purchase order, work order, insurance policy, lease, license, commitment, covenant, or legally binding

Appendix B-3

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arrangement to which such Person is a party, by which it or its assets are bound or subject or under which it has or may have any current or future Liability (notwithstanding the Statute of Frauds requirement that any such oral agreement be in writing if in excess of a certain amount in order to be binding).

"**<u>Contribution</u>**" is defined in <u>Appendix A</u>.

"**<u>Controlled Group</u>**" means any trade or business (whether or not incorporated) (a) under common control within the meaning Section 4001(b)(1) of ERISA with the Company, or (b) that together with the Company is treated as a single employer under Section 414(t) of the Code.

"**<u>Conversion Date</u>**" is defined in <u>Appendix A</u>.

"**<u>COVID-19 Legislation</u>**" means the Families First Coronavirus Response Act (P.L. 116-127), the CARES Act, the CAA and any other similar, additional or future federal, state, local or non-U.S. law, including any presidential memorandum or executive order, enacted, adopted or otherwise implemented in connection with or in response to COVID-19.

"**<u>COVID-19 Relief Funds</u>**" means any loan, exclusion, forgiveness, advance, grant, subsidy, or other payment or application for assistance or stimulus, received or made by or on behalf of the Company under or pursuant to any COVID-19 Relief Program, including any PPP Debt, any Economic Stabilization Fund loan, Economic Injury Disaster loan or other SBA loan.

"**<u>COVID-19 Relief Program</u>**" means any program authorized or promulgated by a Governmental Entity in response to or in connection with COVID-19, including the CARES Act and subsequent or related legislation or amendments, any current or future regulations or official interpretations thereof and any current or future guidance and rules published by the SBA or any other Governmental Entity administering the same.

"**<u>Data Room</u>**" means the "Midwestern" virtual data site maintained by Purchaser on Google Drive.

"**<u>Deductible</u>**" is defined in <u>Section 9.2(b)(i)</u>.

"**<u>Deferred Payroll Taxes</u>**" means the employer portion of any payroll Taxes for a Pre-Closing Tax Period in respect of which the Company has deferred the payment thereof until after the Closing Date pursuant to the CARES Act (or other similar Law), calculated without giving effect to any Tax credits afforded under the CARES Act or any similar Law to reduce the amount of any such Taxes payable or owed.

"**<u>Direct Claim Notice</u>**" is defined in <u>Section 9.4(a)</u>.

"**<u>Dispute Period</u>**" is defined in <u>Section 9.4(d)</u>.

"**<u>Disputed Items</u>**" is defined in <u>Section 2.3(e)(ii)</u>.

"**<u>Effective Time</u>**" is defined in <u>Section 3.1</u>.

Appendix B-4

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"**<u>Employee</u>**" means any individual who (a) as of the Closing Date, is actively employed by the Company, and (b) but for the fact that such individual is on leave, would otherwise be actively employed by the Company.

"**<u>Encumbrances</u>**" means any mortgage, assessment, deed of trust, security interest, charge, easement, servitude, right of way, pledge, negative pledge, proxy, voting trust or agreement, claim, lien, adverse interest, levy, preference, option, warrant to purchase, right of possession or use, lease, sublease, tenancy, license, community or other marital property interest, condition, equitable interest, encroachment, right of first refusal or offer, preemptive right or similar restriction, defect, reservation, limitation, impairment, imperfection of title, or other encumbrance of any kind or nature whatsoever, including any conditional sales Contract, title retention Contract, or other Contract to give any of the foregoing, restriction on voting (in the case of any security or equity interest), transfer, receipt of income, or exercise of any other attribute of ownership or financing statement under the Law of any jurisdiction.

"**<u>Entity</u>**" means any firm, corporation, partnership, limited liability company, trust, joint venture, Governmental Entity, organization, or other entity.

"**<u>Environment</u>**" means soil, land surface, or subsurface strata, surface waters (including navigable waters and ocean waters), groundwater, drinking-water supply, stream sediments, ambient air (including indoor air), and any other environmental medium or natural resource.

"**<u>Environmental Law</u>**" means any requirement under any Law that relates to (a) the protection of the Environment or human health and safety, (b) pollution, or (c) generation, storage, handling, labeling, transport, disposal, or Release of any Hazardous Material.

"**<u>Equity Security</u>**" means (a) any common, preferred, or other capital stock, limited liability company interest, or membership interest, partnership interest, or similar security; (b) any warrants, options, or other rights to, directly or indirectly, acquire any security described in <u>clause (a)</u>; (c) any other security containing equity features or profit participation features; (d) any security or instrument convertible or exchangeable, directly or indirectly, with or without consideration, into or for any security described in <u>clauses (a)</u> through <u>(c)</u> above or another similar security (including convertible notes); and (e) any security carrying any warrant or right to subscribe for or purchase any security described in <u>clauses (a)</u> through <u>(d)</u> above or any similar security.

"**<u>ERISA</u>**" means the Employee Retirement Income Security Act of 1974.

"**<u>Estimated Indebtedness</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Estimated Seller Transaction Expenses</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Estimated Working Capital</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Exchange Act</u>**" means the Securities Exchange Act of 1934.

"**<u>Excluded Intellectual Property</u>**" is defined in <u>Section 5.10(b)</u>.

"**<u>Excluded Person</u>**" is defined in <u>Section 7.6(b)(iii)</u>.

Appendix B-5

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"**<u>Excluded Sellers Indemnifiable Matter(s)</u>**" is defined in <u>Section 9.2(b)(i)</u>.

"**<u>F-Reorg Date</u>**" is defined in <u>Appendix A</u>.

"**<u>Final Award</u>**" is defined in <u>Section 9.4(h)</u>.

"**<u>Financial Statements</u>**" is defined in <u>Section 5.5(a)</u>.

"**<u>Fraud</u>**" means intentional misrepresentation of a material fact that constitutes common law fraud as determined under the laws of the State of Delaware.

"**<u>GAAP</u>**" means United States generally accepted accounting principles in effect as of the Closing Date, applied in a manner consistent with the Financial Statements and past practice of the Company.

"**<u>General Survival Period</u>**" is defined in <u>Section 9.1</u>.

"**<u>Gloo $6.00 Unit</u>**" means a Series A Preferred Membership Unit of Purchaser having a $6.00 Series A Original Issue Price, as defined in the Gloo LLC Agreement.

"**<u>Gloo LLC Agreement</u>**" means the Seventh Amended and Restated Limited Liability Company Agreement of Purchaser, dated as of March 13, 2023, as amended, restated, modified or supplemented from time to time.

"**<u>Governmental Entity</u>**" means (a) any court, tribunal, or arbitrator, (b) any government or political subdivision thereof, whether federal, state, county, municipal, local, or foreign, (c) any agency, bureau, commission, authority, contractor, official, or other agent or instrumentality of such governmental or political subdivision, or (d) any Person exercising executive, legislative, judicial, regulatory, administrative, or other functions of government.

"**<u>Governmental Order</u>**" means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Entity.

"**<u>Hazardous Material</u>**" means: (a) any petroleum, waste oil, crude oil, asbestos, urea formaldehyde, or polychlorinated biphenyl; or (b) any "hazardous substance," "pollutant," "contaminant," "hazardous waste," "regulated substance," "hazardous chemical," "toxic substance," "toxic chemical," or any other substance or material of similar import or regulatory effect under any Environmental Law.

"**<u>Income Tax</u>**" means any federal, state, local, foreign, or any other Tax based on or measured by reference to net income, including any interest, penalty, or addition thereto, whether or not disputed.

"**<u>Indebtedness</u>**" of any Person means, without duplication, (a) all Liabilities of such Person created, issued, or incurred for borrowed money (including the current portion thereof); (b) all obligations of such Person to pay the deferred purchase price or acquisition price of property or services, or similar payment, to the extent constituting a Liability (other than accrued expenses and trade accounts payable incurred in the Ordinary Course of Business of such Person that are

Appendix B-6

------

not past due), including the full amount of any "earnout" or similar contingent payments or any non-compete payments; (c) all Liabilities of such Person evidenced by a note, bond, debenture, or similar Contract (including a purchase money obligation); (d) the then-drawable stated amount of and, without duplication, all reimbursement obligations of such Person under letters of credit, bankers' acceptance, note purchase facility, or similar instruments; (e) all accumulated dividends or distributions of such Person, whether or not declared; (f) the amount of all Transaction Bonuses (to the extent not paid prior to Closing) and any Liabilities that are due and payable solely upon the termination of Employees following the Closing; (g) Liabilities for any Unpaid Taxes (h) the principal amount of all Liabilities under or in respect of leases required to be capitalized under the Accounting Principles; (i) all Liabilities of such Person under any interest rate swap, hedging, or similar agreements; (j) all Liabilities for any funded 401(k) distributions and profit sharing or deferred compensation obligations of such Person; and (k) all obligations of another Person of the types listed in <u>clauses (a)</u> through (j) above, payment of which is guaranteed by, or secured by Encumbrances on the asserts or properties of, such Person. "Indebtedness" includes (i) any and all accrued interest, success fees, prepayment premiums, make-whole premiums and penalties, commitment and other fees, sale or liquidity participation amounts, reimbursements, indemnities, and fees and expenses; (ii) cash, book, or bank account overdrafts; and (iii) any and all amounts owed to any Related Party of such Person, including any equity holders of such Person.

"**<u>Indemnified Person</u>**" is defined in <u>Section 9.4(a)</u>.

"**<u>Indemnified Taxes</u>**" means (without duplication): (a) all Taxes of any Seller; (b)(i) all Taxes of the Company (other than transfer Taxes) for any Tax period ending on or before the Closing Date, or portion of any Straddle Period ending on the Closing Date, or (ii) any Taxes of any Person (other than the Company) imposed on the Company as a transferee or successor, by Contract or pursuant to any Law, which Taxes relate to an event or transaction occurring on or before the Closing Date; (c) all Taxes resulting from a breach of a representation or warranty contained in <u>Section 5.16</u> (Taxes) or of any covenant set forth in <u>Section 7.1</u>; and (d) all transfer Taxes as determined under <u>Section 7.2</u>.

"**<u>Indemnifying Person</u>**" is defined in <u>Section 9.4(a)</u>.

"**<u>Information Requirements</u>**" means all of the following, applicable to or binding upon the Company, concerning the confidentiality, nondisclosure, privacy, or security of data or information or the Processing thereof: (a) Laws; (b) Company policies and procedures; (c) Contracts; (d) permissions, consents and authorizations applicable to the Company's Processing of Company Data; (e) rules of self-regulatory organizations; or (f) published industry standards.

"**<u>Initial Balance Sheet</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Installment Payment Promissory Note</u>**" is defined in <u>Section 2.2(a)(ii)</u>.

"**<u>Insurance Policies</u>**" is defined in <u>Section 5.13</u>.

"**<u>Intellectual Property</u>**" means all intellectual property of any type throughout the world, and all associated rights therein and related thereto, including all: (a) patents, patent applications and statutory invention registrations, including continuations, continuations-in-part, divisions, provisional and non-provisional applications, reexaminations, reissues and extensions; (b)

Appendix B-7

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trademarks, service marks, trade names, brand names, logos and corporate names, slogans, trade dress and other indicia of source of origin, whether or not registered, including all common law rights thereto, all registrations and applications for registration thereof, and all goodwill associated therewith; (c) writings, images, content, and other creative works, whether or not copyrightable, and all copyrights and other all legal rights regarding and means for protection of works of authorship and creative works, whether registered or common law, and all registrations and applications for registration thereof; (d) Company Data, and all rights in data, databases, data sets, and compilation of data; (e) trade secrets, know-how, confidential or proprietary information, including processes, techniques, methods, procedures, specifications, plans, materials, workflows, algorithms, information, data, lists, projections, analyses, and studies; (f) domain names, uniform resource locators (URLs), and IP addresses; (g) social media or other online accounts, all associated user names, handles, or other identifiers, and all applicable passwords or other user credentials; (h) rights of publicity and privacy; (i) moral rights; (j) shop rights; (k) unpatented inventions disclosures, ideas, and developments; (l) Software; (m) right and power to assert, defend, and recover title to any of the foregoing; (n) rights to assert, defend, and recover for any past, present, and future infringement, misuse, misappropriation, impairment, unauthorized use, or other violation of any of the foregoing; and (o) administrative rights arising from the foregoing, including the right to prosecute applications and oppose, interfere with or challenge the applications of others, the rights to obtain renewals, continuations, divisions, and extensions of legal protection pertaining to any of the foregoing.

"**<u>Interim Balance Sheet</u>**" is defined in <u>Section 5.5(a)</u>.

"**<u>Interim Balance Sheet Date</u>**" is defined in <u>Section 5.5(a)</u>.

"**<u>Interim Financial Statements</u>**" is defined in <u>Section 5.5(a)</u>.

"**<u>Investor Questionnaire</u>**" is defined in <u>Section 4.7(e)</u>.

"**<u>IRS</u>**" means the U.S. Internal Revenue Service.

"**<u>Knowledge of Sellers</u>**" or "**<u>Sellers' Knowledge</u>**" and other phrases of like substance means, with respect to a fact or other matter, the knowledge of Matthew S. Johnson, after reasonable inquiry of Ryan Doss and Austin Daniel.

"**<u>Law</u>**" means any federal, state, provincial, local, municipal, foreign, tribal, or other law, statute, legislation, constitution, common law or principle thereof, resolution, ordinance, code, proclamation, treaty, convention, rule, regulation, proposed regulation, listing standard, directive, requirement, specification, executive decree, or Order or interpretation that is issued, enacted, promulgated, or otherwise put into effect, by or under the authority of any Governmental Entity.

"**<u>Lease Agreement</u>**" is defined in <u>Section 8.1(d)</u>.

"**<u>Leased Real Property</u>**" is defined in <u>Section 5.9(c)</u>.

"**<u>Liability</u>**" means, with respect to any Person, any liability, debt, or obligation of such Person of any kind, character, description, or nature, whether known or unknown, direct or indirect, fixed, absolute or contingent, matured or unmatured, accrued or unaccrued, asserted or

Appendix B-8

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unasserted, ascertained or ascertainable, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, vested or unvested, executory, determined, determinable or indeterminable in contract, tort, strict liability, or otherwise, or otherwise due or to become due and whether or not the same is required to be reflected on the financial statements of such Person, including all costs and expenses relating thereto and any liability for Taxes.

"**<u>Limited Sellers Indemnifiable Matter(s)</u>**" is defined in <u>Section 9.2(b)(i)</u>.

"**<u>Litigation Conditions</u>**" is defined in <u>Section 9.4(i)(i)</u>.

"**<u>Loss</u>**" means, with respect to any Person at the time of determination, any damage, injury, lost profit, lost Tax deduction or benefit, Liability, claim, action, deficiency, demand, settlement, Order, award, payment, recovery, fine, penalty, insurance premium increase, Tax, loss of the value of amortization or depreciation deductions resulting from a breach of <u>Sections 5.16</u>, Encumbrance, assessment, fee, charge, disbursement, remediation, cost, interest, expense or other loss suffered or incurred by such Person, excluding special and punitive damages (except to the extent that any such damages are part of any Order against an Indemnified Person in connection with a Third-Party Claim).

"**<u>Malicious Code</u>**" means Software designed to disable any other Software or any computer or system automatically, with the passage of time, under the positive control of any Person, or otherwise, including any back door, time bomb, drop dead device or similar Software, or any Software enabling unauthorized access to or operation of any other Software or any computer or system, including any virus, trojan horse, worm, or other similar Software.

"**<u>Material Adverse Effect</u>**" means any event, change, circumstance, or effect that, when taken individually or together with other events, changes, circumstances, or effects (whether or not constituting a breach of a representation, warranty, or covenant), has or would reasonably be expected to have, directly or indirectly, a material adverse effect on (i) the business, results of operations, financial condition, or assets of the Company, (ii) the Acquired Securities, or (iii) the ability of Sellers to effect the Closing or to perform their other obligations under this Agreement; *provided* that "Material Adverse Effect" will not include any event, change, circumstance, or effect, arising from (a) general economic or industry-wide conditions, (b) national or international political conditions, including acts of war, armed hostilities or terror, or the escalation or worsening thereof, (c) any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates, (d) any matter of which Purchaser is aware on the date hereof, (e) any changes in applicable Laws or accounting rules (including GAAP) or the enforcement, implementation or interpretation thereof, (f) the announcement, pendency or completion of the transactions contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others having relationships with the Company, (g) any natural or man-made disaster or acts of God, (h) any epidemics, pandemics, disease outbreaks, or other public health emergencies, (i) any failure by the Company to meet any internal or published projections, forecasts or revenue or earnings predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall not be excluded) or (j) actions or omissions taken with the prior written consent of Purchaser or expressly required by this Agreement, except with respect to <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(e)</u>, (g) or <u>(h)</u> to the extent that the effects

Appendix B-9

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of such change are disproportionately adverse to the business, results of operations, or financial condition of the Company as compared to other companies in the industries in which the Company operates.

"**<u>Material Clients</u>**" is defined in <u>Section 5.20</u>.

"**<u>Material Contracts</u>**" is defined in <u>Section 5.12(a)</u>.

"**<u>Material Vendors</u>**" is defined in <u>Section 5.12(a)</u>.

"**<u>Net Closing Cash Consideration</u>**" means an amount equal to the Closing Cash Consideration *minus* the sum of: (a) the Estimated Indebtedness; and (b) Estimated Seller Transaction Expenses.

"**<u>NewCo</u>**" is defined in the opening paragraph of this Agreement.

"**<u>NewCo Common Stock</u>**" is defined in the Preliminary Statements to this Agreement.

"**<u>Objection Notice</u>**" is defined in <u>Section 2.3(d)</u>.

"**<u>Order</u>**" means any: (a) order, judgment, injunction, edict, decree, ruling, assessment, stipulation, pronouncement, determination, decision, opinion, verdict, sentence, subpoena, writ, or award issued, made, entered, rendered, or otherwise put into effect by or under the authority of any court, administrative agency, or other Governmental Entity or any arbitrator or arbitration panel (in each case, whether preliminary or final); or (b) Contract with any Governmental Entity entered into in connection with any Proceeding.

"**<u>Ordinary Course of Business</u>**" means, with respect to any Person, any action taken by such Person: (a) consistent in nature, scope, and magnitude with the past practices of such Person and in the ordinary course of the normal, day-to-day operations of such Person; (b) not requiring authorization by the equity owners of such Person, the board of directors or similar governing body of such Person (or any committee thereof) or any other separate or special authorization of any nature; (c) taken in accordance with sound and prudent business practices; (d) not resulting from, arising out of, relating to, in the nature of, or caused by any breach of Contract, tort, infringement, or violation of Law; and (e) not related to any acquisition of, or investment in, the debt or equity of any Person.

"**<u>Organizational Documents</u>**" means, with respect at a Person, the following documents that are presently in effect, including any amendments, modifications, or supplements thereto: (a) the articles or certificate of incorporation, formation, organization, or association; (b) general or limited partnership agreement; (c) limited liability company or operating agreement; (d) trust agreement; (e) bylaws; and (f) other agreements, documents, or instruments relating to the organization, management, or operation of such Person that is an entity or relating to the rights, duties, and obligations of the equityholders of any such Person, including any equityholders' agreements, voting agreements, voting trusts, joint venture agreements, registration rights agreements, or similar agreements.

"**<u>Party</u>**" and "**<u>Parties</u>**" are defined in the opening paragraph of this Agreement.

Appendix B-10

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"**<u>Permit</u>**" means any: (a) permit, license, certificate, franchise, concession, approval, consent, ratification, permission, clearance, confirmation, endorsement, waiver, certification, designation, registration, qualification, or authorization issued, granted, given, or otherwise made available by or under the authority of any Governmental Entity or pursuant to any Law, or (b) right under any Contract with any Governmental Entity.

"**<u>Permitted Encumbrances</u>**" means (a) with respect to any asset, property, or right, (i) Encumbrances for Taxes not yet due and payable for which adequate reserves have been established, and (ii) liens arising in the Ordinary Course of Business by operation of Law, including mechanic's, materialmen's, employee's, contractor's, and other similar liens, solely to the extent not incurred in connection with the borrowing of money and that are not material to the business, operations, and financial condition of the applicable Person's property so encumbered and that are not delinquent or resulting from a breach, default, or violation by such Person of any Contract or Law; (b) purchase money security interests and Encumbrances securing rental payments; (c) Real Estate Encumbrances; and (d) Permitted Equity Encumbrances.

"**<u>Permitted Equity Encumbrances</u>**" means, with respect to any Equity Securities of any Entity, (a) the provisions of the Organizational Documents of such Entity, and (b) the restrictions on the sale, transfer, pledge, or other disposition of securities provided in the Securities Act and any state or "blue sky" securities laws.

"**<u>Permitted Indebtedness</u>**" is defined in <u>Section 5.8</u>.

"**<u>Permitted Indebtedness Promissory Note No. 1</u>**" is defined in <u>Section 2.2(a)(iii)</u>.

"**<u>Permitted Indebtedness Promissory Note No. 2</u>**" is defined in <u>Section 2.2(a)(iv)</u>.

"**<u>Person</u>**" means any individual and any Entity.

"**<u>Personal Information</u>**" means any (a) any personal information, personal data, personally identifiable information, or other similar or analogous terms defined under any Information Requirements or other applicable Laws, (b) data or information that, directly or indirectly, alone or in combination with any other data or information, could be used to reasonably identify any Person, and (c) any other data or information (regardless of whether it alone can be used to identify any Person) that is Processed with any of the foregoing.

"**<u>Post-Closing Straddle Period</u>**" is defined in <u>Section 7.1(b)</u>.

"**<u>Post-Closing Tax Period</u>**" is defined in <u>Section 5.16(f)</u>.

"**<u>PPP Debt</u>**" means the aggregate amount of (a) the unpaid principal amount of, and accrued interest on, and all other amounts payable in respect of, all indebtedness, whether contingent or not, for borrowed money of the Company as of the Closing, if any, pursuant to or arising out of any PPP Loans under Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), adopted as part of the CARES Act (including the PPP Loans) or any other relief or stimulus programs with respect to COVID-19, (b) all interest accruing on any the indebtedness set forth in clause (a) through the earlier of repayment or forgiveness in full of such indebtedness, and (c) all premiums, fees, taxes, and expenses payable under or with respect to any indebtedness set forth in

Appendix B-11

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clause (a) (including, but not limited to, any premiums, fees, taxes, and expenses payable in connection with repayment or forgiveness of such indebtedness).

"**<u>PPP Loans</u>**" means People's Bank of Seneca - PPP SBA Loan No.: 5801077007.

"**<u>Pre-Closing Straddle Period</u>**" is defined in <u>Section 7.1(b)</u>.

"**<u>Pre-Closing Tax Matter</u>**" is defined in <u>Section 7.1(e)</u>.

"**<u>Pre-Closing Tax Period</u>**" is defined in <u>Section 5.16(f)</u>.

"**<u>Proceeding</u>**" means any action, claim, demand, charge, complaint, arbitration, proceeding, prosecution, investigation, hearing, litigation, or suit (whether civil, criminal, administrative, judicial, or investigative, whether formal or informal, whether public or private) commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Entity or arbitrator.

"**<u>Process</u>**" means collect, process, use, analyze, disclose, distribute, make available, transfer, transmit, store, retain, host, manage, control, secure, dispose of, or otherwise handle. "<u>Processing</u>" and "<u>Processed</u>" shall have analogous meanings.

"**<u>Promissory Notes</u>**" is defined in <u>Section 2.2(a)(iii)</u>.

"**<u>Public Software</u>**" means any Software distributed or made available as, or containing or derived from any Software distributed or made available as, "freeware", "shareware", or "open source" software or under any licensing or distribution model that (a) requires the licensing or distribution of the source code of such Software or any other Software, (b) prohibits or limits the receipt of consideration in connection with licensing or distributing any Software, (c) except as specifically permitted by applicable Law, allows any Person to decompile, disassemble or otherwise reverse-engineer any Software, or (d) requires the licensing of any Software to any other Person for the purpose of making derivative works. For the avoidance of doubt, "Public Software" includes Software licensed or distributed under any of the following licenses or distribution models (or licenses or distribution models similar thereto): (i) the GNU General Public License (GPL) or Lesser/Library GPL (LGPL); (ii) the Artistic License; (iii) the Mozilla Public License (MPL); (iv) the Netscape Public License; (v) the Sun Community Source License (SCSL); (vi) the Sun Industry Standards License (SISL); (vii) the BSD License; (viii) the Apache License; and (ix) any other license or distribution model described by the Open Source Initiative as set forth on www.opensource.org (or any successor thereto).

"**<u>Purchase Price</u>**" is defined in <u>Section 2.2(a)</u>.

"**<u>Purchaser</u>**" is defined in the opening paragraph of this Agreement.

"**<u>Purchaser Fundamental Representations</u>**" means those representations and warranties set forth in <u>Section 6.1</u> (Organization; Good Standing and Authority) and <u>Section 6.4</u> (Brokers).

"**<u>Purchaser General Representation</u>**" is defined in <u>Section 9.3(a)(i)</u>.

Appendix B-12

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"**<u>Purchaser Indemnifiable Matter</u>**" is defined in <u>Section 9.3(a)</u>.

"**<u>Purchaser Indemnitee</u>**" is defined in <u>Section 9.2(a)</u>.

"**<u>Purchaser Securities</u>**" is defined in <u>Section 2.2(a)</u>.

"**<u>Purchaser Statement</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Real Estate Encumbrances</u>**" means any (a) easement, covenant, encroachment, right-of-way, and other similar matters of record, which does not materially interfere with the operation of the Company's business, as currently conducted; (b) zoning and building restrictions; (c) any Encumbrance that has been placed by any developer, landlord, or other third-party on property over which the Company has easement rights or on any Leased Real Property and subordination or similar agreements relating thereto, which does not materially interfere with the operation of the Company's business, as currently conducted; and (d) such state of facts of which an accurate survey or inspection of the property would reveal, and the provisions of any Law (including but not limited to statutory liens of landlords, zoning, entitlement, building and other land use regulations), which does not materially interfere with the operation of the Company's business, as currently conducted.

"**<u>Real Property</u>**" means, collectively, any owned real property (if any) and the Leased Real Property.

"**<u>Real Property Lease</u>**" is defined in <u>Section 5.9(c)</u>.

"**<u>Related Party</u>**" means, with respect to a Person, (a) any Affiliate of such Person, and any direct or indirect beneficial owner (as defined in Rule 13d-3 of the Exchange Act) of 10% or more of the equity securities or voting securities or other voting interests in such Person; (b) any manager, general partner, director, officer, trustee, executor, receiver, guardian, personal representative, or the estate of such Person or Person described in <u>clause (a)</u> above; (c) that is an individual, (i) any individual living with such Person, (ii) any other individual who is related (by blood, marriage, or adoption) to the individual, (iii) the individual's spouse, or (iv) any Person related to (A) such Persons within the second degree or (B) any Person described in clauses (a) and (b) above; and (d) any trust, family partnership, family limited partnership, family limited liability company, or other entity established for the benefit of such Person or any Person described in any of <u>clauses (a)</u> through <u>(c)</u> above.

"**<u>Release</u>**" is defined in <u>Section 5.19(b)</u>.

"**<u>Released Claims</u>**" means each and all past and present disputes, claims, controversies, demands, rights, obligations, liabilities, actions, and causes of action of every kind and nature against the Releasees, including: (a) any unknown, unsuspected, or undisclosed claim; (b) any claim or right that may be asserted or exercised by any Seller in such Seller's capacity as an equity holder of any of any Seller or the Company or in any other capacity; and (c) any claim, right, or cause of action based upon any breach of any express, implied, oral, or written contract or agreement; provided that the foregoing subsections (a), (b) and (c) shall be limited to claims that (i) any Seller or any of such Seller's Related Parties have had in the past, or may now have, and (ii) have arisen or arise out of any circumstance, agreement, activity, action, omission, event, or

Appendix B-13

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matter occurring or existing on or prior to the Effective Date; *provided, however*, that "Released Claims" will exclude any claim of the nature described in this definition that any Seller or such Seller's Related Parties may have (x) against any of the Releasees that arises under this Agreement or any Transaction Document, (y) relating to payment or provisions for wages, salaries, expense reimbursements, vacation, sick pay or other employee benefits in connection with any Seller that is an Employee and (z) any claims or rights of a Seller or a Seller's Related Parties with respect to any directors' and officers' liability insurance policy maintained by the Company as of the date of this Agreement.

"**<u>Releasees</u>**" means: (a) Purchaser and each of its Affiliates; (b) the Company; and (c) each of the predecessors, successors, parents, Subsidiaries, divisions, and past, present, and future assigns, successors, beneficiaries, heirs, assigns, attorneys, and Representatives of each Person identified or otherwise referred to in <u>clauses (a)</u> and <u>(b)</u> of this definition.

"**<u>Remedies Exception</u>**" means, with respect to enforceability of a Contract against a Person, such Contract is enforceable against such Person in accordance with such Contract's terms, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors' rights generally and to general equitable principles.

"**<u>Representative</u>**" means, with respect to a Person, such Person's equity holders, partners, members, trustees, directors, managers, officers, employees, independent contractors, professional advisers, and other agents.

"**<u>Resolution Period</u>**" is defined in <u>Section 2.3(e)(i)</u>.

"**<u>Response Notice</u>**" is defined in <u>Section 9.4(d)</u>.

"**<u>Restrictions</u>**" is defined in <u>Section 7.6(c)</u>.

"**<u>Restructuring</u>**" is defined in <u>Appendix A</u>.

"**<u>Review Period</u>**" is defined in <u>Section 2.3(a)</u>.

"**<u>Securities Act</u>**" means the Securities Act of 1933.

"**<u>Securities Assignment</u>**" is defined in <u>Section 3.2</u>.

"**<u>Security Incident</u>**" means any suspected or actual breach of security, violation of any security policy, or unauthorized access, acquisition, use, loss, denial or loss of use, destruction, compromise, or disclosure of any Company Information Systems, Company Data, and the systems of any third party service providers that have access to the Company Information Systems or Process any Company Data.

"**<u>Seller</u>**" and "**<u>Sellers</u>**" are defined in the opening paragraph of this Agreement.

Appendix B-14

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"**<u>Seller Disclosure Schedule</u>**" means the schedule attached to this Agreement and referred to in this Agreement as "Seller Disclosure Schedule" that are referenced in Sellers' representations and warranties set forth in this Agreement.

"**<u>Seller Fundamental Representations</u>**" means those representations and warranties set forth in <u>Section 4.1</u>, <u>Section 4.2</u>, <u>Section 4.5</u>, <u>Section 5.1</u>, <u>Section 5.2</u>, <u>Section 5.3</u>, <u>Section 5.16</u>, and <u>Section 5.22</u>.

"**<u>Seller General Representation</u>**" is defined in <u>Section 9.2(a)(i)</u>.

"**<u>Seller Group</u>**" is defined in <u>Section 10.12</u>.

"**<u>Seller Indemnitee</u>**" is defined in <u>Section 9.3(a)</u>.

"**<u>Seller Transaction Expense Invoices</u>**" is defined in <u>Section 8.1(b)</u>.

"**<u>Seller Transaction Expenses</u>**" means: all Transaction Expenses incurred or otherwise payable by the Company or Seller, whether incurred in connection with this Agreement, the Contemplated Transactions or otherwise.

"**<u>Sellers Indemnifiable Matter</u>**" is defined in <u>Section 9.2(a)</u>.

"**<u>Sellers' Statement</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Software</u>**" means all computer software of any kind, in any form (including Source Code, object code, or other form), format, or programming language, including all programs, applications, routines, interfaces, libraries, modules, databases, tools, algorithms, compilers, files, all versions, updates, corrections, enhancements, replacements, and modifications of any of the foregoing, all related documentation, and all materials used to design, maintain, support or develop any of the foregoing.

"**<u>Standard Software Contract</u>**" means a non-exclusive license to unmodified, off-the-shelf Software, made generally commercially available on standard non-negotiated terms, for an individual acquisition cost, including maintenance and support, of $25,000 or less in the aggregate.

"**<u>Straddle Period</u>**" is defined in <u>Section 7.1(b)</u>.

"**<u>Subsidiary</u>**" means, with respect to any Person, any Entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (b) if a limited liability company, partnership, association, or other business entity (other than a corporation), a majority of the ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof and, for this purpose, a Person or Persons own a majority ownership interest in such a business entity (other than a corporation) if such Person or Persons will be allocated a majority of such business entity's gains or losses or will be

Appendix B-15

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or control any manager, director, general partner, or similar position of such business entity (other than a corporation). The term "Subsidiary" includes all Subsidiaries of such Subsidiary.

"**<u>Survival Periods</u>**" means collectively the General Survival Period and survival periods applicable to Seller Fundamental Representations, Purchaser Fundamental Representations, Fraud or intentional misrepresentation.

"**<u>Tax</u>**" or "**<u>Taxes</u>**" (and with correlative meaning, "**<u>Taxable</u>**," "**<u>Taxing</u>**," and "**<u>Taxation</u>**") means (a) all forms of taxation or duties imposed, or required to be collected or withheld, including any United States federal, state, or local, or non-United States, income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, goods and services, use, transfer, registration, value added, excise, natural resources, severance, stamp, withholding, occupation, premium, windfall profit, profits, license, environmental, ad valorem, escheat, unclaimed or abandoned property, customs, duties, real property, personal property, capital stock, net worth, intangibles, social security, unemployment, employment disability, payroll, employee, Canada Pension Plan and provincial pension plan contributions, provincial health plan contributions, unemployment insurance contributions and employment insurance contributions, parental insurance premiums, worker's compensation, deductions at source, or other tax, similar levy, similar governmental fee, similar assessment, or similar charge of any kind whatsoever, together with any interest, penalty, addition to tax, or additional amount imposed by any Law or Tax Authority, whether disputed or not; (b) any liability for the payment of any amounts of any of the foregoing types as a result of being a member of an affiliated, consolidated, combined, or unitary group; (c) any liability for the payment of any amounts as a result of being a party to any tax indemnity, sharing or allocation agreements with respect to the payment of any amounts of any of the foregoing types as a result of any express or implied obligation to indemnify any other Person; and (d) any liability for the payment of any of the foregoing types as a successor, transferee, or otherwise.

"**<u>Tax Authority</u>**" means any Governmental Entity having jurisdiction over the assessment, determination, collection, or imposition of any Tax.

"**<u>Tax Matter</u>**" is defined in <u>Section 7.1(e)</u>.

"**<u>Tax Return</u>**" means any return, form, statement, election, declaration, report, claim for refund, information return filed or required to be filed in connection with the determination, assessment, collection, or imposition of any Tax or the administration of any Law relating to any Tax, including any schedule, supplement or attachment thereto and any amendment thereof.

"**<u>Third-Party Claim</u>**" is defined in <u>Section 9.4(b)</u>.

"**<u>Third-Party Consent</u>**" means any Consent of any Person other than a Governmental Entity.

"**<u>Third-Party Intellectual Property Contract</u>**" means a Contract to which the Company is bound relating to Intellectual Property, including any Contract under which the Company: (a) licenses or otherwise grants or conveys any rights in, under, or with respect to Intellectual Property; or (b) is licensed or otherwise receives or obtains any rights in, under, or with respect to Intellectual Property, excluding only Standard Software Contracts and licenses to Public Software.

Appendix B-16

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"**<u>Third-Party Recovery Proceeds</u>**" is defined in <u>Section 9.7</u>.

"**<u>Transaction Bonuses</u>**" means, with respect to any Person, all (a) all Liabilities of such Person for change of control, retention, "stay," or sale bonuses or payments, or similar arrangements, including the employer portion of any related employment, payroll, unemployment, withholding, or similar Taxes; and (b) any severance obligations owed by such Person triggered in whole or in part prior to or as a result of the Contemplated Transactions, in each case, including the employer portion of any related employment, payroll, unemployment, withholding, or similar Taxes.

"**<u>Transaction Documents</u>**" means this Agreement, the Securities Assignment, the Company LLC Agreement, the Lease Agreement, and the Call Option together with such other agreements, certificates, and documents, and any exhibits, annexes, schedules, or other attachments thereto, delivered in connection with the Contemplated Transactions.

"**<u>Transaction Expenses</u>**" means, with respect to any Person, all fees, costs, and expenses (including all legal fees and expenses, all fees and expenses payable to any broker or finder, and all fees and expenses of any audit firm, accountants, consultants, and tax advisors) that have been incurred in connection with the Contemplated Transactions on behalf of or for the benefit of such Person and its Affiliates, excluding all Transaction Bonuses.

"**<u>Treasury Regulations</u>**" means the regulations issued by the U.S. Department of Treasury under the Code.

"**<u>Unpaid Taxes</u>**" means all Taxes of, or payable by, the Company for the taxable period ending as of the Closing Date and the immediately preceding taxable period to the extent a final Tax Return has not been filed for such period, and for the portion of any Straddle Period ending as of the Closing Date (calculated pursuant to <u>Section 7.1(b)</u>), which shall (x) not be an amount less than zero in any jurisdiction or for any particular Tax, (y) not include any offsets or reductions for Tax assets or refunds, and (z) be determined in a manner consistent with the prior practice of the Company unless otherwise required by applicable Law; provided, that Unpaid Taxes shall include any Deferred Payroll Taxes and any Transfer Taxes for which Sellers are responsible pursuant to <u>Section 7.3</u>.

"**<u>Working Capital</u>**" means, with respect to the Company, at the time of determination, the amount equal to the current assets *minus* the current liabilities of the Company, all as determined in accordance with the Accounting Principles; *provided* that: (a) current assets will *exclude* all Related Party receivables and current Tax assets, but will *include* (without double counting) (i) work in progress, (ii) undeposited funds, and (iii) prepaid insurance premiums, rent, and other prepaid expenses; and (b) current liabilities will *exclude* (i) all Indebtedness of the Company other than Permitted Indebtedness, (ii) all current Tax Liabilities, (iii) all payroll liabilities (including accrued bonus and commission), and (iv) Seller Transaction Expenses, but will *include*: (i) 401(k) Liability and 401(k) loans, (ii) accrued expenses, (iii) business insurance liability, and (iv) dental, vision, health, and life insurance payable.

"**<u>Working Capital Target</u>**" means an amount equal to $1,234,624.17.

Appendix B-17

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**<u>Appendix C<br>Notice Addresses</u>**

(i) if to Purchaser, to:

Gloo Holdings, LLC<br>831 Pearl St.<br>Boulder, CO 80302<br>Attention: John Fowle<br>Email: jfowle@gloo.us

With a copy to (which will not constitute notice):

Bryan Cave Leighton Paisner LLP<br>1700 Lincoln Street, Suite 4100<br>Denver, Colorado 80203<br>Attention: Tim Hanson<br>Email: timothy.hanson@bclplaw.com

(ii) if to any Seller, to:

Flourish Holdings, Inc.<br>13075 County Lane 227<br>Oronogo, Missouri 64855<br>Attention: Matt Johnson<br>Email: mattsidjohn@gmail.com

With a copy to (which will not constitute notice):

Spencer Fane LLP<br>1000 Walnut Street, Suite 1400<br>Kansas City, Missouri 64106<br>Attention: Eric Steinle<br>Email: esteinle@spencerfane.com

Appendix C-1

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**<u>Exhibit A</u>**

**Securities Assignment**

(see attached)

Exhibit A-1

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**<u>SECURITIES ASSIGNMENT</u>**

**January___, 2025**

This Securities Assignment (this "**<u>Securities Assignment</u>**") is being delivered pursuant to Sections 8.1(c) and 8.2(b) of that certain Securities Purchase Agreement (the "**<u>Purchase Agreement</u>**"), dated as of the date hereof, among Flourish Holdings, Inc., a Missouri corporation ("**<u>Transferor</u>**") and the sole shareholder of Midwestern Interactive, LLC, a Missouri limited liability company (the "**<u>Company</u>**"), Matthew S. Johnson, an individual residing in the State of Missouri, and Gloo Holdings, LLC, a Delaware limited liability company ("**<u>Transferee</u>**"). Each capitalized term used but not defined in this Securities Assignment has the meaning ascribed to such term in the Purchase Agreement.

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Transferor hereby sells, assigns, conveys and delivers to Transferee all of Transferor's right, title, and interest in and to the Acquired Securities, which Acquired Securities constitute eighty percent (80%) of the issued and outstanding Equity Securities of the Company as of the date of this Securities Assignment, standing in the name of Transferor on the books of the Company, free and clear of all Encumbrances other than Permitted Equity Encumbrances. Transferor hereby irrevocably constitutes and appoints any director, officer, manager, or attorney of Transferee to be Transferor's true and lawful attorney-in-fact, to transfer the Acquired Securities on the books of the Company, with full power of substitution in the premises, and for that purpose, to make, sign, execute, and deliver any documents or perform any other act necessary for the consummation of such transfer.

This Securities Assignment is made in accordance with, and is subject to, the terms and conditions of the Purchase Agreement. Nothing in this Assignment, express or implied, is intended to or shall be construed to modify, expand, or limit any of the terms of the Purchase Agreement. Transferor and Transferee acknowledge and agree that no representations and warranties are made in this Securities Assignment. The representations, warranties, covenants, agreements, and indemnities contained in the Purchase Agreement shall not be superseded by this Assignment but shall remain in full force and effect to the full extent provided therein. In the event of any conflict or inconsistency between the terms of the Purchase Agreement and the terms hereof, the terms of the Purchase Agreement shall govern.

[*Signature Page Follows; Remainder of Page Left Blank*]

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Transferor has executed this Securities Assignment as of the date first set forth above.

**<u>TRANSFEROR</u>**:

**FLOURISH HOLDINGS, INC.**

By:  <br> Name: Matthew S. Johnson<br>Title: President

[*Signature Page to Securities Assignment*]

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Transferee has executed this Securities Assignment as of the date first set forth above.

**<u>TRANSFEREE</u>**:

**GLOO HOLDINGS, LLC**

By:

Name: Scott Beck

Title: President and Chief Executive Officer

[*Signature Page to Securities Assignment*]

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**<u>Exhibit B</u>**

**Lease Agreement**

(see attached)

Exhibit B-1

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**<u>SINGLE-TENANT TRIPLE NET LEASE</u>**

THIS SINGLE-TENANT TRIPLE NET LEASE (this "**Lease**") is made as of this ___ day of _________, 2025, by and between Northstar Ventures, LLC, a Missouri limited liability company ("**Landlord**"), and Midwestern Interactive, LLC, a Missouri limited liability company ("**Tenant**").

**RECITALS**:

WHEREAS, Landlord is the fee simple owner of the land commonly known as ___________________ and more particularly described on **<u>Exhibit A</u>** attached hereto and incorporated herein (the "**Land**"), together with a building containing approximately __________ square feet of space (the "**Building**") and all other improvements and fixtures located thereon, as well as all of Landlord's rights, privileges, easements, and appurtenances thereto (together with the Building and the Land, collectively, the "**Premises**"); and WHEREAS, Landlord and Tenant, together with certain other entities, are parties to that certain Securities Purchase Agreement dated as of January 3, 2025 (the "**SPA**"), pursuant to which there will be an indirect transfer in the ownership interests of Tenant, all as more particularly set forth in the SPA.

WHEREAS, at an effective upon the closing of the transactions contemplated under the SPA (the "**Closing**"), Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, the Premises upon the terms and conditions set forth in this Lease.

NOW THEREFORE, in consideration of the mutual covenants and promises contained herein and other valuable consideration, the sufficiency of which is hereby acknowledged, Landlord and Tenant agree as follows:

**1. <u>Demise</u>**. Landlord hereby leases the Premises to Tenant, and Tenant hereby leases the Premises from Landlord, open the terms and conditions of this Lease. Landlord is delivering the Premises to Tenant on the Commencement Date, and Tenant is accepting the Premises from Landlord in its "AS IS" condition.

**2. <u>Premises</u>**. The Premises shall be deemed to include all parking areas, curb cuts, sidewalks and driveways located on the Land.

**3. <u>Term</u>**. The term of this Lease shall be a period of [five (5)] years (the "**Term**"), beginning on the date of Closing under the SPA (the "**Commencement Date**"), and expiring on the date that is five (5) years thereafter (as may be extended in accordance with the terms set forth herein, the "**Expiration Date**").

**4. <u>Rent</u>**. Tenant will pay Landlord the sum of _______________ and 00/100 Dollars ($________.00) (the "**Annual Rent**") in equal consecutive monthly installments of ____________________and [00]/100 Dollars ($_____.[00]) (the "**Monthly Rent**") on or before the first (1st) day of each month during the Term of this Lease. The Monthly Rent shall be paid in advance at the address specified for Landlord in Paragraph 28(c) or such other place as Landlord designates in a written notice to Tenant, without prior demand and without any abatement, deduction or setoff, except as may be permitted herein. If the Commencement Date occurs on a day other than the first (1st) day of a calendar month, or if the Expiration Date occurs on a day

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other than the last day of a calendar month, then the Monthly Rent for the fractional month will be prorated on a daily basis.

**5. <u>Real Estate Taxes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Obligation for Payment</u>. Tenant will pay all general real estate taxes and assessments attributable to the Premises during the Term (collectively, the "**Taxes**") within thirty (30) days of receipt of a bill for the same from Landlord, but in any event on or before the date due. If, by law, any Taxes may at the option of the taxpayer may be paid in installments (whether or not interest accrues on the unpaid balance of the tax), Tenant may exercise the option to pay such Taxes in installments. Any Taxes relating to a fiscal period of the taxing authority, a part of which period is included within the Term and a part of which is included in a period of time after the end of the Term, whether or not such tax or installments are assessed, levied, confirmed, imposed upon or in respect of, or become a lien upon the Premises, or become payable, during the Term, will be adjusted between Landlord and Tenant upon the issuance of a bill for such Taxes, so that Tenant will pay that portion of the Taxes or installment thereof which the part of the fiscal period included in the Term bears to the fiscal period, and Landlord will pay the remainder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Contest Taxes</u>. Tenant shall have the right, at its cost and expense, to contest the amount or validity, in whole or in part, of any Taxes by appropriate proceedings diligently conducted in good faith. Upon the termination of those proceedings, Tenant will pay the amount of the Taxes or part of the Taxes as finally determined, the payment of which may have been deferred during the prosecution of the proceedings if permitted by the taxing authority, together with any costs, fees, interest, penalties, or other related liabilities. Landlord shall, at Tenant's sole option, join in any contest or proceedings if the provisions of any law or regulations then in effect require that the proceedings be brought by or in the name of Landlord; provided, however, that Landlord shall not bear any costs associated with such proceedings as a result thereof.

**6. <u>Utilities</u>**. Tenant will pay the appropriate suppliers for all water, gas, electricity, light, heat, telephone, power, data, and other utilities and communications services used by Tenant on the Premises during the Term when due, whether or not the services are billed directly to Tenant. Tenant will also procure, or cause to be procured, without cost to Landlord, any and all necessary permits, licenses, or other authorizations required for the lawful and proper installation and maintenance upon the Premises of wires, pipes, conduits, tubes, and other equipment and appliances for use in supplying any additional services to and upon the Premises. Landlord, upon request of Tenant, and at the sole expense and liability of Tenant, will join with Tenant in any application required for obtaining or continuing any of the services.

**7. <u>Insurance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tenant's Insurance</u>. During the Term of this Lease, Tenant shall maintain the following policies of insurance: (i) commercial property insurance coverage covering the any improvements made by Tenant to the Premises (on a replacement cost basis) and insuring the Tenant's personal property (on a replacement cost basis); and (ii) (a) a commercial general liability insurance policy with a limit of [$1,000,000] for each occurrence and (b) an excess or umbrella liability policy with a limit of $1,000,000 for each occurrence insuring against certain liabilities of

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Tenant with respect to the Premises, arising out of Tenant's use or occupancy of the Premises, in each case subject to any applicable aggregate limits of insurance set forth in such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Matters</u>. All insurance required in this Paragraph 7 and all renewals of it will be issued by companies authorized to transact business in the State of Missouri. Tenant may satisfy its obligation under this Paragraph 7 by appropriate endorsements of its blanket insurance policies. Within five (5) business days after Landlord's written request, Tenant shall provide Landlord certificates of insurance evidencing the amounts and types of insurance coverages required by Tenant to be provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Insureds</u>. All policies of liability insurance that Tenant is obligated to maintain according to Paragraph 7(a) of this Lease will name Landlord and, if requested in writing by Landlord, Landlord's lender as additional insureds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Landlord's Insurance</u>. Landlord shall maintain All Risk Property Insurance upon the Land, Building and building improvements owned by Landlord with coverage for perils as set forth on the Causes of Loss-Special Form, with a coverage extension for the perils of flood and earthquake, in an amount equal to full replacement cost of the Building and building improvements owned by Landlord. Tenant will pay the costs of such insurance attributable to the Term of this Lease from time to time within thirty (30) days of receipt of a statement of the same from Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Subrogation</u>. Notwithstanding anything to the contrary contained in this Lease, Landlord and Tenant waive all rights to recover against each other or against the officers, directors, shareholders, members, managers, partners, joint venturers, employees, agents, customers, invitees, or business visitors of each of theirs for any loss or damage arising from any cause covered by any insurance required to be carried by each of them pursuant to this Paragraph 7 or any other insurance actually carried by each of them. Landlord and Tenant will cause their respective insurers to issue appropriate waiver of subrogation rights endorsements to all policies of insurance carried in connection with the Premises or the contents thereof.

**8. <u>Use</u>**. Tenant shall be permitted to use the Premises for [______________<u>]</u>(the "**Intended Use**") and related uses, and for no other purposes without Landlord's prior written approval, such approval not to be unreasonably withheld, conditioned, or delayed.

**9. <u>Compliance with Laws</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Laws</u>. Landlord represents and warrants that, to Landlord's knowledge, the Building and the Premises are in full compliance with all laws, ordinances, orders, rules, codes (including fire codes and building codes), regulations, and other governmental requirements, including without limitation the Americans with Disabilities Act ("**ADA**"), and all rules, orders, regulations, and requirements of the board of fire underwriters or insurance service office, or any other similar body, having jurisdiction over the Premises (collectively, "**Laws**"). During the Term, Tenant shall comply with all Laws applicable to Tenant's use or occupancy of the Premises.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Landlord's Hazardous Materials Obligations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Landlord represents and warrants that, to Landlord's knowledge, the Land, Building and Premises are in compliance with all federal, state and/or local statutes, regulations, rules and/or ordinances, and with all orders, decrees or judgments of governmental authorities or courts having jurisdiction, relating to the use, generation, manufacture, collection, treatment, disposal, storage, control, removal or cleanup of Hazardous Materials ("**Environmental Laws**"). Except as expressly set forth in Paragraph 9(c), Landlord will be solely responsible, at Landlord's cost, for removing or otherwise remediating all Hazardous Materials on the Land, Building and Premises as required by, and in full compliance with, all Environmental Laws. "**Hazardous Materials**" will include, but not be limited to, lead-based paint, asbestos and asbestos-containing materials, polychlorinated biphenyls (PCBs) and PCB-containing materials substances defined as pollutants, contaminants, hazardous substances, hazardous materials, or toxic substances in any federal, state or local environmental law, regulation, ordinance, rule or law, whether existing as of the date hereof, previously enforced or subsequently enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Tenant incurs any costs, fees, damages, losses, expenses, and/or liabilities in connection with Hazardous Materials present or released in, at or about the Land, Building and/or Premises through no fault of Tenant, its agents, licensees, contractor or assigns, Landlord will pay such costs, fees and/or expenses within ten (10) business days of a written request from Tenant. Furthermore, Landlord will indemnify, protect, defend and hold Tenant harmless from and against any and all costs, fees, damages, losses, expenses and/or liabilities of any kind or nature in any way related to the existence, removal, remediation, treatment, management, transportation or disposal of any Hazardous Materials in, at, on or about the Land, Building and/or Premises except as expressly set forth in Paragraph 9(c). If any action or proceeding is brought against Tenant by reason of such claim, Landlord, upon notice from Tenant, will defend the same at Landlord's expense by counsel reasonably satisfactory to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tenant's Hazardous Materials Obligations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tenant represents and warrants that during the Term, it will occupy, use and/or possess the Premises in compliance with all Environmental Laws. Tenant will be solely responsible, at Tenant's cost, for removing or otherwise remediating Hazardous Materials introduced into the Land, Building or Premises solely by Tenant, in full compliance with all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Landlord incurs any costs, fees, damages, losses, expenses, and/or liabilities in connection with Hazardous Materials present or released in, at or about the Land, Building and/or Premises as provided in the preceding paragraph, Tenant will pay such costs, fees and/or expenses within ten (10) business days of a written request from Landlord. Furthermore, Tenant will indemnify, protect, defend and hold Landlord harmless from and against any and all costs, fees, damages, losses, expenses and/or liabilities of any kind or nature in any way related to the existence, removal, remediation, treatment, management, transportation or disposal of any Hazardous Materials in, at, on or about the Land, Building and/or Premises to the extent the same are introduced by Tenant. If any action or proceeding be brought against Landlord by reason of such claim, Tenant upon notice from Landlord, will defend the same at Tenant's expense by counsel reasonably satisfactory to Landlord.

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**10. <u>Assignments and Subleases</u>**. Tenant may not assign this Lease or sublet the Premises or any portion thereof without Landlord's consent, which consent shall not be unreasonably withheld, conditioned or delayed.

**11. <u>Signs</u>**. Tenant may install and maintain signs on the Premises, including on building elevations and pylon and/or monument signs, in accordance with federal, state, and local statutes, laws, ordinances, and codes. All signage installed by Tenant shall be installed at Tenant's sole cost and expense and shall be removed by Tenant upon the expiration or other termination of this Lease and any damage to the building caused by the sign or the removal thereof, repaired in workmanlike manner.

**12. <u>Repairs and Maintenance</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Landlord shall, at its sole cost and expense, maintain and repair the roof and structural elements of the Building, the driveways and parking areas located on the Land, and, subject to Tenant's maintenance and repair obligations in Paragraphs 12(b) and 12(c) below, the heating, ventilating, and air conditioning systems serving the Premises ("**HVAC**") and the mechanical, electrical, and plumbing systems currently serving the Premises (collectively, the "**Building Systems**"). On the Commencement Date, Landlord shall deliver the HVAC and Building Systems in good order and repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Tenant will, at its cost and expense, maintain and repair the non-structural elements of the Premises and make such repairs to the Premises as and when needed for its use and occupancy of the Premises and to preserve the Premises in substantially the same (or better) condition, as it existed at the Commencement Date, ordinary wear and tear and damage for which Landlord is responsible excepted (the "**Building Maintenance**"), to the extent that such Building Maintenance is reasonably necessary during the Term hereof. Tenant shall be solely responsible for obtaining any services required by Tenant for its Permitted Use. With regard to the use and occupancy of the Premises by Tenant, Tenant shall at its sole expense, (1) keep the inside and outside of all glass in the doors and windows of the Premises reasonably clean; (2) maintain the Premises in a clean, orderly and sanitary condition and free of insects, rodents, vermin and other pests; (3) keep any garbage, trash, rubbish or other refuse in containers until removed; and (4) have such garbage, trash, rubbish and refuse removed on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. With respect to the HVAC and Building Systems, Tenant shall bear all costs of standard maintenance and repairs to such systems (i.e. routine/minor repairs and day-to-day maintenance occasioned by standard operational use of systems), including but not limited to, providing regular service for of the HVAC. Notwithstanding the foregoing or anything to the contrary contained herein, Landlord at it sole cost shall be responsible for any major repairs or replacements to the HVAC and Building Systems, and any maintenance or repairs or replacements costing in excess of $5,000.00; provided, however, that if any such repairs or replacement are required due solely to Tenant's gross negligence or willful misconduct, then Tenant shall be responsible for such costs.

**13. <u>Alterations</u>**. Tenant may make alterations, additions, or improvements to the Premises with Landlord's prior written consent, not to be unreasonably withheld, conditioned or delayed.

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Landlord shall approve or disapprove such plans and specifications within fifteen (15) days after receipt of Tenant's request. All alterations, additions and/or improvements shall be performed and completed in a professional, and workmanlike manner, free of liens, and shall become part of the Premises and property of the Landlord at the expiration of the Term and shall be subject to surrender pursuant to Paragraph 14 of this Lease.

**14. <u>Surrender of Premises</u>**. At the expiration or earlier termination of this Lease, Tenant shall surrender the Premises in substantially the same condition as the Commencement Date, ordinary wear and tear and damage by fire or other casualty and damage for which Landlord is responsible excepted, and subject to permitted alterations, additions or improvements. Tenant may remove from the Premises any trade fixtures, equipment, and movable furniture located in the Premises not fastened to the Building. Tenant shall fully repair any damage occasioned by the removal of any trade fixtures, equipment, furniture, alterations, additions, and improvements. All trade fixtures, equipment, furniture, alterations, additions, and improvements not so removed will conclusively be deemed to have been abandoned by Tenant and may be disposed of by Landlord.

**15. <u>Damage and Destruction</u>**. Tenant shall give prompt notice to Landlord of any damage to the Premises by fire or other casualty (including, without limitation, earthquakes, act of God, or the elements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Total Destruction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event the Premises are rendered wholly untenantable by fire or other casualty, then either Landlord or Tenant may terminate this Lease by written notice to the other within ninety (90) days after the date of such fire or other casualty. Rent shall be apportioned on a per diem basis and paid to the date of such fire or other casualty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event the Premises are rendered wholly untenantable by fire or other casualty and this Lease is not terminated, Landlord shall repair and restore the Premises at Landlord's expense and with due diligence, subject, however, to (i) reasonable delays for insurance adjustments, and (ii) delays caused by forces beyond Landlord's control. Rent shall abate on a per diem basis during the period of reconstruction and repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Partial Destruction</u>. In the event the Premises are partially damaged by fire or other casualty but are not rendered wholly untenantable, Landlord shall, except during the last year of the Term of this Lease, proceed with all due diligence to repair and restore the Premises, subject, however, to (i) reasonable delays for insurance adjustments, and (ii) delays caused by forces beyond Landlord's control. Rent shall abate in proportion to the non-usability of the Premises during the period while repairs are in progress. If the Premises are made partially untenantable as stated above during the last year of the Term, either Landlord or Tenant may terminate this Lease as of the date of the fire or other casualty by giving written notice to the other within thirty (30) days after the date of fire or other casualty, in which event Rent shall be apportioned on a per diem basis and paid to the date of fire or other casualty.

**16. <u>Landlord's Access</u>**. Landlord may enter the Premises at reasonable hours after giving Tenant reasonable prior notice to (a) exhibit the Premises to prospective purchasers or lenders, and (b) during the last six (6) months of the Lease Term only, place "For Rent" or "For Sale" signage

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on the Premises, (c) undertake maintenance or other Landlord obligations under the Lease and/or inspect the Premises for compliance with this Lease. In exercising its rights under this Paragraph 16, Landlord shall use reasonable efforts to avoid interfering with Tenant's business operations at the Premises.

**17. <u>Indemnification</u>**. Tenant shall hold Landlord harmless from and defend Landlord against all claims for damage to any property or injury to or death of any person arising from (a) the use of the Premises by Tenant, except such as is caused by the negligence or willful misconduct of Landlord, its agents, employees or contractors, or (b) the negligence or willful misconduct of Tenant, its employees, agents or contractors. Landlord shall hold Tenant harmless from and defend Tenant against all claims for damage to any property or injury to or death of any person arising from (y) Landlord's activities in and around the Premises, except such as is caused by the negligence or willful misconduct of Tenant, its agents, employees or contractors, or (z) the negligence or willful misconduct of Landlord, its employees, agents or contractors. The provisions of this Paragraph 17 shall survive the expiration or termination of the Lease with respect to any damage, injury or death occurring prior to such expiration or termination.

**18. <u>Covenant of Quiet Enjoyment</u>**. Landlord represents and warrants to, and covenants with, Tenant that: (a) Landlord is the fee simple owner of the Land and, provided Tenant is not in default under this Lease beyond any applicable notice and cure periods, Landlord will warrant and defend Tenant's quiet enjoyment and possession of the Premises during the Term from anyone claiming by, through or under Landlord; (b) Landlord has obtained all consents and approvals from governmental agencies or other third parties necessary for Landlord to enter into and perform its obligations under this Lease; and (c) intentionally deleted. Landlord covenants and agrees that during the Term, it will not consent to the enactment of any agreements, restrictions, restrictive covenants or the like that will materially interfere with Tenant's Intended Use and/or Tenant's rights under this Lease.

**19. <u>Default; Remedies</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Events of Default</u>. The following events shall constitute events of default (collectively, "**Events of Default**" and each, an "**Event of Default**") under this Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a default by Tenant in the payment when due of any rent or other sum payable hereunder and the continuation of such default for a period of three (3) business days after written notice from Landlord that the same is due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a default by Tenant in the performance of any of the other terms, covenants, agreements or conditions contained herein and, if the default is curable, the continuation of such default for a period of thirty (30) days after notice by Landlord or beyond the time reasonably necessary for cure if the default is of a nature to require more than thirty (30) days to remedy and Tenant commences such cure within such thirty (30) day period and diligently pursues the same to completion within ninety (90) days following such notice or as soon thereafter as is reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the bankruptcy or insolvency of Tenant, assignment by Tenant for the benefit of creditors, or the commencement of any proceedings of any kind by or against under any

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provision of the Federal Bankruptcy Code or under any other insolvency, bankruptcy or reorganization act unless, in the event any such proceedings are involuntary, Tenant is discharged from the same within ninety (90) days thereafter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the appointment of a receiver for the assets of Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. Upon the occurrence of any Event of Default by Tenant hereunder, Landlord shall be entitled to all applicable remedies at law or in equity, including but not limited to the right, so long as such default continues, to give written notice of termination to Tenant in accordance with applicable law.

**20. <u>Landlord Default</u>**. If Landlord shall fail to perform any act on its part to be performed hereunder and such failure shall continue for thirty (30) days after notice thereof by Tenant or such longer period as may be allowed hereunder, Tenant may, but shall not be obligated so to do, and without waiving or releasing Landlord from any obligations of Landlord perform any such act on Landlord's part to be made or performed as in this Lease provided, and Tenant may set off the costs of such performance against future installments of Monthly Rent.

**21. <u>Attorneys' Fees</u>**. In the event of any action or proceeding brought by either party against the other under this Lease, the prevailing party in any such action or proceeding shall be entitled to recover its reasonable attorneys' fees resulting therefrom.

**22. <u>Eminent Domain</u>**. If all or any part of the Premises shall be taken as a result of the exercise of the power of eminent domain, this Lease shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, Landlord shall have the right to terminate this Lease as to the balance of the Premises by notice to Tenant within fifteen (15) days after the date on which the condemning authority takes possession. No action by eminent domain shall be deemed to be a taking unless such action has, or could reasonably be deemed to have, a material negative effect on Tenant's business. If Landlord does not elect to terminate this Lease as to the balance of the Premises, Tenant will restore, rebuild, and replace the balance of the Premises so that the balance of the Premises are as usable by Tenant for Tenant's purposes as they were before such taking. In the event of any taking, Landlord shall be entitled to any and all compensation, damages, income, rent, awards, or any interest therein whatsoever which may be paid or made in connection therewith, and Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease or otherwise, provided that Tenant shall be entitled to any and all compensation, income, rent or awards paid for or on account of Tenant improvements that have been paid for by Tenant. In the event of a partial taking of the Premises which does not result in a termination of this Lease, the Monthly Rent thereafter to be paid shall be equitably reduced on a square footage basis.

**23. <u>Subordination</u>**. Landlord represents and warrants that as of the date hereof, no mortgages, deeds of trust or similar liens or security interests or ground or other underlying superior leases affect the Premises. Notwithstanding anything to the contrary in the Lease, in no event shall Tenant be subordinate or subject to the lien of any mortgage, deed of trust, security instrument, ground lease or other superior interest affecting the Premises, nor shall Tenant be obligated to attorn to any holder thereof, unless and until such holder shall have agreed in writing, and shall be bound thereby, to honor all of Tenant's rights under this Lease, including, without limitation, Tenant's rights of quiet and exclusive use and enjoyment of the Premises, pursuant to a

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commercially reasonable subordination, non-disturbance and attornment agreement, which shall have been approved in advance and in writing by Tenant (which approval shall not be unreasonably withheld).

**24. <u>Estoppel Certificates</u>**. Landlord and Tenant each agree, from time to time, within ten (10) business days after written request from the other party, to execute and deliver an estoppel certificate requested by such party, stating that this Lease is in full force and effect, the date to which rent has been paid, that such party is not in default hereunder (or specifying in detail the nature of such party's default), the termination date of this Lease and such other matters pertaining to this Lease as may be reasonably requested by such party.

**25. <u>Holding Over</u>**. If Tenant holds possession of the Premises after expiration of the term of this Lease, Tenant shall become a tenant from month-to-month upon the terms herein specified but at a monthly rental of 150% of the Monthly Rent in effect at the time of the Expiration Date, payable in advance on or before the first (1st) day of each month. Each party shall give the other written notice at least thirty (30) days prior to the date of termination of such periodic tenancy of its intention to terminate such tenancy.

**26. <u>Option Term</u>**. Landlord hereby grants to Tenant one (1) option (the "**Option**") to extend the Term for a period of five (5) years (the "**Option Term**") on the same terms and conditions as set forth in this Lease; provided, however, that Rent during the Option Term (the "**Option Term Rent**") shall be an amount equal to the Market Rate (as defined below) applicable to the Option Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option shall be exercisable only by written notice ("**Option Notice**") delivered by Tenant to Landlord no less one-hundred twenty (120) days prior to the expiration of the Term, which Option Notice shall be irrevocable when given. If Tenant fails to deliver Landlord written notice of the exercise of the Option within the above-referenced prescribed time period, the Options shall lapse, and there shall be no further right to extend the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Tenant sends a timely Option Notice, Landlord shall deliver notice (the "**Option Term Rent Notice**") to Tenant setting forth Landlord's good faith determination of the Option Term Rent within thirty (30) days after receipt of Tenant's Option Notice. If Tenant disputes the Option Term Rent, Tenant shall notify Landlord in writing of such dispute within ten (10) days of Tenant's receipt of the Option Term Rent Notice, and if Tenant does not so notify Landlord, then Tenant shall be deemed to have accepted Landlord's determination of the Option Term Rent. If Landlord timely receives a dispute notice from Tenant, then Landlord and Tenant shall use their good faith efforts to cooperate with one another to determine the Option Term Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that Landlord and Tenant are unable to agree on the Option Term Rent no later than thirty (30) days prior to the expiration of the Term (the "**Outside Agreement Date**"), then Tenant's exercise of the Option nonetheless shall be binding, and Landlord and Tenant shall submit the determination of the Option Term Rent to arbitration in accordance with the provisions below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the parties submit the determination of the Option Term Rent to arbitration, then each party shall make a separate determination of the Market Rate within ten (10) days of the

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Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with this <u>clause (e)</u>. In such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Landlord and Tenant shall each appoint one arbitrator who shall by profession be a real estate broker or appraiser who shall have been active over the ten (10) year period ending on the date of such appointment in the leasing (or appraisal, as the case may be) of commercial and industrial/warehouse properties in the greater [Joplin, Missouri] area. Such arbitrator shall not have been employed by the applicable party within the last ten (10) years. The issue presented to the arbitrators shall be limited solely to whether Landlord's or Tenant's submitted Market Rate is the closest to the actual Market Rate as determined by the arbitrators. Each such arbitrator shall be appointed within fifteen (15) days after the Outside Agreement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The two arbitrators so appointed shall within ten (10) days of the date of the appointment of the last appointed arbitrator agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two arbitrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The three arbitrators shall within thirty (30) days of the appointment of the third arbitrator reach a decision as to whether the parties shall use Landlord's or Tenant's submitted Market Rate and shall notify Landlord and Tenant thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The decision of the majority of the three arbitrators shall be binding upon Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If either Landlord or Tenant fails to appoint an arbitrator within fifteen (15) days after the applicable Outside Agreement Date, the arbitrator appointed by one of them shall reach a decision, notify Landlord and Tenant thereof, and such arbitrator's decision shall be binding upon Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If the two arbitrators fail to agree upon and appoint a third arbitrator, then either party may petition an appropriate court to appoint a neutral arbitrator who shall be qualified under the same criteria set forth hereinabove, in which event such court-appointed arbitrator shall reach a decision as to whether the parties shall use Landlord's or Tenant's submitted Market Rate, notify Landlord and Tenant thereof, and such arbitrator's decision shall be binding upon Landlord and Tenant. In any event, the Market Rate, as determined in accordance with this <u>clause</u>, shall be determined no later than the expiration of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The cost of arbitration shall be paid by Landlord and Tenant equally. Any fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such appraiser, counsel or expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As used herein, "**Market Rate**" shall mean the fair-market rental rate, as determined by reference to the annual fixed rent, including all escalations, on a per rentable square foot basis, that would be accepted in the current market in direct, arms-length transactions entered into within the six (6) month period immediately preceding the receipt of Tenant's Option Notice or a reasonably longer period (with more weight to be given to more recent leases) with renewal and non-renewal tenants for space comparable in size, location and quality to the Premises for a term equal to the Option Term (the "**Market Rate**").

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**27. <u>Waiver of Consequential Damages</u>**. Notwithstanding anything to the contrary, neither Landlord nor Tenant will be liable to the other for consequential damages, such as lost profits or interruption of either party's business.

**28. <u>Late Fees</u>**. At any time during which Matthew Johnson is not the Chief Executive Officer of the Tenant, if Tenant shall fail to pay any Rent or other monies within five (5) days after becoming due hereunder, there shall be chargeable on the unpaid amount a service charge of five percent (5%) for each month or portion thereof during which the same remains unpaid (provided that with respect to the first late payment in any 12-month period during the Term, no late fee will be charged unless the payment remains unpaid for a period of 3 business days after Tenant's receipt of notice of such late payment from Landlord). The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of such late payment. In addition, at any time during which Matthew Johnson is not the Chief Executive Officer of Tenant, any amount owed by Tenant to Landlord that is not paid within thirty (30) days after the date due shall, from the due date of such amount until paid, bear interest at the rate of ten percent (10%) per annum (provided that with respect to the first late payment in any 12-month period during the Term, no late fee will be charged unless the payment remains unpaid for a period of 3 business days after Tenant's receipt of notice of such late payment from Landlord). The payment of interest and/or a late charge shall not excuse or cure any default by Tenant under this Lease and shall be payable by Tenant to Landlord in addition to any other rights and remedies Landlord may have for such late payment.

**29. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Waiver</u>. No waiver of any condition or agreement in this Lease by either Landlord or Tenant will imply or constitute a further waiver by such party of the same or any other condition or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority</u>. Tenant represents and warrants that Tenant is a duly authorized and existing [corporation/ limited liability company/ etc.], that Tenant is qualified to do business in the state in which the Premises are located, that Tenant has full right and authority to enter into this Lease, and that each and every person signing on behalf of Tenant is authorized to do so. Landlord represents and warrants that Landlord has full right and authority to enter into this Lease, and that no consent from any other person or entity is required for Landlord to enter into this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices</u>. Any notice, request, demand, consent, approval, or other communication required or permitted under this Lease will be written and will be deemed to have been given (1) when personally delivered, or (2) on the third (3<sup>rd</sup>) day after it is deposited in any depository regularly maintained by the United States postal service, postage prepaid, certified or registered mail, return receipt requested, or (3) on the next business day after it is deposited with a nationally recognized overnight courier service, addressed to:

Landlord: ___________________

___________________

___________________

Attn: __________________

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Tenant: ___________________

___________________

___________________

Attn: ___________________

Either Landlord or Tenant may change its address or addressee for purposes of this Paragraph 28(c) by giving ten (10) days' prior notice according to this Paragraph 28(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. This Lease will inure to the benefit of, and will be binding upon each party's successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Governing Law</u>. The interpretation and enforcement of this Lease shall be governed by the laws of the state where the Land is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Counterpart Execution</u>. This Lease may be executed in separate counterparts, each of which, when taken together, shall constitute a fully executed instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Severability</u>. In the event any of the provisions of this Lease shall be declared invalid, the remaining provisions of this Lease shall remain in effect as if such invalidated provision shall have not been included in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Entire Agreement</u>. This Lease represents the full and complete agreement of the parties with respect to the subject matter hereof, and supersedes all prior or contemporaneous agreements, negotiations, understandings and promises of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Amendment</u>. This Lease may only be modified or amended by a writing signed by both Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Offer</u>. Tenant's submission of this Lease to Landlord does not constitute an offer to rent the Premises from Landlord. This Lease shall not be effective until it has been fully executed by both Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Landlord Termination Right</u>. Notwithstanding anything to the contrary herein, in the event that Landlord enters into a binding agreement to sell the Building to a new owner who is not owned, controlled by, or otherwise affiliated with Landlord ("**New Owner**"), and if the ownership of the Building is sold to the New Owner, then New Owner shall have the right to terminate this Lease upon sixty (60) days written notice to Tenant, such notice to be given within no more than one (1) month following the closing of such sale. Upon such termination, Tenant shall vacate the Premises and return the same to Landlord in good, clean condition as required by this Lease, and thereafter neither party shall have any obligation to the other under this Lease except those obligations herein that expressly survive expiration and/or termination.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, Landlord and Tenant have executed this Lease as of the date first written above.

**LANDLORD**:

, a

By:

Name:

Its:

**TENANT**:

, a

By:

Name:

Its:

Signature Page to Single-Tenant Triple Net Lease

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**<u>Exhibit C</u>**

**Call Option**

(see attached)

Exhibit C-1

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**CALL OPTION AGREEMENT**

This Call Option Agreement (this "**Agreement**") is made and entered into as of the 3<sup>rd</sup> day of January, 2025 (the "**Effective Date**"), by and among Gloo Holdings, LLC, a Delaware limited liability company ("**Gloo**"), Midwestern Interactive, LLC, a Missouri limited liability company (the "**Company**"), and Flourish Holdings, Inc., a Missouri corporation (the "**NewCo**"). Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Purchase Agreement (as hereinafter defined).

**RECITALS**

WHEREAS, as of immediately prior to the consummation of the transactions (collectively, the "**Transaction**") contemplated by that certain Securities Purchase Agreement, dated as of the Effective Date (the "**Purchase Agreement**"), by and among NewCo, the Company, Gloo, and Matthew S. Johnson, the sole shareholder of NewCo, NewCo owns all of the issued and outstanding Equity Securities of the Company;

WHEREAS, pursuant to the Purchase Agreement, Gloo has agreed to purchase from NewCo, and NewCo has agreed to sell to Gloo, the Acquired Securities (constituting eighty percent (80.0%) of the issued and outstanding Equity Securities of the Company) in exchange for (i) an amount in cash equal to Two Million One Hundred Twenty Thousand Dollars ($2,120,000.00) (the "**Cash Amount**"), (ii) a promissory note in the principal amount of Three Million One Hundred Eighty Thousand Dollars ($3,180,000.00), made by Gloo in favor of NewCo (the "**Installment Payment Promissory Note**"), (iii) a promissory note in the principal amount of [Six Million Four Hundred Ninety Two Thousand Four Hundred Forty Five and 05/100] Dollars ($[6,492,445.05]), made by Gloo in favor of NewCo (the "**Permitted Indebtedness Promissory Note No**. **1**"), (iv) a promissory note in the principal amount of [Two Million Three Hundred Seventy-Four Thousand Twenty-Five and 35/100 Dollars ($2,374,025.35)], made by Gloo in favor of NewCo (the "**Permitted Indebtedness Promissory Note No**. **2**"), and (v) 2,083,333 Gloo $6.00 Series A Preferred Membership Units (the "**Gloo Units**");

WHEREAS, in connection with the consummation of the Transaction, Gloo has agreed to grant to NewCo an option to re-acquire from Gloo all, but not less than all, of the Acquired Securities (the "**Call Securities**") on the terms and subject to the conditions set forth in this Agreement, including, without limitation, the payment by NewCo of the Call Purchase Price (as hereinafter defined); and WHEREAS, to ensure the preservation of the Company's value as a going concern, Gloo has agreed to abide by certain restrictive covenants during the Call Period (as hereinafter defined).

NOW, THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties agree as follows:

1. <u>Grant of Call Option.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Right to Purchase</u>. Subject to the terms and conditions of this Agreement, at any time during the twelve (12) month period commencing on the third (3<sup>rd</sup>) anniversary of the Effective Date and ending on the fourth (4<sup>th</sup>) anniversary of the Effective Date (the "**Call Period**"), NewCo shall have the right (the "**Call Right**"), but not the obligation, to cause Gloo to sell to

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NewCo all, but not less than all, of the Call Securities in exchange for NewCo's (i) payment to Gloo of an amount equal to the Cash Amount, (ii) forgiveness of the remaining balance of principal and accrued interest on the Installment Payment Promissory Note and repayment to Gloo of an amount equal to the aggregate of all payments previously made under the Installment Payment Promissory Note, (iii) the forgiveness of the remaining balance of principal and accrued interest on the Permitted Indebtedness Promissory Note No. 1, (iv) the forgiveness of the remaining balance of principal and accrued interest on the Permitted Indebtedness Promissory Note No. 2, and (iv) transfer and delivery to Gloo of the Gloo Units ((i), (ii), (iii), (iv) and (v) together, the "**Call Purchase Price**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If NewCo desires to exercise the Call Right, then NewCo shall deliver to each of Gloo and the Company a written notice informing such parties of such exercise (a "**Call Exercise Notice**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. At the closing of any purchase consummated pursuant to this <u>Section 1.b)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gloo shall represent and warrant to NewCo that (A) Gloo has full right, title and interest in and to the Call Securities, (B) subject to any approvals or consents of Gloo or the Company required in connection with such sale, Gloo has all the necessary power and authority and has taken all necessary entity action to sell such Call Securities as contemplated by this <u>Section 1.b)</u>, and (C) the Call Securities are free and clear of any and all mortgages, pledges, security interests, options, rights of first offer, encumbrances or other restrictions or limitations of any nature whatsoever other than (x) Permitted Equity Encumbrances and (y) those arising as a result of the Remedies Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) NewCo shall represent and warrant to Gloo that (A) NewCo has full right, title and interest in and to the Gloo Units, (B) subject to any approvals or consents of NewCo required in connection with such sale, NewCo has all the necessary power and authority and has taken all necessary entity action to transfer such Gloo Units as contemplated by this <u>Section 1.b)</u>, and (C) the Gloo Units are free and clear of any and all mortgages, pledges, security interests, options, rights of first offer, encumbrances or other restrictions or limitations of any nature whatsoever other than (x) Permitted Equity Encumbrances and (y) those arising as a result of the Remedies Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the avoidance of doubt, neither Gloo nor NewCo shall be required to make any other representations and/or warranties relating to the sale of the Call Securities or transfer of the Gloo Units except for those set forth in this <u>Section 1b)ii</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The closing of any sale of Call Securities pursuant to this <u>Section 1</u> shall take place no later than thirty (30) days following receipt by each of Gloo and the Company of the Call Exercise Notice. Gloo shall give NewCo at least fifteen (15) days' prior written notice of the date of closing (the "**Call Right Closing Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Consummation of Sale</u>. On the Call Right Closing Date, Gloo shall transfer and deliver the Call Securities to NewCo and NewCo shall pay the Call Purchase Price to Gloo as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. with respect to the Cash Amount, by certified or official bank check or by wire transfer of immediately available funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. with respect to the Installment Payment Promissory Note, by (A) delivering the Installment Payment Promissory Note, marked "Paid in Full" to Gloo and (B) paying to Gloo, by certified or official bank check or by wire transfer of immediately available funds, an amount equal to the aggregate of all payments previously made under the Installment Payment Promissory Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. with respect to the Permitted Indebtedness Promissory Note No. 1, by delivering the Permitted Indebtedness Promissory Note, marked "Paid in Full" to Gloo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. with respect to the Permitted Indebtedness Promissory Note No. 2, by delivering the Permitted Indebtedness Promissory Note, marked "Paid in Full" to Gloo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. with respect to the Gloo Units, by transfer and delivery of the Gloo Units to Gloo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Effect of Exercise on Purchase Agreement</u>. Upon NewCo's exercise of the Call Right, all covenants and obligations of Sellers (as defined in the Purchase Agreement) under the Purchase Agreement shall immediately terminate and be of further force or effect.

2. <u>Termination</u>. This Agreement and the Call Right granted hereunder shall terminate and be of no further force and effect upon the earlier to occur of (a) the expiration of the Call Period, (b) the expiration of an Accelerated Exercise Period (as hereinafter defined), if any, and (c) the sale or liquidation by NewCo or any of its Affiliates (as defined below) of any Gloo Units (including, for the avoidance of doubt, any Equity Securities into which the Gloo Units are converted in connection with a Qualified IPO (as hereinafter defined) of Gloo or in accordance with <u>Section 10</u> of this Agreement); *provided* that if NewCo has delivered a Call Exercise Notice prior to the earlier to occur of the expiration of the Call Period or the expiration of the Accelerated Exercise Period, as applicable, then this Agreement and the Call Right granted hereunder shall survive until the Call Right Closing Date with respect to the purchase and sale contemplated by such Call Exercise Notice (but in any event no later than forty-five (45) days following NewCo's delivery of such Call Exercise Notice). The term "**Affiliate**" as used in this Agreement shall mean a person controlling, controlled by, or under common control with another person, with control deemed to exist when one person has the power, direct or indirect, through the ownership of voting equity securities, by contract, or otherwise, to direct or cause the direction of the management and policies of another person.

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3. <u>Acceleration</u>. Notwithstanding anything to the contrary contained herein, if at any time prior to the commencement of the Call Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Gloo experiences an Insolvency Event, then the Call Right shall be deemed immediately exercisable. As used herein, "**Insolvency Event**" means, with respect to any Person, any of the following acts or events: (i) filing for or being involved in a voluntary or involuntary bankruptcy proceeding under appliable laws, (ii) becoming the subject of an order for relief or being declared insolvent or bankrupt in any federal or state bankruptcy or insolvency proceeding, or (iii) filing a petition or answer seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Both (i) Gloo consummates a Qualified IPO and (ii) the rolling weighted average price per share of Gloo's publicly traded shares exceeds, over a ninety (90) day period, Twelve Dollars ($12.00) per share, then Gloo may, by written notice to NewCo (an "**Acceleration Notice**"), accelerate the exercisability of the Call Right such that it is exercisable for the thirty (30) calendar day period following the date on which such Acceleration Notice is delivered (the "**Accelerated Exercise Period**"). For purposes of this Agreement, "**Qualified IPO**" means a firmly underwritten sale of Equity Securities of Gloo to the public effected pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act of 1933, as amended, in which the gross offering proceeds are in excess of Fifty Million Dollars ($50,000,000.00) (determined prior to deductions for offering expenses and commissions paid to underwriters).

4. <u>Covenants of Gloo</u>. From the date of this Agreement through the termination of this Agreement and the Call Right under <u>Section 2</u>, Gloo covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Non-Solicitation of Employees</u>. Except through the operation of the Company, Gloo shall not, and shall not permit any of its Affiliates to, directly or indirectly, (A) induce or solicit, or attempt to induce or solicit, any then-current or past (at any time within the preceding six (6) months, as applicable to such time) employee or contractor of the Company to terminate or reduce such employee or contractor's employment or engagement with the Company, or (solely with respect to employees of the Company) to accept employment with, provide services to, or partner with Gloo or any of its Affiliates other than the Company, (B) in any way materially interfere with the relationship between the Company, on the one hand, and any employee or contractor thereof, on the other hand, or (C) hire or attempt to hire any then-current or past (at any time within the preceding six (6) months, as applicable to such time) employee of the Company. Notwithstanding the foregoing, the placement of general advertisement that is not targeted towards employees or contractors of any member of the Company will not be deemed to breach the non-solicit provisions of this <u>Section 4a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>IP Protection</u>. Gloo acknowledges and agrees that the Company is the sole owner of all intellectual property rights owned by the Company as of the Effective Date of the Purchase Agreement, including all inventions, designs, discoveries, improvements, and works of authorship, know-how, processes, designs, computer programs and routines, formulae, techniques, or developments, and further including any experimental work, work in progress, or business trade secrets made, conceived, or reduced to practice by or for the Company prior to the Effective Date of the Purchase Agreement (collectively, the "**Existing Company IP**"). Gloo shall not, and shall

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not permit any of its Affiliates to, directly or indirectly, reverse engineer, disassemble, decompile, decode, or otherwise attempt to derive or gain access to the source code of the Existing Company IP, in whole or in part. Following the Effective Date hereof, Gloo shall use or access the Existing Company IP only with the agreement of the Company. Notwithstanding anything to the contrary in the Agreement, Gloo and its Affiliates are and shall remain free (and it will not be a violation of Gloo's obligations under this Agreement) to use for any purpose all knowledge, experience, know-how, information, data, ideas, concepts, processes, and techniques retained in the unaided memories of its or their respective personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Contracts and Business Opportunities</u>. Gloo will not, and will cause its wholly-owned Affiliates not to, directly or indirectly, take or assign to any affiliate of Gloo other than the Company any customer relationship, proposed or executed contract, or other business opportunity developed or originated primarily by the Company or any of its employees ("**MWI Opportunities**"); further, with respect to any non-wholly-owned Affiliates of Gloo, Gloo will refrain from taking any action to facilitate the taking or assigning of MWI Opportunities by such non-wholly-owned Affiliates (other than the Company). Gloo acknowledges and agrees that, as between Gloo and its wholly-owned Affiliates, on the one hand, and the Company, on the other hand, MWI Opportunities will be considered the property of the Company and are reserved for the Company to exploit for its own direct benefit, and only for the indirect benefit of Gloo as a major equity holder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Remedies</u>. Gloo acknowledges and agrees that the remedies at law of the Company for a breach or threatened breach of any of the provisions of <u>Section 4</u> may be inadequate, and in recognition of this fact, Gloo agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company shall be entitled to seek equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction, or any other equitable remedy that may then be available, without the necessity of showing actual monetary damages or the posting of a bond or other security.

5. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this <u>Section 4</u>).

If to Gloo: Gloo Holdings, LLC<br>831 Pearl Street<br>Boulder, CO 80302<br>Attention: Chief Legal Officer<br>Email: legal@gloo.us

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with a copy to: Bryan Cave Leighton Paisner LLP<br>1700 Lincoln, Suite 4100<br>Denver, CO 80203<br>Attention: Tim Hanson<br>Email: timothy.hanson@bclplaw.com

If to NewCo or the Company: Flourish Holdings, Inc.<br>13075 County Lane 227<br>Oronogo, Missouri 64855<br>Attention: Matthew S. Johnson <br>Email: mattsidjohn@gmail.com

with a copy to: Spencer Fane LLP<br>1000 Walnut Street, Suite 1400<br>Kansas City, MO 64106<br>Attention: Eric Steinle<br>Email: esteinle@spencerfane.com

6. <u>Entire Agreement</u>. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.

7. <u>Conflict</u>. It is the intent and understanding that this Agreement contains no provisions contradictory to the terms of that certain Amended and Restated Limited Liability Company Agreement, dated as of the Effective Date, attached hereto as <u>Exhibit A</u> (the "**LLC Agreement**"). In the event of an actual or apparent conflict, the parties intend that this Agreement should be read together in a manner that reconciles such conflicts, to the extent feasible. If, notwithstanding the foregoing, a conflict between the terms of this Agreement and those of the LLC Agreement arise, then the provisions of this Agreement shall govern.

8. <u>Successor and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. However, Gloo shall not transfer nor assign this Agreement or any of its rights hereunder. NewCo may assign or transfer this Agreement or any of its rights hereunder to any other person; *provided*, that the assignee executes a joinder to and complies with the LLC Agreement, as applicable. Any attempted transfer or assignment in violation of this <u>Section</u> 8 shall be null and void *ab initio*.

9. <u>No Third-Party Beneficiaries</u>. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

10. <u>Capitalization Adjustment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If Gloo, at any time, increases or decreases the number of outstanding Gloo $6.00 Series A Preferred Membership Units or changes in any way the rights and privileges of the Gloo $6.00 Series A Preferred Membership Units by means of the payment of a stock dividend or any

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other distribution upon the Gloo $6.00 Series A Preferred Membership Units, or through a stock split, subdivision, consolidation, combination, reclassification, recapitalization or any other corporate transaction or event having an effect similar to the foregoing, in each case, involving the Gloo $6.00 Series A Preferred Membership Units, then in relation to the Gloo Units that are affected by one (1) or more of the above events, the numbers, exercise price, rights, and privileges of the Gloo Units shall be increased, decreased or changed in like manner as if they had been issued and outstanding, fully paid and nonassessable at the time of such occurrence, to the extent necessary to prevent dilution or the enlargement of benefits thereto, as determined in good faith by Gloo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If NewCo, at any time, increases or decreases the number of outstanding Common Units (as defined in the LLC Agreement) or changes in any way the rights and privileges of the Common Units by means of the payment of a stock dividend or any other distribution upon the Common Units, or through a stock split, subdivision, consolidation, combination, reclassification, recapitalization or any other corporate transaction or event having an effect similar to the foregoing, in each case, involving the Common Units, then in relation to the Call Securities that are affected by one (1) or more of the above events, the numbers, exercise price, rights, and privileges of the Call Securities shall be increased, decreased or changed in like manner as if they had been issued and outstanding, fully paid and nonassessable at the time of such occurrence, to the extent necessary to prevent dilution or the enlargement of benefits thereto, as determined by the Manager and the Members (in case, as defined in the LLC Agreement) in accordance with the LLC Agreement.

11. <u>Headings</u>. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

12. <u>Amendment and Modification: Waiver</u>. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

13. <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

14. <u>Governing Law: Submission to Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other

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jurisdiction) that would cause the application of the laws of any jurisdiction other than those of the State of Delaware. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of Missouri in each case located in the city of Joplin and County of Jasper, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party's address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

15. <u>Waiver of Jury Trial</u>. Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby. Each party to this Agreement certifies and acknowledges that (a) no representative of any other party has represented, expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action; (b) such party has considered the implications of this waiver; (c) such party makes this waiver voluntarily; and (d) such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this <u>Section 15</u>.

16. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall together be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

17. <u>No Strict Construction</u>. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed this Call Option Agreement on the date first written above.

**GLOO**:

**GLOO HOLDINGS, LLC**

By: <br> Name: Scott Beck<br>Title: President and Chief Executive Officer

[*Project Meridian – Signature Page to Call Option Agreement*]

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IN WITNESS WHEREOF, the parties hereto have executed this Call Option Agreement on the date first written above.

**NEWCO**:

**FLOURISH HOLDINGS, INC.**

By:  <br> Name: Matthew S. Johnson<br>Title: President

**COMPANY**:

**MIDWESTERN INTERACTIVE, LLC**

By:  <br> Name: Matthew S. Johnson<br>Title: Manager

[*Project Meridian – Signature Page to Call Option Agreement*]

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**<u>Exhibit D</u>**

**Company LLC Agreement**

(see attached)

Exhibit D-1

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**THIRD AMENDED AND RESTATED**

**OPERATING AGREEMENT**

**OF**

**MIDWESTERN INTERACTIVE, LLC**

Dated as of January 3, 2025

**THE SALE OF INTERESTS IN THE COMPANY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS IN RELIANCE UPON EXEMPTIONS THEREFROM. INTERESTS IN THE COMPANY MAY NOT BE OFFERED OR SOLD ABSENT AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT AND REGISTRATION OR QUALIFICATION UNDER SUCH STATE SECURITIES LAWS, UNLESS EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION REQUIREMENTS ARE AVAILABLE. THE COMPANY HAS THE RIGHT TO REQUIRE ANY POTENTIAL TRANSFEROR OF AN INTEREST IN THE COMPANY TO DELIVER AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY PRIOR TO ANY TRANSFER TO THE EFFECT THAT AN EXEMPTION FROM SUCH REGISTRATION AND QUALIFICATION REQUIREMENTS IS AVAILABLE FOR SUCH TRANSFER. THIS AGREEMENT CONTAINS ADDITIONAL RESTRICTIONS ON THE TRANSFER, ASSIGNMENT, PLEDGE AND ENCUMBRANCE OF INTERESTS IN THE COMPANY.**

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**TABLE OF CONTENTS**

<u>Page</u>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article I DEFINED TERMS; INTERPRETATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article I DEFINED TERMS; INTERPRETATION** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Interpretation | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article II THE LIMITED LIABILITY COMPANY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article II THE LIMITED LIABILITY COMPANY** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Formation | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Name | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Qualifications | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Registered Office and Agent | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Principal Place of Business | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Purpose; Powers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Term | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article III COMPANY INTERESTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article III COMPANY INTERESTS** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Members | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Authorized Units; Issuance of Additional Company Interests | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Admission of Additional Members | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Preemptive Rights | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IV CAPITAL CONTRIBUTIONS; MEMBER LOANS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IV CAPITAL CONTRIBUTIONS; MEMBER LOANS** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Capital Contributions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Additional Capital Contributions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | No Third Party Right to Enforce | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Return of Contributions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Member Loans | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article V REPRESENTATIONS, WARRANTIES AND COVENANTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article V REPRESENTATIONS, WARRANTIES AND COVENANTS** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | General Representations and Warranties | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Conflict and Tax Representations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Investment Representations and Warranties | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Survival | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VI COMPANY MANAGEMENT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VI COMPANY MANAGEMENT** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Manager; Board of Directors | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Management Authority | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Duties | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Reliance by Third Parties | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Information Relating to the Company | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Indemnification | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Officers | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Management Fee; Reimbursements | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | Affiliate Transactions | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VII MEMBERS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VII MEMBERS** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Limited Liability | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Quorum and Voting | 23 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Informal Action | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Meetings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Place of Meeting | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Notice of Meeting | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | Proxies | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 | Conduct of Meeting | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 | No Member Fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | No State-Law Partnership | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | Partnership Representative | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VIII DISTRIBUTIONS TO THE MEMBERS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VIII DISTRIBUTIONS TO THE MEMBERS** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Tax Distributions | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Non-Liquidating Distributions | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Class M Units | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Distributions in Kind | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | General Limitation on Distributions | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Withholding | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IX ALLOCATION OF PROFITS AND LOSSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IX ALLOCATION OF PROFITS AND LOSSES** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | In General | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Regulatory Allocations and Other Allocation Rules | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Other Allocation Rules | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article X ALLOCATION OF TAXABLE INCOME AND TAX LOSSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article X ALLOCATION OF TAXABLE INCOME AND TAX LOSSES** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Allocation of Taxable Income and Tax Losses | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Allocation of Section 704(c) Items | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Integration with Section 754 Election | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Allocation of Tax Credits | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XI ACCOUNTING AND REPORTING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XI ACCOUNTING AND REPORTING** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Books | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Capital Accounts | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Transfers During Year | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Reports; Inspection Rights; Financial Reporting Obligations | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Section 754 Election | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XII TRANSFER OF MEMBER'S INTEREST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XII TRANSFER OF MEMBER'S INTEREST** | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Restrictions on Transfers and Encumbrances | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Permitted Transfers and Encumbrances | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Sale Participation Rights | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Forced Sale Right | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Repurchase Right | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | Substitution of a Member | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | Conditions to Substitution | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | Admission as a Member | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XIII RESIGNATION, DISSOLUTION AND TERMINATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XIII RESIGNATION, DISSOLUTION AND TERMINATION** | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Resignation | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Events Requiring Winding Up | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Effectiveness of Termination | 42 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Liquidation | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Articles of Termination | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Survival of Rights, Duties, and Obligations | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Recourse for Claims | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XIV NOTICES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XIV NOTICES** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | Method of Notices | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | Computation of Time | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XV GENERAL PROVISIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article XV GENERAL PROVISIONS** | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 | Amendment | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 | Waiver | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 | Confidentiality | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 | Public Announcements | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 | Applicable Law | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 | Submission to Jurisdiction | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 | Waiver of Jury Trial | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 | Entire Agreement | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 | References | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 | U.S. Dollars | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | Counterparts | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 | Additional Documents | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 | No Third Party Beneficiaries | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 | Covenant to Obtain Spouse's Signature | 46 |

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<u>List of Exhibits and Schedules</u>

Exhibit A Manager, Members, Addresses, Sharing Ratios

Exhibit B Form of Joinder

Exhibit C Form of Spousal Signature Page

Schedule 6.1(b) Directors of Company as of Effective Date

Schedule 12.5(b) Material Terms of Company Promissory Note

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**THIRD AMENDED AND RESTATED<br>OPERATING AGREEMENT<br>OF<br>MIDWESTERN INTERACTIVE, LLC**

This Third Amended and Restated Operating Agreement (as may be further amended, modified, restated, or supplemented from time to time, this "<u>Agreement</u>") of Midwestern Interactive, LLC, a Missouri limited liability company (the "<u>Company</u>"), is entered into as of January 3, 2025 (the "<u>Effective Date</u>") by and among the Company, the Members executing this Agreement as of the date hereof, and each other Person who after the date hereof becomes a Member of the Company.

**RECITALS**

**WHEREAS**, the Company was formed under the laws of the State of Missouri by the filing of a Articles of Organization with the Secretary of State of the State of Missouri on June 29, 2012 (the "<u>Articles of Organization</u>") for the purposes set forth in <u>Section 2.5</u> of this Agreement;

**WHEREAS**, the initial members of the Company entered into that certain Limited Liability Company Operating Agreement of the Company, dated as of July 11, 2012 (the "<u>Original Agreement</u>");

**WHEREAS**, the members of the Company amended and restated the Original Agreement and entered into that certain Amended and Restated Operating Agreement, effective as of June 30, 2022 (as amended, modified, restated, or supplemented from time to time, the "<u>Amended Agreement</u>");

**WHEREAS**, in connection with the Company's entry into and consummation of the transactions contemplated by that certain Securities Purchase Agreement, dated as of the Effective Date (the "<u>SPA</u>"), by and between the Company, Gloo Holdings, LLC, a Delaware limited liability company (including its successors and assigns from time to time, the "<u>Gloo Member</u>"), Flourish Holdings, Inc., Inc., a Missouri corporation ("<u>NewCo</u>"), and Matthew S. Johnson, an individual residing in the State of Missouri ("<u>Johnson</u>"), the Company, the Gloo Member, and NewCo desire to amend and restate the Amended Agreement in the entirety; and

**WHEREAS**, the Members wish to enter into this Agreement setting forth the terms and conditions governing the operation and management of the Company.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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**Article I**<br>**DEFINED TERMS; INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Defined Terms</u>**. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the indicated meaning:

"<u>Acquisition</u>" means (i) any merger or consolidation of the Company with or into any other Person (except a merger or consolidation in which the holders of the equity securities of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the equity securities of the Company or the surviving or successor entity in substantially the same relative proportions), or (ii) any transaction or series of related transactions to which the Company is a party in which in excess of 50% of the Company's outstanding voting power is transferred.

"<u>Actual Units Outstanding Basis</u>" assumes only Units reflected as outstanding on the ledger of the Company and excludes all Units held in treasury or reserved for issuance or grant.

"<u>Additional Equity Securities</u>" means Equity Securities *other than* (a) Equity Securities issued on the date of this Agreement; (b) Equity Securities issued as a distribution or upon any subdivision or split of any Equity Securities; (c) Equity Securities issued as payment or consideration for goods or services provided to the Company or any of its subsidiaries or in connection with borrowings, credit arrangements, equipment leasing, or financings, or similar transactions with a third-party lender; (d) Equity Securities issued in connection with an initial public offering of the Company or a reorganization of the Company in connection with an initial public offering; (e) Equity Securities issued in connection with the merger, consolidation, acquisition, or similar business combination involving the Company and approved by the Board; (f) Equity Securities issued as consideration paid to a Person in connection with the initial capitalization of a joint venture or similar strategic arrangement; (g) Equity Securities constituting Class M Units issued to officers, employees, Directors, and any other service providers to the Company or any Affiliate thereof in connection with any equity incentive plan or other arrangement approved by the Board; (h) Equity Securities issued or otherwise approved by the Board; or (i) Equity Securities that are sold or transferred with respect to which each Member with preemptive rights with respect to such sale has waived such preemptive rights in writing.

"<u>Additional Materials</u>" is defined in <u>Section 11.4(a)</u>.

"<u>Adjusted Capital Account</u>" means an account established and maintained for each Member which shall be the same as the Member's Capital Account increased by the additions, if any, permitted by Treasury Regulations sections 1.704-1(b)(2)(ii)(*c*) (referring to obligations to restore a capital account deficit), 1.704-2(g)(1) (referring to "partnership minimum gain") and 1.704-2(i)(5) (referring to a partner's share of "partner nonrecourse debt minimum gain").

"<u>Adjusted Capital Account Deficit</u>" means, with respect to any Interest Holder, a deficit balance in such Interest Holder's Capital Account as of the end of the fiscal year after giving effect to the following adjustments: (a) credit to such Capital Account the additions, if any, permitted by Treasury Regulations sections 1.704-1(b)(2)(ii)(*c*) (referring to obligations to restore a capital account deficit), 1.704-2(g)(1) (referring to "partnership minimum gain") and 1.704-2(i)(5) (referring to a partner's share of "partner nonrecourse debt minimum gain"), and (b) debit

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to such Capital Account the items described in sections 1.704-1(b)(2)(ii)(*d*)(*4*), (*5*) and (*6*) of the Treasury Regulations. This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(*d*).

"<u>Adjusted Properties</u>" is defined in <u>Section 10.2</u>.

"<u>Affiliate</u>" means, with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such Person. As used in this definition, the word "control" (and the words "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise; *provided that* any Person that is the beneficial owner (as defined in Rule 13d-3 of the Exchange Act (without regard to the occurrence of any contingency)) of 10% or more of the voting securities of such other Person shall be deemed to control such other Person.

"<u>Agreement</u>" is defined in the introductory paragraph.

"<u>Applicable Tax Rate</u>" means the highest combined marginal net effective ordinary income or capital gain, as the case may be, federal and state tax rates for an individual residing in the State of California, taking into account the deductibility of state income taxes for federal income tax purposes. Notwithstanding the foregoing, the Board, in its sole discretion, may reduce or increase the Applicable Tax Rate with respect to all (but not fewer than all) direct or indirect Members to no less than the highest combined marginal ordinary income or capital gain, as the case may be, federal and state tax rates applicable to such direct or indirect Member's state of residence or incorporation. Each Member shall cooperate fully with the Board to provide the Board the state of residence or incorporation of all of its individual and corporate direct or indirect owners.

"<u>Approved Sale</u>" is defined in <u>Section 12.3(a)</u>.

"<u>Asset Transfer</u>" means a sale, lease, conveyance, exclusive license or other disposition of all or substantially all of the assets of the Company.

"<u>Available Cash</u>" means, at a particular time, the cash and cash equivalents held by the Company, less, without duplication, such cash reserves as the Manager reasonably determines are necessary with respect to the reasonable business needs of the Company, including to pay on a timely basis Company costs and expenses, including operating costs and expenses, taxes, debt service, capital expenditures and other obligations of the Company, taking into account the anticipated revenues of the Company.

"<u>Bankruptcy</u>" means, with respect to a Person, any of the following acts or events: (a) making an assignment for the benefit of creditors, (b) filing a voluntary petition in bankruptcy, (c) becoming the subject of an order for relief or being declared insolvent or bankrupt in any federal or state bankruptcy or insolvency proceeding, (d) filing a petition or answer seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law or regulation, (e) filing an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in a proceeding of the type described

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in <u>clause (c)</u> or <u>(d)</u> of this definition, (f) making an admission in writing of an inability to pay debts as they mature, (g) giving notice to any governmental authority that insolvency has occurred, that insolvency is pending, or that operations have been suspended, (h) seeking, consenting to, or acquiescing in the appointment of a trustee, receiver, or liquidator of all or any substantial part of its properties, or (i) the expiration of 90 days after the date of the commencement of a proceeding against such Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation if the proceeding has not been previously dismissed, or the expiration of 60 days after the date of the appointment, without such Person's consent or acquiescence, of a trustee, receiver, or liquidator of such Person or of all or any substantial part of such Person's properties, if the appointment has not previously been vacated or stayed, or the expiration of 60 days after the date of expiration of a stay, if the appointment has not been previously vacated.

"<u>Board</u>" is defined in <u>Section 6.1</u>.

"<u>Business Day</u>" means any day other than a Saturday or Sunday or other day on which banks in Joplin, Missouri, are not required or authorized by Law to close.

"<u>Call Option Agreement</u>" means that certain Call Option Agreement, dated as of January 3, 2025, by and between the Gloo Member and NewCo.

"<u>Capital Account</u>" is defined in <u>Section 11.2(a)</u>.

"<u>Capital Contribution</u>" means, with respect to any Interest Holder at the particular time in question, the dollar amount of any money contributed by such Interest Holder to the capital of the Company, plus the value, as determined by the Manager, of any property, including Intellectual Property or other intangible property, other than money contributed by such Interest Holder to the capital of the Company.

"<u>Carrying Value</u>" means, with respect to any Company asset, the asset's adjusted basis for federal income tax purposes, except that (a) the initial "Carrying Value" of any asset contributed to the Company by an Interest Holder shall be the fair market value of such asset at the time of contribution, as determined by the Manager, (b) the Carrying Value of any other asset shall be adjusted from time to time in accordance with <u>Section 11.2(b)</u> and Treasury Regulations § 1.704-1(b)(2)(iv)(*m*), and to reflect changes, additions or other adjustments to the Carrying Value for dispositions, acquisitions or improvements of Company assets, as deemed appropriate by the Manager, and (c) the Carrying Value of an asset shall be reduced (but not below zero) by all depreciation, cost recovery, depletion and amortization deductions with respect to such asset, as taken into account in determining Profit and Loss.

"<u>Class M Member</u>" means a holder of any Class M Units, including its permitted successors and assigns. As of the Effective Date, the Class M Members are set forth on <u>Exhibit A</u>. Unless the context indicates otherwise, a reference in this Agreement to the Class M Members will mean all Class M Members.

"<u>Class M Unit</u>" is defined in <u>Section 3.2(a)</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986.

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"<u>Common Unit</u>" is defined in <u>Section 3.2(a)</u>.

"<u>Common Member</u>" means a holder of any Common Units, including its permitted successors and assigns. As of the Effective Date, the Common Members are set forth on <u>Exhibit A</u>. Unless the context indicates otherwise, a reference in this Agreement to the Common Members will mean all Common Members.

"<u>Common Percentage</u>" means, with respect to each Common Member at any given time, the percentage determined by *dividing* (a) the number of Common Units held by such Common Member *by* (b) the aggregate number of Common Units outstanding.

"<u>Company</u>" is defined in the introductory paragraph.

"<u>Company Counsel</u>" is defined in <u>Section 15.13</u>.

"<u>Company Election Period</u>" is defined in <u>Section 12.2(a)(i)</u>.

"<u>Company Group</u>" means, collectively, the Company and its controlled Affiliates.

"<u>Company Interest</u>" means, with respect to any Interest Holder, such Interest Holder's entire interest in the Company under this Agreement and the MLLCA, including (a) such Interest Holder's Economic Interest, (b) all obligations, duties and liabilities, if any, imposed on such Interest Holder under this Agreement or the MLLCA in its capacity as an Interest Holder, and (c) with respect to a Member, (i) such Member's status as a Member, (ii) such Member's rights to vote, consent and approval those matters described in this Agreement, and (iii) all other rights, benefits and privileges enjoyed by such Member under this Agreement or the MLLCA in its capacity as a Member.

"<u>Confidential Information</u>" means information, knowledge and know-how concerning the properties, operations, business, trade secrets, technical know-how and other non-public information and data of or relating to the Company, the Manager and the other Members and their respective assets and properties.

"<u>Director</u>" is defined in <u>Section 6.1</u>.

"<u>Disability</u>" or "<u>Disabled</u>" means, with respect to a Common Member or Class M Member, such Member is unable, by reason of accident or illness (including mental illness), to perform his or her duties with the Company or its Affiliates for 120 consecutive days or for 180 cumulative days during any 365-day period, as determined in good faith by the Board.

"<u>Drag-Along Notice</u>" is defined in <u>Section 12.4(a)</u>.

"<u>Drag-Along Transaction</u>" means a transaction or series of transactions involving either: (a) a transaction or series of transactions (including by way of merger, consolidation, recapitalization, reorganization or Transfer of Equity Securities of the Company) with any Person who is not a Related Party of a Member or group of Persons who are not Related Parties of a Member the result of which is that the Members immediately prior to such transaction are (after giving effect to such transaction) no longer, in the aggregate, the "beneficial owners" (as such term

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is defined in Rule 13d-3 and Rule 13d-5 promulgated under the Securities Exchange Act of 1934), directly or indirectly through one or more intermediaries, of Units representing the right to receive at least 50% of the capital and at least 50% of the profits of the Company; or (b) a similar transaction with a like economic effect.

"<u>Dragged Member</u>" means any Member, other than a Dragging Member, that receives a Drag-Along Notice pursuant to <u>Section 12.4(a)</u>.

"<u>Dragging Member</u>" is defined in <u>Section 12.4(a)</u>.

"<u>Economic Interest</u>" means an Interest Holder's Capital Account and share of the Profits, Losses and other items of income, gain, loss, deduction and credits of, and the right to receive distributions (liquidating or otherwise) from, the Company under the terms of this Agreement; *provided that* an Economic Interest shall not include (a) any right to participate in the management or affairs of the Company, including any right to receive notice of, vote on, consent to, or otherwise participate in any decision of the Members or the Managers, or (b) any right of access to the books and records of the Company (unless, and only to the extent, otherwise required under Law).

"<u>Effective Date</u>" is defined in the introductory paragraph.

"<u>Employee</u>" means an individual who is an employee or consultant of the Company or any Affiliate thereof at the time he or she executes a counterpart of this Agreement.

"<u>Encumbrance</u>" means any mortgage, pledge, assessment, security interest, lease, lien, adverse claim, levy, charge, preference, right of possession or use, lease, tenancy, license, encroachment, negative pledge, right of first refusal or offer, preemptive right, community or other marital property interest, defect, exception, reservation, limitation, impairment, imperfection of title, or other encumbrance of any kind, including any conditional sales contract, title retention contract or other contract to give any of the foregoing, or other burdens of any nature.

"<u>Entity</u>" means a corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), firm, society or other incorporated or unincorporated enterprise, association, organization or entity.

"<u>Equity Security</u>" means any Company Interest (including any Unit) or similar security, any warrants, options or other rights to directly or indirectly acquire Units or other Company Interests, securities containing equity features and securities containing profit participation features, or any security or instrument convertible or exchangeable, directly or indirectly, with or without consideration, into or for any Units or other Company Interest or similar security (including convertible notes), or any security carrying any warrant or right to subscribe for or purchase any Units or other Company Interest or similar security, or any such warrant or right.

"<u>Estate Beneficiary</u>" means each of the following with respect to any Member who is a natural person, (a) a trust under which the distribution of Units may be made only to such Member and/or any Family Group Member of such Member, (b) a charitable remainder trust, the

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income from which will be paid to such Member during such Member's life, (c) a corporation, partnership or limited liability company, the stockholders, partners or members of which are only such Member and/or Family Group Members of such Member or (d) by will or by the laws of intestate succession, to such Member's executors, administrators, testamentary trustees, legatees, or beneficiaries. For purposes of this definition, "<u>Family Group Member</u>" means, including with respect to any Member that is a natural person or any other natural person, such natural person's spouse, parent, siblings, descendants (including adoptive relationships and stepchildren) and the spouses of each such natural persons.

"<u>Excess Additional Equity Securities</u>" is defined in <u>Section 3.4(b)</u>.

"<u>Exercising Common Member</u>" is defined in <u>Section 3.4(a)</u>.

"<u>Extraordinary Event</u>" means (a) any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or (b) any Acquisition or Asset Transfer.

"<u>Fair Market Value</u>" means, as of the date of determination, the fair market value that would be paid for a Common Unit in a single arm's-length transaction between a willing buyer and a willing seller, using valuation techniques common to the market and assuming full disclosure of all relevant information and three months for effecting such sale in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably. Implicit in this definition is the consummation of a sale and the passing of title from seller to buyer under conditions whereby: (i) buyer and seller are typically motivated; (ii) both parties are well informed or well advised, and acting in what they consider their own best interests; and (iii) payment is made in full at closing in terms of cash in U.S. dollars; *provided*, *however*, that the Fair Market Value shall expressly exclude any minority discount and any lack of marketability discount.

"<u>Gloo Member</u>" is defined in the Recitals to this Agreement.

"<u>Grant Agreement</u>" is defined in <u>Section 3.2(f)</u>.

"<u>Intellectual Property</u>" means: (a) patents and patent applications, (b) trademarks, service marks, trade names, brand names, trade dress, slogans, logos and Internet domain names and uniform resource locators, and the goodwill associated with any of the foregoing, (c) technologies (including all inventions (whether or not patentable), industrial designs, discoveries, improvements, ideas, designs, models, formulae, patterns, compilations, data collections, drawings, blueprints, mask works, devices, methods, techniques, processes, know how, proprietary information, customer and supplier lists, software (including source code, executable code, systems, tools, data, databases, firmware, and related documentation), technical, business and other Confidential Information, research and development, protocols, algorithms, architectures, layouts, designs, specifications, methodologies, pricing and cost information and business and marketing plans, proposals, reports and studies and trade secrets, (d) copyrights, copyrightable works, and rights in databases and data collections, (e) moral and economic rights of authors and inventors, (f) other intellectual or industrial property rights and foreign equivalent or counterpart rights and forms of protection of a similar or analogous nature to any of the foregoing or having similar effect in any jurisdiction throughout the world, (g) registrations and applications for

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registration of any of the foregoing, including any renewals, extensions, continuations (in whole or in part), divisionals, re-examinations or reissues or equivalent or counterpart thereof, and (h) all documentation and embodiments of the foregoing.

"<u>Interest Holder</u>" means a Person, including a Member and the holder of an Economic Interest that is not a Member, that holds, legally or beneficially, all or any portion of a Company Interest; *provided, however*, that a Person shall cease to be an Interest Holder upon the Transfer of such Person's entire Company Interest.

"<u>Law</u>" means any applicable federal, state, local, municipal, foreign, tribal or other law, statute, legislation, constitution, principle of common law, resolution, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, ruling, directive, pronouncement, requirement, specification, determination, decision, opinion or interpretation that is, has been or may in the future be issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect, whether legislative, municipal, administrative or judicial in nature.

"<u>Manager</u>" is defined in <u>Section 6.1</u>.

"<u>Member</u>" means a Person designated as a Member of the Company on <u>Exhibit A</u> attached hereto, a Person admitted as an additional Member pursuant to <u>Section 3.2</u> and a Person admitted as a substituted Member pursuant to <u>Section 12.3</u>.

"<u>Member's Election Period</u>" is defined in <u>Section 12.2(a)(ii)</u>.

"<u>Member's Notice</u>" is defined in <u>Section 12.2(a)(ii)</u>.

"<u>MLLCA</u>" means the Missouri Limited Liability Company Act.

"<u>New Issue Date</u>" is defined in <u>Section 3.4(a)</u>.

"<u>Offer Notice</u>" is defined in <u>Section 12.2(a)(i)</u>.

"<u>Participation Threshold</u>" is defined in <u>Section 3.2(e)</u>.

"<u>Permitted Indebtedness Promissory Notes</u>" means (a) that certain Promissory Note dated as of January 3, 2025, made by the Gloo Member in favor of Flourish Holdings, Inc., in the principal amount equal to Six Million Four Hundred Ninety Two Thousand Four Hundred Forty Five and 05/100 Dollars ($6,492,445.05), and (b) that certain Promissory Note dated as of January 3, 2025, made by the Gloo Member in favor of Flourish Holdings, Inc., in the principal amount equal to Two Million Three Hundred Seventy-Four Thousand Twenty-Five and 35/100 Dollars ($2,374,025.35).

"<u>Permitted Transfer</u>" is defined in <u>Section 12.2(b)</u>.

"<u>Permitted Transferee</u>" is defined in <u>Section 12.2(b)</u>.

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"<u>Person</u>" means a natural person, corporation, joint venture, partnership, limited liability partnership, limited partnership, limited liability limited partnership, limited liability company, trust, estate, business trust, association, governmental authority or any other entity.

"<u>Prime Rate</u>" means, for any day, a rate per annum equal to the lesser of (a) the floating commercial loan rate as published in *The Wall Street Journal* from time to time as the "<u>latest U.S. prime rate</u>" for such day or, if such day is not a Business Day, the floating commercial loan rate as published in The Wall Street Journal from time to time as the "latest U.S. prime rate" for the last Business Day for which such rate is published before the day that is not a Business Day (with any change in the latest U.S. prime rate being effective from and including the day such change is reported as being effective in such edition of The Wall Street Journal.

"<u>Profit</u>" or "<u>Loss</u>" means the income or loss of the Company as determined under the capital accounting rules of Treasury Regulations § 1.704-1(b)(2)(iv) for purposes of adjusting the Capital Accounts of the Interest Holders, including the provisions of §§ 1.704-1(b)(2)(iv)(*g*) and 1.704-1(b)(4) of those regulations relating to the computation of items of income, gain, deduction and loss.

"<u>Proposed Purchaser</u>" is defined in <u>Section 12.4(a)</u>.

"<u>Remaining Units</u>" is defined in <u>Section 12.2(a)(ii)</u>.

"<u>Regulatory Allocations</u>" is defined in <u>Section 9.2(h)</u>.

"<u>Related Party</u>" means, with respect to any Person, (a) each Affiliate of such Person; (b) each officer, director, member, manager, or partner of the Person or and such Person's Affiliates; (c) any spouse, ancestor, descendant, or sibling of such Person or any Person described in <u>clause (b)</u> of this definition; and (d) any trust, family partnership, or other entity established for the benefit of such Person or any Person described in <u>clauses (b)</u> or <u>(c)</u> of this definition.

"<u>Representatives</u>" means, with respect to a Person, such Person's equity holders, partners, members, trustees, directors, managers, officers, employees, independent contractors, professional advisers, accountants, and other agents.

"<u>Required Interest</u>" means Members holding, in the aggregate, Common Units corresponding to at least 51.0% of the Common Units held by all of the Members and including the affirmative approval of NewCo.

"<u>Revised Partnership Audit Rules</u>" shall mean the revised partnership audit rules under the United States Bipartisan Budget Act of 2015 and any Sections of the Code or Treasury Regulations promulgated thereunder and with respect thereto, each as amended from time to time.

"<u>Securities Act</u>" means the Securities Act of 1933.

"<u>Selling Group</u>" is defined in <u>Section 12.3(a)</u>.

"<u>Sharing Ratio</u>" means the sharing ratio of an Interest Holder in certain allocations of Profits, Losses and other items of income, gain, loss or deduction and certain distributions of

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cash and property. The initial Sharing Ratio of each Member is set forth on <u>Exhibit A</u> attached hereto. The Sharing Ratio of an Interest Holder may be adjusted from time to time as provided in this Agreement.

"<u>SPA</u>" is defined in the Recitals of this Agreement.

"<u>Tag Notice</u>" is defined in <u>Section 12.3(a)</u>.

"<u>Tax Distribution</u>" is defined in <u>Section 8.1</u>.

"<u>Transfer</u>" means, when used as a noun, a sale, assignment, transfer, conveyance, gift, exchange or other disposition, whether voluntary or involuntary or by operation of Law, including (a) in the case of a natural person, a transfer upon death, whether by will, intestate succession or otherwise, (b) in the case of an Entity, (i) a distribution, including in connection with the dissolution, liquidation, winding up or termination of such Entity (other than a liquidation under a deemed termination solely for tax purposes), and (ii) the merger or consolidation of such Entity with or into any other Person, notwithstanding any Law that provides that a merger or consolidation is not an assignment or transfer, and (c) a disposition in connection with, or in lieu of, a foreclosure of an Encumbrance (but not the creation or coming into existence of an Encumbrance). An Entity also shall be deemed to Transfer its assets (including any Company Interest held by such Entity) upon the occurrence of any event, occurrence or transaction that would constitute a Transfer (as provided above in this definition), whether direct or indirect through one or more other Entities, of any beneficial interest in 50% or more of the voting stock, membership interests, partnership interests or other equity interests of such Entity. The term "Transfer," when used as a verb, means to do any of the foregoing.

"<u>Treasury Regulations</u>" means the regulations issued by the Department of Treasury under the Code.

"<u>Unit</u>" is defined in <u>Section 3.2(a)</u>.

"<u>Vested Sharing Ratio</u>" means, with respect to any Member, at any time of determination, a percentage, the numerator of which is the number of issued and outstanding Vested Units held by such Member, and the denominator of which is the total number of issued and outstanding Vested Units.

"<u>Vested Units</u>" means (a) the Common Units and (b) the Class M Units that have vested in accordance with all of the terms and conditions placed on such Class M Units in connection with the grant of such Units, including pursuant to any Grant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Interpretation</u>**. As used in this Agreement, except as otherwise indicated in this Agreement or as the context may otherwise require: (a) the words "include," "includes" and "including" are deemed to be followed by "without limitation" whether or not they are in fact followed by such words or words of similar import, (b) the word "or" is not exclusive, (c) references to an "Article," "Section," "preamble," "recital" or any other subdivision, or to an "Exhibit" or "Schedule" are to an article, section, preamble, recital or subdivision of this Agreement, or to an exhibit or schedule to this Agreement, (d) the words "this Agreement," "hereby," "hereof," "herein," "hereunder" and comparable words refer to all of this Agreement,

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including the Exhibits and Schedules to this Agreement, and not to any particular Article, Section, preamble, recital or other subdivision of this Agreement or Exhibit or Schedule to this Agreement, (e) any pronoun in masculine, feminine or neuter form shall include any other gender, (f) any word in the singular form include the plural and vice versa, (g) references to any agreement or other document are to such agreement or document as amended, modified, supplemented and restated now or from time to time after the date of this Agreement, (h) references to any Law are to it as amended, modified, supplemented and restated now or from time to time after the date of this Agreement, and to any corresponding provisions of successor Laws, and, unless the context requires otherwise, any reference to any statute shall be deemed also to refer to all rules and regulations promulgated thereunder, (i) references to any Person include such Person's respective successors and permitted assigns, and in the case of a natural person, such person's heirs, estate and personal representatives, and (j) references to a "day" or number of "days" (without the explicit qualification of "Business") refer to a calendar day or number of calendar days. If interest is to be computed under this Agreement, it shall be computed on the basis of a 360-day year of twelve 30-day months. If any action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action or notice may be taken or given on the next succeeding Business Day. Any financial or accounting term that is not otherwise defined herein shall have the meaning given such term under United States generally accepted accounting principles.

**Article II**<br>**THE LIMITED LIABILITY COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Formation</u>**. The Company was formed under the MLLCA, upon filing the Articles of Organization with the Missouri Secretary of State. This Agreement shall constitute the "operating agreement" (as that term is used in the MLLCA) of the Company. The rights, powers, duties, obligations, and liabilities of the Members and the Manager shall be determined pursuant to the MLLCA and this Agreement. To the extent that the rights, powers, duties, obligations, and liabilities of any Member or the Manager are different by reason of any provision of this Agreement than they would be under the MLLCA in the absence of such provision, this Agreement shall, to the extent permitted by the MLLCA, control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 <u>Name</u>**. The name of the Company is Midwestern Interactive, LLC, or such other name or names as may be designated by the Manager; *provided that* the name shall always contain the words "Limited Liability Company" or "Limited Company" or an abbreviation of one of those phrases. The Manager may amend the Articles of Organization or this Agreement to reflect any such name change without the consent of the Members. The Manager shall give prompt notice to the Members of any change to the name of the Company and any related amendment to the Articles of Organization or this Agreement. The Company may conduct business under any assumed or fictitious name required by Applicable Law or otherwise deemed desirable by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 <u>Qualifications</u>**. The Manager shall execute such documents (including amendments to the articles of organization of the Company) and take such further action as shall be appropriate or necessary to comply with the requirements of Law for the formation, qualification, or operation of a limited liability company in all jurisdictions where the Company carries on its business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 <u>Registered Office and Agent</u>**. The location of the registered office of the Company and the Company's registered agent at such address as of the Effective Date are set forth in the Company's Articles of Organization. The Manager may change the Company's registered office or registered agent and may authorize and execute amendments to the Company's Articles of Organization to reflect any change to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 <u>Principal Place of Business</u>**. The location of the principal place of business of the Company as of the Effective Date is 713 S Main St, Joplin, Mo, 64801. The Manager may change the location of the principal place of business of the Company and shall provide prompt notice to the Members of any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 <u>Purpose; Powers</u>**. The purpose of the Company shall be to engage in any lawful act or activity for which limited liability companies may be formed under the MLLCA and to engage in any and all activities necessary or incidental thereto. The Company shall have all the powers necessary or convenient to carry out the purposes for which it is formed, including the powers granted by the MLLCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 <u>Term</u>**. The term of the Company commenced on the date the Articles of Organization were filed with the Secretary of State of the State of Missouri and shall have perpetual existence; *provided that* the Company shall be dissolved upon the occurrence of an event set forth in <u>Section 13.2</u>.

**Article III**<br>**COMPANY INTERESTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Members</u>**. The name, business address, number of Units, class, preference capital, sharing ratio and Participation Threshold, if applicable, of each Member are set forth on <u>Exhibit A</u> attached to this Agreement. Upon the admission of additional or substituted Members in accordance with this Agreement, or upon receipt by the Company from a Member of written notice of a change of such Member's address or electronic mail address, the Board on behalf of the Company will update <u>Exhibit A</u> attached to this Agreement to reflect the then-current membership and notice information. Notwithstanding anything to the contrary in this Agreement, the update by the Board of <u>Exhibit A</u> pursuant to this <u>Section 3.1</u> will not be considered an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Authorized Units; Issuance of Additional Company Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Interests authorized to be issued by the Company will be denominated in units (each, a "<u>Unit</u>"). As of the Effective Date, the Company is authorized to issue 10,000 Units. The Company will have two classes of Units, designated as (i) the Common Units (the "<u>Common Units</u>") and (ii) the Class M Units (the "<u>Class M Units</u>"). The Common Units will entitle the holder thereof to the rights set forth in this Agreement with respect to the Common Units. The Class M Units will entitle the holder thereof to the rights set forth in this Agreement with respect to the Class M Units. As of the Effective Date, there are (i) 10,000 authorized Common Units and (ii) 0 authorized Class M Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may, without the approval of the Members, from time to time, (i) increase or decrease (but not below the total number of then outstanding Units) the total number

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of Units, or of any class or series of Units, that the Company is authorized to issue and the number of Units constituting any class or series of Units, (ii) subject to <u>Section 3.4</u>, authorize the issuance of additional classes or series of Units and fix and determine the designation and the relative rights, preferences, privileges and restrictions granted to or imposed on such additional classes and series of Units (including the rights, preferences and privileges that are senior to or have preference over the rights, preferences or privileges of any then outstanding or authorized class or series of Units), and (iii) subject to obtaining the requisite consents under <u>Section 15.1,</u> amend or restate this Agreement as necessary to effect any or all of the foregoing. Subject to <u>Section 3.4</u>, additional Units may be issued for such Capital Contributions or the provision of services as determined by the Board. If the issuance of additional Units has been properly approved in accordance with this Agreement, the Persons to whom such additional Units have been issued will automatically be admitted to the Company as Members with respect to such additional Units, subject to the satisfaction or waiver of the requirements set forth in <u>Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Common Members will be entitled to vote under this Agreement or as required by the MLLCA at the rate of one vote for each Common Unit. The Class M Units will not have voting rights associated with them, and thus the Class M Members will not have voting rights in respect of their Class M Units, including with respect to a sale of assets, merger or consolidation by the Company. Notwithstanding anything in this Agreement to the contrary, only Common Members (and not transferees of Common Members who are only Economic Interest Holders) will have voting rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company intends that the Class M Units constitute "profits interests" within the meaning of Revenue Procedure 93-27, 1993-2 CB 343, and Revenue Procedure 2001-43, 2001-2 CB 191, and that the Class M Units will have no liquidation value at the time they are transferred to individuals. In the event that Proposed Treasury Regulation Section 1.83-3(1) is finalized and becomes effective, (i) the Members intend that the Company will comply with the safe harbor described therein and in IRS Notice 2005-43, to the extent that the revenue procedure proposed in such IRS Notice 2005-43 is finalized and becomes effective, with respect to the issuance of any Class M Units issued in connection with the performance of services and (ii) the Members agree that (A) the Company will prepare a document, executed by an appropriate official, stating that the Company is electing, on behalf of the Company and each of its Members, to have the safe harbor apply irrevocably as of the stated effective date with respect to all Class M Units transferred in connection with the performance of services while the safe harbor election remains in effect and attach the document to the tax return for the Company for the taxable year that includes the effective date of the election; (B) the Company is authorized and directed to elect the safe harbor; and (C) the Company and each of its Members (including any person to whom Class M Units are issued in connection with the performance of services) agrees to comply with all requirements of the safe harbor with respect to all Class M Units issued in connection with the performance of services while the election remains effective. An election made under this <u>Section 3.2(d)</u> may not be terminated by any Member on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To cause the Class M Units to constitute profits interests, in connection with, and immediately prior to, the grant of any Class M Units, the Board shall adjust the Carrying Values of the Company's assets to equal their respective fair market values in accordance with <u>Section 11.2</u>. At the time any Class M Units are granted, the Board shall determine the Participation Threshold with respect to such Class M Units. The participation threshold (the

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"<u>Participation Threshold</u>") with respect to any Class M Units granted on such date will be a dollar amount at least equal to the Carrying Value (as adjusted to reflect fair market value of the Company's assets on the date of grant, as determined by the Board in its sole discretion) referenced in the first sentence of this <u>Section 3.2(e)</u>, net of any liabilities of the Company as of such date, and adjusted for subsequent Capital Contributions to the Company or other changes to the Company's capital structure as determined by the Board. In the event of any Capital Contribution made to the Company after the date of issuance of such Class M Unit, or any issuance, split or combination of Units, redemption of Units, or other change in the capital structure of the Company, the Board may increase or decrease the Participation Threshold of the Class M Units that the Board in good faith deems to be necessary to preserve the anticipated economic arrangement of the Members, prevent a capital shift, and/or to maintain the characterization of the Class B Units as "profits interests".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Other than as set forth in this Agreement, the Class M Units are subject in all events to the terms and conditions placed on such Units in connection with the grant of such Units, including any vesting, forfeiture and Unit purchase provisions contained in any grant agreement between the Company and the grantee of such Units (each, a "<u>Grant Agreement</u>"). The Board, in its sole discretion, at any time may accelerate vesting of any Class M Units. Upon the termination of the employment of any Class M Member that is an Employee, under any circumstances or for any reason whatsoever, such Member shall surrender all Class M Units held by such Employee without the payment of consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 <u>Admission of Additional Members</u>**. The Manager may admit as an additional Member any Person that has been issued additional Company Interests under <u>Section 3.2</u>, *provided that* such Person has executed a counterpart signature page or joinder to this Agreement agreeing to be bound by this Agreement in its capacity as a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 <u>Preemptive Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent the Company proposes to issue or sell Additional Equity Securities to any Person in exchange for cash consideration, each Common Member will have the preemptive right to acquire or subscribe for any such Additional Equity Securities pro rata based on its Common Percentage. At least 10 days prior to the issuance of any such Additional Equity Securities, the Board shall cause the Company to send written notice to each Common Member specifying the type and quantity of Additional Equity Securities to be issued by the Company and the price (payable in cash) and other material terms and conditions of the issuance, including the proposed date of issuance (the "<u>New Issue Date</u>"), the proposed purchaser (if then known) and the percentage of such Additional Equity Securities that such Common Member is entitled to acquire or subscribe for, as the case may be. Each Common Member may elect to exercise its right pursuant to this <u>Section 3.4(a)</u> by delivering written notice to the Board no later than five days prior to the New Issue Date specifying the maximum number of Additional Equity Securities that such Common Member wishes to purchase (including the number of such Additional Equity Securities it would purchase if one or more other Common Members do not elect to purchase all of their respective Common Percentages). On or before the New Issue Date, each Common Member exercising its rights under this <u>Section 3.4(a)</u> (an "<u>Exercising Common Member</u>") shall pay to the Company the purchase price for such Additional Equity Securities in immediately available funds and upon receipt of such payment the Company shall issue such Additional Equity

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Securities to such Common Member. Failure of a Common Member to respond within the time set forth above, or to pay the purchase price on or before the New Issue Date, will be deemed an election by such Common Member not to exercise its preemptive right under this Agreement with respect to such issuance. If a Common Member fails to exercise its preemptive right set forth in this Agreement with respect to any issuance of any Additional Equity Securities, such failure will not be deemed a waiver of further or additional preemptive rights in connection with subsequent issuances of Additional Equity Securities in the Company (but, for the avoidance of doubt, will constitute a waiver of such Common Member's right to purchase any Excess Additional Equity Securities in the applicable offering of Additional Equity Securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After complying with the procedure set forth in <u>Section 3.4(a)</u>, any Additional Equity Securities that remain available for purchase or subscription (such amount, the "<u>Excess Additional Equity Securities</u>"), may be purchased by each Exercising Common Member on a pro rata basis, based upon the relative Common Percentages of each of the Exercising Common Members in accordance with such procedures and time frame as determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Excess Additional Equity Securities remain outstanding after the offer contemplated by this <u>Section 3.4</u>, such remaining Excess Additional Equity Securities may be sold by the Company at a price no lower, and otherwise on terms and conditions not materially more favorable to the proposed purchaser, than those set forth in the notice to the Common Members, at any time within ninety (90) days following the delivery of the notice pursuant to <u>Section 3.4(a)</u>, except and unless any and all such materially more favorable terms and conditions are made retroactively, applicable to the Additional Equity Securities purchased by Exercising Common Members as part of the applicable issuance or sale.

**Article IV**<br>**CAPITAL CONTRIBUTIONS; MEMBER LOANS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Capital Contributions</u>**. As of the Effective Date, each of the Members has made the Capital Contribution to the Company described opposite its respective name on <u>Exhibit A</u> attached hereto. Capital Contributions in connection with the issuance of additional Company Interests after the Effective Date shall be governed by <u>Section 3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Additional Capital Contributions</u>**. No Interest Holder or other Person shall have the right to make any additional Capital Contributions to the Company unless approved by the Manager. Except in consideration of the issuance of additional Company Interests subscribed for purchase under <u>Section 3.2</u>, no Interest Holder or other Person shall have the obligation to make any additional Capital Contributions to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>No Third Party Right to Enforce</u>**. No Person other than the Manager on behalf of the Company shall have the right to enforce any obligation of an Interest Holder to contribute capital hereunder, and specifically, no lender or other third party shall have any such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Return of Contributions</u>**. Except as specifically provided in this Agreement, no Member shall be entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account or its Capital Contributions. No Capital Account balance

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or Capital Contribution that has not been returned to a Member through distributions shall constitute a liability of the Company, the Manager, or any Member. A Member is not required to contribute or to lend cash or property to the Company to enable the Company to return any Member's Capital Contributions. The provisions of this <u>Section 4.4</u> shall not limit a Member's rights under <u>Article XIII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 <u>Member Loans</u>**. If at any time the Company has insufficient Available Cash and reserves to conduct its business and operations consistent with its ordinary and usual course, the Members may, if approved by the Board, but will not be obligated to, advance all or any portion of such cash deficiency to the Company. All advances made pursuant to this <u>Section 4.5</u> will constitute a loan from the advancing Member(s) to the Company, will bear interest at the Prime Rate plus a percentage to be reasonably established by the Board and will not be considered as part of the Company's equity or Members' Capital Contributions. Any such loan will be subordinate to any loans from any then-existing third-party lender to the Company if required by such lender and will be repaid prior to any other distributions to the Members.

**Article V**<br>**REPRESENTATIONS, WARRANTIES AND COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>General Representations and Warranties</u>**. Each Member represents and warrants to the Manager, the other Members, and the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If it is an entity, it is the type of legal entity specified in <u>Exhibit A</u> of this Agreement, duly organized and in good standing under the laws of the jurisdiction of its organization and is qualified to do business and is in good standing in those jurisdictions where necessary to carry out the purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If it is an entity, the execution, delivery and performance by it of this Agreement and all transactions contemplated herein are within its entity powers and have been duly authorized by all necessary entity actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an individual, then the Member is legally competent to enter into this Agreement and to undertake the transactions contemplated in this Agreement without the consent of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement constitutes its valid and binding obligation, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, moratorium, and similar laws affecting the enforcement of creditors' rights generally and by general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The execution, delivery and performance by it of this Agreement will not conflict with, result in a breach of or constitute a default under any of the terms, conditions or provisions of (i) any applicable Law, (ii) if it is an entity, its governing documents, or (iii) any agreement or arrangement to which it or any of its Affiliates is a party or which is binding upon it or any of its Affiliates or any of its or their assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Conflict and Tax Representations</u>**. Each Member represents and warrants to the Manager, the other Members, and the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Member has been advised that (i) a conflict of interest exists among the Members' individual interests, (ii) this Agreement has tax consequences and (iii) it should seek independent counsel in connection with the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Member has had the opportunity to seek independent counsel and independent tax advice prior to the execution of this Agreement and no Person has made any representation of any kind to it regarding the tax consequences of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement and the language used in this Agreement are the product of all parties' efforts and each party hereby irrevocably waives the benefit of any rule of contract construction which disfavors the drafter of an agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>Investment Representations and Warranties</u>**. In acquiring an interest in the Company, each Member represents and warrants to the Manager, the other Members and the Company that it is acquiring such interest for its own account for investment and not with a view to its sale or distribution. Each Member recognizes that investments such as those contemplated by this Agreement are speculative and involve substantial risk. Each Member further represents and warrants that the Manager and the other Members have not made any guaranty or representation upon which it has relied concerning the possibility or probability of profit or loss as a result of its acquisition of an interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 <u>Survival</u>**. The representations and warranties set forth in this <u>Article V</u> shall survive the execution and delivery of this Agreement and any documents of Transfer provided under this Agreement.

**Article VI**<br>**COMPANY MANAGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Manager; Board of Directors</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment; Powers</u>. The Company will be managed by a committee of individuals established to manage the Company and its business and affairs (this committee is referred to as the "<u>Board</u>" and the individuals appointed to the Board are referred to as the "<u>Directors</u>"). The Board, acting as a group, will be the "<u>Manager</u>" (as that term is defined in the MLLCA) of the Company. A Director will not individually be considered a manager of the Company under the MLLCA. An individual will not be deemed to hold a Company Interest by virtue of serving as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Appointment of Directors</u>. The number of Directors will be set by the Board from time to time and, as of the Effective Date, is five. Directors will be appointed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Three directors will be appointed by the Gloo Member (the "<u>Gloo Directors</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Two Directors (the "<u>NewCo Directors</u>") will be appointed by NewCo.

Each Director shall hold office until such Director's successor has been appointed or until his or her earlier death, resignation, or removal. Directors must be natural persons, but Directors need not be residents of Missouri or Members of the Company. The Directors of the Company as of the Effective Date are listed on the attached <u>Schedule 6.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vacancies</u>. In the event of a vacancy in the office of any Director, a successor will be appointed to hold office by the Member(s) that appointed such Director. A Director so appointed shall hold office until his or her successor is duly appointed or until his or her earlier death, resignation, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Removal</u>. A Director may be removed at any time (i) upon delivery of a written instruction to the Board by the Member(s) appointing such Director (for clarity, with respect to NewCo Directors, by NewCo); or (ii) if, in the reasonable determination of the Board, such individual takes any action in contravention of his or her fiduciary duties to the Company under this Agreement or Missouri law that is not cured (if capable of cure) within 30 days after written notice thereof to such Director; *provided, however*, that the engagement of any Director in the activities set forth on <u>Schedule 6.1(d)</u> shall not be considered a breach or violation of any fiduciary duty; and *provided further, however*, that, in either case, the vacancy of any directorship resulting from any Director so removed will be filled in accordance with <u>Section 6.1(c)</u> (except that a Person who has been removed as a result of a breach of fiduciary duty may not be re-appointed as a Director). A Director may not otherwise be removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Resignation</u>. A Director may resign at any time by giving written notice to that effect to the Board. Any such resignation will take effect at the time of the receipt of that notice or any later effective time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective. Any vacancy caused by any such resignation or by the death of any Director or any vacancy for any other reason will be filled as provided in <u>Section 6.1(c)</u>, and any Director so elected to fill any such vacancy shall hold office until his successor is appointed or until his earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Meetings of the Board</u>. Regular meetings of the Board will be held at such time and at such place (either inside or outside the State of Missouri) as the Board may designate, including by telephone. Special meetings of the Board may be held on the call of the chairman of the Board (if a chairman has been appointed) or by any Director upon at least five Business Days (if the meeting is to be held in person) or three Business Days (if the meeting is to be held by conference call, telephone, or similar communications) oral or written (including by electronic mail) notice to the Directors, or upon such shorter notice as may be approved by all of the Directors. Any Director may waive such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Meetings</u>. Any meeting of the Board may be held in person and by means of a video conference call, telephone conference, or similar communication equipment by means of which all Directors and other individuals participating in the meeting can hear each other, and such participation in a meeting will constitute presence in person at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quorum</u>. A majority of Directors then in office present in person (including by video, telephonic, or other means of real-time electronic participation and communication) or represented by proxy will constitute a quorum of the Board for purposes of conducting business; *provided* that at least one NewCo Director must be in attendance to constitute quorum. At all times when the Board is conducting business at a meeting of the Board, a quorum of the Board must be present at such meeting. If a quorum will not be present at any meeting of the Board, then the Directors present at the meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum will be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Voting</u>. Any decisions to be made by the Board must be approved by the affirmative vote of a majority of the Directors then in office. Each Director will be entitled to one vote per issue presented at any duly convened meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Proxies</u>. For purposes of determining a quorum with respect to a particular proposal, and for purposes of casting a vote for or against a particular proposal, a Director may be deemed to be present at a meeting and to vote if the Director has granted a signed written proxy to another Director who is present at the meeting, authorizing the other Director to cast the vote that is directed to be cast by the written proxy with respect to the particular proposal that is described with reasonable specificity in the proxy. Except as provided in this clause (iv), Directors may not vote or otherwise act by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Attendance and Waiver of Notice</u>. Attendance of a Director at any meeting will constitute a waiver of notice of such meeting, except where a Director attends a meeting for the express purpose of objecting to the transaction of any business at such meeting on the grounds that the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of the Board need be specified in the notice or waiver of notice of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Actions without a Meeting</u>. Notwithstanding any provision contained in this Agreement, any action of the Board may be taken by written consent without a meeting. Any such action taken by the Board without a meeting will be effective only if the written consent or consents are in writing, set forth the action so taken, and are signed by the requisite number of Directors necessary to approve the action so taken; *provided*, *however*, that all Directors will receive written notice of any action so taken as soon as reasonably practicable after any such action becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Substitute Appointment</u>. Any Director may designate in writing an individual to act as the temporary substitute for such Director at any meeting of the Board that such Director is unable to attend, and attendance at any meeting of the Board by any such designated individual will be deemed to constitute attendance at such meeting by the Director for whom such individual is designated. Any such written designation of a designated substitute shall specify (A) contact information for the designated individual so that notices of meetings may be duly delivered to the designated individual, and (B) the period of time for which the designated individual will have the powers of the absent Director, which period of time will not exceed 45 days. Any such designated individual who attends a meeting of the Board as a temporary substitute as aforesaid will have all the

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powers that the absent Director has in respect of that meeting, and no written proxy will be required to be submitted to the substitute Director. If a Director provides written notice to the chairman of the Board and the other Directors that such Director has appointed a temporary substitute, then in calling a meeting of the Board in accordance with this <u>Section 6.1(f)</u>, the chairman or the Director calling such meeting will provide notice of such meeting (but only if such meeting is called by the chairman or another Director after such officer or director receives notice of the designated substitute) to the designated individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Spontaneous Meeting of Board</u>. If all of the Directors meet at any time and place by means of a conference call, telephone or similar communication equipment by means of which all Directors and other individuals participating in the meeting can hear each other and consent to the holding of a meeting at such time and place, such meeting will be valid without call or notice, and any Company action that may be taken at a meeting of the Board may be taken at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Management Authority</u>**. The Board, as Manager, will have the authority on behalf of the Company to make all decisions with respect to the Company's business without the approval of the Members, except as otherwise expressly provided in this Agreement, including <u>Section 7.2</u>, or as specifically required under the MLLCA. Subject to the provisions of this Agreement, the Board, as Manager shall have the absolute, exclusive and complete right, power, authority, obligation, and responsibility vested in or assumed by a manager of a limited liability company under the MLLCA and as otherwise provided by law, including those necessary to make all decisions regarding the business of the Company, and is hereby vested with absolute, exclusive and complete right, power, and authority to operate, manage, and control the affairs of the Company and carry out the business of the Company. In connection with the implementation, consummation, or administration of any matter within the scope of the Board's authority, each Director, acting on behalf of the Board, is authorized, without the approval of the Members, to execute and deliver on behalf of the Company contracts, instruments, conveyances, checks, drafts and other documents of any kind or character to the extent the Board deems it necessary or desirable. The Board may delegate to officers, employees, agents, or representatives any or all of the foregoing powers by authorization identifying specifically or generally the powers delegated or acts authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Duties</u>**. Each Director and each officer of the Company shall carry out his or her duties in good faith and shall owe the same fiduciary duties to the Company as are owed by a director of a Missouri corporation to such corporation *provided, however*, that the engagement of any NewCo Director in the activities set forth on <u>Schedule 6.1(d)</u> shall not be considered a breach or violation of any fiduciary duty. Each Director shall devote such time to the business and affairs of the Company as he or she may determine, in his or her reasonable discretion, is necessary for the efficient carrying on of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Reliance by Third Parties</u>**. No third party dealing with the Company shall be required to ascertain whether a Director or any Company officer is acting in accordance with the provisions of this Agreement. All third parties may rely on a document executed by a Director or by any Company officer as binding on the Company. The foregoing provisions shall not apply to third parties who are Affiliates or family members of any such Person executing any such

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document. If a Director or any officer acts without authority, he or she shall be liable to the Members for any damages arising out of his or her unauthorized actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 <u>Information Relating to the Company</u>**. Each Member shall have the right, subject to such reasonable standards as may be established by the Board in accordance with section 347.091 of the MLLCA, to inspect and copy at the reasonable request and expense of such Member, any of the books and records of the Company required to be kept at the limited liability company's principal place of business by section 347.091 of the MLLCA, which such Member is entitled to inspect and copy from time to time upon reasonable demand for any purpose reasonably related to the Member's interest as a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 <u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations and conditions as provided in this Section, each person who was or is made a party or is threatened to be made a party to or is involved in any Proceeding, or any appeal in such a Proceeding, or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a Member or Manager of the Company or while a Member or Manager of the Company is or was serving at the request of the Company as a Manager, director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise shall be indemnified by the Company to the fullest extent permitted by the MLLCA, as the same exist or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) against judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements and reasonable expenses (including, without limitation, attorney's fees) actually incurred by such person in connection with such Proceeding, and indemnification under this Section shall continue as to a person who has ceased to serve in the capacity which initially entitled such person to indemnity hereunder. The rights granted pursuant to this Section shall be deemed contract rights, and no amendments, modification or repeal of this Section shall have the effect of limiting or denying any such rights with respect to actions taken or Proceeding arising prior to any such amendment, modification or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right to indemnification conferred in this Section shall include the right to be paid or reimbursed by the Company the reasonable expenses incurred by a person of the type entitled to be indemnified under <u>Section 6.6(a)</u> of this Agreement who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the Proceeding and without any determination as to the person's ultimate entitlement to indemnification; *provided*, *however*, that the payment of such expenses incurred by any such person in advance of the final disposition of a Proceeding, shall be made only upon delivery to the Company of a written affirmation by such person of his or her good faith belief that he has met the standard of conduct necessary for indemnification under this Section and a written undertaking, by or on behalf of such person, to repay all amounts so advanced if it shall ultimately be determined that such indemnified person is not entitled to be indemnified under this Section or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company, by adoption of a resolution of the Managers, may indemnify and advance or reimburse expenses to an officer, employee or agent of the Company to the same extent and subject to the same conditions under which it may indemnify and advance expenses to Managers under this Section; and, the Company may indemnify and advance or reimburse expenses to persons who are not or were not Managers, officers, employees, or agents of the Company but who are or were serving at the request of the Company as a Manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any liability asserted against him and incurred by him in such a capacity or arising out of his status as such a person to the same extent that it may indemnify and advance expenses to Managers under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Section, the Company may pay or reimburse expenses incurred by a Member or Manager in connection with his appearance as a witness or other participation in a Proceeding at a time when he is not a named defendant or respondent in the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The right to indemnification and the advancement and payment of expenses conferred in this Section shall not be exclusive of any other right which a Member or Manager or other person indemnified pursuant to <u>Section 6.6(c)</u> of this Agreement may have or hereafter acquire under any law (common or statutory), provision of the Articles of Organization or this Agreement, agreement, vote of disinterested Managers or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company may purchase and maintain insurance, at its expense, to protect itself and any person who is a Member or was serving as a Manager, officer, employee or agent of the Company or is or was serving at the request of the Company as a Manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent required by law, any indemnification of or advance of expenses to a Member or Manager in accordance with this Section shall be reported in writing to the Members with or before the notice or waiver of notice of the next Members' meeting or with or before the next submission to Members of a consent to action without a meeting and, in any case, within the twelve month period immediately following the date of the indemnification or advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If this Section or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Member or Manager or any other person indemnified pursuant to this Section as to costs, charges, and expenses (including attorney's fees), judgments, fines and amounts paid in settlement with respect to any action, suit or Proceeding, whether civil, criminal, administrative or investigative to the full extent permitted by any applicable portion of this Section that shall not have been invalidated and to the fullest extent permitted by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 <u>Officers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may, from time to time, designate one or more individuals to be officers of the Company. Any officers designated pursuant to this <u>Section 6.7</u> shall have such titles and authority and perform such duties as the Board may, from time to time, delegate to them. If the title given to a particular officer is one commonly used for officers of a business corporation, the assignment of such title shall constitute the delegation to such officer of the authority and duties that are normally associated with that office, subject to any specific delegation of authority and duties made to such officer, or restrictions placed thereon, by the Board. Each officer shall hold office until his or her successor is duly designated, until his or her death, or until he or she resigns or is removed in the manner hereinafter provided. Any number of offices may be held by the same Person. The officers of the Company as of the Effective Date are:

Chief Executive Officer: Matthew S. Johnson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any officer may resign at any time by giving written notice thereof to the Board. Any officer may be removed, either with or without cause, by the Board whenever in its judgment the best interests of the Company will be served thereby; *provided, however*, that such removal shall be without prejudice to the contract rights, if any, of the Person so removed. Designation of an officer shall not, by itself, create contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 <u>Management Fee; Reimbursements</u>**. The Directors shall not be entitled to compensation for performance of their duties hereunder unless such compensation has been unanimously approved by the Common Members. Each Director shall be entitled to reimbursement from the Company for all reasonable and documented out-of-pocket costs and expenses incurred by such Director for or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 <u>Affiliate Transactions</u>**. In addition to those transactions, agreements, contracts, and undertakings specifically set forth in this Agreement, the Board may cause the Company to enter into transactions, agreements, contracts and undertakings with any Director, any Member, or any of their respective Affiliates, so long as such transactions, agreements, contracts or undertakings are (a) approved by a Required Interest as set forth in <u>Section 7.2(b)</u> and disclosed in advance to the other Members and (b) are on arm's length terms.

**Article VII**<br>**MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Limited Liability</u>**. The liability of each Member shall be limited as provided by the MLLCA. Except as permitted under this Agreement, a Member shall take no part in the control, management, direction, or operation of the affairs of the Company and shall have no power to bind the Company in its capacity as a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Quorum and Voting</u>**. Except as otherwise stated below, Members constituting a Required Interest, represented in person or by proxy, shall be necessary to constitute a quorum at meetings of the Members. One or more Members may participate in a meeting of the Members by means of conference telephone or similar communication equipment by which all persons participating in the meeting can hear each other at the same time, and such participation shall

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constitute presence in person at the meeting. In the absence of a quorum, those present may adjourn the meeting for any period, but in no event shall such period exceed 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a quorum is present, the affirmative vote of Members holding a majority of the issued and outstanding Common Units (regardless of the number of Members present at the meeting or represented by proxy) shall be the act of the Members, unless a greater number is required by the MLLCA or this Agreement, including <u>Section 7.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Agreement, neither the Board nor the Members may cause the Company to do any of the following without first obtaining the approval of the Board and a Required Interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time prior to the 4<sup>th</sup> anniversary of the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the issuance of any Units beyond those issued and outstanding as of the date hereof or the issuance of any Units that are senior in any respect to the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the formation of any Company Subsidiary, or the issuance of any equity interests in any Company Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) make any distribution other than a Tax Distribution or distributions of Available Cash made in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any redemption or repurchase of Units by the Company on a non-pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Extraordinary Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any incurrence or guarantee by the Company of indebtedness for borrowed money (excluding any asset-based financing arrangements) exceeding $1,000,000.00 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any voluntary petition for bankruptcy or assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any significant license, exclusive lease, exclusive sale, exclusive distribution or other significant disposition of the Company's products or intellectual property except for transactions in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any material change to the business strategy or operations of the Company or adds a new line of business not materially related to the Company's current line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) any conversion of the Company (whether by merger, consolidation or otherwise) into any other form of business entity (e.g., a corporation);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) except for those transactions, agreements, contracts, and undertakings specifically set forth in this Agreement, any transaction, agreement, contract or undertaking with any Director, any Member, or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) any increase in the base compensation, wages, employee benefits (excluding changes to benefits plans made in the ordinary course and generally applicable to all employees), or other compensation of any officer or Directors of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) any action intended to make it impossible to carry on the ordinary course of business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For so long as NewCo and its Affiliates, collectively, hold at least ten percent (10%) of the issued and outstanding Common Units:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any amendment to the Articles of Organization or this Agreement other than increases in the number of Common Units authorized for issuance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) confess judgment in, commence, or settle any material litigation, or arbitration or other material dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Informal Action</u>**. Any action required or permitted to be taken at a meeting of the Members may be taken without a meeting if the action is evidenced by a written consent describing the action taken, signed by a Required Interest, unless this Agreement requires the approval of a greater number of Members for such action to be taken, in which case such written consent must be signed by the requisite number of Members required to approve such action; *provided*, *however*, that for the matters set forth in <u>Section 7.2(b)</u>, the written consent must be signed by the requisite number of Directors required by <u>Section 6.1(f)(vi)</u> and the requisite number of Members required by this <u>Section 7.3</u>. Action taken under this <u>Section 7.3</u> shall be effective when the required number of Members have signed the consent, unless the consent specifies a different effective date. Any Member that did not execute any such consent shall be provided with written notice of any such action so taken not later than 30 days after the date of such action; *provided, however*, that the failure to provide such notice shall not invalidate such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 <u>Meetings</u>**. Meetings of the Members for any purpose or purposes may be called by the Board or by holders of not less than 10% of the Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 <u>Place of Meeting</u>**. The Manager or the Members calling a meeting may designate the place for any meeting either inside or outside the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 <u>Notice of Meeting</u>**. Written notice stating the place, day and hour of the meeting, and the purpose or purposes for which the meeting is called, shall be delivered pursuant to <u>Section 14.1</u>, by or at the direction of the Board or the Members calling the meeting, to each Member of record entitled to vote at such Meeting. Meetings of the Members may be called upon not less than five days' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7 <u>Proxies</u>**. At all meetings of Members, a Member may vote in person or by proxy executed in writing by the Member or by his duly authorized attorney-in-fact. Such proxy shall

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be filed with the Board before or at the time of the meeting. No proxy shall be valid after 11 months from the date of its execution, unless otherwise expressly provided in the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8 <u>Conduct of Meeting</u>**. At each meeting of the Members, the Members may, but shall not be required to, elect a chairman for that particular meeting by the vote of a Required Interest represented at the meeting. The chairman shall preside over and conduct the meeting and shall appoint someone in attendance to make accurate minutes of the meeting. Following each meeting, the minutes of the meeting shall be sent to the Board and each Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9 <u>No Member Fees</u>**. Except as otherwise provided in this Agreement, no Member shall be entitled to compensation for attendance at Member meetings or for time spent in its or his capacity as a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 <u>No State-Law Partnership</u>**. The Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member or Director be a partner or joint venturer of any other Member or Director, for any purposes other than federal and state tax purposes, and this Agreement may not be construed to suggest otherwise. Except as otherwise required by the MLLCA, other applicable Law, and this Agreement, no Member shall have any fiduciary duty to any other Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 <u>Partnership Representative</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Johnson is hereby designated as the "partnership representative" as such term is defined in section 6223(a) of the Code. The appointment of any successor partnership representative will require the approval of the Board. Subject to the provisions of this Agreement, the partnership representative is authorized and required to represent the Company in connection with all examinations of the Company's affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated therewith. Any Common Member (other than the Common Member who is the partnership representative) who owns, directly or indirectly, at least 10% of the Sharing Ratio of the Company and wishes to observe, receive notices of and review submissions to be made in the administrative proceedings at the Company level may do so provided such Common Member may not make any submissions or presentations or otherwise take a position on behalf of the Company, and that any legal, accounting or other expenses incurred by such Common Member in connection therewith will be borne by such Common Member. The partnership representative shall furnish to each Common Member a copy of all notices or other written communications received by the partnership representative from the Internal Revenue Service (except such notices or communications as are sent directly to the Common Member by the Internal Revenue Service). The partnership representative shall give to the Members prompt written notice upon receipt of advice that the Internal Revenue Service or any other taxing authority intends to examine any Company tax return or the books and records of the Company. The partnership representative shall use its commercially reasonable efforts to apply the rules and elections under the Revised Partnership Audit Rules in a manner that minimizes the likelihood that any Member would bear any material tax as a result of any audit or proceeding that is attributable to another Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Members intend that the Company be classified as a partnership for U.S. federal income tax purposes. The partnership representative shall, for and on behalf of the

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Company, take all steps as may be required or advisable to maintain the Company's classification as a partnership for U.S. federal income tax purposes.

**Article VIII**<br>**DISTRIBUTIONS TO THE MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 <u>Tax Distributions</u>**. Subject to the limitations in <u>Section 8.5</u>, the Board shall cause the Company to advance to each Member annually (and in any event prior to April 15 of the following fiscal year) an amount of Available Cash equal to the excess, if any, of (i) the product of (A) the Applicable Tax Rate multiplied by (B) the Company's net taxable income (if any) estimated by the Board to be allocable to such Member from the beginning of the fiscal year through the end of such fiscal year (excluding any taxable income attributable to a Code Section 704(c) adjustment or allocation and without giving effect to any adjustment pursuant to an election under Code Section 754) over (ii) the total distributions pursuant to <u>Section 8.2(b)</u> or advances pursuant to this <u>Section 8.1</u> previously or contemporaneously made to such Member for such fiscal year. All advances to Members pursuant to this <u>Section 8.1</u> (each, a "<u>Tax Distribution</u>") will be treated as nonrecourse advances against distributions otherwise payable to the Members under <u>Section 8.2(b)</u>. At the discretion of the Board, (x) the amount of Tax Distributions to be made to the Members may be reduced by the amounts withheld pursuant to <u>Section 8.6</u> and (y) the Board, in its discretion, may cause the Company to make more frequent Tax Distributions, including quarterly or other distributions for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 <u>Non-Liquidating Distributions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Non-Liquidating Distributions</u>. Except as provided in <u>Section 8.1</u>, <u>Section 8.3</u> and <u>Section 8.5</u>, the Board shall cause the Company to make monthly distributions of Available Cash in such aggregate amounts as the Board may determine to the Members in accordance with their Vested Sharing Ratios; *provided*, *however*, that the Board shall not be required to make monthly distributions under this <u>Section 8.2</u> in excess of an amount equal to (i) the aggregate amount due and payable under the Permitted Indebtedness Promissory Notes during the applicable month, divided by (ii) the Common Percentage held by the Gloo Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Discretionary Non-Liquidating Distributions</u>. Except as provided in <u>Section 8.1</u>, <u>Section 8.2(a)</u>, <u>Section 8.3</u>, and <u>Section 8.5</u>, the Board will have the sole and absolute discretion to determine whether the Company will make any distributions to the Members, and if so, the timing, amount and form (cash or property) of any distributions to the Members. At any time prior to (i) a liquidation of the Company or (ii) sale or exchange of all or substantially all of the Company's assets, and subject to Board approval and Laws, the Board may cause the Company to make distributions of Available Cash in such aggregate amounts as the Board may determine to the Members in accordance with their Vested Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 <u>Class M Units</u>**. It is the intention of the Company and the Members that distributions in respect of Class M Units be limited to the extent necessary so that each Class M Unit constitutes a "profits interest", and accordingly, no holder of a Class M Unit shall be entitled to receive distributions in respect of any Class M Unit (other than Tax Distributions) unless and until, the aggregate distributions made to all Members pursuant to this Agreement following the issuance of such Class M Units equals or exceeds the sum of the Participation Threshold with

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respect to such Class M Units and the amount of all Capital Contributions (if any) made on or after the date of such issuance (to the extent such Distribution Threshold has not been adjusted by the Board to reflect such Capital Contributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 <u>Distributions in Kind</u>**. During the existence of the Company, no Member shall be entitled or required to receive as distributions from the Company any Company asset other than money. In-kind distributions of assets in connection with the dissolution and winding-up of the Company shall be governed by <u>Article XIII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 <u>General Limitation on Distributions</u>**. Notwithstanding any provision in this Article VIII to the contrary, the Company may not make a distribution to any Member if (a) there is insufficient Available Cash, as determined by the Board in its sole discretion, or (b) such distribution would be prohibited under any agreement pursuant to which indebtedness of the Company or any of its controlled Affiliates is issued to a senior lender, but only if at such time the Company or any of its controlled Affiliates is in default under such agreement, or (c) such distribution would be prohibited under the MLLCA or any successor provision or other applicable Law, or (d) the Company is unable at the time of the proposed distribution, or would be unable immediately following such proposed distribution, to pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 <u>Withholding</u>**. Each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of federal, state, local or foreign taxes that the Company is required or elects to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement, including any taxes required to be withheld or paid by the Company pursuant to Code section 1446 or any other applicable sections of the Code. Amounts withheld or offset from or on behalf of or with respect to a Member pursuant to this <u>Section 8.6</u> will be treated as advances against distributions otherwise payable to such Member under <u>Section 8.2(b)</u> and <u>Section 8.3</u>.

**Article IX**<br>**ALLOCATION OF PROFITS AND LOSSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>In General</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Article provides for the allocation among the Members of Profit and Loss for purposes of crediting and debiting the Capital Accounts of the Members. <u>Article X</u> provides for the allocation among the Members of taxable income and tax losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 9.2</u>, all Profits and Losses shall be allocated among the Members in accordance with their Sharing Ratios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Regulatory Allocations and Other Allocation Rules</u>**. Notwithstanding <u>Section 9.1</u> and <u>9.3</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Loss Limitation</u>. The Losses allocated pursuant to <u>Section 9.1</u> shall not exceed the maximum amount of Losses that can be so allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of any fiscal year. In the event some but not all of the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of Losses pursuant to <u>Section 9.1</u>, the limitation set forth in this <u>Section 9.2(a)</u> shall be

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applied on a Member by Member basis so as to allocate the maximum permissible Losses to each Member under Treasury Regulations § 1.704-1(b)(2)(ii)(d). All Losses in excess of the limitations set forth in this <u>Section 9.2(a)</u> shall be allocated to the Members in proportion to their Sharing Ratios. This <u>Section 9.2(a)</u> shall be interpreted consistently with the loss limitation provisions of Treasury Regulations § 1.704-1(b)(2)(ii)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Gain Chargeback</u>. Except as otherwise provided in Treasury Regulations § 1.704-2(f), if there is a net decrease in partnership minimum gain (as defined in Treasury Regulations §§ 1.704-2(b)(2) and 1.704-2(d)(1)) during any fiscal year, each Member shall be specially allocated items of Company income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount and in the manner required by Treasury Regulations §§ 1.704-2(f) and 1.704-2(j)(2). This <u>Section 9.2(b)</u> shall be interpreted consistently with the "minimum gain" provisions of Treasury Regulations § 1.704-2 related to nonrecourse liabilities (as defined in Treasury Regulations § 1.704-2(b)(3)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Member Minimum Gain Chargeback</u>. Except as otherwise provided in Treasury Regulations § 1.704-2(i)(4), if there is a net decrease in partner nonrecourse debt minimum gain (as defined in Treasury Regulations §§ 1.704-2(i)(2) and 1.704-2(i)(3)) attributable to partner nonrecourse debt (as defined in Treasury Regulations § 1.704-2(b)(4)) during any fiscal year, each Member who has a share of the partner nonrecourse debt minimum gain attributable to such Member's partner nonrecourse debt, determined in accordance with Treasury Regulations § 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such fiscal year (and, if necessary, subsequent fiscal years) in an amount and in the manner required by Treasury Regulations §§ 1.704-2(i)(4) and 1.704-2(j)(2). This <u>Section 9.2(c)</u> shall be interpreted consistently with the "minimum gain" provisions of Treasury Regulations § 1.704-2 related to partner nonrecourse liabilities (as defined in Treasury Regulations § 1.704-2(b)(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Qualified Income Offset</u>. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations §§ 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit, if any, of such Member as quickly as possible. This <u>Section 9.2(d)</u> shall be interpreted consistently with the "qualified income offset" provisions of Treasury Regulations § 1.704-1(b)(2)(ii)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Nonrecourse Deductions</u>. Any non-recourse deduction (as defined in Treasury Regulations § 1.704-2(b)(1)) for any fiscal year shall be allocated to the Members in proportion to their respective Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Member Nonrecourse Deductions</u>. Any partner nonrecourse deductions (as defined in Treasury Regulations §§ 1.704-2(i)(1) and 1.704-2(i)(2)) for any fiscal year shall be specially allocated to the Member who bears the economic risk of loss with respect to the partner nonrecourse debt (as defined in Treasury Regulations § 1.704-2(b)(4)) to which such Member nonrecourse deductions are attributable in accordance with Treasury Regulations § 1.704-2(i)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 754 Adjustments</u>. To the extent an adjustment to the adjusted tax basis of any Company asset is required pursuant to Code section 732(d), Code section 734(b) or

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Code section 743(b), the Capital Accounts of the Members shall be adjusted pursuant to Treasury Regulations § 1.704-1(b)(2)(iv)(m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Curative Allocations</u>. The allocations under <u>Section 9.2(a)</u> through <u>Section 9.2(f)</u> (the "<u>Regulatory Allocations</u>") are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this <u>Article IX</u>. Therefore, notwithstanding any other provision this <u>Article IX</u> (other than the Regulatory Allocations), the Company shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member's Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to <u>Section 9.1</u>. In exercising its discretion under this <u>Section 9.2(h)</u>, the Manager shall take into account future Regulatory Allocations under <u>Section 9.2(a)</u> through <u>9.2(f)</u> that are likely to offset other Regulatory Allocations previously made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Other Allocation Rules</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Profits, Losses, and any other items allocable to any period shall be determined on a daily, monthly, or other basis, as determined by the Manager using any permissible method under Code section 706 and the Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Solely for purposes of determining a Member's proportionate share of the "excess nonrecourse liabilities" of the Company within the meaning of Treasury Regulations § 1.752-3(a)(3), the Members' interests in Profits shall be their Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by Treasury Regulations § 1.704-2(h)(3), the Company shall treat distributions of Available Cash as having been made from the proceeds of a nonrecourse liability (as defined in Treasury Regulations § 1.704-2(b)(3)) or a partner nonrecourse debt (as defined in Treasury Regulations § 1.704-2(b)(4)) only to the extent that such distributions would not cause or increase an Adjusted Capital Account Deficit for any Member.

**Article X**<br>**ALLOCATION OF TAXABLE INCOME AND TAX LOSSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Allocation of Taxable Income and Tax Losses</u>**. Except as provided in <u>Section 10.2</u> and <u>10.3</u>, each item of income, gain, loss and deduction of the Company for federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated for book purposes under <u>Article IX</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>Allocation of Section 704(c) Items</u>**. The Members recognize that with respect to property contributed to the Company by a Member and with respect to property revalued in accordance with Treasury Regulations § 1.704-1(b)(2)(iv)(f) (referred to as "<u>Adjusted Properties</u>", there will be a difference between the agreed values or Carrying Values, as the case may be, of such property at the time of contribution or revaluation, as the case may be, and the adjusted tax basis of such property at that time. All items of tax depreciation, cost recovery, depletion,

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amortization and gain or loss with respect to such contributed properties and Adjusted Properties shall be allocated among the Members to take into account the book-tax disparities with respect to such properties in accordance with the provisions of sections 704(b) and 704(c) of the Code using any permissible method as determined by the Board; *provided, however*, that with respect to any property contributed or deemed contributed to the Company pursuant to the SPA, the Company shall use the "traditional method" under Treasury Regulations § 1.704.3(b). Any gain or loss attributable to a contributed property or an Adjusted Property (exclusive of gain or loss allocated to eliminate such book-tax disparities under the immediately preceding sentence) shall be allocated in the same manner as such gain or loss would be allocated for book purposes under <u>Article IX</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 <u>Integration with Section 754 Election</u>**. All items of income, gain, loss, deduction and credits recognized by the Company for federal income tax purposes and allocated to the Members in accordance with the provisions hereof and all basis allocations to the Members shall be determined without regard to any election under section 754 of the Code that may be made by the Company; *provided*, *however*, such allocations, once made, shall be adjusted as necessary or appropriate to take into account the adjustments permitted by sections 734 and 743 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 <u>Allocation of Tax Credits</u>**. The tax credits, if any, with respect to the Company's property or operations shall be allocated among the Members in accordance with Treasury Regulations § 1.704-1(b)(4)(ii).

**Article XI**<br>**ACCOUNTING AND REPORTING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 <u>Books</u>**. The Board shall cause the Company to maintain complete and accurate books of account of the Company's affairs at the principal office of the Company. The Company's books shall be kept in accordance with United States generally accepted accounting principles, consistently applied, and on an accrual basis method of accounting. Subject to the requirements of applicable Law, the fiscal year of the Company shall end on January 31 of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 <u>Capital Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall cause the Company to maintain a separate capital account for each Member and such other Member accounts as may be necessary or desirable to comply with the requirements of applicable Law ("<u>Capital Accounts</u>"). Each Member's Capital Account shall be maintained in accordance with the provisions of Treasury Regulations § 1.704-1(b)(2)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consistent with and as permitted in the provisions of Treasury Regulation § 1.704-1(b)(2)(iv)(f), the Capital Accounts of all Members and the Carrying Values of all Company properties may (as determined by the Manager) be adjusted upwards or downwards to reflect any unrealized gain or unrealized loss with respect to such Company property (as if such unrealized gain or unrealized loss had been recognized upon an actual sale of such property for the amount of its fair market value immediately prior to the event giving rise to revaluation under this <u>Section 11.2(b)</u>, and had been allocated among the Members pursuant to <u>Article IX</u>). In determining such unrealized gain or unrealized loss, the fair market value of Company properties as of the date of determination shall be determined by the Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A transferee of a Company interest shall succeed to the Capital Account attributable to the Company interest Transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 <u>Transfers During Year</u>**. In order to avoid an interim closing of the Company's books, the allocation of Profits and Losses under <u>Article IX</u> between a Member who Transfers part or all of its interest in the Company during the Company's accounting year and his transferee, or to a Member whose Sharing Ratio varies during the course of the Company's accounting year, may be determined pursuant to any method chosen by the Board; *provided, however*, that any Profit or Loss attributable to extraordinary items related to the sale of Company property shall be allocated to the owner of the interest in the Company at the time the Profit or Loss attributable to the extraordinary item was realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4 <u>Reports; Inspection Rights; Financial Reporting Obligations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall cause the Company to deliver to the Members the following financial statements and reports at the times indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Monthly, a written report to each Member which shall include (A) a balance sheet and a statement of each Member's Capital Account, each as of the last day of such calendar month, (B) a statement of operations and a statement of cash flows for such calendar month and for the fiscal year-to-date period then-ended, and (C) any other information that the Manager deems reasonably necessary to properly advise the Members about their investment in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Quarterly, a written report to each Member which shall include (A) a balance sheet and a statement of each Member's Capital Account, each as of the last day of such fiscal quarter, (B) a statement of operations and a statement of cash flows for such fiscal quarter and for the fiscal year-to-date period then-ended, and (C) any other information that the Manager or the Gloo Member deems reasonably necessary to properly advise the Members about their investment in the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Within 30 days after filing with the Internal Revenue Service, a copy of the Company's United States income tax return and the information, to the extent then in the possession of the Company, necessary to allow such Member to file its own income tax return for the preceding year;

*provided that,* in the event that the Gloo Member determines that, in order to enable the Gloo Member to prepare any financial, accounting, or other reporting materials which may be necessary or advisable to prepare pursuant to the advice of the Gloo Member's internal or external auditors ("<u>Additional Materials</u>"), then the Manager and the Company shall exercise, and shall cause the Company's Representatives to exercise, their reasonable best efforts to prepare such Additional Materials at the time(s) and in the form(s) reasonably requested by the Gloo Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon reasonable notice from a Common Member, the Company shall afford each Common Member and its Representatives access during normal business hours to (i) the Company's properties, offices, plants, and other facilities; (ii) the corporate, financial, and similar records, reports, and documents of the Company, including, without limitation, all books and records, minutes of proceedings, internal management documents, reports of operations,

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reports of adverse developments, copies of any management letters and communications with Members (including the Board), and to permit each Common Member to examine such documents and make copies thereof; and (iii) any officers, senior employees, and public accountants of the Company, and to afford each Common Member the opportunity to discuss and advise on the affairs, finances, and accounts of the Company with such officers, senior employees, and public accountants (and the Company hereby authorizes said accountants to discuss with such Member such affairs, finances, and accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board, the Members, and the Company acknowledge and agree that (x) the Gloo Member may now or in the future have heightened accounting, financial reporting, internal control and internal and external audit compliance requirements (e.g., those established by the Public Company Accounting Oversight Board and the Securities and Exchange Commission), and other applicable accounting, financial reporting, and internal control regulations that may require the inclusion of the Company's financial results and operations on a consolidated or unconsolidated basis, as the case may be, (y) the Gloo Member's ability to comply with such heightened accounting, financial reporting, and audit standards are an essential component of the Gloo Member's decision to enter into this Agreement, and (z) complying with such heightened obligations may require the Company and Company's Representatives to prepare Additional Materials or adopt internal controls, procedures, and/or accounting and financial reporting standards that may not otherwise be required. In furtherance of the foregoing, each of the Members and the Company agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to exercise its reasonable best efforts to timely comply with, and to cause the Company's Representatives to comply with, the requests of the Gloo Member to facilitate the Gloo Member's compliance with required accounting, financial reporting, internal control, and internal and external audit obligations regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cause the Company to maintain such controls and procedures within applicable required timelines as may be requested by the Gloo Member from time to time and to take such actions as may be necessary or appropriate, including the devotion of such personnel and other resources, as may be reasonably necessary, to accomplish the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that the Gloo Member shall have the exclusive right to select and appoint the Company's external auditor; *provided* that the Gloo Member shall consult with the Manager in good faith with respect to the selection and appointment of such external auditor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Gloo Member shall provide the Company with reasonable assistance, including reasonable access to the Gloo Member's Representatives, to facilitate the Company's compliance with its obligations under this <u>Section 11.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5 <u>Section 754 Election</u>**. If requested by a Member, the Company shall make the election provided for under section 754 of the Code. Any cost incurred by the Company in implementing such election at the request of any Member shall be promptly reimbursed to the Company by the requesting Member.

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**Article XII**<br>**TRANSFER OF MEMBER'S INTEREST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 <u>Restrictions on Transfers and Encumbrances</u>**. No Member shall Transfer or create an Encumbrance on all or any portion of its Units except as permitted by this <u>Article IX</u>. Any attempted Transfer of, or creation of an Encumbrance on, any portion of Units not in accordance with the terms of this <u>Article XII</u> shall be null and void *ab initio* and of no legal effect. Notwithstanding anything to the contrary in this Agreement, except with the prior written consent of NewCo, the Gloo Member shall not Transfer any Units held by the Gloo Member until the earlier of (a) the expiration of the Call Right as set forth in Section 2 of the Call Option Agreement or (b) the termination of the Call Option Agreement by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 <u>Permitted Transfers and Encumbrances</u>**. Any Transfers and Encumbrances permitted under this <u>Section 12.2</u> shall be subject to the other provisions of this <u>Article XII</u>. The following Transfers and Encumbrances shall be permitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right of First Refusal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except in the case of any Permitted Transfer, not less than 45 days prior to any proposed Transfer of Units to any Person other than a Permitted Transferee, the transferring Member must deliver to the Company and the other Members a written notice (the "<u>Offer Notice</u>") specifying in reasonable detail the number of Units to be Transferred, the identity of the transferee(s), the price (which will be payable solely in cash) and the other terms and conditions of the proposed Transfer. The Company may elect to purchase all, or any portion, of the Units proposed to be Transferred upon the terms and conditions specified in the Offer Notice by delivering to the transferring Member a written notice of such election within the 15-day period following its receipt of the Offer Notice (the "<u>Company Election Period</u>"). The purchase of such Units, including any Units Transferred pursuant to this provision or <u>Section 12.3</u>, shall be consummated within 30 days following expiration of the Company Election Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that the Company does not elect to purchase all the Units described in the Offer Notice, the Company will give written notice (the "<u>Member's Notice</u>") on or prior to the expiration of the Company Election Period to the non-transferring Members, specifying the number of Units not purchased by the Company (the "<u>Remaining Units</u>"). The non-transferring Members may elect to purchase, pro rata among themselves based on their respective holdings of Units (determined on an Actual Units Outstanding Basis) with rights of overallotment if not all non-transferring Members elect to purchase their pro rata portions, any or all of the Remaining Units upon the terms and conditions specified in the Offer Notice. Non-transferring Members exercising rights to purchase will deliver to the transferring Member (with a copy to the Company) a written notice of such election within the 15-day period following the receipt of the Member's Notice (the "<u>Member's Election Period</u>"). The purchase of such Units, including any Units Transferred pursuant to this provision or <u>Section 12.3</u>, by the non-transferring Members must be consummated within 30 days following expiration of the Member's Election Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the provisions of <u>Section 12.2(a)(i)</u> and <u>Section 12.2(a)(ii)</u>, in the event that the Company and Members do not elect to purchase all the Units described in the Offer Notice, during the 30-day period following expiration of the Member's Election Period, the transferring Member may, subject to compliance with <u>Section 12.3</u>, Transfer all of the Units covered to which neither the Company nor the non-transferring Members have exercised the rights of first refusal set forth in <u>Section 12.2(a)(i)</u> and <u>12.2(a)(ii)</u>, along with any Units Transferred pursuant to <u>Section 12.3</u>, to the transferee(s) specified in the Offer Notice on terms no more favorable to such transferee(s) than those specified in the Offer Notice; *provided that*, in connection with any such Transfer, each transferee shall execute a joinder to this Agreement in substantially the form attached as <u>Exhibit B</u> to this Agreement. Any unsold Units not Transferred within such 30-day period will again be subject to <u>Section 12.2(a)(i)</u> and <u>12.2(a)(ii)</u> in connection with any proposed Transfer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary in this Agreement, this <u>Section 12.2(a)</u> will not apply to any Transfers of Units by the Gloo Member or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certain Permitted Transfers</u>. A Member may Transfer all or any portion of its Company Interest (each, a "<u>Permitted Transfer</u>") and <u>Section 12.2(a)</u>, <u>Section 12.3</u>, <u>Section 12.4</u>, and <u>Section 12.5</u> will not apply to such Transfer: (i) with the prior approval of the Board in accordance with this Agreement; (ii) to an Estate Beneficiary; (iii) to the Company pursuant to the exercise of repurchase rights or otherwise by any holder whose employment with the Company or any of its Subsidiaries has terminated for any reason; (iv) to the Company pursuant to any plan of reorganization, recapitalization, redemption, or repurchase of Common Units that is made pro rata among all holders of such Units; (v) to a Common Member; or (vi) pursuant to and in accordance with the Call Option Agreement (with each such transferee permitted by the foregoing <u>provisions (i)</u> through <u>(vi)</u> being referred to in this Agreement as a "<u>Permitted Transferee</u>"). Any Units Transferred to a Permitted Transferee will continue to be subject to this Agreement, including <u>Section 12.2(a)</u>, <u>Section 12.3</u>, <u>Section 12.4</u>, and <u>Section 12.5</u>. Notwithstanding the foregoing, no party to this Agreement will avoid the provisions of this Agreement by making one or more Transfers to one or more Permitted Transferees and then disposing of all or any portion of such party's interest in any such Permitted Transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Member shall be entitled to create an Encumbrance on all or any portion of its Company Interest only with the prior approval of the Board in accordance with this Agreement; *provided, however*, that any Transfer of a Company Interest or any interest therein (whether voluntary or involuntary (including any Transfer in foreclosure)) to or by the beneficiary of such Encumbrance shall be subject to the provisions of this <u>Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3 <u>Sale Participation Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 12.2(b)</u>, if any group of Common Members (whether one or more of such Common Members, a "<u>Selling Group</u>") receives a bona fide written offer from a third party that is not a Related Party of a Common Member to purchase any of its Common Units in the Company for cash, securities or other consideration and the Selling Group makes a determination to sell its Common Units in accordance with the offer, and the Board approves of

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such sale, or the consent of the Board is not required pursuant to <u>Section 12.2</u> (an "<u>Approved Sale</u>"), then the Selling Group shall deliver written notice of such proposed sale to the other Common Members (the "<u>Tag Notice</u>"), which will include the material terms of such Approved Sale and will attach the most recent drafts of any agreements or written offers from the proposed purchaser in such Approved Sale setting forth the terms of such sale or other disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 10 Business Days following receipt of the Tag Notice, each Common Member receiving such Tag Notice will notify the Board in writing if such Common Member elects to participate in such sale on a pro rata basis and on the same terms and conditions specified in the Tag Notice, *provided that* the proceeds from the Approved Sale will be allocated among the selling Common Members in the manner set forth in <u>Section 12.3(c)</u>. If any Common Members receiving the Tag Notice do not so notify the Board within 10 Business Days of receipt of the Tag Notice, such Common Member(s) will be deemed to have elected not to participate in the Approved Sale. Each Common Member timely electing to participate may elect to sell the percentage of the Units then owned by such participating Common Member as is equal to the percentage of the Common Units owned by the Selling Group that the Selling Group has determined to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Approved Sale will be consummated within 60 days following the expiration of the 10 Business Day election period described in <u>Section 12.3(b)</u>. The Board and the Selling Group shall keep the Board and the participating Common Members so electing advised regarding the timing of any such sale and shall provide them with the most recent drafts of the transaction documents. The participating Common Members will not be required to accept any terms, conditions, agreements or undertakings in connection with any such sale other than those described in the Tag Notice; *provided, however,* that, notwithstanding anything to the contrary in this Agreement or in the Tag Notice, any and all proceeds from such Approved Sale will be allocated among the participating Common Members in a manner consistent with, and that gives economic effect to, <u>Section 8.2(b)</u> to the extent of the Units sold, as calculated and determined by the Board in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4 <u>Forced Sale Right</u>**.

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the Board in its reasonable discretion, and (iii) the closing of the sale or other disposition will occur within 180 days after the delivery of the Drag-Along Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following provisions will be applied to any sale to which <u>Section 12.4(a)</u> applies. Each Dragged Member shall make commercially reasonable efforts to take or cause to be taken, if so requested by the Dragging Members, all such actions as may be necessary or reasonably desirable in order expeditiously to consummate the Drag-Along Transaction pursuant to <u>Section 12.4</u>, and any related transactions, including: executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments; furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or instruments with governmental authorities and otherwise cooperating with the Dragging Member and the Proposed Purchaser. Without limiting the generality of the foregoing, each Dragged Member agrees to execute and deliver upon the request of the Dragging Member, such agreements containing the same terms and conditions applicable to each Dragged Member (subject to <u>Section 12.4(c)</u>) as may be reasonably specified by the Dragging Member, including agreements to (i) make individual representations, warranties, and covenants of similar scope to those made by the Dragging Member, including as to the unencumbered title to its Units and its power, authority and legal right to Transfer such Units, and (ii) be severally (with all other selling Members, based on the Member's share of the proceeds received by such Member with respect to its Units) liable (whether by purchase price adjustment, indemnity payments, or otherwise) in respect of representations, warranties, covenants, and agreements in respect of the Company and its subsidiaries, if any. Each Member shall enter into any several indemnification or contribution or other agreement, including escrow, holdback, seller representative, or similar agreements requested and entered into by the Dragging Members to ensure compliance with this <u>Section 12.4(b)</u>. Execution of this Agreement or a joinder to this Agreement constitutes the binding agreement of each Member to sell all of his, her, or its Units on the same terms and conditions set forth in the Drag-Along Notice, including the making of the same representations and warranties. Each Member hereby appoints the Dragging Member(s) as such Dragged Member's attorney-in-fact to implement the sale of such Member's Units in the event such Member is not available or refuses to cooperate in the Drag-Along Transaction in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent required by the Proposed Purchaser in connection with any Drag-Along Transaction, each Class M Member that is (or, within the previous six months from the date of the Drag-Along Notice, was) an employee of the Company or any of its subsidiaries agrees to enter into covenants not to compete (including, for the avoidance of doubt, such other forms of restrictive covenants that typically accompany a covenant not to compete (e.g., a non-solicitation covenant)) with the business operated by the Company and its subsidiaries as reasonably requested by the Proposed Purchaser, having terms substantially similar to, and not broader in scope and duration, than the covenants not to compete contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Member shall bear such Member's pro rata share (based upon the aggregate consideration received by each Member in such Drag-Along Transaction) of the expenses incurred in connection with a Drag-Along Transaction to the extent such expenses are incurred for the benefit of all Members and are not otherwise paid by the Company or the acquiring party. For purposes of this <u>Section 12.4</u>, expenses incurred in exercising reasonable efforts to take all necessary actions in connection with the consummation of the Drag-Along Transaction will be

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deemed to be for the benefit of all Members. Expenses incurred by any Member on such Member's own behalf will not be considered expenses of the transaction and will be the responsibility of such Member. Notwithstanding anything in this Agreement to the contrary in no event will any Member be required to indemnify any Person in an aggregate amount in excess of the net cash proceeds actually paid to and received by such Member in any Drag-Along Transaction, except in the case of such Member's fraud or intentional misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything else in this <u>Section 12.4</u>, no Drag Along notice may be delivered to a Common Member and no Common Member will have any obligations with respect to any Drag-Along Transaction unless all the following conditions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any representations and warranties to be made by such Member in connection with the Drag-Along Transaction are limited to representations and warranties related to authority, enforceability, organization, standing, ownership, no-conflicts, brokers, proceedings, and the ability to convey title to such Member's Units, including representations and warranties that (A) the Member holds all right, title, and interest in and to the Units such Member purports to hold, free and clear of all liens and encumbrances, (B) the obligations of the Member in connection with the transaction have been duly authorized, if applicable, (C) the documents to be entered into by the Member have been duly executed by the Member and delivered to the acquiror and are enforceable against the Member in accordance with their respective terms, and (D) neither the execution and delivery of documents to be entered into in connection with the transaction, nor the performance of the Member's obligations thereunder, will cause a breach or violation of the terms of any agreement, law, or judgment, order or decree of any court or governmental agency by which such Member is subject or bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Member will not be liable for the inaccuracy of any representation or warranty made by any other person in connection with the Drag-Along Transaction, other than the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the liability for indemnification, if any, of such Member in the Drag-Along Transaction and for the inaccuracy of any representations and warranties made by the Company in connection with such Drag-Along Transaction, is several and not joint with any other person (except to the extent that funds may be paid out of an escrow funded by all Members on a pro-rata basis and established to cover indemnities of the selling parties, including breach of representations, warranties, and covenants of the Company as well as breach by any Member of any identical representations, warranties and covenants provided by all Members), and is pro rata in proportion to the amount of gross consideration paid to such Member in connection with such Drag-Along Transaction (in accordance with the provisions of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) liability will be limited to such Member's applicable share (determined based on the respective proceeds payable to each Member in connection with such Drag-Along Transaction in accordance with the provisions of this Agreement) of a negotiated aggregate indemnification amount that applies equally to all Members but that in no event exceeds the amount of consideration otherwise payable to such Member in connection with such Drag-Along Transaction, except with respect to claims related to

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intentional fraud by such Member, the liability for which need not be limited as to such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) upon the consummation of the Drag-Along Transaction, (A) each holder of each class or series of Units will be entitled to receive the same form of consideration and amount per Unit of consideration for their Units of such class or series as is received by other Members in respect of their Units of such same class or series of stock, and (B) the aggregate consideration receivable by all Members will be allocated among the Members on the basis of the relative amounts to which the Members would be entitled under <u>Section 8.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Dragged Member shall take all necessary or desirable actions in connection with the consummation of a Drag-Along Transaction as reasonably requested by the Board. In furtherance of the foregoing, but only to the extent that a Dragged Member breaches its obligations under this <u>Section 12.4</u> each of the Members hereby appoints each of the Company and each Director as its true and lawful attorney-in-fact for it and in its name, place, and stead and for its use and benefit, to, sign, execute, certify, acknowledge, swear to, file and record any contracts, agreements, instruments, certificates, filings or papers not inconsistent with the terms of this Agreement that may be necessary or advisable in the determination of the Board in connection with a Drag-Along Transaction or that may be required by Law to be filed on behalf of such Person. The power of attorney granted pursuant hereto is a special power of attorney, coupled with an interest, and is irrevocable, and shall survive the bankruptcy, insolvency, dissolution or cessation of existence of the applicable Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary in this Agreement, this <u>Section 12.4</u> will not apply until the earlier of (i) the expiration of the Call Right as set forth in Section 2 of the Call Option Agreement or (ii) the termination of the Call Option Agreement by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5 <u>Repurchase Right</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Member (i) dies or becomes Disabled, (ii) files a voluntary petition under any bankruptcy or insolvency law or a petition for the appointment of a receiver, or makes an assignment for the benefit of creditors; (iii) is subjected involuntarily to such a petition or assignment or to an attachment or other legal or equitable interest with respect to such Member's Units and such involuntary petition, assignment, or attachment is not stayed or discharged within 90 calendar days after its effective date; or (iv) is subjected to any other involuntary transfer of such Member's Units by legal process, including, without limitation, an assignment or transfer pursuant to a divorce or dissolution decree, then the Company, at its election, exercisable by written notice given to such Member (or his or her estate, or the respective transferee of such Units, as the case may be) within 360 days after occurrence, will have the option to require such Member (or his or her estate) to (A) sell all (but not less than all) of his or her Common Units at Fair Market Value, as determined by an independent qualified appraiser mutually agreed upon by the Board and the Member (or his or her representatives) and engaged by the Company. Within 60 days of being retained, the qualified appraiser shall submit its determination of such Fair Market Value based on the definition of Fair Market Value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The closing of the purchase of Common Units pursuant to this <u>Section 12.5</u> will take place on the date, time, and place designated by the Company; *provided, however*, that the closing date will not be less than 30 days nor more than 90 days from the date that the Fair Market Value is determined by the independent qualified appraiser. At the Company's discretion, the Company will pay for the Units to be purchased by wire transfer of immediately available funds, by delivery of a check or by a promissory note issued by the Company having the material terms set forth on <u>Schedule 12.5(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Lawful Purchase</u>. In the event that a purchase of Units pursuant to this <u>Section 12.5</u> will be prohibited by or would cause a default or event of default under the terms of any indenture or financing, loan or similar agreement, note or other instrument to which the Company (or any of its Subsidiaries or Affiliates) is bound, the Company shall so notify the Member whose Units are subject to a repurchase pursuant to this <u>Section 12.5</u> (or such Member's personal representative, as the case may be), and thereafter the obligations of such Member and the Company pursuant to this <u>Section 12.5</u> (including all applicable time periods) will be suspended until such time as such prohibition first lapses or is waived and no such default or event of default would result from the purchase and sale of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Assignment of Repurchase Rights</u>. The rights to repurchase any Units will be freely assignable by the Company with the prior approval of the Board, provided the Company will remain liable for the payment of any amount not promptly paid by any such assignee upon exercise of such right and any payments by such assignee or the Company will be in cash (not a promissory note) unless otherwise agreed to by the Member subject to the repurchase right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6 <u>Substitution of a Member</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No transferee (by conveyance, foreclosure, operation of law or otherwise) of all or any portion of a Unit shall become a substituted Member without the consent of the Board, which consent may be withheld in the sole discretion of the Board. A transferee of a Company Interest who receives the requisite consent to become a Member shall succeed to all of the rights and interest of its transferor in the Company. A transferee of a Member who does not receive the requisite consent to become a Member shall not have any right to vote, shall be entitled only to the distributions to which its transferor otherwise would have been entitled and shall have no other right to participate in the management of the business and affairs of the Company or to become a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Member shall be dissolved, merged or consolidated, its successor in interest shall have the same obligations and rights to profits or other compensation that such Member would have had if it had not been dissolved, merged or consolidated, except that the representative or successor shall not become a substituted Member without the consent of the Board, which consent may be withheld in the sole discretion of the Board. Such a successor in interest who receives the requisite consent to become a Member shall succeed to all of the rights and interests of its predecessor. A successor in interest who does not receive the requisite consent to become a Member shall not have any right to vote, shall be entitled only to the distributions to which its predecessor otherwise would have been entitled and shall have no right to participate in the management of the business and affairs of the Company or to become a Member.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Transfer of any interest in the Company otherwise permitted under this Agreement shall be effective for any purpose whatsoever until the transferee shall have assumed the transferor's obligations to the extent of the interest Transferred and shall have agreed to be bound by all the terms and conditions hereof, by written instrument, duly acknowledged, in form and substance reasonably satisfactory to the Board. Without limiting the foregoing, any transferee that has not become a substituted Member shall nonetheless be bound by the provisions of this <u>Article XII</u> with respect to any subsequent Transfer. Upon admission of the transferee as a substituted Member, the transferor shall have no further obligations under this Agreement with respect to that portion of its interest Transferred to the transferee; *provided, however,* no Member or former Member shall be released, either in whole or in part, from any liability of such Member to the Company pursuant to this Agreement or otherwise which has accrued through the date of such Transfer (whether as the result of a voluntary or involuntary Transfer) of all or part of such Member's interest in the Company unless the Board agrees to any such release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7 <u>Conditions to Substitution</u>**. As conditions to its admission as a Member (a) any assignee, transferee or successor of a Member shall execute and deliver such instruments, in form and substance satisfactory to the Board, as the Board shall deem necessary, and (b) such assignee, transferee or successor shall pay all reasonable expenses in connection with its admission as a substituted Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8 <u>Admission as a Member</u>**. No Person shall be admitted to the Company as a Member unless either (a) the Units or portions thereof acquired by such Person has been registered under the Securities Act, and any applicable state securities laws or (b) the Board has received a favorable opinion of the transferor's legal counsel or of other legal counsel acceptable to the Manager to the effect that the Transfer of the Company Interest to such Person is exempt from registration under those Laws. The Manager, however, may waive the requirements of this <u>Section 12.8</u>.

**Article XIII**<br>**RESIGNATION, DISSOLUTION AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 <u>Resignation</u>**. No Member shall have any right to voluntarily resign from the Company. Notwithstanding the foregoing, a Member shall be deemed to resign from the Company upon the Bankruptcy of such Member. When a transferee of all or any portion of a Company Interest becomes a substituted Member pursuant to <u>Section 12.3</u>, the transferring Member shall cease to be a Member with respect to the portion of the Units so Transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 <u>Events Requiring Winding Up</u>**. The Company shall begin to wind up its business and affairs only upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution of an instrument approving the termination of the Company by the Board and a Required Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any event that terminates the continued membership of the last remaining Member of the Company; *provided*, *however*, that the Company is not dissolved if, no later than 90 days after the termination of the membership of the last remaining Member, the legal representative or successor of the last remaining Member agrees to cancel the event requiring

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winding up, to continue the Company and to become a Member, or to designate another person who agrees to become a Member, as of the date of termination of the membership of the last remaining Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) entry of a decree of judicial dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of a nonwaivable event under the terms of the MLLCA which requires the Company to be terminated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The sale, exchange, involuntary conversion, or other disposition or Transfer of all or substantially all the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 <u>Effectiveness of Termination</u>**. The Company shall begin to wind up its business and affairs as soon as reasonably practicable upon the occurrence of an event described in <u>Section 13.2</u> (if such event has not been revoked or cancelled), but the Company shall not terminate until the winding up of the Company has been completed, the assets of the Company have been distributed as provided in <u>Section 13.4</u>, and the Articles of Termination shall have been filed as provided in <u>Section 13.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 <u>Liquidation</u>**. If the Company is to be terminated pursuant to, the Company shall be liquidated and its business and affairs wound up in accordance with the MLLCA and the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board or other Person designated by the Board shall act as liquidator to wind up the Company (the "<u>Liquidator</u>"). The Liquidator shall have full power and authority to sell, assign, and encumber any of the Company's assets and to wind up and liquidate the affairs of the Company in an orderly and business-like manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As promptly as possible after the event requiring winding up and again after final liquidation, the Liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company's assets, liabilities, and operations through the last day of the calendar month in which such event occurs or the final liquidation is completed, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liquidator shall deliver to each known claimant of the Company the notice required by section 347.139.2 of the MLLCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Liquidator shall liquidate the assets of the Company and distribute the proceeds of such liquidation in the following order of priority, unless otherwise required by mandatory provisions of applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the payment of all of the Company's debts and liabilities to its creditors (including Members, if applicable) and the expenses of liquidation (including sales commissions incident to any sales of assets of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, to the establishment of and additions to reserves that are determined by the Board to be reasonably necessary for any contingent unforeseen liabilities or obligations of the Company; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third, to the Members in accordance with <u>Section 8.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the provisions of <u>Section 13.4(d)</u> that require the liquidation of the assets of the Company and distribution of the proceeds of such liquidation in accordance with the provisions of <u>Section 13.4(d)</u>, if upon winding up of the Company the Liquidator reasonably determines that an immediate sale of part or all of the Company's assets would be impractical or could cause undue loss to the Members, the Liquidator may defer the liquidation of any assets except those necessary to satisfy Company liabilities and reserves, and may, upon approval by the Liquidator and a Required Interest, distribute to the Members, in lieu of cash, as tenants in common and in accordance with the provisions of <u>Section 13.4(d)</u>, undivided interests in such Company assets as the Liquidator deems not suitable for liquidation. Any such distribution in kind shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operating of such properties at such time. For purposes of any such distribution, any property to be distributed will be valued at its fair market value, as determined by the Board in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5 <u>Articles of Termination</u>**. Upon completion of the distribution of the assets of the Company as provided in <u>Section 13.4(d)</u> hereof, the Board shall execute and cause to be filed the Articles of Termination in the State of Missouri and shall cause the cancellation of all qualifications and registrations of the Company as a foreign limited liability company in jurisdictions other than the State of Missouri and shall take such other actions as may be necessary to terminate the Company. Upon acceptance of the Articles of Termination by the Missouri Secretary of State, the Company shall be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6 <u>Survival of Rights, Duties, and Obligations</u>**. Dissolution, liquidation, winding up, or termination of the Company for any reason shall not release any party from any Loss that at the time of such dissolution, liquidation, winding up, or termination already had accrued to any other party or thereafter may accrue in respect of any act or omission prior to such dissolution, liquidation, winding up, or termination. For the avoidance of doubt, none of the foregoing shall replace, diminish, or otherwise adversely affect any Member's right to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7 <u>Recourse for Claims</u>**. Each Member shall look solely to the assets of the Company for all distributions with respect to the Company, such Member's Capital Account, and such Member's share of Profit, Loss, and other items of income, gain, loss, and deduction, and shall have no recourse therefor (upon termination or otherwise) against the Liquidator, the Board, or any other Member.

**Article XIV**<br>**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 <u>Method of Notices</u>**. All notices required or permitted by this Agreement shall be in writing and shall be sent by electronic mail (delivery receipt requested), hand delivered, or sent by registered or certified mail and shall be effective when notice of delivery is received, personally delivered, or, if mailed, on the date set forth on the receipt of registered or certified mail, if to the

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Members, at their respective addresses set forth on <u>Exhibit A</u> attached hereto, and if to the Company, to the following:

Midwestern Interactive, LLC

713 S Main St,

Joplin, Mo, 64801 Attn: Matthew S. Johnson, Manager

Email: mj@midwesterninteractive.com

Any Member may give notice from time to time changing its respective address for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2 <u>Computation of Time</u>**. In computing any period of time under this Agreement, the day of the act, event or default from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is not a Business Day, in which event the period shall run until the end of the next day which is a Business Day.

**Article XV**<br>**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 <u>Amendment</u>**. Except as otherwise provided in this <u>Section 15.1</u>, this Agreement may not be amended except by an instrument in writing signed by all of the Common Members. Notwithstanding the foregoing, in addition to any amendments otherwise authorized herein, amendments may be made to this Agreement from time to time by an instrument in writing executed by the Board, without the consent of any Member, to (a) add to the representations, duties or obligations of the Board or any Director or surrender any right or power granted to the Board or any Director, (b) cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to make any clarification to other provision with respect to matters or questions arising under this Agreement which will not be inconsistent with the provisions of this Agreement, (c) delete or add any provision of this Agreement required to be deleted or added by the Securities and Exchange Commission or other federal agency or by a state securities commission or similar agency or official, or to comply with any federal or state securities Laws, (d) reflect the addition or substitution of Members in accordance with this Agreement or (e) take such steps as the Board determines are advisable or necessary, based upon an opinion of counsel to the Company, in order to preserve the tax status of the Company as a "partnership" for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2 <u>Waiver</u>**. Except as otherwise provided herein, rights hereunder may not be waived except by an instrument in writing signed by the party sought to be charged with the waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3 <u>Confidentiality</u>**. Each Member and Director will keep confidential and not use, reveal, provide or transfer to any third party any Confidential Information it obtains or has obtained concerning the Company, except (a) to the extent that disclosure to a third party is required by applicable Law; (b) information which, at the time of disclosure, is generally available to the public (other than as a result of a breach of this Agreement or any other confidentiality agreement to which such Person is a party or of which it has knowledge), as evidenced by generally available documents or publications; (c) information that was in its possession prior to disclosure (as evidenced by appropriate written materials) and was not acquired directly or indirectly from the

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Company; (d) to the extent disclosure is necessary or advisable, to its or the Company's employees, consultants or advisors for the purpose of carrying out their duties hereunder; (e) to banks or other financial institutions or agencies or any independent accountants or legal counsel or investment advisors employed by the Board, the Company, or any Member, to the extent disclosure is necessary or advisable to obtain financing; (f) to the extent necessary, disclosure to third parties to enforce this Agreement, or (g) to a Member or Director or to their respective Affiliates; *provided, however*, that in each case of disclosure pursuant to (d), (e) or (g), the Persons to whom disclosure is made agree to be bound by this confidentiality provision. The obligation of each Member and Director not to disclose Confidential Information except as provided herein shall not be affected by the termination of this Agreement or the replacement of any Director or Member. Notwithstanding any other provision of this Agreement, each of the Members acknowledges that in his capacity as a Director and/or Officer of the Company, Johnson, the sole shareholder of NewCo, will have access to and may retain in his unaided memory certain general ideas, concepts, know-how, and techniques contained in or derived from the Company's Confidential Information ("<u>Residual Information</u>") and that Johnson's unaided retention and use of such general ideas, concepts, know-how, and techniques will not be a violation of his obligations under this <u>Section 15.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4 <u>Public Announcements</u>**. Except as required by Law, no Member shall make any press release or other public announcement or public disclosure relating to this Agreement, the subject matter of this Agreement or the activities of the Company without the consent of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5 <u>Applicable Law</u>**. All issues and questions concerning the application, construction, validity, interpretation, and enforcement of this Agreement shall be governed by and construed in accordance with the internal laws of the State of Missouri, without giving effect to any choice or conflict of law provision or rule (whether of the State of Missouri or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Missouri.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6 <u>Submission to Jurisdiction</u>**. The parties hereby agree that any suit, action, or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby, whether in contract, tort, or otherwise, shall be brought in the federal courts of the United States of America or the courts of the State of Missouri, in each case located in the City of Joplin and Counties of Jasper and Newton. Each of the Members hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action, or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding in any such court or that any such suit, action, or proceeding that is brought in any such court has been brought in an inconvenient forum. Service of process, summons, notice, or other document by registered mail to the address set forth in <u>Section 14.1</u> or <u>Exhibit A</u> shall be effective service of process for any suit, action, or other proceeding brought in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7 <u>Waiver of Jury Trial</u>**. **EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND** 

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**UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8 <u>Entire Agreement</u>**. This Agreement embodies the entire understanding and agreement among the parties concerning the Company and supersedes any and all prior negotiations, understandings or agreements in regard thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9 <u>References</u>**. References to a Member or Director, including by use of a pronoun, shall be deemed to include masculine, feminine, singular, plural, individuals, partnerships or corporations where applicable. References in this Agreement to terms in the singular shall include the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10 <u>U.S. Dollars</u>**. References herein to "Dollars" or "$" shall refer to U.S. dollars and all payments and all calculations of amount hereunder shall be made in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11 <u>Counterparts</u>**. This instrument may be executed in any number of counterparts each of which shall be considered an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12 <u>Additional Documents</u>**. The parties to this Agreement covenant and agree to execute such additional documents and to perform additional acts as are or may become necessary or convenient to carry out the purposes of this Agreement. Each Member agrees (a) to cooperate with the Company Group and its counsel, to the extent reasonably requested, in the registration, issuance, protection, perfection, contest, or defense of the intellectual property of the Company Group and (b) to make reasonably available their personnel, to provide any testimony and access to their books and records in connection with, and to provide the Company Group with such other assistance as the Company may reasonably request, in each case at the sole expense of the Company (except as results from a breach of this Agreement), for the purpose of protecting the intellectual property of the Company. Each Member agrees that such Member will not, through reorganization, consolidation, merger, dissolution, or sale or other transfer of assets, or by any other voluntary act, avoid or seek to avoid the observance or performance of any of the covenants, stipulations, or conditions to be observed or performed in this Agreement by such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.13 <u>No Third Party Beneficiaries</u>**. This Agreement is for the sole benefit of the Members and the Directors, and no other Person is intended to be a beneficiary of this Agreement or shall have any rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.14 <u>Covenant to Obtain Spouse's Signature</u>**. Each Member who is a natural person shall cause such Member's spouse to execute a spousal counterpart signature page to this Agreement in the form attached to this Agreement as <u>Exhibit C</u>. If a Member who is a natural person and who is not married as of the date such Person becomes a Member should ever marry or is married as of the date such Person becomes a Member and becomes divorced and then remarries, as the case may be, during the term of this Agreement, then such Member covenants and agrees that such Member shall cause such Member's spouse to execute a spousal counterpart signature page to this Agreement in the form attached to this Agreement as <u>Exhibit C</u>. Any spouse of a Member that executes this Agreement is doing so solely to evidence such spouse's consent

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and agreement to take such actions as may be necessary to comply with the applicable provisions of this Agreement.

**[Signatures on next page.]**

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The parties have executed this Agreement to be effective as of the Effective Date.

**MEMBERS**:

**FLOURISH HOLDINGS, INC.**

By:

Name:

Title:

**GLOO HOLDINGS, LLC**

By:

Name: Scott Beck

Title: President and Chief Executive Officer

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**<u>Exhibit E</u>**

**Installment Promissory Note**

(see attached)

Exhibit D-1

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**THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE** "**SECURITIES ACT**"**), AND HAS NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAWS**. **NO SALE OR DISPOSITION OF THIS NOTE MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY (AS DEFINED BELOW) THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.**

**GLOO HOLDINGS, LLC** 

**PROMISSORY NOTE**

**$3,180,000.00 January 3, 2025**

For value received, **Gloo Holdings, LLC**, a Delaware limited liability company (the "**<u>Company</u>**"), promises to pay to the order of **Flourish Holdings, Inc.,** a Missouri corporation or its permitted assigns (the "**<u>Holder</u>**") of this Promissory Note (this "**<u>Note</u>**"), the principal sum of Three Million One Hundred Eighty Thousand and No/100 Dollars ($3,180,000.00), due and payable on the dates and in the manner set forth below.

This Note is being issued pursuant to that certain Securities Purchase Agreement, dated as of even date herewith (the "**<u>Closing Date</u>**"), by and among Midwestern Interactive, LLC, a Missouri limited liability company and Matthew S. Johnson, an individual residing in the State of Missouri ("**<u>Johnson</u>**" and together with the Holder, the "**<u>Sellers</u>**" and each individually, a "**<u>Seller</u>**"), the Company and Holder (the "**<u>Purchase Agreement</u>**"). Each capitalized term used but not defined in this Note has the meaning ascribed to such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Interest Rate</u>**. This Note will bear interest at a rate of five percent (5%) per annum (the "**<u>Interest Rate</u>**"). If any amount payable hereunder is not paid when due, whether at stated maturity, by acceleration, or otherwise, such overdue amount shall bear interest at the Interest Rate plus five percent (5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Payment Mechanics</u>**. Principal and interest on this Note shall be due and payable in accordance with the amortization schedule set forth on **<u>Schedule A</u>** to this Note (the "**<u>Amortization Schedule</u>**" and each such payment set forth on the Amortization Schedule, a "**<u>Regular Installment Payment</u>**" and collectively, the "**<u>Regular Installment Payments</u>**"); *provided*, *however*, that upon the consummation by the Company of a Qualified IPO (as hereinafter defined) or a Change of Control (as hereafter defined), the Regular Installment Payments shall be accelerated and paid in full by no later than five (5) Business Days following consummation of such Qualified IPO or Change of Control. Each Regular Installment Payment shall be made on the date set forth with respect to such Regular Installment Payment on **<u>Schedule A</u>**; *provided* that if any Regular Installment Payment becomes due on a day that is not a Business Day, such Regular Installment Payment shall be made on the next succeeding Business Day. For purposes of this Note, "**<u>Qualified IPO</u>**" means a firmly underwritten sale of the Purchaser Securities or other securities of the Company to the public effected pursuant to a regulation statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act, in which

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the gross offering proceeds are in excess of Fifty Million Dollars ($50,000,000.00) (determined prior to deductions for offering expenses and commissions paid to underwriters). For purposes of this Note, "**<u>Change of Control</u>**" means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of equity interests representing more than thirty-five percent (35%) of the aggregate voting power represented by the issued and outstanding equity interests of the Company or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by persons who were neither (i) members of the board of directors of the Company on the date of this Agreement, (ii) nominated, appointed or approved by the board of directors of the Company (either by a specific vote or by approval of a proxy statement issued by the Company on behalf of its board of directors in which such individual is named as a nominee for director) nor (iii) nominated, appointed or approved (either by a specific vote or by approval of a proxy statement issued by the Company on behalf of its board of directors in which such individual is named as a nominee for director) by directors so nominated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Payments</u>**. All Regular Installment Payments shall be in lawful money of the United States of America and shall be payable at the address of the Holder set forth on Holder's signature page hereto, unless another place of payment shall be specified in writing by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Set-Off</u>**. The Company shall have the right, in accordance with the terms of the Purchase Agreement, to set off any liability owed by any Seller to the Company pursuant to Article IX of the Purchase Agreement against the principal amount of this Note, such set off to be applied to any Regular Installment Payment in order of maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Prepayment</u>**. The Company shall have the right to prepay this Note, in whole or in part, at any time without prior notice, consent, penalty or prepayment premium by paying the aggregate principal amount to be prepaid on the date of prepayment. Prepayments shall be applied to Regular Installment Payments in the order of their maturity, reducing the amount of such Regular Installment Payment(s) by the amount prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Events of Default</u>**. The occurrence and continuance of any of the following shall constitute an "Event of Default" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Failure to Pay**. The Company fails to pay (i) any principal amount herender when due or (ii) interest or any other amount when due and such failure continues for fifteen (15) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Breach of Representations and Warranties**. Any representation or warranty made by the Company hereunder is incorrect in any material respect on the date as of which such representation or warranty was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Breach of Covenants**. The Company fails to observe or perform any other covenant, obligation, condition, or agreement contained in this Note, other than those specified in <u>Section 6.a</u> above, and such failure continues for thirty (30) days after written notice to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Bankruptcy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company commences any case, proceeding, or other action (1) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (2) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part of its assets, or the Company makes a general assignment for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. There is commenced against the Company any case, proceeding, or other action of a nature referred to in <u>Section 6.d.i</u> which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged, or unbonded for a period of sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. There is commenced against the Company any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Company is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Judgments**. One or more judgments or decrees in excess of $20,000,000.00 shall be entered against the Borrower and all of such judgments or decrees shall not have been vacated, discharged, or stayed or bonded pending appeal within thirty (30) days from the entry thereof.

Notwithstanding anything to the contrary in this Note, none of items b, c, or e above shall constitute an "Event of Default" hereunder unless (i) the Holder has delivered written notice of the occurrence (or continuance) of such (a "**<u>Default Notice</u>**") and (ii) the Company has not, with thirty (30) days of its receipt of such Default Notice, cured such matter to the reasonable satisfaction of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Remedies</u>**. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Holder may, at its option, by written notice to the Company declare the entire principal amount hereunder, together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or exercise any or all of its rights, powers or remedies under applicable Law; *provided, however*, that if an Event of Default described in <u>Section 6.d</u> shall occur, the principal hereunder and all accrued interest shall become immediately due and payable without any notice, declaration, or other act on the part of the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Transfer Restrictions</u>**. This Note and any interest herein may not be transferred, pledged or hypothecated by the Holder without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Notices**. All notices and other communications pursuant to this Note must be in writing and will be deemed given if delivered personally, sent by electronic mail, sent by nationally recognized overnight courier, or mailed by registered or certified mail (return-receipt requested), postage prepaid, to either the Company or the Holder at its address set forth below (or to such other address or person as either party or person entitled to notice may by notice to the other party specify). Any such notice or communication will be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of electronic mail, on the date sent if sent before 5:00 p.m. Mountain Time, or if sent after such time, on the next Business Day after the date sent; (iii) in the case of a nationally recognized overnight courier in circumstances under which such courier guarantees next Business Day delivery, on the next Business Day after the date sent; and (iv) in the case of mailing, on the third (3<sup>rd</sup>) Business Day after that on which the piece of mail containing such communication is posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Successors and Assigns**. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto. Notwithstanding the foregoing, neither the Company nor the Holder may, assign, exchange or transfer their respective rights or obligations under this Note (whether voluntarily or involuntarily) without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Governing Law and Jurisdiction**. The laws of the State of Delaware (without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any other jurisdiction) will govern all matters arising out of or relating to this Note and all of the transactions it contemplates, including its validity, interpretation, construction, performance and enforcement and any disputes or controversies arising therefrom. Each of the Company and the Holder: (i) expressly and irrevocably consents and submits to the exclusive jurisdiction of each state and federal court located in Joplin, Missouri, (and each appellate court located in the State of Missouri) in connection with any action, claim, demand, charge, complaint, suit or other proceeding relating to this Note; (ii) agrees that each state and federal court located in Joplin, Missouri, will be deemed to be a convenient forum; and (iii) agrees not to assert (by way of motion, as a defense or otherwise), in any such proceeding commenced in any state or federal court located in Joplin, Missouri, any claim that such party is not subject personally to the jurisdiction of such court, that such proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Titles and Subtitles**. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Amendment and Waiver**. Any term of this Note may be amended and the observance of any term of this Note may be waived only with the prior written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Severability**. If any provision of this Note is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Note are not affected or impaired in any way and the Company and the Holder agree to negotiate in good faith to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision, that achieves, to the greatest lawful extent under this Note, the economic, business and other purposes of such invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Limitation of Liability**. IN NO EVENT WILL THE COMPANY HAVE ANY LIABILITY ARISING HEREUNDER OR IN CONNECTION HEREWITH TO ANY PARTY OR OTHER PERSON FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL OR PUNITIVE DAMAGES OF ANY KIND, REGARDLESS OF WHETHER SUCH PARTY OR PERSON WILL BE ADVISED, WILL HAVE OTHER REASON TO KNOW, OR IN FACT WILL KNOW OF THE POSSIBILITY OF THE FOREGOING. FOR THE AVOIDANCE OF DOUBT, THE COMPANY'S PAYMENT OBLIGATIONS HEREUNDER SHALL BE SATISFIED UPON PAYMENT TO THE HOLDER OF AMOUNTS DUE AND PAYABLE HEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **WAIVER OF JURY TRIAL**. THE HOLDER AND THE COMPANY EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THE HOLDER AND THE COMPANY EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Prevailing Party**. In the event of litigation between the parties hereto relating to this Note, the party that is determined by a final non-appealable order (or any order which such party elects not to appeal) of a court of competent jurisdiction to be the prevailing party shall be entitled to be reimbursed by the other party for all of the reasonable legal fees and disbursements such prevailing party has incurred in connection with such litigation, including any appeal therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **Counterparts**. This Note may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and

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hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the parties hereto.

**[REMAINDER OF THE PAGE LEFT BLANK; SIGNATURES APPEAR ON FOLLOWING PAGES]**

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**IN WITNESS WHEREOF**, the Company has caused this Note to be duly executed and delivered as of the date first set forth above.

**GLOO HOLDINGS, LLC**

By:  <br> Name: Scott Beck <br>Title: President and Chief Executive Officer

Address for notice to the Company:

*[Signature Page to Promissory Note]*

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**Agreed to and Accepted by**:

**FLOURISH HOLDINGS, INC.**

By:  <br> Name: Matthew S. Johnson<br>Title: President

Address for notice to the Holder:

*[Signature Page to Promissory Note]*

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**<u>Exhibit F</u>**

**Permitted Indebtedness Promissory Note No**. **1**

(see attached)

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**THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE** "**SECURITIES ACT**"**), AND HAS NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION OF THIS NOTE MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY (AS DEFINED BELOW) THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.**

**GLOO HOLDINGS, LLC**

**PROMISSORY NOTE**

**$6,492,445.05 January 3, 2025**

For value received, **Gloo Holdings, LLC**, a Delaware limited liability company (the "**<u>Company</u>**"), promises to pay to the order of **Flourish Holdings, Inc.,** a Missouri corporation or its permitted assigns (the "**<u>Holder</u>**") of this Promissory Note (this "**<u>Note</u>**"), the principal sum of Six Million Four Hundred Ninety-Two Thousand Four Hundred Forty-Five and 05/100 Dollars ($6,492,445.05), due and payable on the dates and in the manner set forth below.

This Note is being issued pursuant to that certain Securities Purchase Agreement, dated as of even date herewith (the "**<u>Closing Date</u>**"), by and among Midwestern Interactive, LLC, a Missouri limited liability company and Matthew S. Johnson, an individual residing in the State of Missouri ("**<u>Johnson</u>**" and together with the Holder, the "**<u>Sellers</u>**" and each individually, a "**<u>Seller</u>**"), the Company and Holder (the "**<u>Purchase Agreement</u>**"). Each capitalized term used but not defined in this Note has the meaning ascribed to such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Interest Rate</u>**. This Note will bear interest at a rate of three and seven hundredths percent (3.07%) per annum ("**<u>Interest Rate</u>**"). If any amount payable hereunder is not paid when due, whether at stated maturity or otherwise, such overdue amount shall bear interest at the Interest Rate plus five percent (5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Payment Mechanics</u>**. Principal and interest on this Note shall be due and payable in accordance with the amortization schedule set forth on **<u>Schedule A</u>** to this Note (the "**<u>Amortization Schedule</u>**" and each such payment set forth on the Amortization Schedule, a "**<u>Regular Installment Payment</u>**" and collectively, the "**<u>Regular Installment Payments</u>**"). Each Regular Installment Payment shall be made on the date set forth with respect to such Regular Installment Payment on **<u>Schedule A</u>**; *provided*, that if any Regular Installment Payment becomes due on a day that is not a Business Day, such Regular Installment Payment shall be made on the next succeeding Business Day; *provided*, *further*, that a final payment shall be due and payable on June 15, 2042, at which time the entire unpaid principal plus accrued interest shall be due and payable immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Payments</u>**. All Regular Installment Payments shall be in lawful money of the United States of America and shall be payable at the address of the Holder set forth on Holder's signature page hereto, unless another place of payment shall be specified in writing by the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Set-Off</u>**. The Company shall have the right, in accordance with the terms of the Purchase Agreement, to set off any liability owed by any Seller to the Company pursuant to Article IX of the Purchase Agreement against the principal amount of this Note, such set off to be applied to any Regular Installment Payment in order of maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Prepayment</u>**. The Company shall have the right to prepay this Note, in whole or in part, at any time without prior notice, consent, penalty or prepayment premium by paying the aggregate principal amount to be prepaid on the date of prepayment. Prepayments shall be applied to Regular Installment Payments in the order of their maturity, reducing the amount of such Regular Installment Payment(s) by the amount prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Events of Default</u>**. The occurrence and continuance of any of the following shall constitute an "Event of Default" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Failure to Pay**. The Company fails to pay (i) any principal amount herender when due or (ii) interest or any other amount when due and such failure continues for fifteen (15) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Breach of Representations and Warranties**. Any representation or warranty made by the Company hereunder is incorrect in any material respect on the date as of which such representation or warranty was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Breach of Covenants**. The Company fails to observe or perform any other covenant, obligation, condition, or agreement contained in this Note, other than those specified in <u>Section 6.a</u> above, and such failure continues for thirty (30) days after written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Bankruptcy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company commences any case, proceeding, or other action (1) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (2) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part of its assets, or the Company makes a general assignment for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. There is commenced against the Company any case, proceeding, or other action of a nature referred to in <u>Section 6.d.i</u> which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged, or unbonded for a period of sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. There is commenced against the Company any case, proceeding, or other action seeking issuance of a warrant of attachment, execution,

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or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Company is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Judgments**. One or more judgments or decrees in excess of $20,000,000.00 shall be entered against the Borrower and all of such judgments or decrees shall not have been vacated, discharged, or stayed or bonded pending appeal within thirty (30) days from the entry thereof.

Notwithstanding anything to the contrary in this Note, none of items b, c, or e above shall constitute an "Event of Default" hereunder unless (i) the Holder has delivered written notice of the occurrence (or continuance) of such (a "**<u>Default Notice</u>**") and (ii) the Company has not, within thirty (30) days of its receipt of such Default Notice, cured such matter to the reasonable satisfaction of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Remedies</u>**. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Holder may, at its option, by written notice to the Company declare the entire principal amount hereunder, together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or exercise any or all of its rights, powers or remedies under applicable Law; *provided, however*, that if an Event of Default described in <u>Section 6.d</u> shall occur, the principal hereunder and all accrued interest shall become immediately due and payable without any notice, declaration, or other act on the part of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Transfer Restrictions</u>**. This Note and any interest herein may not be transferred, pledged or hypothecated by the Holder without the prior written consent of the Company, which such consent shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Notices**. All notices and other communications pursuant to this Note must be in writing and will be deemed given if delivered personally, sent by electronic mail, sent by nationally recognized overnight courier, or mailed by registered or certified mail (return-receipt requested), postage prepaid, to either the Company or the Holder at its address set forth below (or to such other address or person as either party or person entitled to notice may by notice to the other party specify). Any such notice or communication will be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of electronic mail, on the date sent if sent before 5:00 p.m. Mountain Time, or if sent after such time, on the next Business Day after the date sent; (iii) in the case of a nationally recognized overnight courier in circumstances under which such courier guarantees next Business Day delivery, on the next Business Day after the date sent; and (iv) in the case of mailing, on the third (3<sup>rd</sup>) Business Day after that on which the piece of mail containing such communication is posted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Successors and Assigns**. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto. Notwithstanding the foregoing, neither the Company nor the Holder may, assign, exchange or transfer their respective rights or obligations under this Note (whether voluntarily or involuntarily) without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Governing Law and Jurisdiction**. The laws of the State of Delaware (without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any other jurisdiction) will govern all matters arising out of or relating to this Note and all of the transactions it contemplates, including its validity, interpretation, construction, performance and enforcement and any disputes or controversies arising therefrom. Each of the Company and the Holder: (i) expressly and irrevocably consents and submits to the exclusive jurisdiction of each state and federal court located in Joplin, Missouri, (and each appellate court located in the State of Missouri) in connection with any action, claim, demand, charge, complaint, suit or other proceeding relating to this Note; (ii) agrees that each state and federal court located in Joplin, Missouri, will be deemed to be a convenient forum; and (iii) agrees not to assert (by way of motion, as a defense or otherwise), in any such proceeding commenced in any state or federal court located in Joplin, Missouri, any claim that such party is not subject personally to the jurisdiction of such court, that such proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Titles and Subtitles**. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Amendment and Waiver**. Any term of this Note may be amended and the observance of any term of this Note may be waived only with the prior written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Severability**. If any provision of this Note is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Note are not affected or impaired in any way and the Company and the Holder agree to negotiate in good faith to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision, that achieves, to the greatest lawful extent under this Note, the economic, business and other purposes of such invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Limitation of Liability**. IN NO EVENT WILL THE COMPANY HAVE ANY LIABILITY ARISING HEREUNDER OR IN CONNECTION HEREWITH TO ANY PARTY OR OTHER PERSON FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL OR PUNITIVE DAMAGES OF ANY KIND, REGARDLESS OF WHETHER SUCH PARTY OR PERSON WILL BE ADVISED, WILL HAVE OTHER REASON TO KNOW, OR IN FACT WILL KNOW OF THE POSSIBILITY OF THE FOREGOING. FOR THE AVOIDANCE OF DOUBT, THE COMPANY'S PAYMENT OBLIGATIONS

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HEREUNDER SHALL BE SATISFIED UPON PAYMENT TO THE HOLDER OF AMOUNTS DUE AND PAYABLE HEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **WAIVER OF JURY TRIAL**. THE HOLDER AND THE COMPANY EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THE HOLDER AND THE COMPANY EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Prevailing Party**. In the event of litigation between the parties hereto relating to this Note, the party that is determined by a final non-appealable order (or any order which such party elects not to appeal) of a court of competent jurisdiction to be the prevailing party shall be entitled to be reimbursed by the other party for all of the reasonable legal fees and disbursements such prevailing party has incurred in connection with such litigation, including any appeal therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **Counterparts**. This Note may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the parties hereto.

**[REMAINDER OF THE PAGE LEFT BLANK; SIGNATURES APPEAR ON FOLLOWING PAGES]**

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**IN WITNESS WHEREOF**, the Company has caused this Note to be duly executed and delivered as of the date first set forth above.

**GLOO HOLDINGS, LLC**

By:

Name: Scott Beck

Title: President and Chief Executive Officer

Address for notice to the Company:

*[Signature Page to Promissory Note]*

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**Agreed to and Accepted by**:

**FLOURISH HOLDINGS, INC**.

By:

Name: Matthew S. Johnson

Title: President

Address for notice to the Holder:

*[Signature Page to Promissory Note]*

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**<u>Exhibit G</u>**

**Permitted Indebtedness Promissory Note No**. **2**

(see attached)

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**THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE** "**SECURITIES ACT**"**), AND HAS NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAWS**. **NO SALE OR DISPOSITION OF THIS NOTE MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY (AS DEFINED BELOW) THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.**

**GLOO HOLDINGS, LLC**

**PROMISSORY NOTE**

**$2,374,025.35 January 3, 2025**

For value received, in accordance with the terms and subject to the conditions of this Promissory Note (this "**<u>Note</u>**"), Gloo Holdings, LLC, a Delaware limited liability company (the "**<u>Company</u>**"), promises to pay to the order of Matthew S. Johnson, an individual residing in the State of Missouri ("**<u>Holder</u>**"), the principal sum of Two Million Three Hundred Seventy-Four Thousand Twenty-Five and 35/100 Dollars ($2,374,025.35) (the "**<u>Principal Amount</u>**"), due and payable on the dates and in the manner set forth below.

This Note is being issued pursuant to and in connection with the transactions contemplated by that certain Securities Purchase Agreement, dated as of even date herewith, by and among Midwestern Interactive, LLC, a Missouri limited liability company ("**<u>Midwestern</u>**"), Flourish Holdings, Inc., a Missouri corporation (together with Holder, the "**<u>Sellers</u>**"), the Company and Holder (the "**<u>Purchase Agreement</u>**"). Each capitalized term used but not defined in this Note has the meaning ascribed to such term in the Purchase Agreement.

Midwestern is the borrower under that certain Promissory Note, dated June 30, 2022 (the "**<u>Buyout Note</u>**"), issued to the People's Bank of Seneca ("**<u>Seneca</u>**") having a principal amount of $2,700,000. The proceeds of the Buyout Note were used to finance the acquisition by Holder of all of the membership interests of Midwestern not previously owned by Holder. Notwithstanding that Midwestern is the borrower under the Buyout Note, all payments owed under it have been made by Holder, not Midwestern. As of the date of this Note, the outstanding principal balance on the Buyout Note equals the Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Interest Rate</u>**. This Note will bear interest at a rate of 4.75% per annum ("**<u>Interest Rate</u>**"). If any amount payable hereunder is not paid when due, whether at stated maturity or otherwise, such overdue amount shall bear interest at the Interest Rate plus 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Payment Mechanics</u>**. Principal and interest on this Note shall be due and payable in accordance with the amortization schedule set forth on **<u>Schedule A</u>** to this Note (the "**<u>Amortization Schedule</u>**" and each such payment set forth on the Amortization Schedule, a "**<u>Installment Payment</u>**" and collectively, the "**<u>Installment Payments</u>**"). Each Installment Payment shall be made on the date set forth with respect to such Installment Payment on **<u>Schedule A</u>**; *provided*, that if any Installment Payment becomes due on a day that is not a Business Day,

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such Installment Payment shall be made on the next succeeding Business Day; *provided*, *further*, that the final Installment Payment shall be due and payable on June 15, 2029, at which time the entire remaining unpaid principal plus accrued interest shall be due and payable immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Payments; Late Charge</u>**. All Installment Payments shall be in lawful money of the United States of America and shall be payable at the address of the Holder set forth on Holder's signature page hereto, unless another place of payment shall be specified in writing by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Use of Proceeds</u>**. Payments made under this Note will be used by Holder for the sole and exclusive purpose of making payments, as and when due, under the Buyout Note. Accordingly, promptly, and in any event no later than ten (10) days, following Holder's receipt of an Installment Payment, Holder shall (a) pay the full amount of such Installment Payment to Seneca in accordance with the terms and conditions of the Buyout Note (each such payment to Seneca, a "**<u>Mandatory Payment</u>**") and (b) provide reasonable evidence to the Company of the making of such Mandatory Payment ((a) and (b) collectively, the "**<u>Mandatory Payment Conditions</u>**"). If the Mandatory Payment Conditions are not satisfied with respect to any Installment Payment made by the Company to Holder and, as a result, the Company makes such Mandatory Payment to Seneca, then (x) the Company's obligation to make the subsequent regularly scheduled Installment Payment (the "**<u>Subsequent Installment Payment</u>**") will be, without the requirement of any further action by any party, cancelled and (y) the Company's obligations with respect each other Installment Payment will be suspended until Holder has provided to the Company reasonable evidence, as determined by the Company in its reasonable discretion, of Holder's making of such Mandatory Payment to Seneca (a "**<u>Mandatory Payment Cure</u>**"). For the avoidance of doubt, if Holder has not completed a Mandatory Payment Cure on or before the due date of the Subsequent Installment Payment, and provided that the Company makes such corresponding Mandatory Payment to Seneca, then the Company's obligations with respect to the Installment Payment due after the Subsequent Installment Payment will also be cancelled (and so on and so forth with respect to all subsequent Installment Payments) until completion of a Mandatory Payment Cure by Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Set-Off</u>**. The Company shall have the right, in accordance with the terms of the Purchase Agreement, to set off any liability owed by any Sellers to the Company pursuant to Article IX of the Purchase Agreement against the principal amount of this Note, such set off to be applied to any Installment Payment in order of maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Prepayment</u>**. The Company shall have the right to prepay this Note, in whole or in part, at any time without prior notice, consent, penalty or prepayment premium by paying the aggregate principal amount to be prepaid on the date of prepayment. Prepayments shall be applied to Installment Payments in the order of their maturity, reducing the amount of such Installment Payment(s) by the amount prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Events of Default</u>**. The occurrence and continuance of any of the following shall constitute an "Event of Default" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Failure to Pay**. The Company fails to pay (i) any principal amount herender when due or (ii) interest or any other amount when due and such failure continues for fifteen (15) days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Breach of Representations and Warranties**. Any representation or warranty made by the Company hereunder is incorrect in any material respect on the date as of which such representation or warranty was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Breach of Covenants**. The Company fails to observe or perform any other covenant, obligation, condition, or agreement contained in this Note, other than those specified in <u>Section 7.a</u> above, and such failure continues for thirty (30) days after written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Bankruptcy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company commences any case, proceeding, or other action (1) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (2) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part of its assets, or the Company makes a general assignment for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. There is commenced against the Company any case, proceeding, or other action of a nature referred to in <u>Section 7.d.i</u> which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged, or unbonded for a period of sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. There is commenced against the Company any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Company is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Judgments**. One or more judgments or decrees in excess of $20,000,000.00 shall be entered against the Borrower and all of such judgments or decrees shall not have been vacated, discharged, or stayed or bonded pending appeal within thirty (30) days from the entry thereof.

Notwithstanding anything to the contrary in this Note, none of items b, c, or e above shall constitute an "Event of Default" hereunder unless (i) the Holder has delivered written notice of the occurrence (or continuance) of such (a "**<u>Default Notice</u>**") and (ii) the Company has not, within thirty (30) days of its receipt of such Default Notice, cured such matter to the reasonable satisfaction of the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Remedies</u>**. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Holder may, at its option, by written notice to the Company declare the entire principal amount hereunder, together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or exercise any or all of its rights, powers or remedies under applicable Law; *provided, however*, that if an Event of Default described in <u>Section 7.d</u> shall occur, the principal hereunder and all accrued interest shall become immediately due and payable without any notice, declaration, or other act on the part of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Transfer Restrictions</u>**. This Note and any interest herein may not be transferred, pledged or hypothecated by the Holder without the prior written consent of the Company, which such consent shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Notices**. All notices and other communications pursuant to this Note must be in writing and will be deemed given if delivered personally, sent by electronic mail, sent by nationally recognized overnight courier, or mailed by registered or certified mail (return-receipt requested), postage prepaid, to either the Company or the Holder at its address set forth below (or to such other address or person as either party or person entitled to notice may by notice to the other party specify). Any such notice or communication will be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of electronic mail, on the date sent if sent before 5:00 p.m. Mountain Time, or if sent after such time, on the next Business Day after the date sent; (iii) in the case of a nationally recognized overnight courier in circumstances under which such courier guarantees next Business Day delivery, on the next Business Day after the date sent; and (iv) in the case of mailing, on the third (3<sup>rd</sup>) Business Day after that on which the piece of mail containing such communication is posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Successors and Assigns**. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto. Notwithstanding the foregoing, neither the Company nor the Holder may, assign, exchange or transfer their respective rights or obligations under this Note (whether voluntarily or involuntarily) without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Governing Law and Jurisdiction**. The laws of the State of Delaware (without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any other jurisdiction) will govern all matters arising out of or relating to this Note and all of the transactions it contemplates, including its validity, interpretation, construction, performance and enforcement and any disputes or controversies arising therefrom. Each of the Company and the Holder: (i) expressly and irrevocably consents and submits to the exclusive jurisdiction of each state and federal court located in Joplin, Missouri, (and each appellate court located in the State of Missouri) in connection with any action, claim, demand, charge, complaint, suit or other proceeding relating to this Note; (ii) agrees that each state and federal court located in Joplin, Missouri, will be deemed to be a convenient forum; and (iii) agrees not to assert (by way of motion, as a defense or otherwise), in any

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such proceeding commenced in any state or federal court located in Joplin, Missouri, any claim that such party is not subject personally to the jurisdiction of such court, that such proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Titles and Subtitles**. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Amendment and Waiver**. Any term of this Note may be amended and the observance of any term of this Note may be waived only with the prior written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Severability**. If any provision of this Note is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Note are not affected or impaired in any way and the Company and the Holder agree to negotiate in good faith to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision, that achieves, to the greatest lawful extent under this Note, the economic, business and other purposes of such invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Limitation of Liability**. IN NO EVENT WILL THE COMPANY HAVE ANY LIABILITY ARISING HEREUNDER OR IN CONNECTION HEREWITH TO ANY PARTY OR OTHER PERSON FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL OR PUNITIVE DAMAGES OF ANY KIND, REGARDLESS OF WHETHER SUCH PARTY OR PERSON WILL BE ADVISED, WILL HAVE OTHER REASON TO KNOW, OR IN FACT WILL KNOW OF THE POSSIBILITY OF THE FOREGOING. FOR THE AVOIDANCE OF DOUBT, THE COMPANY'S PAYMENT OBLIGATIONS HEREUNDER SHALL BE SATISFIED UPON PAYMENT TO THE HOLDER OF AMOUNTS DUE AND PAYABLE HEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **WAIVER OF JURY TRIAL**. THE HOLDER AND THE COMPANY EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THE HOLDER AND THE COMPANY EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Prevailing Party**. In the event of litigation between the parties hereto relating to this Note, the party that is determined by a final non-appealable order (or any order which such party elects not to appeal) of a court of competent jurisdiction to be the prevailing party shall be entitled to be reimbursed by the other party for all of the reasonable legal fees and disbursements such prevailing party has incurred in connection with such litigation, including any appeal therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **Counterparts**. This Note may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the parties hereto.

**[REMAINDER OF THE PAGE LEFT BLANK; SIGNATURES APPEAR ON FOLLOWING PAGES]**

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**IN WITNESS WHEREOF**, the Company has caused this Note to be duly executed and delivered as of the date first set forth above.

**GLOO HOLDINGS, LLC**

By:

Name: Scott Beck

Title: President and Chief Executive Officer

Address for notice to the Company:

*[Signature Page to Promissory Note]*

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**Agreed to and Accepted by**:

**Matthew S. Johnson**

Matthew S. Johnson

Address for notice to the Holder:

*[Signature Page to Promissory Note]*

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## Exhibit 10.13

**Exhibit 10.13**

**Gloo Holdings, LLC**

**Note Purchase Agreement**

**This Note Purchase Agreement** (the "***Agreement***") is made as of April 23, 2024 (the "***Effective Date***") by and among Gloo Holdings, LLC, a Delaware limited liability company (the "***Company***"), and the purchasers listed on the Schedule of Purchasers attached hereto as **Exhibit A** (each individually, a "***Purchaser***" and collectively, the "***Purchasers***").

**Recital**

To provide the Company with additional resources to conduct its business, the Purchasers are willing to loan to the Company in one or more disbursements up to an aggregate amount of $70,000,000, subject to the conditions specified herein.

**Agreement**

**Now, Therefore**, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the Company and each Purchaser, intending to be legally bound, hereby agree as follows:

**1.** **Amounts and Terms of the Loan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **The Loan.** Subject to the terms of this Agreement, each Purchaser agrees to lend to the Company at the Closing (as hereinafter defined) the amount set forth opposite such Purchaser's name on the Schedule of Purchasers attached to this Agreement (each, a "***Loan Amount***") against the issuance and delivery by the Company of a secured promissory note for such amount, in substantially the form attached hereto as **Exhibit B** (each, a "***Note***" and collectively, the "***Notes***") and a warrant to purchase $6.00 Units (as defined in the Seventh Amended and Restated Limited Liability Company Agreement of the Company, dated March 13, 2023, as amended, restated, modified, or supplemented from time to time) in substantially the form attached hereto as **Exhibit C** (each, a "***Warrant***" and collectively the "***Warrants***").

**2.** **Closing And Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Closing Date.** The initial closing of the purchase and sale of the Notes (the "***Initial Closing***") shall be held on the Effective Date, or at such other time as the Company and the initial Purchasers shall agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Subsequent Closings**. If the aggregate Loan Amount at the Initial Closing is less than $70,000,000, the Company, at any time prior to December 31, 2024, may, but is not obligated to, borrow additional amounts up to an aggregate Loan Amount of $70,000,000 in one or more additional closings (each, a "***Subsequent Closing***" and together with the Initial Closing, each, a "***Closing***") to such persons or entities as may be approved by the Company (the "***Additional Purchasers***") on the terms and conditions set forth in this Agreement. The date of each Closing is referred to herein as a "***Closing Date***." Subject to the terms of Section 6.7, this Agreement, including without limitation, the Schedule of Purchasers, may be amended by the Company

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without the consent of the Purchasers to include any Additional Purchasers. Any Notes sold pursuant to this Section 2.2 shall be deemed to be "Notes" for all purposes under this Agreement, and any Additional Purchasers thereof shall be deemed to be "Purchasers" for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Delivery.** At each Closing: (a) each Purchaser shall deliver to the Company (i) a check or wire transfer funds in the amount of such Purchaser's Loan Amount and (ii) a signed copy of the Note to be issued thereto, and (b) the Company shall issue and deliver to each Purchaser (i) a Note in favor of such Purchaser payable in the principal amount of such Purchaser's applicable Loan Amount and (ii) a Warrant to purchase $6.00 Units having an aggregate principal value equal to 30.0% of the such Purchaser's applicable Loan Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Closing Conditions.** Each Purchaser's obligations to purchase a Note on the Closing Date is subject to delivery of the documents described in Section 2.3 and the satisfaction, at or prior to the applicable Closing Date, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Representations and Warranties.** The representations and warranties set forth or referred to in Section 3 hereof shall be true and correct in all material respects on the date of the Initial Closing (except for representations and warranties which relate to a specific date, which shall be true and correct as of such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Proceedings and Documents.** All proceedings in connection with the transactions contemplated at each Closing and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reimbursement of Expenses.** If and as requested by such Purchaser, the Company shall have reimbursed such Purchaser for its reasonable costs and expenses incurred in connection with its review and negotiation of this Agreement and the other documents delivered in connection with the parties' entry into this Agreement.

**3.** **Representations and Warranties of the Company**

The Company hereby represents and warrants to each Purchaser as of the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Organization, Good Standing and Qualification.** The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite company power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign entity in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Company Power**. The Company has all requisite company power to execute and deliver this Agreement, to issue each Note and the Security Agreement in substantially the form attached hereto as **Exhibit D** (collectively with this Agreement and any other document that may

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be executed in connection herewith, the "***Loan Documents***") and to carry out and perform its obligations under the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Authorization**. All action on the part of the Company, its managers and its members necessary for the authorization of the Loan Documents and the execution, delivery and performance of all obligations of the Company under the Loan Documents, including the issuance and delivery of the Notes, has been taken or will be taken. The Loan Documents, when executed and delivered by the Company, shall constitute a valid and binding obligation of the Company enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 No Violations**. The execution, delivery and performance by the Company of the Loan Documents and the compliance with the provisions hereof and thereof by the Company do not violate, conflict with or constitute or result in a breach or default under (or an event that, with notice of passage of time or both, would constitute a default) or give rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any properties or assets of the Company under (a) the Certificate of Formation or the Company's Seventh Amended and Restated Limited Liability Company Agreement dated March 13, 2023, as amended and as it may be further amended, modified or supplemented, (b) applicable law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment or decree of any court, arbitrator, administrative agency or other governmental body applicable to the Company or any of its properties or assets or (c) except under the Loan Documents, any contract or agreement affecting the Company, except, with respect to clauses (b) and (c), in each case, where such violation, conflict, breach, default, termination, cancellation, acceleration or Encumbrance would not, individually or in the aggregate, have a material adverse effect on the Company. As used herein, the term "***Encumbrance***" shall mean any lien, charge, encumbrance, equity, claim, option, proxy, pledge, security interest or other similar right of any nature other than statutory liens securing payments not yet due and payable or due but not yet delinquent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Offering Valid**. Assuming the accuracy of the representations and warranties of the Purchasers contained in Section 4 hereof, the offer, issue, and sale of the Notes are and will be exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the "***Act***"), and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or qualification requirements of all applicable state securities laws.

**4.** **Representations and Warranties of the Purchasers** 

In connection, with the transactions contemplated by this Agreement and the Loan Documents, each Purchaser hereby represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Purchaser Power.** Each Purchaser has all requisite power to execute and deliver this Agreement and the Loan Documents and to carry out and perform its obligations under the terms hereof and thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Authorization.** All requisite action on the part of each Purchaser, its directors, managers, officers, partners, shareholders and members, as applicable, necessary for the authorization, execution, issuance, delivery and performance of the Loan Documents by such Purchaser and the performance of such Purchaser's obligations hereunder and thereunder, has been, or will be, taken. The Loan Documents, when executed and delivered by each Purchaser, shall constitute a valid and binding obligation of such Purchaser enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Purchase for Own Account.** Each Purchaser represents that it is, and will be, acquiring the Notes solely for such Purchaser's own account and beneficial interest for investment and not for sale or with a view to distribution of the Notes or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention, other than transfers between affiliates, including affiliate funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Information and Sophistication.** Each Purchaser acknowledges that it has had the opportunity to be represented by legal counsel and that it has received all the information such Purchaser has requested from the Company and such Purchaser considers necessary or appropriate for deciding whether to acquire the Notes. Each Purchaser represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Notes and to obtain any additional information necessary to verify the accuracy of the information given to the Purchaser. Each Purchaser further represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Ability to Bear Economic Risk.** Each Purchaser acknowledges that investment in the Notes involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Notes for an indefinite period of time and to suffer a complete loss of its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Further Limitations on Disposition.** Without in any way limiting the representations set forth above, each Purchaser agrees not to make any disposition of all or any portion of the Notes unless and until: (a) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or (b) the Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, such Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Securities Act or any applicable state securities laws. Notwithstanding the provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for a transfer by such Purchaser to an affiliate (including affiliate funds), a shareholder, partner (or retired partner) or member (or retired member) of such Purchaser, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were Purchasers hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Accredited Investor Status.** Each Purchaser represents that it is an "accredited investor" as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** **Securities Law Compliance.** Each Purchaser has been advised that the Notes have not been registered under the Securities Act or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. Each Purchaser is aware that the Company is under no obligation to effect any such registration with respect to the Notes or to file or comply with any such exemption from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** **No Violations.** The execution, delivery and performance by each Purchaser of the Loan Documents and the compliance with the provisions hereof and thereof by such Purchaser do not violate, conflict with or constitute or result in a breach or default under (or an event that, with notice of passage of time or both, would constitute a default) or give rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any properties or assets of such Purchaser under (a) its organizational documents, if applicable, (b) applicable law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment or decree of any court, arbitrator, administrative agency or other governmental body applicable to such Purchaser or any of its properties or assets or (c) any contract or agreement affecting such Purchaser, except, with respect to clauses (b) and (c), in each case, where such violation, conflict, breach, default, termination, cancellation, acceleration or Encumbrance would not, individually or in the aggregate, have a material adverse effect on such Purchaser.

**5.** **Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Allocation of Payments.** Each payment of interest or principal on the Notes shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal balances outstanding thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Additional Agreements**. Until the payment of all amounts due under the Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basic Financial Information and Reporting.** As soon as practicable after the end of each fiscal year of the Company, the Company will make available to each Purchaser a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. As soon as practicable after the end of each fiscal quarter, the Company will make available to each Purchaser a balance sheet of the Company, a statement of income and a statement of cash flows of the Company, as at the end of and for such calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Notification**. The Company shall give written notice to each Purchaser of any event which, with or without notice or passage of time, would constitute an Event of Default (as defined in the Notes), or the occurrence of an Event of Default within five (5) business days of becoming aware of the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Guaranty**. In connection with the entry into this Agreement by the Company and each Purchaser, each wholly-owned subsidiary of the Company has agreed to guaranty the satisfaction of the Company's obligations under the Notes pursuant to and in accordance with the terms of a Guaranty dated as of the Effective Date (the "***Guaranty***"). The Company hereby agrees to exercise its best efforts to cause each entity that becomes a wholly-owned subsidiary of the Company after the Effective Date (collectively with the current wholly-owned subsidiaries, the "***Guarantors***") to become a party to, and to guaranty the Company's obligations under the Notes pursuant to the terms and conditions of, the Guaranty as promptly as reasonably practicable. Further, each Purchaser agrees to release each Guarantor from its obligations under the Guaranty upon a change in control of such Guarantor pursuant to which the Company and its Affiliates and Related Persons cease to own a majority of the issued and outstanding equity interests of such Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Insurance**. The Company will maintain, and will cause each wholly-owned Subsidiary of the Company that is separately insured to maintain, insurance in such form and amounts as are consistent with industry practices and with such insurers as is reasonably satisfactory to the Required Purchasers. Such policies shall name the Collateral Agent as a lender loss payee and an additional insured, as its interests may appear, and to the extent reasonably available shall contain a provision whereby they cannot be canceled except after thirty (30) days' written notice to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Deposit Accounts**. Upon request of the Required Purchasers, the Company shall cause each of its deposit account to be subject to a deposit account control agreement in favor of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6** **Additional Debt**. The Company will not, and will not permit any of its wholly-owned subsidiaries to, incur any debt other than (a) the debt evidenced by the Notes and the other Loan Documents, (b) purchase money debt and capitalized lease obligations in an aggregate amount not to exceed $30,000,000 outstanding at any one time, (c) underlying cash deposits in connection with bids, tenders, or leases or as security for surety or appeal bonds, security deposits, earnest money, and other cash deposits incurred in the ordinary course of business, (d) debt incurred by indorsement of drafts or checks for deposit incurred in the ordinary course of business, (e) surety bonds obtained in the ordinary course of business, (f) unsecured loans, advances and other extensions of credit of (i) the Company to any Guarantor, or (ii) any Guarantor to the Company or any other Guarantor, (g) guaranty obligations of the Company or any Guarantor resulting from guarantees of debt permitted by this Section 5.6 of the Company or any other Guarantor, and (h) other unsecured debt in an aggregate amount not to exceed $10,000,000 outstanding at any one time. Any thresholds hereunder shall be calculated in the aggregate for the Company and all of its wholly-owned subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** **Restricted Payments**. Neither the Company nor any Guarantor shall make any dividend or other distribution, whether in cash, in kind, or otherwise, without the prior written consent of the Required Purchasers, except for (a) distributions or dividends from a subsidiary of the Company in respect of its equity interests ratably to the holders of such equity interests, and (b) distributions, dividends, or other payments actually paid to any direct or indirect member of the Company or any Guarantor for the sole purpose of providing funds to such person for the

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payment of income taxes of such person that are incurred because of such person's direct or indirect membership interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8** **Restrictions on Earnout Consideration**. Neither the Company nor any Guarantor shall make any payment of Earnout Consideration (as defined in that certain Securities Purchase Agreement, dated November 9, 2023, among the Company, Outreach Media, Inc. and the other parties thereto) after the occurrence and continuation of an Event of Default (as defined in the Notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9** **Post-Closing**. Within thirty (30) days following the Initial Closing (unless such deadline is otherwise extended at the Collateral Agent's sole discretion), the Company shall cause to be delivered to Collateral Agent (a) lender loss payee and additional insured endorsements regarding the Company's general liability and property and casualty insurance as required by Section 5.4 of this Agreement and (b) a duly executed deposit account control agreement with respect to the deposit accounts of the Company at Bank of America, N.A..

**6.** **Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Confidentiality of Records.** Each Purchaser agrees to use the same degree of care as such Purchaser uses to protect its own confidential information to keep confidential any information furnished to such Purchaser pursuant to the Loan Documents or otherwise that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Purchaser may disclose such proprietary or confidential information (a) to any partner, subsidiary or parent of such Purchaser as long as such partner, subsidiary or parent is advised of, and agrees or has agreed to be bound by, the confidentiality provisions of this Section 6.1 or comparable restrictions, (b) at such time as it enters the public domain through no fault of such Purchaser, (c) that is communicated to such Purchaser free of any obligation of confidentiality, (d) that is developed by such Purchaser or its agents independently of and without reference to any confidential information communicated by the Company, or (e) as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Binding Agreement.** 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 hereto. Nothing in this Agreement, express or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Governing Law.** This Agreement shall be governed by and construed under the laws of the State of Colorado as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Counterparts.** This Agreement may be executed 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. Executed counterparts to this Agreement may be delivered by electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Notices.** Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (c) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at Gloo Holdings, LLC, at its principal office at 831 Pearl St., Boulder, CO 80302; or to a Purchaser at its address shown on the Schedule of Purchasers, or at such other address as any such party may designate by ten (10) days advance written notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Actions by Required Purchasers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**All actions, omissions, and decisions of the Purchasers hereunder or under the Loan Documents, including, without limitation, any amendment, modification, or waiver of any provision of the Loan Documents or consent to departure therefrom (except an amendment in connection with any Additional Closing as permitted by Section 2.2) (each called herein, an "***Act of the Purchasers***") shall require the consent of the Required Purchasers. For purposes of this Agreement and the other Loan Documents, the consent of the "***Required Purchasers***" will mean that both (i) Purchasers (or their respective successors or assigns) holding, collectively, a majority of the outstanding and unpaid principal amount owing under all Notes then outstanding and (ii) if any then exist, Purchasers (or their respective successors or assigns) who are not then Related Persons of the Company who, collectively, hold a majority of the outstanding and unpaid principal amount owing under all Notes held by such Purchasers then outstanding have consented in writing to such action, omission, or decision. For purposes of this Agreement, "***Related Person***" means, with respect to any Purchaser, (A) any Affiliate of such Purchaser, and any direct or indirect beneficial owner (as defined in Rule 13d-3 of the Exchange Act) of 10% or more of the equity securities or voting securities or other voting interests in such Purchaser; (b) any manager, general partner, director, officer, trustee, executor, receiver, guardian, personal representative, or the estate of such Purchaser or person described in <u>clause (a)</u> above; (c) that is an individual, (i) any individual living with such Purchaser, (ii) any other individual who is related (by blood, marriage, or adoption) to the individual, (iii) the individual's spouse, or (iv) any person related to (A) such persons within the second degree or (B) any person or entity described in clauses (a) and (b) above; and (d) any trust, family partnership, family limited partnership, family limited liability company, or other entity established for the benefit of such Purchaser or any person described in any of <u>clauses (a)</u> through <u>(c)</u> above. "***Affiliate***" means, with respect to a person or entity, any other person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Each Purchaser agrees to abide by the decisions of the Required Purchasers and shall take such actions and execute such documents as may be necessary to confirm or accomplish any Act of the Purchasers. Notwithstanding the foregoing, the consent of each affected Purchaser shall be necessary to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**amend or modify the definition of "Required Purchasers" in this Agreement or any part of this Section 6.7; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**amend or modify any of the Loan Documents in a manner which adversely affects a Purchaser in a manner different from all other Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**Each Purchaser hereby agrees that no Purchaser shall be liable to any other Purchaser for any action taken or omitted to be taken by the Required Purchasers under or in connection with this Agreement or any other Loan Document (except for such Purchaser's own gross negligence or willful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **Entire Agreement.** This Agreement and the Exhibits hereto constitute the full and entire understanding and agreement between the parties hereto with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9** **Survival.** The warranties, representations, and covenants of the Company, and each Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and each Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** **Severability.** If one or more provisions of this Agreement or of any Note are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement or from such other Note and the balance of the Agreement or of such other Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11** **Exculpation Among Purchasers**. Each Purchaser acknowledges that it is not relying upon any person, firm or corporation, other than the Company and its officers and managers, in making its investment or decision to invest in the Company. Each Purchaser agrees that no Purchaser nor the respective controlling persons, officers, directors, partners, agents or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the Loan Documents.

**[Remainder of Page Intentionally Left Blank; Signature Page Follows]**

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**COMPANY:**

**Gloo Holdings, LLC**

By: <u>/s/ Scott Beck</u> 

Name: <u>Scott Beck</u> 

Title: <u>President & Chief Executive Officer</u> 

Address: 831 Pearl St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulder, Colorado 80302

*Signature Page to* 

*Note Purchase Agreement* 

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**PURCHASER:**

**Pearl Street Trust**

By: <u>/s/ Scott Beck</u> 

Name: <u>Scott Beck</u> 

Title: <u>Trustee</u> 

*Signature Page to* 

*Note Purchase Agreement* 

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**PURCHASER:**

**FMAB Partners, LP**

By: <u>/s/ Jack D. Furst</u> 

Name: <u>Jack D. Furst</u> 

Title: <u>President of JAJO, LLC, the General Partner of FMAB Partners, LP</u> 

*Signature Page to* 

*Note Purchase Agreement* 

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**PURCHASER:**

**Jane White 2011 Irrevocable Trust**

By: <u>/s/ Wallace L. Hall, Jr.</u> 

Name: <u>Wallace L. Hall, Jr.</u> 

Title: <u>Manager</u> 

*Signature Page to* 

*Note Purchase Agreement* 

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**PURCHASER:**

**William B. Kent**

By: <u>/s/ William B. Kent</u> 

**Kent Lubrication Centers, Ltd.**

By: <u>/s/ William B. Kent</u> 

Name: <u>William Kent</u> 

Title: <u>Chairman/CEO</u> 

*Signature Page to* 

*Note Purchase Agreement* 

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**PURCHASER:**

**Mark Saulsbury**

By: <u>/s/ Mark Saulsbury</u> 

**Bubba Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Diane Zugg 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Matthew Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

*Signature Page to* 

*Note Purchase Agreement* 

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**In Witness Whereof,** the parties have executed this **Note Purchase Agreement** as of the Effective Date.

**PURCHASER:**

**Scott Helbing**

By: <u>/s/ Scott Helbing</u> 

*Signature Page to* 

*Note Purchase Agreement* 

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**SCHEDULES AND EXHIBITS**

Exhibit A: Schedule of Purchasers

Exhibit B: Form of Secured Promissory Note

Exhibit C: Form of Warrant

Exhibit D: Form of Security Agreement

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**EXHIBIT A**

**SCHEDULE OF PURCHASERS**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name and Address**<br>| &nbsp;&nbsp; <br>**Date** | &nbsp;&nbsp; <br>**Loan amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pearl Street Trust** <br>831 Pearl Street<br>Boulder, CO 80401 | &nbsp;&nbsp; <br>**April 23, 2024**<br>**July 23, 2024**<br>**January 29, 2025** | &nbsp;&nbsp; <br>**$10000000**<br>**$20000000**<br>**$15000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FMAB Partners, LP**<br>2951 Lakeside Parkway, Suite 100<br>Flower Mound, TX 75022 | &nbsp;&nbsp; <br>**April 24, 2024** | &nbsp;&nbsp; <br>**$10000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**William B. Kent**<br>PO Box 908001<br>Midland, TX 79708 | &nbsp;&nbsp; <br>**April 24, 2024** | &nbsp;&nbsp; <br>**$1000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kent Lubrication Centers, Ltd**<br>PO Box 908001<br>Midland, TX 79708 | &nbsp;&nbsp; <br>**April 24, 2024** | &nbsp;&nbsp; <br>**$1000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Jane White 2011 Irrevocable Trust**<br>5956 Sherry Ln., #1810<br>Dallas, TX 75225 | &nbsp;&nbsp; <br>**April 24, 2024** | &nbsp;&nbsp; <br>**$2000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mark Saulsbury**<br>327 SE Loop 338<br>Odessa, TX 79762 | &nbsp;&nbsp; <br>**August 28, 2024** | &nbsp;&nbsp;**$1000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bubba Saulsbury 2018 GST Trust**<br>327 SE Loop 338<br>Odessa, TX 79762 | &nbsp;&nbsp; <br>**August 28, 2024** | &nbsp;&nbsp;**$260000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dianne Zugg 2018 GST Trust**<br>327 SE Loop 338<br>Odessa, TX 79762 | &nbsp;&nbsp; <br>**August 28, 2024** | &nbsp;&nbsp;**$185000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Matthew Saulsbury 2018 GST Trust**<br>327 SE Loop 338<br>Odessa, TX 79762 | &nbsp;&nbsp; <br>**August 28, 2024** | &nbsp;&nbsp;**$185000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Scott Helbing**<br>5707 Bryn Mawr Drive<br>Dallas, TX 75209 | &nbsp;&nbsp;**August 29, 2024** | &nbsp;&nbsp;**$50000** |
| &nbsp;&nbsp;**Total**<br>|  | &nbsp;&nbsp;**$60680000** |

---

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**EXHIBIT B**

**FORM OF SECURED PROMISSORY NOTE**

------

**THIS SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND HAS NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION OF THIS NOTE MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.**

**GLOO HOLDINGS, LLC**

**SECURED PROMISSORY NOTE**

**$_______________.00 [●], 2024**

FOR VALUE RECEIVED, **Gloo Holdings, LLC**, a Delaware limited liability company (the "**Company**"), unconditionally promises to pay to the order of _______________ or [his, her or its] permitted assigns (the "**Holder**") the principal sum of **$___________.00** together with all accrued and unpaid interest (the "**Outstanding Loan Amount**") as set forth in this Secured Promissory Note (the "**Note**"). Interest shall commence upon receipt of proceeds and shall continue on the outstanding principal balance hereof until paid in full. The principal balance of this Note together with the accrued interest thereon shall be due and payable on the dates and in the manner set forth below.

This Note is one of the secured promissory notes (collectively, the "**Notes**") referred to in that certain Note Purchase Agreement, dated as of April 23, 2024 (as the same may from time to time be amended, modified or supplemented or restated, the "**Purchase Agreement**") executed by the Company and the purchasers named therein, including the Holder (the "**Purchasers**"). Additional rights and obligations of the Holder are set forth in the Purchase Agreement. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Maturity; Extensions; Payments; Prepayment; Waiver of Presentment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Maturity Date**. At any time on or after April 23, 2027 (the "**Maturity Date**"), if this Note has not been paid in full, the Holder may elect to either (i) demand, upon thirty (30) days' written notice to the Company, payment of the entire outstanding principal balance of this Note together with all accrued and unpaid interest thereon or (ii) continue to hold the Note and interest shall continue to accrue on the unpaid principal balance hereof until such time when this Note is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Payments**. Interest on the Outstanding Loan Amount shall accrue from the date hereof until the Notes are repaid in full at an interest rate *per annum* equal to 1-Month SOFR <u>plus</u> 8.00% (the "**Accrual Rate**"), accruing on a daily basis. For purposes hereof, "**1-Month SOFR**" shall be the greater of (i) 1% and (ii) the forward-looking term rate for a 1-month term based on the secured overnight financing rate on the first business day of each calendar quarter, that has been selected or recommended by the Federal Reserve Board or the Federal Reserve Bank

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of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto (and as published on any publicly available source or website that Holder may select in its discretion). Such interest shall be paid quarterly in arrears (each such date, an "**Interest Payment Date**"), as follows: (a) in cash to the Holder ("**Cash Interest**") at a fixed rate of 8.00% per annum (the "**Cash Interest Rate**"), and (b) by increasing the outstanding principal amount of this Note by an amount (the "**PIK Interest**") equal to the difference between (i) interest accruing at the Accrual Rate and (ii) interest accruing at the Cash Pay Interest Rate for such quarterly period. Any interest due on an Interest Payment Date that is not paid by the Borrower as Cash Interest on such Interest Payment Date shall be deemed paid as PIK Interest with no further action required on the part of the Borrower. Following an increase in the Outstanding Loan Amount as a result of PIK Interest, this Note shall bear interest on such increased Outstanding Loan Amount from and after the date of such Interest Payment Date. Any payment of interest due and payable on an Interest Payment Date that is not a business day shall be due and payable on the first business day occurring after such Interest Payment Date and interest shall continue to accrue on the principal amount of this Note until, and shall be due and payable on, such business day. Borrower shall pay the principal of and the accrued and unpaid interest on the Note in cash in full on the Maturity Date, or such later date when the obligations of this Note become due and payable pursuant to Section 1(a) above. All payments of principal and interest (for the avoidance of doubt, as and when payable in cash) shall be in lawful money of the United States of America and shall be payable at the address of the Holder set forth herein, unless another place of payment shall be specified in writing by the Holder. All cash payments with respect to this Note shall be applied first to any fees or expenses due to the Holder arising hereunder, second to accrued Cash Interest (including any interest that accrues after the commencement of a proceeding by or against the Company under Title 11 of the United States Code), and third to the outstanding principal balance hereof (including any principal resulting from PIK Interest). If any payment on this Note becomes due on a Saturday, Sunday or a public holiday under the laws of the State of Delaware, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Prepayment.** This Note may be prepaid, in whole or in part, by the Company at any time prior to the Maturity Date and from time to time without the consent of the Holder and without penalty provided that, prior to any prepayment, the Company shall provide at least fifteen (15) days prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Waiver**. The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Corporate Transaction.** In the event that (i) the Company enters into an agreement pertaining to or consummates (in each case, including by way of a division or plan of division under Delaware law or any comparable event under a different jurisdiction's laws) (a) a sale, lease or other disposition of all or substantially all of its assets or (b) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the equity holders of the Company immediately prior to such consolidation, merger or reorganization own less than 50% of the voting power of the surviving entity immediately after such consolidation, merger or reorganization (each such event being referred to herein as a "**Corporate Transaction**"), and (ii) the Note has not been paid in full, then,

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before any distribution or payment is made to the holders of equity securities of the Company, the Holder may require that the Company pay to Holder an amount equal to the principal balance of the Note then outstanding, plus unpaid accrued interest thereon through the date of such Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Default.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each of the following events shall be an "**Event of Default**" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the Company engages in any liquidation, dissolution or winding up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** an involuntary petition is filed against the Company under any bankruptcy statute now or hereafter in effect and such petition continues without dismissal for a period of ninety (90) days or more, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** the Company fails to pay (A) any accrued Cash Interest within three business days of its receipt of notice from any Purchaser (including the Holder) of the Company's failure to pay any accrued Cash Interest on the applicable Interest Payment Date or (B) any and all unpaid principal, accrued interest or other amounts due and owing hereunder on the Maturity Date or such other date as agreed to by the Company and the Required Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** the Company materially breaches any warranty or agreement in any material respect made by Company in this Note (except as set forth in (iv) above) or in any other Loan Document or any representation or covenant in this Note or any other Loan Document and, as to any breach that is capable of cure, the Company fails to cure such breach within thirty (30) days of the Company becoming aware of the occurrence of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** the Company's Adjusted EBITDA for the six (6) month period beginning February 1, 2026, and ending July 31, 2026, does not equal or exceed $8,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** the Company's Adjusted EBITDA for the six (6) month period beginning May 1, 2026, and ending October 31, 2026, does not equal or exceed $10,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Upon the occurrence of any Event of Default hereunder, all unpaid principal, accrued interest and other amounts owing hereunder shall, at the option of the Holder, and, in the case of an Event of Default pursuant to Section 2(a)(i), (ii) or (iii) above, automatically, be immediately due, payable and collectible by the Holder pursuant to applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Upon the occurrence and during the continuance of any Event of Default, simple interest shall accrue on the unpaid principal balance of this Note at a rate equal to the Accrual Rate *plus* 5.00%, and all such interest shall be Cash Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys' fees and court costs incurred by the Holder in enforcing and collecting this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** For purposes of this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) "**Adjusted EBITDA**" means, for any period of determination with respect to the Company and its subsidiaries, the consolidated net income excluding interest expense, interest income, taxes, depreciation, and amortization, as determined in accordance with GAAP and taking into account customary adjustments for revenues received and expenses incurred that are, as determined by Company management in good faith, outside the ordinary course of business, reasonably expected to be non-recurring, or are otherwise determined not to be representative of operating performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) "**GAAP**" means United States generally accepted accounting principles in effect as of the date of this Secured Promissory Note, applied in a manner consistent with the past practice of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Security Interest.** The full amount of this Note is secured by the "Collateral" identified and described as security therefor in that certain Security Agreement executed by and delivered by the Company on or about April 23, 2024, which Collateral includes but is not limited to a first priority secured interest in all of the Company's Intellectual Property (as such term is defined in the Security Agreement). The Company shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Encumbrance on or in the Collateral, or in any portion thereof, except as permitted pursuant to the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Usury.** In no event shall the interest rate or rates payable under this Note, plus any other amounts paid in connection herewith and therewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. The Company and the Holder, in executing and delivering this Note, intend legally to agree upon the rate or rates of interest and manner of payment stated within this Note; *provided*, *however*, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, *ipso facto,* as of the date of this Note, the Company is and shall be liable only for the payment of such maximum as allowed by law, and payment received from the Company in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of any remaining obligations to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Successors and Assigns**. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Notwithstanding the foregoing, neither the Company or the Holder may, assign, exchange or

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transfer, by operation of law or otherwise, their respective rights or obligations under this Note (whether voluntarily or involuntarily), *provided*, *however*, that the Holder's rights or obligations under this Note may be sold, assigned, exchanged or transferred (i) by will or intestacy from the Holder to the Holder's immediate family members, to a trust for the benefit of the Holder or the Holder's immediate family members or to a limited partnership, the partners of which are the Holder's immediate family members, (ii) from the Holder, if an entity, to the Holder's equity owners; (iii) to Pearl Street Trust or any of its affiliates (including, without limitation, Scott Beck); and (iv) with the express written consent of the Company; *provided*, that in each case the transferee agrees in writing to be subject to the terms of this Note to the same extent as if such transferee were the Holder hereunder. Any sale, assignment, exchange or transfer of this Note by the Company or the Holder in contravention of this Section 7(a) shall be void and ineffectual *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Governing Law.** This Note shall be governed by and construed under the laws of the State of Colorado as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Titles and Subtitles**. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Amendment and Waiver**. This Note may be amended as set forth in Section 6.7 of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Cumulative Remedies**. The Holder's rights and remedies hereunder shall be cumulative. The Holder shall have all other rights and remedies not inconsistent herewith as provided under the UCC, by law or in equity. No exercise by the Holder of one right or remedy shall be deemed an election, and no waiver by the Holder of any Event of Default shall be deemed a continuing waiver.

**[Remainder of Page Intentionally Left Blank; Signature Page to Follow]**

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**In Witness Whereof**, the Company has caused this **Secured Promissory Note** to be duly executed and delivered as of the date first set forth above.

**COMPANY:**

**Gloo Holdings, LLC**

By:

Name: <u>Scott Beck</u> 

Title: <u>President & Chief Executive Officer</u> 

**Agreed and Accepted By:**

**TBD**

By:

Name:

Title:

Address:

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**EXHIBIT C**

**FORM OF WARRANT**

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THIS WARRANT AND THE UNITS ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>ACT</u>"), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.2 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE SEVENTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF THE COMPANY, AS AMENDED, RESTATED, MODIFIED, OR SUPPLEMENTED FROM TIME TO TIME (THE "<u>LLC AGREEMENT</u>"), A COPY OF WHICH HAS BEEN PROVIDED TO HOLDER FOR HOLDER'S REVIEW AND IS ON FILE WITH THE SECRETARY OF THE COMPANY.

<u>WARRANT TO PURCHASE UNITS</u>

THIS WARRANT TO PURCHASE UNITS (as amended and in effect from time to time, this "<u>Warrant</u>") is issued as of the issue date set forth on Schedule I hereto (the "<u>Issue Date</u>") by the company set forth on Schedule I hereto (the "<u>Company</u>") to **_________________** ("<u>Holder</u>"), in connection with that certain Note Purchase Agreement, dated April 23, 2024, by and among the Company and the Purchasers (as defined therein) (the "<u>Purchase Agreement</u>"). Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Purchase Agreement. The parties agree as follows:

SCHEDULE I. <u>WARRANT PROVISIONS</u>.

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>Warrant Section</u> | &nbsp;&nbsp;<u>Warrant Provision</u> |
| &nbsp;&nbsp;Recitals – "Issue Date" | &nbsp;&nbsp;_________ __, 2024 |
| &nbsp;&nbsp;Recitals – "Company" | &nbsp;&nbsp;Gloo Holdings, LLC, a Delaware limited liability company |
| &nbsp;&nbsp;1.1 – "Exercise Price" | &nbsp;&nbsp;$6.00 per $6.00 Unit to be issued hereunder |
| &nbsp;&nbsp;6.1 – "Expiration Date" | &nbsp;&nbsp;_________ __, 2029<sup>1</sup><br>|

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<u>RIGHT TO PURCHASE UNITS.</u>

<u>Grant of Right</u>. For good and valuable consideration, the Company hereby grants to Holder (together with any successor or permitted assignee or transferee of this Warrant or of any membership interests issued upon exercise hereof, "<u>Holder</u>") the right, and Holder is entitled, to purchase from the Company up to **_________** fully paid and non-assessable $6.00 Units of the Company (the "<u>$6.00 Units</u>"), at the purchase price per $6.00 Unit set forth on Schedule I hereto (the "<u>Exercise Price</u>"), subject to the provisions and upon the terms and conditions set forth in this Warrant.

<u>EXERCISE.</u>

<u>Method of Exercise</u>. Holder may exercise this Warrant in whole or in part at any time and from time to time prior to the expiration or earlier termination of this Warrant, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as <u>Appendix 1</u> and a check,

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<sup>1</sup> Note to Draft: To be fifth anniversary of the Issue Date.

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wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company, in an amount equal to the product obtained by multiplying (i) the number of $6.00 Units to be purchased by the Holder by (ii) the Exercise Price, as determined in accordance with the terms hereof (the "<u>Aggregate Exercise Price</u>"). Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an electronic original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder's rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the time of any exercise hereof. Upon receipt of the Notice of Exercise, the Company shall issue the $6.00 Units.

<u>Fair Market Value</u>. If Common Units of the Company are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a "<u>Trading Market</u>"), the fair market value of a $6.00 Unit shall be the closing price or last sale price of a Common Unit of the Company reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If Common Units of the Company are not then traded in a Trading Market, the governing board of the Company shall determine the fair market value of a $6.00 Unit in its reasonable good faith judgment.

<u>Delivery of Certificate and New Warrant</u>. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 2.1, the Company shall deliver to Holder a certificate (or, in the case of uncertificated securities, provide notice of book entry) representing the $6.00 Units issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the $6.00 Units not so acquired (or surrendered in payment of the Aggregate Exercise Price).

<u>Replacement of Warrant</u>.

<u>Paper Original Warrant</u>. To the extent that the original of this Warrant is a paper original, on receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

<u>Electronic Original Warrant</u>. To the extent that the original of this Warrant is an electronic original, if at any time this Warrant is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with the terms of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature hereto being in electronic form, the Company shall, promptly upon Holder's request and without indemnity, execute and deliver to Holder, in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with original ink signatures.

<u>Treatment of Warrant Upon Acquisition of Company</u>.

<u>Acquisition</u>. "<u>Acquisition</u>" means any transaction or series of related transactions involving: the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company's domicile), or any other corporate reorganization, in which the equity holders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company's (or the surviving or successor entity's) outstanding voting power immediately after such merger, consolidation or reorganization; or any sale or other transfer by the equity holders of the Company of membership interests representing at least a majority of the Company's then-total outstanding combined voting power. For the avoidance of doubt, "Acquisition" shall not include any sale and issuance by the Company of its membership interests or of securities or instruments exercisable for or convertible into, or otherwise representing the right to acquire membership interests of the Company to one or more investors for cash in a transaction or series of related transactions the primary purpose of which is a bona fide equity financing of the Company.

<u>Treatment of Warrant in Cash/Public Acquisition</u>. In the event of an Acquisition in which the consideration to be received by the holders of $6.00 Units consists solely of cash, solely of Marketable Securities (as hereinafter defined) or a combination of cash and Marketable Securities (a "<u>Cash/Public Acquisition</u>"), and the fair market value of one $6.00 Unit as determined in accordance with Section 2.2 above would be greater than the Exercise

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Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised this Warrant in full, then, in lieu of Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase $6.00 Units and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Acquisition on and in respect of all $6.00 Units for which this Warrant was exercisable as of immediately prior to the closing thereof, net of the Aggregate Exercise Price therefor, as if such $6.00 Units had been issued and outstanding to Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of $6.00 Units. In the event of a Cash/Public Acquisition in which the fair market value of one $6.00 Unit as determined in accordance with Section 2.2 above would be equal to or less than the Exercise Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without further action of any party terminate as of immediately prior to such closing.

<u>Treatment of Warrant in non-Cash/Public Acquisition</u>. Upon the closing of any Acquisition other than a Cash/Public Acquisition, at the election of the Company, either (i) the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the $6.00 Units issuable upon exercise of the unexercised portion of this Warrant as if such $6.00 Units were outstanding on and as of the closing of such Acquisition, at an Aggregate Exercise Price equal to the Aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, or (ii) this Warrant shall be cancelled at closing and the acquiring, surviving or successor entity shall grant to Holder at closing a new warrant in itself or its ultimate parent with a value at the time of grant equal to the value of the Warrant at the time of such closing, as determined in the reasonable discretion of such acquiring, surviving or successor entity.

<u>Marketable Securities</u>. "<u>Marketable Securities</u>" means securities meeting all of the following requirements (determined as of immediately prior to the closing of the Acquisition): the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer's shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. Notwithstanding the foregoing provisions of this Section 2.5(d), securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

<u>Holder's Obligation to Execute Voting Agreement</u>. As to any $6.00 Unit Holder receives upon any exercise of this Warrant, Holder agrees to be become subject to, and is required to become a party to (by delivering a counterpart signature or an adoption agreement, as applicable) the LLC Agreement.

<u>Conversion</u>. Notwithstanding the provisions of Section 1 and 2, in the event all of the outstanding Series A Preferred Membership Units (as defined in the LLC Agreement) are converted into Common Units pursuant to the LLC Agreement prior to the exercise (in whole or in part) of this Warrant, this Warrant shall automatically become exercisable for a number of Common Units that the Holder would have received had this Warrant been exercised for $6.00 Units immediately prior to the first date the Series A Preferred Membership Units were so converted and the Exercise Price shall be the Exercise Price in effect immediately prior to such conversion divided by the number of Common Units into which each $6.00 Unit was converted. In the event that this Warrant shall be exercisable for Common Units, all reference in this Warrant to $6.00 Units shall thereafter be deemed to mean Common Units.

<u>CERTAIN ADJUSTMENTS TO THE UNITS AND EXERCISE PRICE.</u>

<u>Equity Dividends, Splits, Etc</u>. If the Company declares or pays a dividend or distribution on the $6.00 Units payable in additional $6.00 Units (including fractional units) or other securities or property (other than cash), then upon exercise of this Warrant, for each $6.00 Unit acquired, Holder shall receive, without additional cost to Holder,

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the total number and kind of securities and property which Holder would have received had Holder owned the $6.00 Units of record as of the date the dividend or distribution occurred. If the Company subdivides the $6.00 Units by reclassification or otherwise into a greater number of units, the number of $6.00 Units purchasable hereunder shall be proportionately increased, even if such number would include fractional units, and the Exercise Price shall be proportionately decreased. If the outstanding $6.00 Units are combined or consolidated, by reclassification or otherwise, into a lesser number of units, the Exercise Price shall be proportionately increased and the number of $6.00 Units shall be proportionately decreased, even if such number would include fractional units.

<u>Reclassification, Exchange, Combination or Substitution</u>. Upon any event whereby all of the outstanding $6.00 Units are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, "$6.00 Units" shall mean such securities and this Warrant will be exercisable for the number of such securities that Holder would have received had the $6.00 Units been outstanding on and as of the consummation of such event, at an Aggregate Exercise Price equal to the Aggregate Exercise Price in effect as of immediately prior to such event, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 3.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

<u>Adjustment to Exercise Price on Cash Dividend</u>. In the event that the Company at any time or from time to time prior to the exercise in full of this Warrant pays any cash dividend on the outstanding $6.00 Units or makes any cash distribution on or in respect of all outstanding $6.00 Units (other than a distribution of cash proceeds received by the Company in connection with an Acquisition described in Section 2.5(a)(i) above), then on and as of the date of each such dividend payment and/or distribution, the Exercise Price shall be reduced by an amount equal to the amount paid or distributed upon or in respect of each outstanding $6.00 Unit; provided that in no event shall the Exercise Price be reduced below the then-par value, if any, of a $6.00 Unit.

<u>No Fractional Unit</u>. No fractional $6.00 Unit shall be issued upon exercise of this Warrant, and the number of $6.00 Unit to be issued shall be rounded down to the nearest whole $6.00 Unit. If a fractional interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional interest by paying Holder in cash an amount equal to such fractional interest, multiplied by the fair market value (as determined in accordance with Section 2.2 above) of a full $6.00 Unit, less the then-effective Exercise Price (the "<u>Fractional Value</u>"), unless Holder otherwise elects, in its sole discretion, to waive such payment. Notwithstanding any contrary provision herein, if this Warrant becomes exercisable for a fractional interest at any time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional interest prior to any exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal to the Fractional Value, unless Holder otherwise elects, in its sole discretion, to waive such reduction.

<u>Certificate as to Adjustments</u>. Within a reasonable time following each adjustment of the Exercise Price, Class and/or number of $6.00 Units pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial Officer or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of $6.00 Units and the facts upon which such adjustments are based. The Company shall, at any time and from time to time within a reasonable time following Holder's written request and at the Company's expense, furnish Holder with a certificate of its Chief Financial Officer or other authorized officer setting forth the then-current Exercise Price, Class and number of $6.00 Units and the computations or other determinations thereof.

<u>REPRESENTATIONS AND COVENANTS OF THE COMPANY.</u>

<u>Representations and Warranties</u>. The Company represents and warrants to, and agrees with, Holder as follows: All $6.00 Units which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under the LLC Agreement or applicable federal and state securities laws. The

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Company covenants that it shall at all times cause to be reserved and kept available such number of $6.00 Units and other securities as will be sufficient to permit the exercise in full of this Warrant.

<u>Notice of Certain Events</u>. If the Company proposes at any time to:

declare any dividend or distribution upon the outstanding $6.00 Units, whether in cash, membership interests or other securities or property and whether or not a regular cash dividend;

offer for subscription or sale pro rata to all holders of the outstanding $6.00 Units any additional securities of the Company (other than pursuant to contractual pre-emptive or first refusal rights);

effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding $6.00 Units;

effect an Acquisition, or to liquidate, dissolve or wind up the Company; or

effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the Act (the "<u>IPO</u>");

then, in connection with each such event, the Company shall give Holder (pursuant to Section 6.5 below):

in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding $6.00 Units will be entitled thereto) or for determining rights to vote, if any;

in the case of the matters referred to in (c) and (d) above, at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding $6.00 Units will be entitled to exchange their units for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to make the first public filing of its registration statement in connection therewith.

<u>Certain Company Information</u>. The Company will provide such information requested by Holder from time to time, within a reasonable time following each such request, that is reasonably necessary to enable Holder to comply with Holder's accounting or reporting requirement. Prior to the IPO, such information may include, but shall not be limited to, the Company's then-current summary capitalization table, the price per unit for which the Company most recently prior thereto sold or issued units of its membership interests to investors for cash in a bona fide equity financing of the Company, and the Company's most recent 409A Valuation.

<u>REPRESENTATIONS AND COVENANTS OF HOLDER.</u>

Holder represents and warrants to, and agrees with, the Company as follows:

<u>Investment Representations</u>.

<u>Purchase for Own Account</u>. This Warrant and the $6.00 Units to be acquired upon exercise hereof are being acquired for investment for Holder's account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the $6.00 Units.

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<u>Disclosure of Information</u>. Holder is aware of the Company's business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions of and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

<u>Investment Experience</u>. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder's investment in this Warrant and its underlying securities for an indefinite period of time, and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

<u>Accredited Investor Status</u>. Holder is an "accredited investor" within the meaning of Regulation D promulgated under the Act and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company.

<u>No Registration</u>. Holder understands that this Warrant and the $6.00 Units issuable upon exercise hereof have not been registered under the Act or registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions therefrom, which exemptions depend upon, among other things, the bona fide nature of the Holder's investment intent as expressed herein. Holder understands that the Company is under no obligation to so register or qualify this Warrant, the $6.00 Units or such other securities. Holder understands that this Warrant and the $6.00 Units issued upon any exercise hereof are "restricted securities" under applicable federal and state securities laws and must be held indefinitely unless subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless exemptions from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

<u>No Member Rights</u>. Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it will not have any rights (including, but not limited to, voting rights) as a member of the Company with respect to the $6.00 Units issuable hereunder unless and until the exercise of this Warrant and then only with respect to the $6.00 Units issued on such exercise.

<u>No Public Market</u>. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company's securities.

<u>MISCELLANEOUS.</u>

<u>Term</u>. Subject to the provisions of Section 2.5 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 5:00 PM, Mountain time on the Expiration Date set forth on Schedule I and shall be void thereafter.

<u>Compliance with Securities Laws on Transfer</u>. This Warrant and the $6.00 Units issued upon exercise hereof may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company).

<u>Exchange, Assignment or Loss of Warrant</u>. Subject to the provisions of Section 6.2, this Warrant may only be assigned or transferred by the Holder in accordance with the terms of this Warrant, the LLC Agreement, any other agreement between the Company and Holder, and applicable laws, and, in any event, upon the written consent of the Company, which shall not be unreasonably withheld; provided, however, no Holder shall assign or transfer this

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Warrant (or any portion hereof) to any Person that competes in whole or in part with the Company as determined in good faith by the Company's board of managers. Any assignment shall be made by surrender of this Warrant to the Company with the assignment form substantially in the form attached hereto as <u>Appendix 2</u> duly executed (the "<u>Assignment Form</u>"). The Company shall, within ten (10) business days of receipt of the Warrant and Assignment Form, either (i) consent to such assignment and execute and deliver a new Warrant in identical form in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled or (ii) notify the Holder that the Company is withholding its consent to such assignment. This Warrant may be divided or may be combined with other Warrants which carry the same rights upon presentation hereof at the office of the Company together with a written notice specifying the names and the denominations in which new Warrants are to be issued and signed by the Holder hereof. Any assignment or transfer of this Warrant is further subject to the transferee's agreement that, upon the exercise of the warrant, such transferee shall become subject to, and is required to become a party to (by delivering a counterpart signature or an adoption agreement, as applicable), the LLC Agreement. The term "<u>Warrant</u>" as used herein includes any Warrants issued in substitution for or replacement of this Warrant or into which this Warrant may be divided or exchanged. Notwithstanding the foregoing, the Holder shall be entitled to transfer this Warrant to its affiliates (including affiliated funds, members and partners) without the prior written consent of the Company provided that such Holder give written notice to the Company at least ten (10) business days prior to such transfer.

<u>Payment of Taxes</u>. The Company shall pay all taxes and other governmental charges that may be imposed with respect to the issue or delivery of this Warrant, unless such tax or charge is imposed by law upon Holder, in which case such taxes or charges shall be paid by Holder. The Holder is responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving the $6.00 Units upon exercise hereof.

<u>Notices</u>. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally, on the third (3<sup>rd</sup>) Business Day after being mailed by first-class registered or certified mail, postage prepaid, upon actual receipt if given by electronic mail and such receipt is confirmed in writing by the recipient, or on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

<br>Attn: <br>Telephone: (____) ______________<br>Email: ______________________

All notices to the Company shall be addressed as follows until Holder receives notice of a change in address:

Gloo Holdings, LLC

Attn: John Fowle<br>831 Pearl Street

Boulder, CO 80302<br>Email: jfowle@gloo.us

<u>Amendment and Waiver</u>. Notwithstanding any contrary provision herein or in the Purchase Agreement, this Warrant may be amended and any provision hereof waived (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the Company and the Holder. Any waiver or amendment effected in accordance with this section shall be binding upon each holder of any $6.00 Units purchased under this Warrant at the time outstanding, their successors and assigns, and the Company.

<u>Counterparts; Electronic Signatures; Status as Certificated Security</u>. This Warrant may be executed by one or more of the parties hereto in any number of separate counterparts, all of which together shall constitute one and the same instrument. The Company, Holder and any other party hereto may execute this Warrant by electronic means

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and each party hereto recognizes and accepts the use of electronic signatures and the keeping of records in electronic form by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature, as provided under applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. The fact that this Warrant is executed, signed, stored, or delivered electronically shall not prevent the assignment by any Holder of this Warrant pursuant to Section 6.3 or the enforcement of the terms hereof. To the extent that the original of this Warrant is an electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a "certificated security" within the meaning of Section 8102(a)(4) of the California Commercial Code. Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

<u>Headings</u>. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

<u>Business Days</u>. "<u>Business Day</u>" means any day that is not a Saturday, Sunday or a day on which banks in Colorado are closed.

<u>GOVERNING LAW, VENUE AND JURY TRIAL WAIVER.</u>

<u>Governing Law</u>. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law.

<u>Jurisdiction and Venue</u>. The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction of the state courts of Colorado and to the jurisdiction of the United States District Court for the State of Colorado for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Colorado or the United States District Court for the State of Colorado and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

<u>Jury Trial Waiver</u>. <u>TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE PURCHASE AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES' AGREEMENT TO THIS WARRANT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.</u>

<u>Survival</u>. This Section 7 shall survive the termination of this Warrant.

*[Signature page follows]*

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<u>IN WITNESS WHEREOF</u>, the parties have caused this Warrant to Purchase Units to be executed by their duly authorized representatives effective as of the Issue Date written above.

**COMPANY:**

**GLOO HOLDINGS, LLC**

By:

Name: <u>Scott Beck</u> 

Title: <u>President and Chief Executive Officer</u> 

**HOLDER:**

**TBD**

By:

Name:

Title:

*Signature Page to Warrant*

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**EXHIBIT D**

**FORM OF SECURITY AGREEMENT**

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**security agreement**

**This Security Agreement** dated as of April 23, 2024 (the "***Security Agreement***"), is made by and among **Gloo Holdings, LLC**, a Delaware limited liability company (the "***Grantor***"), the secured parties listed on the signature pages hereto (each, a "***Secured Party***" and, collectively, the "***Secured Parties***"), and Jack Furst, in his capacity as Collateral Agent (as defined below) on behalf of the Secured Parties.

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** The Grantor and each Secured Party have entered into that certain Note Purchase Agreement dated April 23, 2024 (each, a "***Note***" and, collectively, the "***Notes***"), whereby the Secured Party has made certain advances of money and financial accommodation to Grantor as evidenced by the Secured Promissory Notes issued by Grantor in favor of the Secured Parties pursuant to such advances and financial accommodation being referred to herein as the "***Loans***".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** The Secured Parties are willing to make the Loans to Grantor, but only upon the condition, among others, that Grantor shall have executed and delivered to the Secured Parties this Security Agreement.

**Agreement**

**Now, Therefore**, in order to induce the Secured Parties to make the Loans and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, Grantor hereby represents, warrants, covenants and agrees as follows:

**1.** **Defined Terms**. When used in this Security Agreement the following terms shall have the following meanings (such meanings being equally applicable to both the singular and plural forms of the terms defined):

"***Bankruptcy Code***" means Title XI of the United States Code.

"***Collateral***" shall have the meaning assigned to such term in **Section 2** of this Security Agreement.

"***Contracts***" means all contracts (including any customer, vendor, supplier, service or maintenance contract), leases, licenses, undertakings, purchase orders, permits, franchise agreements or other agreements (other than any right evidenced by Chattel Paper, Documents or Instruments), whether in written or electronic form, in or under which Grantor now holds or hereafter acquires any right, title or interest, including, without limitation, with respect to an Account, any agreement relating to the terms of payment or the terms of performance thereof.

"***Copyright License***" means any agreement, whether in written or electronic form, in which Grantor now holds or hereafter acquires any interest, granting any right in or to any Copyright or Copyright registration (whether Grantor is the licensee or the licensor thereunder) including,

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without limitation, licenses pursuant to which Grantor has obtained the exclusive right to use a copyright owned by a third party.

"***Copyrights***" means all of the following now owned or hereafter acquired or created (as a work for hire for the benefit of Grantor) by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, in whole or in part: (a) all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof or any other country, and like protections in each work of authorship and derivative work, whether published or unpublished; (b) registrations, applications, recordings and proceedings in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country; (c) any continuations, amendments, renewals or extensions thereof; (d) any registrations to be issued in any pending applications, and shall include any right or interest in and to work protectable by any of the foregoing which are presently or in the future owned, created or authorized (as a work for hire for the benefit of Grantor) or acquired by Grantor, in whole or in part; (e) prior versions of works covered by copyright and all works based upon, derived from or incorporating such works; (f) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect to copyrights, including, without limitation, damages, claims and recoveries for past, present or future infringement; (g) rights to sue for past, present and future infringements of any copyright; and (h) any other rights corresponding to any of the foregoing rights throughout the world.

"***Event of Default***" means (i) any failure by Grantor forthwith to pay or perform any of the Secured Obligations, (ii) any breach by Grantor of any warranty, representation, or covenant set forth herein, and (iii) any "Event of Default" as defined in the Notes.

"***Intellectual Property***" means any intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned or acquired or received by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, and shall include, in any event, any Copyright, Trademark, Patent, trade secret, customer list, internet domain name (including any right related to the registration thereof), proprietary or confidential information, mask work, source, object or other programming code, invention (whether or not patented or patentable), technical information, procedure, design, knowledge, know-how, software, data base, data, skill, expertise, recipe, experience, process, model, drawing, material, record, operating manual, and any claims for damage by way of any past, present or future infringement of any of the foregoing.

"***License***" means any Copyright License, Patent License, Trademark License or other license of rights or interests, whether in-bound or out-bound, whether in written or electronic form, now or hereafter owned or acquired or received by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, and shall include any renewals or extensions of any of the foregoing thereof.

"***Lien***" means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

"***Majority Lenders***" means any Secured Party or group of Secured Parties holding greater than a majority of the outstanding and unpaid principal under all Loans of all Secured Parties.

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"***Patent License***" means any agreement, whether in written or electronic form, in which Grantor now holds or hereafter acquires any interest, granting any right with respect to any invention on which a Patent is in existence (whether Grantor is the licensee or the licensor thereunder).

"***Patents***" means all of the following in which Grantor now holds or hereafter acquires any interest: (a) all letters patent of the United States or any other country, all registrations and recordings thereof and all applications for letters patent of the United States or any other country, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country; (b) all improvements, amendments, reissues, divisions, continuations, renewals, continuations-in-part or extensions thereof; (c) all petty patents, divisionals and patents of addition; (d) all patents to issue in any such applications; (e) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect to patents, including, without limitation, damages, claims and recoveries for past, present or future infringement; and (f) rights to sue for past, present and future infringements of any patent.

"***Permitted Lien***" means: (a) Liens in favor of the Collateral Agent; (b) any Liens existing on the date of this Security Agreement and set forth on Schedule A attached hereto; (c) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; (d) Liens (i) upon or in any Equipment acquired or held by Grantor to secure the purchase price of such Equipment or indebtedness (including capital leases) incurred solely for the purpose of financing the acquisition of such Equipment or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the Equipment so acquired, improvements thereon and the Proceeds of such Equipment; (e) leases or subleases and licenses or sublicenses granted to others in the ordinary course of Grantor's business; (f) any right, title or interest of a licensor under a license; (g) Liens arising from judgments, decrees or attachments that have been stayed or bonded within fifteen (15) days after notice thereof; (h) easements, reservations, rights-of-way, restrictions, minor defects or irregularities in title and other similar Liens affecting real property not interfering in any material respect with the ordinary conduct of the business of Grantor; (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; (j) Liens arising solely by virtue of any statutory or common law provision relating to banker's liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; (k) Liens in favor of a depository bank or a securities intermediary pursuant to such depository bank's or securities intermediary's customary customer account agreement; provided that any such Liens shall at no time secure any indebtedness or obligations other than customary fees and charges payable to such depository bank or securities intermediary; (l) Liens pursuant to the terms of customer contracts entered into in the ordinary course of Grantor's business if such do not interfere in any material respect with the business of Grantor; (m) statutory or common law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other similar Liens, arising in the ordinary course of business and securing obligations that are not yet delinquent or are being contested in good faith by appropriate proceedings; (n) Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligations, surety and appeal bonds, government contracts, performance and return-of-money bonds, and other obligations of like nature, in each case, in the ordinary course of business; (o) Liens incurred or deposits made in

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the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security; (p) pledges and deposits securing liability for reimbursement or indemnification obligations in respect of letters of credit or bank guarantees for the benefit of landlords; and (q) Liens incurred in connection with the extension, renewal or refinancing of indebtedness secured by Liens permitted under the preceding clauses, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase.

"***Pro Rata***" means, as to any Secured Party at any time, the percentage equivalent at such time of such Secured Party's aggregate unpaid principal amount of Loans, divided by the combined aggregate unpaid principal amount of all Loans of all Secured Parties.

"***Secured Obligations***" means (a) the obligation of Grantor to repay the Secured Parties all of the unpaid principal amount of, and accrued interest on (including any interest that accrues after the commencement of bankruptcy), the Loans and (b) the obligation of Grantor to pay any fees, costs and expenses of the Collateral Agent under **Section 6(c)** hereof.

"***Security Agreement***" means this Security Agreement and all Schedules hereto, as the same may from time to time be amended, modified, supplemented or restated.

"***Trademark License***" means any agreement, whether in written or electronic form, in which Grantor now holds or hereafter acquires any interest, granting any right in and to any Trademark or Trademark registration (whether Grantor is the licensee or the licensor thereunder).

"***Trademarks***" means any of the following in which Grantor now holds or hereafter acquires any interest: (a) any trademarks, tradenames, corporate names, company names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof and any applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country (collectively, the "***Marks***"); (b) any reissues, amendments, extensions or renewals thereof; (c) the goodwill of the business symbolized by or associated with the Marks; (d) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect to the Marks, including, without limitation, damages, claims and recoveries for past, present or future infringement; and (e) rights to sue for past, present and future infringements of the Marks.

"***UCC***" means the Uniform Commercial Code as the same may from time to time be in effect in the State of Colorado (and each reference in this Security Agreement to an Article thereof shall refer to that Article as from time to time in effect); *provided, however,* in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Secured Parties' security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, the term "*UCC*" shall mean the Uniform Commercial Code (including the Articles thereof) as in effect at such time in such other

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jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions.

In addition, the following terms shall be defined terms having the meaning set forth for such terms in the UCC: "***Account***" (including health-care-insurance receivables), "***Account Debtor***", "***Chattel Paper***" (including tangible and electronic chattel paper), "***Commercial Tort Claims***", "***Commodity Account***", "***Deposit Account***", "***Documents***", "***Equipment***" (including all accessions and additions thereto), "***Fixtures***", "***General Intangible***" (including payment intangibles and software), "***Instrument***", "***Inventory***" (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), "***Investment Property***" (including securities and securities entitlements), "***Letter-of-Credit Right***" (whether or not the letter of credit is evidenced by a writing), "***Payment Intangibles***", "***Proceeds***", "***Promissory Notes***", "***Securities Account***", and "***Supporting Obligations***". Each of the foregoing defined terms shall include all of such items now owned, or hereafter acquired, by Grantor.

**2.** **Grant of Security Interest**. As collateral security for the full, prompt, complete and final payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all the Secured Obligations and in order to induce the Secured Parties to cause the Loans to be made, Grantor hereby assigns, conveys, mortgages, pledges, hypothecates and transfers to the Collateral Agent (for the benefit of the Secured Parties) a security interest in all of Grantor's right, title and interest in, to and under the following, whether now owned or hereafter acquired (all of which being collectively referred to herein as the "***Collateral***"):

**(a)**All Accounts of Grantor;

**(b)**All Chattel Paper of Grantor;

**(c)**All Commercial Tort Claims of Grantor;

**(d)**All Contracts of Grantor;

**(e)**All Deposit Accounts of Grantor;

**(f)**All Documents of Grantor;

**(g)**All Equipment of Grantor;

**(h)**All Fixtures of Grantor;

**(i)**All General Intangibles of Grantor, including, without limitation, Payment Intangibles, all Intellectual Property, Copyrights, Patents, Trademarks, Licenses, designs, drawings, technical information, marketing plans, customer lists, trade secrets, proprietary or confidential information, inventions (whether or not patentable), procedures, know-how, models and data;

**(j)**All Instruments of Grantor, including, without limitation, Promissory Notes;

**(k)**All Inventory of Grantor;

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**(l)**All Investment Property of Grantor;

**(m)**All Letter-of Credit Rights of Grantor;

**(n)**All Supporting Obligations of Grantor;

**(o)**All property of Grantor held by any Secured Party, or any other party for whom any Secured Party is acting as agent hereunder, including, without limitation, all property of every description now or hereafter in the possession or custody of or in transit to any Secured Party or such other party for any purpose, including, without limitation, safekeeping, collection or pledge, for the account of Grantor, or as to which Grantor may have any right or power;

**(p)**All other goods and personal property of Grantor, wherever located, whether tangible or intangible, and whether now owned or hereafter acquired, existing, leased or consigned by or to Grantor; and

**(q)**To the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for and rents, profits and products of each of the foregoing.

Notwithstanding the foregoing provisions of this **Section 2**, the grant, assignment and transfer of a security interest as provided herein shall not extend to, and the term "*Collateral*" shall not include (i) any cash on deposit in that certain Bank of America account, account number 8670415822, or (ii) any Account, Chattel Paper, General Intangible or Promissory Note in which Grantor has any right, title or interest if and to the extent such Account, Chattel Paper, General Intangible or Promissory Note includes a provision containing a restriction on assignment such that the creation of a security interest in the right, title or interest of Grantor therein would be prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such Account, Chattel Paper, General Intangible or Promissory Note to enforce any remedy with respect thereto; *provided that* the foregoing exclusion shall not apply if (i) such prohibition has been waived or such other person has otherwise consented to the creation hereunder of a security interest in such Account, Chattel Paper, General Intangible or Promissory Note or (ii) such prohibition would be rendered ineffective pursuant to Sections 9-406(d), 9-407(a) or 9-408(a) of the UCC, as applicable and as then in effect in any relevant jurisdiction, or any other applicable law (including the Bankruptcy Code) or principles of equity); *provided further that* immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and Grantor shall be deemed to have granted on the date hereof a security interest in, all its rights, title and interests in and to such Account, Chattel Paper, General Intangible or Promissory Note as if such provision had never been in effect; and *provided further that* the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Secured Party's unconditional continuing security interest in and to all rights, title and interests of Grantor in or to any payment obligations or other rights to receive monies due or to become due under any such Account, Chattel Paper, General Intangible or Promissory Note and in any such monies and other proceeds of such Account, Chattel Paper, General Intangible or Promissory Note, or (c) more than 66% of the total combined voting power of all classes of stock entitled to vote the shares of capital stock of any subsidiary of Grantor not incorporated or organized under the laws of one of the States or jurisdictions of the United States.

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**3.** **Rights Of Secured Parties; Collection Of Accounts.**

**(a)**Notwithstanding anything contained in this Security Agreement to the contrary, Grantor expressly agrees that it shall remain liable under each of its Contracts and each of its Licenses to observe and perform all the conditions and obligations to be observed and performed by it thereunder and that it shall perform all of its duties and obligations thereunder, all in accordance with and pursuant to the terms and provisions of each such Contract or License. The Secured Parties and the Collateral Agent shall not have any obligation or liability under any Contract or License by reason of or arising out of this Security Agreement or the granting to the Secured Parties or Collateral Agent of a lien therein or the receipt by any Secured Party or the Collateral Agent of any payment relating to any Contract or License pursuant hereto, nor shall any Secured Party or the Collateral Agent be required or obligated in any manner to perform or fulfill any of the obligations of Grantor under or pursuant to any Contract or License, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Contract or License, or to present or file any claim, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

**(b)**The Secured Parties authorize Grantor to collect its Accounts. Upon the occurrence and during the continuance of any Event of Default, at the request of the Collateral Agent, Grantor shall deliver all original and other documents evidencing and relating to the performance of labor or service which created such Accounts, including, without limitation, all original orders, invoices and shipping receipts.

**(c)**The Collateral Agent may at any time, upon the occurrence and during the continuance of any Event of Default, notify Account Debtors of Grantor, parties to the Contracts of Grantor, obligors in respect of Instruments of Grantor and obligors in respect of Chattel Paper of Grantor that the Accounts and the right, title and interest of Grantor in and under such Contracts, Instruments and Chattel Paper have been assigned to the Secured Parties and that payments shall be made directly to the Collateral Agent for distribution to the Secured Parties. Upon the request of the Collateral Agent, upon the occurrence and during the continuance of any Event of Default, Grantor shall so notify such Account Debtors, parties to such Contracts, obligors in respect of such Instruments and obligors in respect of such Chattel Paper. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may, in its name or in the name of others, communicate with such Account Debtors, parties to such Contracts, obligors in respect of such Instruments and obligors in respect of such Chattel Paper to verify with such parties, to the Collateral Agent's satisfaction, the existence, amount and terms of any such Accounts, Contracts, Instruments or Chattel Paper.

**4.** **Representations And Warranties**. Grantor hereby represents and warrants to the Secured Parties that:

**(a)**Except for the security interest granted to the Secured Parties and the Collateral Agent under this Security Agreement and Permitted Liens, Grantor is the sole legal and equitable owner of each item of the Collateral in which it purports to grant a security interest hereunder.

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**(b)**No effective security agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any part of the Collateral exists, except such as may have been filed by Grantor in favor of the Secured Parties and the Collateral Agent pursuant to this Security Agreement and except for Permitted Liens.

**(c)**This Security Agreement creates a legal and valid security interest on and in all of the Collateral in which Grantor now has rights.

**(d)**Grantor's taxpayer identification number is, and chief executive office, principal place of business, and the place where Grantor maintains its records concerning the Collateral are presently located at the address set forth on the signature page hereof.

**5.** **Covenants**. Unless the Collateral Agent otherwise consents (which consent shall not be unreasonably withheld), Grantor covenants and agrees with the Secured Parties that from and after the date of this Security Agreement and until the Secured Obligations have been performed and paid in full:

**5.1** **Disposition of Collateral**. Grantor shall not sell, lease, transfer or otherwise dispose of (including by way of a division or plan of division under Delaware law or any comparable event under a different jurisdiction's laws) any of the Collateral (each, a "***Transfer***"), or attempt or contract to do so, other than (a) the sale of Inventory in the ordinary course of business, (b) the granting of Licenses in the ordinary course of business and (c) the disposal of worn-out or obsolete Equipment.

**5.2** **Change of Jurisdiction of Organization, Relocation of Business**. Grantor shall not change its jurisdiction of organization or relocate its chief executive office, principal place of business or its records from such address(es) provided to the Secured Parties pursuant to **Section 4(d)** above without at least seven (7) days prior notice to the Secured Parties.

**5.3** **Limitation on Liens on Collateral**. Grantor shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Lien on the Collateral, except (a) Permitted Liens and (b) the Lien granted to the Secured Parties under this Security Agreement.

**5.4** **Insurance**. Grantor shall maintain insurance policies insuring the Collateral against loss or damage from such risks and in such amounts and forms and with such companies as are customarily maintained by businesses similar to Grantor.

**5.5** **Taxes, Assessments, Etc**. Grantor shall pay promptly when due all property and other taxes, assessments and government charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment, Fixtures or Inventory, except to the extent the validity or amount thereof is being contested in good faith and adequate reserves are being maintained in connection therewith.

**5.6** **Defense of Intellectual Property**. Grantor shall use commercially reasonable efforts to (i) protect, defend and maintain the validity and enforceability of all Copyrights, Patents and Trademarks material to Grantor's business and (ii) detect infringements of all Copyrights, Patents and Trademarks material to Grantor's business.

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**5.7** **Further Assurances**. At any time and from time to time, upon the written request of the Collateral Agent, and at the sole expense of Grantor, Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Collateral Agent may reasonably deem necessary or desirable to obtain the full benefits of this Security Agreement, including, without limitation, (a) executing, delivering and causing to be filed any financing or continuation statements (including "in lieu" continuation statements) under the UCC with respect to the security interests granted hereby, (b) at the Collateral Agent's reasonable request, filing or cooperating with the Secured Parties and the Collateral Agent in filing any forms or other documents required to be recorded with the United States Patent and Trademark Office, United States Copyright Office, (c) at the Collateral Agent's reasonable request, placing the interest of the Secured Parties as lienholder on the certificate of title (or similar evidence of ownership) of any vehicle, watercraft or other Equipment constituting Collateral owned by Grantor which is covered by a certificate of title (or similar evidence of ownership), (d) executing and delivering and using commercially reasonable efforts to cause the applicable depository institution, securities intermediary, commodity intermediary or issuer or nominated party under a letter of credit to execute and deliver a collateral control agreement with respect to any Deposit Account, Securities Account or Commodity Account or Letter-of-Credit Right in or to which Grantor has any right or interest and (e) at the Collateral Agent's reasonable request, using commercially reasonable efforts to obtain acknowledgments from bailees having possession of any Collateral and waivers of liens from landlords and mortgagees of any location where any of the Collateral may from time to time be stored or located. Grantor also hereby authorizes the Collateral Agent to file any such financing or continuation statement (including "in lieu" continuation statements) without the signature of Grantor.

**6.** **Rights And Remedies Upon Default.** Upon the occurrence of any Event of Default and while such Event of Default is continuing:

**(a)**The Collateral Agent, on behalf of the Secured Parties, may exercise in addition to all other rights and remedies granted to it under this Security Agreement and the Purchase Agreement, all rights and remedies of a secured party under the UCC. Without limiting the generality of the foregoing, Grantor expressly agrees that in any such event the Collateral Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon Grantor or any other person, may (i) reclaim, take possession, recover, store, maintain, finish, repair, prepare for sale or lease, shop, advertise for sale or lease and sell or lease (in the manner provided herein) the Collateral, and in connection with the liquidation of the Collateral and collection of the accounts receivable pledged as Collateral, use any Trademark, Copyright, or process used or owned by Grantor and (ii) forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange or broker's board or at any Secured Party's offices or elsewhere at such prices as it may deem commercially reasonable, for cash or on credit or for future delivery without assumption of any credit risk. Grantor further agrees, at the Collateral Agent's request, to assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at Grantor's premises or elsewhere. The Collateral Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale as provided in **Section 6(e)**, below, with Grantor remaining liable

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for any deficiency remaining unpaid after such application. Grantor agrees that the Collateral Agent need not give more than twenty (20) days' notice of the time and place of any public sale or of the time after which a private sale may take place and that such notice is reasonable notification of such matters.

**(b)**As to any Collateral constituting certificated securities or uncertificated securities, if, at any time when the Collateral Agent shall determine to exercise its right to sell the whole or any part of such Collateral hereunder, such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under Securities Act of 1933, as amended (as so amended the "***Act***"), the Collateral Agent may, in its discretion (subject only to applicable requirements of law), sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Collateral Agent may deem necessary or advisable, but subject to the other requirements of this **Section 6(b)**, and shall not be required to effect such registration or cause the same to be effected. Without limiting the generality of the foregoing, in any such event the Collateral Agent may, in its discretion, (i) in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof could be or shall have been filed under the Act; (ii) approach and negotiate with a single possible purchaser to effect such sale; and (iii) restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In addition to a private sale as provided above in this **Section 6(b)**, if any of such Collateral shall not be freely distributable to the public without registration under the Act at the time of any proposed sale hereunder, then the Collateral Agent shall not be required to effect such registration or cause the same to be effected but may, in its discretion (subject only to applicable requirements of law), require that any sale hereunder (including a sale at auction) be conducted subject to such restrictions as the Collateral Agent may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors' rights and the Act and all applicable state securities laws.

**(c)**Grantor also agrees to pay all fees, costs and expenses of the Collateral Agent, including, without limitation, reasonable attorneys' fees, incurred in connection with the enforcement of any of its rights and remedies hereunder.

**(d)**Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.

**(e)**The Proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be distributed by the Collateral Agent in the following order of priorities:

**First**, to the Collateral Agent and any Secured Party in an amount sufficient to pay in full the reasonable costs of the Collateral Agent or such Secured Party in connection with such sale, disposition or other realization, including all fees, costs, expenses, liabilities and advances incurred or made by the Collateral Agent or any Secured Party in connection therewith, including, without limitation, reasonable attorneys' fees;

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**Second**, to the Secured Parties in amounts proportional to the Pro Rata share of the then unpaid Secured Obligations of each Secured Party; and

**Finally**, upon payment in full of the Secured Obligations, to Grantor or its representatives, in accordance with the UCC or as a court of competent jurisdiction may direct.

**7.** **Collateral Agent**.

**7.1** **Appointment.** The Secured Parties hereby appoint Jack Furst as the "***Collateral Agent***" for the Secured Parties under this Security Agreement to serve from the date hereof until the termination of this Security Agreement. Notwithstanding anything to the contrary in this Security Agreement, the Collateral Agent may be removed or replaced only with the written consent of both (a) the Majority Lenders and (b) Unrelated Secured Parties holding greater than a majority of the outstanding and unpaid principal under all Loans made by Unrelated Secured Parties. For purposes of this Agreement, "***Unrelated Secured Parties***" means Secured Parties who are not then Related Persons of Grantor who, collectively, hold a majority of the outstanding and unpaid principal amount owing under all Notes then outstanding have consented in writing to such action, omission, or decision. For purposes of this Agreement, "***Related Person***" means, with respect to any Secured Party, (A) any Affiliate of such Secured Party, and any direct or indirect beneficial owner (as defined in Rule 13d-3 of the Exchange Act) of 10% or more of the equity securities or voting securities or other voting interests in such Secured Party; (b) any manager, general partner, director, officer, trustee, executor, receiver, guardian, personal representative, or the estate of such Secured Party or person described in <u>clause (a)</u> above; (c) that is an individual, (i) any individual living with such Secured Party, (ii) any other individual who is related (by blood, marriage, or adoption) to the individual, (iii) the individual's spouse, or (iv) any person related to (A) such persons within the second degree or (B) any person or entity described in clauses (a) and (b) above; and (d) any trust, family partnership, family limited partnership, family limited liability company, or other entity established for the benefit of such Secured Party or any person described in any of <u>clauses (a)</u> through <u>(c)</u> above. "***Affiliate***" means, with respect to a person or entity, any other person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such person or entity.

**7.2** **Powers and Duties of Collateral Agent, Indemnity by Secured Parties.**

**(a)**Each Secured Party hereby irrevocably authorizes the Collateral Agent to take all actions, to make all decisions and to exercise all powers and remedies on its behalf under the provisions of this Security Agreement, including without limitation all such actions, decisions and powers as are reasonably incidental thereto. The Collateral Agent may execute any of its duties hereunder by or through agents, designees or employees.

**(b)**Neither the Collateral Agent nor any of its partners, directors, members, officers, agents, designees or employees (collectively, "***Indemnified Persons***") shall be liable or responsible to any Secured Party for any action taken or omitted to be taken by Collateral Agent or any other such Indemnified Persons hereunder or under any related agreement, instrument or document, nor shall any Indemnified Person be liable or responsible to the Secured Parties for (i) the validity, effectiveness, sufficiency, enforceability or enforcement of the Notes, this Security Agreement or any instrument or document delivered hereunder or relating hereto or thereto; (ii) the title of

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Grantor to any of the Collateral or the freedom of any of the Collateral from any prior or other liens or security interests; (iii) the determination, verification or enforcement of Grantor's compliance with any of the terms and conditions of this Security Agreement; (iv) the failure by Grantor to deliver any instrument, agreement, financing statement or other document required to be delivered pursuant to the terms hereof; or (v) the receipt, disbursement, waiver, extension or other handling of payments or proceeds made or received with respect to the Collateral, the servicing of the Collateral or the enforcement or the collection of any amounts owing with respect to the Collateral.

**(c)**Each of the Secured Parties agrees to pay to the Collateral Agent, promptly on demand, its Pro Rata share of all fees, taxes and expenses incurred in connection with the operation and enforcement of this Security Agreement, the Notes or any related agreement or document. Each of the Secured Parties hereby agrees to hold the Collateral Agent harmless, and to indemnify the Indemnified Persons from and against any and all loss, damage, taxes, expense or liability which may be incurred by such Indemnified Persons under this Security Agreement and the transactions contemplated hereby and any related agreement or other instrument or document, as the case may be, unless such liability shall be caused by the willful misconduct or gross negligence of such Indemnified Persons.

**7.3** **No Reliance**. Each Secured Party represents to the Collateral Agent that it has made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and credit worthiness of the Grantor, and made its own decision to enter into this Security Agreement and to extend credit to the Grantor independently based on such documents and information as it has deemed appropriate and without reliance upon the Collateral Agent or any of its partners, directors, members, officers, agents, designees or employees. Each Secured Party agrees that the Collateral Agent shall not have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations, property, financial and other condition or credit worthiness of the Grantor.

**8.** **Indemnity**. Grantor agrees to defend, indemnify and hold harmless the Collateral Agent and the Secured Parties and their officers, employees, and agents against (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Security Agreement and (b) all losses or expenses in any way suffered, incurred, or paid by any Secured Party as a result of or in any way arising out of, following or consequential to transactions between or among the Collateral Agent, any Secured Party and Grantor, whether under this Security Agreement or otherwise (including without limitation, reasonable attorneys fees and expenses), except for losses arising from or out of the gross negligence or willful misconduct of the Collateral Agent or such Secured Party, as applicable.

**9.** **Reinstatement**. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Grantor for liquidation or reorganization, should Grantor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of Grantor's property and assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the

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Secured Obligations, whether as a "voidable preference," "fraudulent conveyance," or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

**10.** **Miscellaneous.**

**10.1** **Termination of this Security Agreement**. Subject to **Section 9** hereof, this Security Agreement shall terminate upon the payment and performance in full of the Secured Obligations. Upon termination of this Security Agreement (for any reason), the Collateral Agent and each Secured Party shall take all such actions as may be reasonably requested by the Grantor to evidence the termination of this Security Agreement and to termination and release the security interest granted pursuant to this Security Agreement.

**10.2** **Successor and Assigns**. This Security Agreement and all obligations of Grantor hereunder shall be binding upon the successors and assigns of Grantor, and shall, together with the rights and remedies of the Secured Parties hereunder, inure to the benefit of the Secured Parties, any future holder of any of the indebtedness and their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner affect the lien granted to the Secured Parties hereunder.

**10.3** **Entire Agreement**. This Agreement embodies the entire understanding and agreement among the parties hereto concerning the granting by Grantor to the Secured Parties of a security interest in the Collateral and supersedes and replaces in the entirety any and all prior negotiations, understandings or agreements, including without limitation the Prior Agreement, with respect thereto.

**10.4** **Governing Law**. In all respects, including all matters of construction, validity and performance, this Security Agreement and the Secured Obligations arising hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of Colorado applicable to contracts made and performed in such state, without regard to the principles thereof regarding conflict of laws, except to the extent that the UCC provides for the application of the law of a different jurisdiction.

**[Remainder of the Page Left Intentionally Blank; Signature Page to Follow]**

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**In Witness Whereof**, each of the parties hereto has caused this **Security Agreement** to be executed and delivered by its duly authorized officer on the date first set forth above.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Address Of Grantor:**<br>831 Pearl Street<br>Boulder, CO 80302<br>| &nbsp;&nbsp;**Gloo Holdings, LLC**<br>By: __________________________________<br>Name: <u>Scott Beck</u>_<br>Title: <u>President and Chief Executive Officer</u> |
| &nbsp;&nbsp;**Taxpayer Identification Number of Grantor:**<br>**46-4083665** | &nbsp;&nbsp;**Jurisdiction of Organization of Grantor**<br>Delaware |

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**COLLATERAL AGENT**

**Jack Furst**

*Signature Page to* 

*Security Agreement*

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**In Witness Whereof**, each of the parties hereto has caused this **Security Agreement** to be executed and delivered by its duly authorized officer on the date first set forth above.

**SECURED PARTY:**

**Tbd**

By:

Name:

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**FIRST AMENDMENT TO <br>Note PURCHASE AGREEMENT**

**This First Amendment to Note Purchase Agreement** (this "***Amendment***") is made and entered into effective as of January 3, 2025, by and among **Gloo Holdings, LLC**, a Delaware limited liability company (the "***Company***"), and the Purchasers.

**RECITALS**

**Whereas**, the Company and the Purchasers are parties to that certain Note Purchase Agreement, dated as of April 23, 2024 (the "***Agreement***"), by and among the Company and the Purchasers named therein;

**Whereas**, all capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Agreement;

**Whereas**, under Section 5.6 Note Purchase Agreement, the Company may not incur, and may not cause its wholly-owned subsidiaries to incur, other indebtedness, subject to certain enumerated exceptions which include a general basket for unsecured debt in an amount not to exceed $10,000,000 (the "**Unsecured Debt Basket**");

**Whereas**, the Company and the Purchasers desire to amend the Agreement to increase the Unsecured Debt Basket from an aggregate amount not to exceed $10,000,000 to an aggregate amount not to exceed $30,000,000 and to provide for the other amendments as set forth herein;

**Whereas**, pursuant to Section 6.7 of the Agreement, the amendment of the Agreement is an Act of the Purchasers and requires the written consent of (a) the Company and (b) both (i) Purchasers (or their respective successors or assigns) holding, collectively, a majority of the outstanding and unpaid principal amount owing under all Notes outstanding as of the date hereof and (ii) Purchasers (or their respective successors or assigns) who are not as of the date hereof Related Persons of the Company who, collectively, hold a majority of the outstanding and unpaid principal amount owing under all Notes held by such Purchasers then outstanding ((i) and (ii) collectively the "***Required Purchasers***"); and

**Whereas**, together, the parties hereto constitute the Company and Required Purchasers sufficient to amend the Agreement and bind all parties thereto.

**AGREEMENT**

**Now Therefore**, in consideration of the foregoing recitals and the mutual terms and conditions contained herein and in the Agreement, and other good and valuable consideration, the receipt and sufficiency of which the parties hereto hereby acknowledge, the parties hereto agree as follows:

**Amendment of Section 5.6**. The Agreement is hereby amended by deleting Section 5.6 in its entirety and replacing Section 5.6 with the following:

"**5.6 Additional Debt**. The Company will not, and will not permit any of its wholly-owned subsidiaries to, incur any debt other than (a) the debt

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evidenced by the Notes and the other Loan Documents, (b) purchase money debt and capitalized lease obligations in an aggregate amount not to exceed $30,000,000 outstanding at any one time, (c) underlying cash deposits in connection with bids, tenders, or leases or as security for surety or appeal bonds, security deposits, earnest money, and other cash deposits incurred in the ordinary course of business, (d) debt incurred by indorsement of drafts or checks for deposit incurred in the ordinary course of business, (e) surety bonds obtained in the ordinary course of business, (f) unsecured loans, advances and other extensions of credit of (i) the Company to any Guarantor, or (ii) any Guarantor to the Company or any other Guarantor, (g) guaranty obligations of the Company or any Guarantor resulting from guarantees of debt permitted by this Section 5.6 of the Company or any other Guarantor, and (h) other unsecured debt in an aggregate amount not to exceed $30,000,000 outstanding at any one time. Any thresholds hereunder shall be calculated in the aggregate for the Company and all of its wholly-owned subsidiaries."

**Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as amended by this Amendment, the Agreement shall remain in full force and effect in all respects. Additionally, the Agreement, as referenced in any other document that the parties to the Agreement have executed, shall mean the Agreement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties hereto hereby consents to this Amendment and hereby acknowledges that the Agreement remains in full force and effect and is hereby ratified and reaffirmed. Except as expressly set forth herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of any party, constitute a waiver of any provision of any of the Agreement or serve to effect a novation of any obligation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment may be executed in any number of counterparts, each and all of which will be deemed an original and all of which together will constitute but one and the same instrument. The facsimile or electronic signature of any party to this Amendment (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com) or a PDF copy of the signature of any party to this Amendment delivered by electronic mail for purposes of execution or otherwise, is to be considered to have the same binding effect as the delivery of an original signature on an original contract. Any party that delivers an executed counterpart signature page by electronic image scan transmission in .pdf shall, upon the request of a party, promptly thereafter deliver a manually executed counterpart signature page to such party; <u>provided</u>, <u>however</u>, that the failure to do so will not affect the validity, enforceability, or binding effect of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment shall be governed by and construed under the laws of the State of Colorado in all respects as such laws are applied to agreements among Colorado residents entered into and performed entirely within Colorado, without giving effect to conflict of law principles thereof.

*[Signature Pages Follow]*

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**In Witness Whereof,** the parties hereto have executed this **first amendment to Note Purchase Agreement** as of the date set forth in the first paragraph hereof.

**COMPANY:**

**Gloo Holdings, LLC**

By: <u>/s/ Scott Beck</u> 

Name: Scott Beck

Title: President & Chief Executive Officer

Address: 831 Pearl St.

Boulder, Colorado 80302

**Signature Page to<br>First Amendment to Note Purchase Agreement**

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**In Witness Whereof,** the parties hereto have executed this **First Amendment to Note Purchase Agreement** as of the date set forth in the first paragraph hereof.

**Requisite Purchasers:**

**Pearl Street Trust**

By: <u>/s/ Scott Beck</u> 

Name: <u>Scott Beck</u> 

Title: <u>Trustee</u> 

**Kent Lubrication Centers, Ltd.**

By: <u>/s/ William B. Kent</u> 

Name: <u>William Kent</u> 

Title: <u>Chairman/CEO</u> 

**William B. Kent**

By: <u>/s/ William B. Kent</u> 

**Jane white 2011 Irrevocable Trust**

By: <u>/s/ Wallace L. Hall, Jr.</u> 

Name: <u>Wallace L. Hall, Jr.</u> 

Title: <u>Manager</u> 

**Mark Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**FMAB Partners, LP** 

By: <u>/s/ Jack D. Furst</u> 

Name: <u>Jack D. Furst</u> 

Title: <u>President of JAJO, LLC, the General Partner of FMAB Partners, LP</u> 

**Signature Page to<br>First Amendment to Note Purchase Agreement**

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## Exhibit 10.14

**Exhibit 10.14**

**Gloo Holdings, LLC**

**Amended and Restated Note Purchase Agreement**

**This Amended and Restated Note Purchase Agreement** (the "***Agreement***") is made as of June 23, 2025 (the "***Effective Date***") by and among Gloo Holdings, LLC, a Delaware limited liability company (the "***Company***"), and the purchasers listed on the Schedule of Purchasers attached hereto as Exhibit A (each individually, a "***Purchaser***" and collectively, the "***Purchasers***").

**Recital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Company and certain Purchasers are parties to that certain Note Purchase Agreement dated as of April 23, 2024 (as amended up to the date hereof, the "***Existing Agreement***"), pursuant to which the purchasers party thereto made loans to the Company in exchange for the Secured Promissory Notes issued from time to time by the Company in the aggregate principal amount of $60,680,000 (the "***Existing Notes***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Company and Purchasers desire to amend and restate the Existing Agreement to, among other things, provide additional funding to the Company in one or more disbursements up to an aggregate principal amount of $130,000,000, subject to the conditions specified herein.

**Agreement**

**Now, Therefore**, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the Company and each Purchaser, intending to be legally bound, hereby agree as follows:

**1.** **Amounts and Terms of the Loan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **The Loan**. Subject to the terms of this Agreement and the Existing Agreement, as applicable, each Purchaser agreed and/or agrees to lend to the Company at the applicable Closing (as hereinafter defined) the amount set forth opposite such Purchaser's name on the Schedule of Purchasers attached to this Agreement (each, a "***Loan Amount***") against the issuance and delivery by the Company of a secured promissory note for such amount, in substantially the form attached hereto as **Exhibit B to this Agreement or Exhibit B to the Existing Agreement** (each, a "***Note***" and collectively, the "***Notes***") and, with respect to the Purchasers at the Initial Closing, a warrant to purchase $6.00 Units (as defined in the Seventh Amended and Restated Limited Liability Company Agreement of the Company, dated March 13, 2023, as amended, restated, modified, or supplemented from time to time, the "***LLC Agreement***") in substantially the form attached hereto as **Exhibit C** (each, a "***Warrant***" and collectively the "***Warrants***"), and with respect to Purchasers at any Subsequent Closing, the Automatic Conversion (as defined below).

**2.** **Closing and Delivery**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Initial Closing**. Pursuant to the Existing Agreement, the Company has issued Existing Notes in an aggregate principal amount of $60,680,000 (the "***Initial Closing***").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Subsequent Closings**. The Company, at any time prior to the earlier to occur of (a) a Qualified IPO (as defined in the LLC Agreement) and (b) December 31, 2025, may, but is not obligated to, borrow additional amounts up to an aggregate Loan Amount of $130,000,000 in one or more additional closings (each, a "***Subsequent Closing***" and together with the Initial Closing, each, a "***Closing***") to such persons or entities as may be approved by the Company (the "***Additional Purchasers***") on the terms and conditions set forth in this Agreement. The date of each Closing is referred to herein as a "***Closing Date***." Subject to the terms of Section 7.7, this Agreement, including without limitation, the Schedule of Purchasers, may be amended by the Company without the consent of the Purchasers to include any Additional Purchasers. Any Notes sold pursuant to this Section 2.2 shall be deemed to be "Notes" for all purposes under this Agreement, and any Additional Purchasers thereof shall be deemed to be "Purchasers" for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Delivery**. At each Subsequent Closing: (a) each Purchaser shall deliver to the Company (i) a check or wire transfer funds in the amount of such Purchaser's Loan Amount and (ii) a signed copy of the Note to be issued thereto, and (b) the Company shall issue and deliver to each Purchaser a Note in favor of such Purchaser payable in the principal amount of such Purchaser's applicable Loan Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Closing Conditions**. Each Purchaser's obligation to purchase a Note on the applicable Closing Date is subject to delivery of the documents described in Section 2.3 and the satisfaction, at or prior to the applicable Closing Date, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Representations and Warranties**. The representations and warranties set forth or referred to in Section 3 hereof shall be true and correct in all material respects on the applicable Closing Date (except for representations and warranties which relate to a specific date, which shall be true and correct as of such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Proceedings and Documents**. All proceedings in connection with the transactions contemplated at each Closing and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reimbursement of Expenses**. If and as requested by such Purchaser, the Company shall have reimbursed such Purchaser for its reasonable costs and expenses incurred in connection with its review and negotiation of this Agreement and the other documents delivered in connection with the parties' entry into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Automatic Conversion**. With respect to any Notes issued at a Subsequent Closing, including any Notes issued on the Effective Date that were issued in exchange for any Notes issued prior to the date hereof pursuant to the Existing Agreement (but, for the avoidance of doubt, not with respect to any Notes issued pursuant to the Existing Agreement prior to the date hereof that were not exchanged on the Effective Date), in connection with a Qualified IPO, the outstanding principal and interest under such Notes will automatically convert to common shares of the Company at a per share conversion price equal to the lesser of (i) 80% of the public offering price and (ii) $10.00 (the "***Automatic Conversion***").

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**3.** **Representations and Warranties of the Company**

The Company hereby represents and warrants to each Purchaser as of the Effective Date and each Subsequent Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Organization, Good Standing and Qualification**. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite company power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign entity in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Company Power**. The Company has all requisite company power to execute and deliver this Agreement, to issue each Note and the Amended and Restated Security Agreement (the "***Security Agreement***") in substantially the form attached hereto as **Exhibit D** (collectively with this Agreement and any other document that may be executed in connection herewith, the "***Loan Documents***") and to carry out and perform its obligations under the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Authorization**. All action on the part of the Company, its managers and its members necessary for the authorization of the Loan Documents and the execution, delivery and performance of all obligations of the Company under the Loan Documents, including the issuance and delivery of the Notes, has been taken or will be taken. The Loan Documents, when executed and delivered by the Company, shall constitute a valid and binding obligation of the Company enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **No Violations**. The execution, delivery and performance by the Company of the Loan Documents and the compliance with the provisions hereof and thereof by the Company do not violate, conflict with or constitute or result in a breach or default under (or an event that, with notice or passage of time or both, would constitute a default) or give rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any properties or assets of the Company under (a) the Certificate of Formation or the Company's Seventh Amended and Restated Limited Liability Company Agreement dated March 13, 2023, as amended and as it may be further amended, modified or supplemented, (b) applicable law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment or decree of any court, arbitrator, administrative agency or other governmental body applicable to the Company or any of its properties or assets or (c) except under the Loan Documents, any contract or agreement affecting the Company, except, with respect to clauses (b) and (c), in each case, where such violation, conflict, breach, default, termination, cancellation, acceleration or Encumbrance would not, individually or in the aggregate, have a material adverse effect on the Company. As used herein, the term "***Encumbrance***" shall mean any lien, charge, encumbrance, equity, claim, option, proxy, pledge, security interest or other similar right of any nature other than statutory liens securing payments not yet due and payable or due but not yet delinquent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Offering Valid**. Assuming the accuracy of the representations and warranties of the Purchasers contained in Section 4 hereof, the offer, issue, and sale of the Notes are and will be exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the "***Act***"), and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or qualification requirements of all applicable state securities laws.

**4.** **Representations and Warranties of the Purchasers**

In connection, with the transactions contemplated by this Agreement and the Loan Documents, each Purchaser hereby represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Purchaser Power**. Each Purchaser has all requisite power to execute and deliver this Agreement and the Loan Documents and to carry out and perform its obligations under the terms hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Authorization**. All requisite action on the part of each Purchaser, its directors, managers, officers, partners, shareholders and members, as applicable, necessary for the authorization, execution, issuance, delivery and performance of the Loan Documents by such Purchaser and the performance of such Purchaser's obligations hereunder and thereunder, has been, or will be, taken. The Loan Documents, when executed and delivered by each Purchaser, shall constitute a valid and binding obligation of such Purchaser enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Purchase for Own Account**. Each Purchaser represents that it is, and will be, acquiring the Notes solely for such Purchaser's own account and beneficial interest for investment and not for sale or with a view to distribution of the Notes or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention, other than transfers between affiliates, including affiliate funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Information and Sophistication**. Each Purchaser acknowledges that it has had the opportunity to be represented by legal counsel and that it has received all the information such Purchaser has requested from the Company and such Purchaser considers necessary or appropriate for deciding whether to acquire the Notes. Each Purchaser represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Notes and to obtain any additional information necessary to verify the accuracy of the information given to the Purchaser. Each Purchaser further represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Ability to Bear Economic Risk**. Each Purchaser acknowledges that investment in the Notes involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Notes for an indefinite period of time and to suffer a complete loss of its investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Further Limitations on Disposition**. Without in any way limiting the representations set forth above, each Purchaser agrees not to make any disposition of all or any portion of the Notes unless and until: (a) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or (b) the Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, such Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Securities Act or any applicable state securities laws. Notwithstanding the provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for a transfer by such Purchaser to an affiliate (including affiliate funds), a shareholder, partner (or retired partner) or member (or retired member) of such Purchaser, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were Purchasers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Accredited Investor Status**. Each Purchaser represents that it is an "accredited investor" as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** **Securities Law Compliance**. Each Purchaser has been advised that the Notes have not been registered under the Securities Act or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. Each Purchaser is aware that the Company is under no obligation to effect any such registration with respect to the Notes or to file or comply with any such exemption from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** **No Violations**. The execution, delivery and performance by each Purchaser of the Loan Documents and the compliance with the provisions hereof and thereof by such Purchaser do not violate, conflict with or constitute or result in a breach or default under (or an event that, with notice of passage of time or both, would constitute a default) or give rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any properties or assets of such Purchaser under (a) its organizational documents, if applicable, (b) applicable law, statute, rule or regulation, or any ruling, writ, injunction, order, judgment or decree of any court, arbitrator, administrative agency or other governmental body applicable to such Purchaser or any of its properties or assets or (c) any contract or agreement affecting such Purchaser, except, with respect to clauses (b) and (c), in each case, where such violation, conflict, breach, default, termination, cancellation, acceleration or Encumbrance would not, individually or in the aggregate, have a material adverse effect on such Purchaser.

**5.** **Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Allocation of Payments**. Each payment of interest or principal on the Notes shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal balances outstanding thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Additional Agreements**. Until the payment of all amounts due under the Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basic Financial Information and Reporting**. As soon as practicable after the end of each fiscal year of the Company, the Company will make available to each Purchaser a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. As soon as practicable after the end of each fiscal quarter, the Company will make available to each Purchaser a balance sheet of the Company, a statement of income and a statement of cash flows of the Company, as at the end of and for such calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Notification**. The Company shall give written notice to each Purchaser of any event which, with or without notice or passage of time, would constitute an Event of Default, or the occurrence of an Event of Default within five (5) business days of becoming aware of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Guaranty**. In connection with the entry into this Agreement by the Company and each Purchaser, each wholly-owned domestic subsidiary of the Company has agreed to guaranty the satisfaction of the Company's obligations under the Notes pursuant to and in accordance with the terms of an Amended and Restated Guaranty dated as of the Effective Date (the "***Guaranty***"). The Company hereby agrees to exercise its best efforts to cause each entity that became or becomes a domestic wholly-owned subsidiary of the Company after the Effective Date (collectively with the current wholly-owned subsidiaries, the "***Guarantors***") to become a party to, and to guaranty the Company's obligations under the Notes pursuant to the terms and conditions of, the Guaranty as promptly as reasonably practicable. Further, each Purchaser agrees to release each Guarantor from its obligations under the Guaranty upon a change in control of such Guarantor pursuant to which the Company and its Affiliates and Related Persons cease to own a majority of the issued and outstanding equity interests of such Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Insurance**. The Company will maintain, and will cause each wholly-owned Subsidiary of the Company that is separately insured to maintain, insurance in such form and amounts as are consistent with industry practices and with such insurers as is reasonably satisfactory to the Required Purchasers. Such policies shall name the Collateral Agent (as defined in the Security Agreement) as a lender loss payee and an additional insured, as its interests may appear, and to the extent reasonably available shall contain a provision whereby they cannot be canceled except after thirty (30) days' written notice to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Deposit Accounts**. Upon request of the Required Purchasers, the Company shall cause each of its deposit accounts to be subject to a deposit account control agreement in favor of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6** **Additional Debt**. The Company will not, and will not permit any of its wholly- owned subsidiaries to, incur any debt other than (a) the debt evidenced by the Notes and the other Loan Documents, (b) purchase money debt and capitalized lease obligations in an aggregate amount not to exceed $30,000,000 outstanding at any one time, (c) underlying cash deposits in connection with bids, tenders, or leases or as security for surety or appeal bonds, security deposits, earnest money, and other cash deposits incurred in the ordinary course of business, (d) debt

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incurred by indorsement of drafts or checks for deposit incurred in the ordinary course of business, (e) surety bonds obtained in the ordinary course of business, (f) unsecured loans, advances and other extensions of credit of (i) the Company to any Guarantor, or (ii) any Guarantor to the Company or any other Guarantor, (g) guaranty obligations of the Company or any Guarantor resulting from guarantees of debt permitted by this Section 5.6 of the Company or any other Guarantor, (h) unsecured debt incurred in connection with bona fide merger and/or acquisition activity, (i) subordinated secured debt incurred in connection with bona fide merger and/or acquisition activity in the maximum outstanding principal amount not to exceed $20,000,000 and (j) other unsecured debt in an aggregate amount not to exceed $30,000,000 outstanding at any one time. Any thresholds hereunder shall be calculated in the aggregate for the Company and all of its wholly-owned subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** **Restricted Payments**. Neither the Company nor any Guarantor shall make any dividend or other distribution, whether in cash, in kind, or otherwise, without the prior written consent of the Required Purchasers, except for (a) distributions or dividends from a subsidiary of the Company in respect of its equity interests ratably to the holders of such equity interests, and (b) distributions, dividends, or other payments actually paid to any direct or indirect member of the Company or any Guarantor for the sole purpose of providing funds to such person for the payment of income taxes of such person that are incurred because of such person's direct or indirect membership interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8** **Restrictions on Earnout Consideration**. Neither the Company nor any Guarantor shall make any payment of Earnout Consideration (as defined in that certain Securities Purchase Agreement, dated November 9, 2023, among the Company, Outreach Media, Inc. and the other parties thereto) after the occurrence and continuation of an Event of Default.

**6.** **Default & Remedies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Events of Default.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**Each of the following events shall be an "***Event of Default***" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**The Company engages in any liquidation or winding up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**the Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**an involuntary petition is filed against the Company under any bankruptcy statute now or hereafter in effect and such petition continues without dismissal for a period of ninety (90) days or more, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**the Company fails to pay any and all unpaid principal, accrued interest or other amounts due and owing hereunder on the Maturity Date (as defined in the Notes) or such other date as agreed to by the Company and the Required Purchasers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**the Company materially breaches any warranty or agreement in any material respect made by Company in this Agreement (except as set forth in (iv) above) or in any other Loan Document or any representation or covenant in this Agreement or any other Loan Document and, as to any breach that is capable of cure, the Company fails to cure such breach within thirty (30) days of the Company becoming aware of the occurrence of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Remedies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**Upon the occurrence of any Event of Default pursuant to Section 6.1(a)(i), (ii) or (iii) above, all unpaid principal, accrued interest and other amounts owing under the Notes shall automatically, be immediately due, payable and collectible by the Purchasers of such Notes pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Upon the occurrence of any Event of Default pursuant to Section 6.1(a)(iv) or (v) at the option of the Required Purchasers, all unpaid principal, accrued interest and other amounts owing under the Notes shall be immediately due, payable and collectible pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**Upon the occurrence and during the continuance of any Event of Default, at the written election of the Required Purchasers, simple interest shall accrue on the unpaid principal balance of the Notes at a rate equal to the Accrual Rate (as defined in the Notes) plus 5.00%, and all such interest shall be Cash Interest (as defined in the Notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys' fees and court costs incurred by the Purchasers in enforcing and collecting Notes.

**7.** **Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Confidentiality of Records**. Each Purchaser agrees to use the same degree of care as such Purchaser uses to protect its own confidential information to keep confidential any information furnished to such Purchaser pursuant to the Loan Documents or otherwise that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Purchaser may disclose such proprietary or confidential information (a) to any partner, subsidiary or parent of such Purchaser as long as such partner, subsidiary or parent is advised of, and agrees or has agreed to be bound by, the confidentiality provisions of this Section 7.1 or comparable restrictions, (b) at such time as it enters the public domain through no fault of such Purchaser, (c) that is communicated to such Purchaser free of any obligation of confidentiality, (d) that is developed by such Purchaser or its agents independently of and without reference to any confidential information communicated by the Company, or (e) as required by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Binding Agreement**. 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 hereto. Nothing in this Agreement, express or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Governing Law**. This Agreement shall be governed by and construed under the laws of the State of Colorado as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Counterparts**. This Agreement may be executed 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. Executed counterparts to this Agreement may be delivered by electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Notices**. Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (c) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at Gloo Holdings, LLC, at its principal office at 831 Pearl St., Boulder, CO 80302; or to a Purchaser at its address shown on the Schedule of Purchasers, or at such other address as any such party may designate by ten (10) days advance written notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Actions by Required Purchasers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**All actions, omissions, and decisions of the Purchasers hereunder or under the Loan Documents, including, without limitation, any amendment, modification, or waiver of any provision of the Loan Documents or consent to departure therefrom (except an amendment in connection with any Subsequent Closing as permitted by Section 2.2) (each called herein, an "***Act of the Purchasers***") shall require the consent of the Required Purchasers. For purposes of this Agreement and the other Loan Documents, the consent of the "***Required Purchasers***" will mean that both (i) Purchasers (or their respective successors or assigns) holding, collectively, a majority of the outstanding and unpaid principal amount owing under all Notes then outstanding and (ii) if any then exist, Purchasers (or their respective successors or assigns) who are not then Related Persons of the Company who, collectively, hold a majority of the outstanding and unpaid principal amount owing under all Notes held by such Purchasers then outstanding have consented in writing to such action, omission, or decision. For purposes of this Agreement, "***Related Person***" means, with respect to any Purchaser, (A) any Affiliate of such Purchaser, and any direct or indirect beneficial owner (as defined in Rule 13d-3 of the Exchange Act) of 10% or more of the equity securities or voting securities or other voting interests in such Purchaser; (b) any manager, general partner, director, officer, trustee, executor, receiver, guardian, personal representative, or the estate of such Purchaser or person described in <u>clause (a)</u> above; (c) that is an individual, (i) any

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individual living with such Purchaser, (ii) any other individual who is related (by blood, marriage, or adoption) to the individual, (iii) the individual's spouse, or (iv) any person related to (A) such persons within the second degree or (B) any person or entity described in clauses (a) and (b) above; and (d) any trust, family partnership, family limited partnership, family limited liability company, or other entity established for the benefit of such Purchaser or any person described in any of <u>clauses (a)</u> through <u>(c)</u> above. "***Affiliate***" means, with respect to a person or entity, any other person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Each Purchaser agrees to abide by the decisions of the Required Purchasers and shall take such actions and execute such documents as may be necessary to confirm or accomplish any Act of the Purchasers. Notwithstanding the foregoing, the consent of each affected Purchaser shall be necessary to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**amend or modify the definition of "Required Purchasers" in this Agreement or any part of this Section 7.7; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**amend or modify any of the Loan Documents in a manner which adversely affects a Purchaser in a manner different from all other Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**Each Purchaser hereby agrees that no Purchaser shall be liable to any other Purchaser for any action taken or omitted to be taken by the Required Purchasers under or in connection with this Agreement or any other Loan Document (except for such Purchaser's own gross negligence or willful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**Each Purchaser party hereto hereby consents to the amendments to certain Existing Notes in the form attached hereto as **Exhibit E**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8** **Entire Agreement**. This Agreement and the Exhibits hereto constitute the full and entire understanding and agreement between the parties hereto with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9** **Survival**. The warranties, representations, and covenants of the Company, and each Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and each Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10** **Severability**. If one or more provisions of this Agreement or of any Note are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement or from such other Note and the balance of the Agreement or of such other Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** **Exculpation Among Purchasers**. Each Purchaser acknowledges that it is not relying upon any person, firm or corporation, other than the Company and its officers and managers, in making its investment or decision to invest in the Company. Each Purchaser agrees that no Purchaser nor the respective controlling persons, officers, directors, partners, agents or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the Loan Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** **Existing Agreement**. This Agreement amends, restates and supersedes the Existing Agreement in its entirety with the intent and legal effect that the amended and restated terms hereof shall replace the terms of the Existing Agreement as a renewal, but not as an extinguishment, novation, satisfaction or release of the Existing Agreement. The "Loan Amount" and other financial accommodations under the Existing Agreement and all other obligations of the Company to the Purchasers outstanding and unpaid as of the date hereof pursuant to the Existing Agreement or otherwise shall be deemed obligations of the Company pursuant to the terms of this Agreement. References in any of the Loan Documents (as defined in the Existing Agreement) to the Existing Agreement shall be deemed to be references to this Agreement.

**[Remainder of Page Intentionally Left Blank; Signature Page Follows]**

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**In Witness Whereof**, the parties have executed this **Amended and Restated Note Purchase Agreement** as of the Effective Date.

**COMPANY:**

**Gloo Holdings, LLC**

By: <u>/s/ Scott Beck</u> 

Name: Scott Beck

Title: President & Chief Executive Officer

Address: 831 Pearl St.

Boulder, Colorado 80302

Signature Page to<br>Note Purchase Agreement

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**In Witness Whereof**, the parties have executed this **Amended and Restated Note Purchase Agreement** as of the Effective Date.

**PURCHASERS:**

**Pearl Street Trust**

By: <u>/s/ Scott Beck</u> 

Name: <u>Scott Beck</u> 

Title: <u>Trustee</u> 

**FMAB Partners, LP**

By: <u>/s/ Jack D. Furst</u> 

Name: <u>Jack D. Furst</u> 

Title: <u>President of JAJO, LLC, the General Partner of FMAB Partners, LP</u> 

**William B. Kent**

By: <u>/s/ William B. Kent</u> 

**Kent Lubrication Centers, LTD**

By: <u>/s/ William B. Kent</u> 

Name: <u>William B. Kent</u> 

Title: <u>Chairman/CEO</u> 

**Jane White 2011 Irrevocable Trust**

By: <u>/s/ Wallace L. Hall, Jr.</u> 

Name: <u>Wallace L. Hall, Jr.</u> 

Title: <u>Manager</u> 

**Mark Saulsbury**

By: <u>/s/ Mark Saulsbury</u> 

Signature Page to<br>Note Purchase Agreement

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**In Witness Whereof**, the parties have executed this **Amended and Restated Note Purchase Agreement** as of the Effective Date.

**PURCHASERS:**

**Bubba Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Dianne Zugg 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Matthew Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Scott Helbing**

By: <u>/s/ Scott Helbing</u> 

Signature Page to<br>Note Purchase Agreement

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**SCHEDULES AND EXHIBITS**

Exhibit A: Schedule of Purchasers

Exhibit B: Form of Secured Promissory Note

Exhibit C: Form of Warrant

Exhibit D: Form of Amended and Restated Security Agreement

Exhibit E: Form of Agreements to Certain Existing Notes

Signature Page to<br>Note Purchase Agreement

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**EXHIBIT A**

**SCHEDULE OF PURCHASERS**

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| | | |
|:---|:---|:---|
| **Name and Address** | **Date** | **Loan Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pearl Street Trust** <br> 831 Pearl Street <br>Boulder, CO 80401 | **June 23, 2025** | **$46768121.57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FMAB Partners, LP**<br> 2951 Lakeside Parkway, Suite 100 Flower Mound, TX 75022 | **April 24, 2024** | **$10000000.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**William B. Kent**<br> PO Box 908001<br>Midland, TX 79708 | **April 24, 2024** | **$1058652.70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kent Lubrication Centers, Ltd**<br> PO Box 908001<br>Midland, TX 79708 | **April 24, 2024** | **$1058652.70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Jane White 2011 Irrevocable Trust**<br> 5956 Sherry Ln., #1810 <br>Dallas, TX 75225 | **April 24, 2024** | **$2000000.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mark Saulsbury**<br> 327 SE Loop 338<br>Odessa, TX 79762 | **June 23, 2025** | **$1039480.13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bubba Saulsbury 2018 GST Trust**<br> 327 SE Loop 338<br>Odessa, TX 79762 | **June 23, 2025** | **$270264.83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dianne Zugg 2018 GST Trust**<br> 327 SE Loop 338<br>Odessa, TX 79762 | **June 23, 2025** | **$192303.82** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Matthew Saulsbury 2018 GST Trust**<br> 327 SE Loop 338<br>Odessa, TX 79762 | **June 23, 2025** | **$192303.82** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Scott Helbing**<br> 5707 Bryn Mawr Drive<br>Dallas, TX 75209 | **June 23, 2025** | **$51966.44** |
| **Total** |  | **$62631746.01** |

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**EXHIBIT B**

**FORM OF SECURED PROMISSORY NOTE**

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**THIS SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND HAS NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION OF THIS NOTE MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.**

**GLOO HOLDINGS, LLC**

**SECURED PROMISSORY NOTE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**$.00** | &nbsp;&nbsp;**[ ], 2025** |

---

FOR VALUE RECEIVED, **Gloo Holdings, LLC**, a Delaware limited liability company (the "**Company**"), unconditionally promises to pay to the order of ______________ or [his, her or its] permitted assigns (the "**Holder**") the principal sum of **$<u>_____________</u>.00** together with all accrued and unpaid interest (the "**Outstanding Loan Amount**") as set forth in this Secured Promissory Note (the "**Note**"). Interest shall commence upon receipt of proceeds and shall continue on the outstanding principal balance hereof until paid in full. The principal balance of this Note together with the accrued interest thereon shall be due and payable on the dates and in the manner set forth below.

This Note is one of the secured promissory notes (collectively, the "**Notes**") referred to in, and is executed and delivered in connection with, that certain Amended and Restated Note Purchase Agreement, dated as of June 23, 2025 (as the same may from time to time be amended, modified or supplemented or restated, the "**Purchase Agreement**") executed by the Company and the purchasers named therein, including the Holder (the "**Purchasers**"). Additional rights and obligations of the Holder are set forth in the Purchase Agreement. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Maturity; Extensions; Payments; Prepayment; Waiver of Presentment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Maturity Date**. At any time on or after April 23, 2027 (the "**Maturity Date**"), if this Note has not been paid in full, the Holder may elect to either (i) demand, upon thirty (30) days' written notice to the Company, payment of the entire outstanding principal balance of this Note together with all accrued and unpaid interest thereon or (ii) continue to hold the Note and interest shall continue to accrue on the unpaid principal balance hereof until such time when this Note is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Payments**. Interest on the Outstanding Loan Amount shall accrue from the date hereof until the Notes are repaid in full at an interest rate *per annum* equal to 1-Month SOFR <u>plus</u> 8.00% (the "**Accrual Rate**"), accruing on a daily basis. For purposes hereof, "**1-Month SOFR**" shall be the greater of (i) 1% and (ii) the forward-looking term rate for a 1-month term

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based on the secured overnight financing rate on the first business day of each calendar quarter, that has been selected or recommended by the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto (and as published on any publicly available source or website that Holder may select in its discretion). Such interest shall be paid quarterly in arrears (each such date, an "**Interest Payment Date**"), as follows: (a) in cash to the Holder ("**Cash Interest**") at a fixed rate of 8.00% per annum (the "**Cash Interest Rate**"), and (b) by increasing the outstanding principal amount of this Note by an amount (the "**PIK Interest**") equal to the difference between (i) interest accruing at the Accrual Rate and (ii) interest accruing at the Cash Pay Interest Rate for such quarterly period. Any interest due on an Interest Payment Date that is not paid by the Company as Cash Interest on such Interest Payment Date shall be deemed paid as PIK Interest with no further action required on the part of the Company. Following an increase in the Outstanding Loan Amount as a result of PIK Interest, this Note shall bear interest on such increased Outstanding Loan Amount from and after the date of such Interest Payment Date. Any payment of interest due and payable on an Interest Payment Date that is not a business day shall be due and payable on the first business day occurring after such Interest Payment Date and interest shall continue to accrue on the principal amount of this Note until, and shall be due and payable on, such business day. Company shall pay the principal of and the accrued and unpaid interest on the Note in cash in full on the Maturity Date, or such later date when the obligations of this Note become due and payable pursuant to Section 1(a) above. All payments of principal and interest (for the avoidance of doubt, as and when payable in cash) shall be in lawful money of the United States of America and shall be payable at the address of the Holder set forth herein, unless another place of payment shall be specified in writing by the Holder. All cash payments with respect to this Note shall be applied first to any fees or expenses due to the Holder arising hereunder, second to accrued Cash Interest (including any interest that accrues after the commencement of a proceeding by or against the Company under Title 11 of the United States Code), and third to the outstanding principal balance hereof (including any principal resulting from PIK Interest). If any payment on this Note becomes due on a Saturday, Sunday or a public holiday under the laws of the State of Delaware, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Prepayment**. This Note may be prepaid, in whole or in part, by the Company at any time prior to the Maturity Date and from time to time without the consent of the Holder and without penalty provided that, prior to any prepayment, the Company shall provide at least fifteen (15) days prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Waiver**. The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Corporate Transaction**. Other than with respect to a Qualified IPO, in the event that (i) the Company enters into an agreement pertaining to or consummates (in each case, including by way of a division or plan of division under Delaware law or any comparable event under a different jurisdiction's laws) (a) a sale, lease or other disposition of all or substantially all of its assets or (b) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the equity holders of the Company immediately prior to such consolidation, merger or reorganization own less than 50% of

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the voting power of the surviving entity immediately after such consolidation, merger or reorganization (each such event being referred to herein as a "**Corporate Transaction**"), and (ii) the Note has not been paid in full, then, before any distribution or payment is made to the holders of equity securities of the Company, the Required Purchasers may require that the Company pay to Holder an amount equal to the principal balance of the Note then outstanding, plus unpaid accrued interest thereon through the date of such Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Security Interest**. The full amount of this Note is secured by the "Collateral" identified and described as security therefor in that certain Amended and Restated Security Agreement executed by and delivered by the Company on or about the date hereof (the "**Security Agreement**"), which Collateral includes but is not limited to a first priority secured interest in all of the Company's Intellectual Property (as such term is defined in the Security Agreement). The Company shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Encumbrance on or in the Collateral, or in any portion thereof, except as permitted pursuant to the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Usury**. In no event shall the interest rate or rates payable under this Note, plus any other amounts paid in connection herewith and therewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. The Company and the Holder, in executing and delivering this Note, intend legally to agree upon the rate or rates of interest and manner of payment stated within this Note; *provided*, *however*, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, *ipso facto,* as of the date of this Note, the Company is and shall be liable only for the payment of such maximum as allowed by law, and payment received from the Company in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of any remaining obligations to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Successors and Assigns**. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Notwithstanding the foregoing, neither the Company or the Holder may, assign, exchange or transfer, by operation of law or otherwise, their respective rights or obligations under this Note (whether voluntarily or involuntarily), *provided*, *however*, that the Holder's rights or obligations under this Note may be sold, assigned, exchanged or transferred (i) by will or intestacy from the Holder to the Holder's immediate family members, to a trust for the benefit of the Holder or the Holder's immediate family members or to a limited partnership, the partners of which are the Holder's immediate family members, (ii) from the Holder, if an entity, to the Holder's equity owners; (iii) to an affiliate (including affiliate funds), a shareholder, partner (or retired partner) or member (or retired member) of such Holder, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors; (iv) to Pearl Street Trust or any of its affiliates (including, without limitation, Scott Beck); and (v) with the express written consent of the Company; *provided*, that in each case the transferee agrees in writing to be subject to the terms of this Note to the same extent as if such transferee were the Holder hereunder. Any sale, assignment, exchange or transfer of this Note by the Company or the Holder in contravention of this Section 5(a) shall be void and ineffectual *ab initio*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Governing Law**. This Note shall be governed by and construed under the laws of the State of Colorado as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Titles and Subtitles**. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Amendment and Waiver**. This Note may be amended as set forth in Section 7.7 of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Cumulative Remedies**. The Holder's rights and remedies hereunder shall be cumulative. The Holder shall have all other rights and remedies not inconsistent herewith as provided under the UCC (as defined in the Security Agreement, as defined in the Purchase Agrement), by law or in equity. No exercise by the Holder of one right or remedy shall be deemed an election, and no waiver by the Holder of any Event of Default shall be deemed a continuing waiver.

**[Remainder of Page Intentionally Left Blank; Signature Page to Follow]**

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**In Witness Whereof**, the Company has caused this **Secured Promissory Note** to be duly executed and delivered as of the date first set forth above.

**Gloo Holdings, LLC**

By:

Name: Stuart Fullinwider

Title: Authorized Signatory

**Agreed and Accepted By:** 

**TBD**

By:

Name:

Title:

Address:

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**EXHIBIT C** 

**FORM OF WARRANT**

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THIS WARRANT AND THE UNITS ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>ACT</u>"), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.2 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE SEVENTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF THE COMPANY, AS AMENDED, RESTATED, MODIFIED, OR SUPPLEMENTED FROM TIME TO TIME (THE "<u>LLC AGREEMENT</u>"), A COPY OF WHICH HAS BEEN PROVIDED TO HOLDER FOR HOLDER'S REVIEW AND IS ON FILE WITH THE SECRETARY OF THE COMPANY.

<u>WARRANT TO PURCHASE UNITS</u>

THIS WARRANT TO PURCHASE UNITS (as amended and in effect from time to time, this "<u>Warrant</u>") is issued as of the issue date set forth on Schedule I hereto (the "<u>Issue Date</u>") by the company set forth on Schedule I hereto (the "<u>Company</u>") to ________________ ("<u>Holder</u>"), in connection with that certain Note Purchase Agreement, dated April 23, 2024, by and among the Company and the Purchasers (as defined therein) (the "<u>Purchase Agreement</u>"). Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Purchase Agreement. The parties agree as follows:

SCHEDULE I. <u>WARRANT PROVISIONS</u>.

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| | |
|:---|:---|
| <u>Warrant Section</u> | <u>Warrant Provision</u> |
| Recitals – "Issue Date" | , 2024 |
| Recitals – "Company" | Gloo Holdings, LLC, a Delaware limited liability company |
| 1.1 – "Exercise Price" | $6.00 per $6.00 Unit to be issued hereunder |
| 6.1 – "Expiration Date" | , 2029<sup>1</sup> |

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Section 1.<u>RIGHT TO PURCHASE UNITS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Grant of Right</u>. For good and valuable consideration, the Company hereby grants to Holder (together with any successor or permitted assignee or transferee of this Warrant or of any membership interests issued upon exercise hereof, "<u>Holder</u>") the right, and Holder is entitled,

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<sup>1</sup> Note to Draft: To be fifth anniversary of the Issue Date.

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to purchase from the Company up to fully paid and non-assessable $6.00 Units of the Company (the "<u>$6.00 Units</u>"), at the purchase price per $6.00 Unit set forth on Schedule I hereto (the "<u>Exercise Price</u>"), subject to the provisions and upon the terms and conditions set forth in this Warrant.

Section 2.<u>EXERCISE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Method of Exercise</u>. Holder may exercise this Warrant in whole or in part at any time and from time to time prior to the expiration or earlier termination of this Warrant, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as <u>Appendix 1</u> and a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company, in an amount equal to the product obtained by multiplying (i) the number of $6.00 Units to be purchased by the Holder by (ii) the Exercise Price, as determined in accordance with the terms hereof (the "<u>Aggregate Exercise Price</u>"). Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an electronic original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder's rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the time of any exercise hereof. Upon receipt of the Notice of Exercise, the Company shall issue the $6.00 Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Fair Market Value</u>. If Common Units of the Company are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a "<u>Trading Market</u>"), the fair market value of a $6.00 Unit shall be the closing price or last sale price of a Common Unit of the Company reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If Common Units of the Company are not then traded in a Trading Market, the governing board of the Company shall determine the fair market value of a $6.00 Unit in its reasonable good faith judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Delivery of Certificate and New Warrant</u>. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 2.1, the Company shall deliver to Holder a certificate (or, in the case of uncertificated securities, provide notice of book entry) representing the $6.00 Units issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the $6.00 Units not so acquired (or surrendered in payment of the Aggregate Exercise Price).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>Replacement of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Paper Original Warrant</u>. To the extent that the original of this Warrant is a paper original, on receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Electronic Original Warrant</u>. To the extent that the original of this Warrant is an electronic original, if at any time this Warrant is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with the terms of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature hereto being in electronic form, the Company shall, promptly upon Holder's request and without indemnity, execute and deliver to Holder, in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with original ink signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5<u>Treatment of Warrant Upon Acquisition of Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Acquisition</u>. "<u>Acquisition</u>" means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company's domicile), or any other corporate reorganization, in which the equity holders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company's (or the surviving or successor entity's) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the equity holders of the Company of membership interests representing at least a majority of the Company's then-total outstanding combined voting power. For the avoidance of doubt, "Acquisition" shall not include any sale and issuance by the Company of its membership interests or of securities or instruments exercisable for or convertible into, or otherwise representing the right to acquire membership interests of the Company to one or more investors for cash in a transaction or series of related transactions the primary purpose of which is a bona fide equity financing of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Treatment of Warrant in Cash/Public Acquisition</u>. In the event of an Acquisition in which the consideration to be received by the holders of $6.00 Units consists solely of cash, solely of Marketable Securities (as hereinafter defined) or a combination of cash and Marketable Securities (a "<u>Cash/Public Acquisition</u>"), and the fair market value of one $6.00 Unit as determined in accordance with Section 2.2 above would be greater than the Exercise Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised this Warrant in full, then, in lieu of Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase $6.00 Units and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Acquisition on and in respect of all $6.00 Units for which this Warrant was exercisable as of immediately prior to the closing thereof, net of the Aggregate Exercise Price therefor, as if such $6.00 Units had been issued and outstanding to Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of $6.00 Units. In the event of a Cash/Public Acquisition in which the fair market value of one $6.00 Unit as determined in accordance with Section 2.2 above would be equal to or less than the Exercise Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without further action of any party terminate as of immediately prior to such closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Treatment of Warrant in non-Cash/Public Acquisition</u>. Upon the closing of any Acquisition other than a Cash/Public Acquisition, at the election of the Company, either (i) the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the $6.00 Units issuable upon exercise of the unexercised portion of this Warrant as if such $6.00 Units were outstanding on and as of the closing of such Acquisition, at an Aggregate Exercise Price equal to the Aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, or (ii) this Warrant shall be cancelled at closing and the acquiring, surviving or successor entity shall grant to Holder at closing a new warrant in itself or its ultimate parent with a value at the time of grant equal to the value of the Warrant at the time of such closing, as determined in the reasonable discretion of such acquiring, surviving or successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Marketable Securities</u>. "<u>Marketable Securities</u>" means securities meeting all of the following requirements (determined as of immediately prior to the closing of the Acquisition): (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer's shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. Notwithstanding the foregoing provisions of this Section 2.5(d), securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6<u>Holder's Obligation to Execute Voting Agreement</u>. As to any $6.00 Unit Holder receives upon any exercise of this Warrant, Holder agrees to be become subject to, and is required to become a party to (by delivering a counterpart signature or an adoption agreement, as applicable) the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7<u>Conversion</u>. Notwithstanding the provisions of Section 1 and 2, in the event all of the outstanding Series A Preferred Membership Units (as defined in the LLC Agreement) are converted into Common Units pursuant to the LLC Agreement prior to the exercise (in whole or in part) of this Warrant, this Warrant shall automatically become exercisable for a number of Common Units that the Holder would have received had this Warrant been exercised for $6.00 Units immediately prior to the first date the Series A Preferred Membership Units were so converted and the Exercise Price shall be the Exercise Price in effect immediately prior to such conversion divided by the number of Common Units into which each $6.00 Unit was converted. In the event that this Warrant shall be exercisable for Common Units, all reference in this Warrant to $6.00 Units shall thereafter be deemed to mean Common Units.

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Section 3.<u>CERTAIN ADJUSTMENTS TO THE UNITS AND EXERCISE PRICE.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Equity Dividends, Splits, Etc</u>. If the Company declares or pays a dividend or distribution on the $6.00 Units payable in additional $6.00 Units (including fractional units) or other securities or property (other than cash), then upon exercise of this Warrant, for each $6.00 Unit acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the $6.00 Units of record as of the date the dividend or distribution occurred. If the Company subdivides the $6.00 Units by reclassification or otherwise into a greater number of units, the number of $6.00 Units purchasable hereunder shall be proportionately increased, even if such number would include fractional units, and the Exercise Price shall be proportionately decreased. If the outstanding $6.00 Units are combined or consolidated, by reclassification or otherwise, into a lesser number of units, the Exercise Price shall be proportionately increased and the number of $6.00 Units shall be proportionately decreased, even if such number would include fractional units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Reclassification, Exchange, Combination or Substitution</u>. Upon any event whereby all of the outstanding $6.00 Units are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, "$6.00 Units" shall mean such securities and this Warrant will be exercisable for the number of such securities that Holder would have received had the $6.00 Units been outstanding on and as of the consummation of such event, at an Aggregate Exercise Price equal to the Aggregate Exercise Price in effect as of immediately prior to such event, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 3.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Adjustment to Exercise Price on Cash Dividend</u>. In the event that the Company at any time or from time to time prior to the exercise in full of this Warrant pays any cash dividend on the outstanding $6.00 Units or makes any cash distribution on or in respect of all outstanding $6.00 Units (other than a distribution of cash proceeds received by the Company in connection with an Acquisition described in Section 2.5(a)(i) above), then on and as of the date of each such dividend payment and/or distribution, the Exercise Price shall be reduced by an amount equal to the amount paid or distributed upon or in respect of each outstanding $6.00 Unit; provided that in no event shall the Exercise Price be reduced below the then-par value, if any, of a $6.00 Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>No Fractional Unit</u>. No fractional $6.00 Unit shall be issued upon exercise of this Warrant, and the number of $6.00 Unit to be issued shall be rounded down to the nearest whole $6.00 Unit. If a fractional interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional interest by paying Holder in cash an amount equal to (a) such fractional interest, multiplied by (b)(i) the fair market value (as determined in accordance with Section 2.2 above) of a full $6.00 Unit, less (ii) the then-effective Exercise Price (the "<u>Fractional Value</u>"), unless Holder otherwise elects, in its sole discretion, to waive such payment. Notwithstanding any contrary provision herein, if this Warrant becomes exercisable for a fractional interest at any time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional interest prior to any exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal to the Fractional Value, unless Holder otherwise elects, in its sole discretion, to waive such reduction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5<u>Certificate as to Adjustments</u>. Within a reasonable time following each adjustment of the Exercise Price, Class and/or number of $6.00 Units pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial Officer or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of $6.00 Units and the facts upon which such adjustments are based. The Company shall, at any time and from time to time within a reasonable time following Holder's written request and at the Company's expense, furnish Holder with a certificate of its Chief Financial Officer or other authorized officer setting forth the then-current Exercise Price, Class and number of $6.00 Units and the computations or other determinations thereof.

Section 4.<u>REPRESENTATIONS AND COVENANTS OF THE COMPANY.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Representations and Warranties</u>. The Company represents and warrants to, and agrees with, Holder as follows: All $6.00 Units which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under the LLC Agreement or applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available such number of $6.00 Units and other securities as will be sufficient to permit the exercise in full of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Notice of Certain Events</u>. If the Company proposes at any time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)declare any dividend or distribution upon the outstanding $6.00 Units, whether in cash, membership interests or other securities or property and whether or not a regular cash dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)offer for subscription or sale pro rata to all holders of the outstanding $6.00 Units any additional securities of the Company (other than pursuant to contractual pre-emptive or first refusal rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding $6.00 Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)effect an Acquisition, or to liquidate, dissolve or wind up the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the Act (the "<u>IPO</u>");

then, in connection with each such event, the Company shall give Holder (pursuant to Section 6.5 below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding $6.00 Units will be entitled thereto) or for determining rights to vote, if any;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of the matters referred to in (c) and (d) above, at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding $6.00 Units will be entitled to exchange their units for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to make the first public filing of its registration statement in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Certain Company Information</u>. The Company will provide such information requested by Holder from time to time, within a reasonable time following each such request, that is reasonably necessary to enable Holder to comply with Holder's accounting or reporting requirement. Prior to the IPO, such information may include, but shall not be limited to, the Company's then-current summary capitalization table, the price per unit for which the Company most recently prior thereto sold or issued units of its membership interests to investors for cash in a bona fide equity financing of the Company, and the Company's most recent 409A Valuation.

Section 5.<u>REPRESENTATIONS AND COVENANTS OF HOLDER.</u>

Holder represents and warrants to, and agrees with, the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Investment Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Purchase for Own Account</u>. This Warrant and the $6.00 Units to be acquired upon exercise hereof are being acquired for investment for Holder's account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the $6.00 Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disclosure of Information</u>. Holder is aware of the Company's business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions of and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Investment Experience</u>. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder's investment in this Warrant and its underlying securities for an indefinite period of time, and has such knowledge and experience in financial or business

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matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Accredited Investor Status</u>. Holder is an "accredited investor" within the meaning of Regulation D promulgated under the Act and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Registration</u>. Holder understands that this Warrant and the $6.00 Units issuable upon exercise hereof have not been registered under the Act or registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions therefrom, which exemptions depend upon, among other things, the bona fide nature of the Holder's investment intent as expressed herein. Holder understands that the Company is under no obligation to so register or qualify this Warrant, the $6.00 Units or such other securities. Holder understands that this Warrant and the $6.00 Units issued upon any exercise hereof are "restricted securities" under applicable federal and state securities laws and must be held indefinitely unless subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless exemptions from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>No Member Rights</u>. Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it will not have any rights (including, but not limited to, voting rights) as a member of the Company with respect to the $6.00 Units issuable hereunder unless and until the exercise of this Warrant and then only with respect to the $6.00 Units issued on such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>No Public Market</u>. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company's securities.

Section 6.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Term</u>. Subject to the provisions of Section 2.5 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 5:00 PM, Mountain time on the Expiration Date set forth on Schedule I and shall be void thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Compliance with Securities Laws on Transfer</u>. This Warrant and the $6.00 Units issued upon exercise hereof may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Exchange, Assignment or Loss of Warrant</u>. Subject to the provisions of Section 6.2, this Warrant may only be assigned or transferred by the Holder in accordance with the terms of this Warrant, the LLC Agreement, any other agreement between the Company and Holder, and applicable laws, and, in any event, upon the written consent of the Company, which shall not be

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unreasonably withheld; provided, however, no Holder shall assign or transfer this Warrant (or any portion hereof) to any Person that competes in whole or in part with the Company as determined in good faith by the Company's board of managers. Any assignment shall be made by surrender of this Warrant to the Company with the assignment form substantially in the form attached hereto as <u>Appendix 2</u> duly executed (the "<u>Assignment Form</u>"). The Company shall, within ten (10) business days of receipt of the Warrant and Assignment Form, either (i) consent to such assignment and execute and deliver a new Warrant in identical form in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled or (ii) notify the Holder that the Company is withholding its consent to such assignment. This Warrant may be divided or may be combined with other Warrants which carry the same rights upon presentation hereof at the office of the Company together with a written notice specifying the names and the denominations in which new Warrants are to be issued and signed by the Holder hereof. Any assignment or transfer of this Warrant is further subject to the transferee's agreement that, upon the exercise of the warrant, such transferee shall become subject to, and is required to become a party to (by delivering a counterpart signature or an adoption agreement, as applicable), the LLC Agreement. The term "<u>Warrant</u>" as used herein includes any Warrants issued in substitution for or replacement of this Warrant or into which this Warrant may be divided or exchanged. Notwithstanding the foregoing, the Holder shall be entitled to transfer this Warrant to its affiliates (including affiliated funds, members and partners) without the prior written consent of the Company provided that such Holder give written notice to the Company at least ten (10) business days prior to such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Payment of Taxes</u>. The Company shall pay all taxes and other governmental charges that may be imposed with respect to the issue or delivery of this Warrant, unless such tax or charge is imposed by law upon Holder, in which case such taxes or charges shall be paid by Holder. The Holder is responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving the $6.00 Units upon exercise hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Notices</u>. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3<sup>rd</sup>) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

Attn:

Telephone: (____)

Email:

All notices to the Company shall be addressed as follows until Holder receives notice of a change in address:

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Gloo Holdings, LLC <br>Attn: Scott Beck<br>831 Pearl Street<br>Boulder, CO 80302 <br>Email: sbeck2@gloo.us

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6<u>Amendment and Waiver</u>. Notwithstanding any contrary provision herein or in the Purchase Agreement, this Warrant may be amended and any provision hereof waived (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the Company and the Holder. Any waiver or amendment effected in accordance with this section shall be binding upon each holder of any $6.00 Units purchased under this Warrant at the time outstanding, their successors and assigns, and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7<u>Counterparts; Electronic Signatures; Status as Certificated Security</u>. This Warrant may be executed by one or more of the parties hereto in any number of separate counterparts, all of which together shall constitute one and the same instrument. The Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts the use of electronic signatures and the keeping of records in electronic form by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature, as provided under applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. The fact that this Warrant is executed, signed, stored, or delivered electronically shall not prevent the assignment by any Holder of this Warrant pursuant to Section 6.3 or the enforcement of the terms hereof. To the extent that the original of this Warrant is an electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a "certificated security" within the meaning of Section 8102(a)(4) of the California Commercial Code. Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8<u>Headings</u>. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9<u>Business Days</u>. "<u>Business Day</u>" means any day that is not a Saturday, Sunday or a day on which banks in Colorado are closed.

Section 7.<u>GOVERNING LAW, VENUE AND JURY TRIAL WAIVER.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1<u>Governing Law</u>. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>Jurisdiction and Venue</u>. The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction of the state courts of Colorado and to the jurisdiction of the United States District Court for the State of Colorado for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except

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in the state courts of Colorado or the United States District Court for the State of Colorado and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>Jury Trial Waiver</u>. <u>TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE PURCHASE AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES' AGREEMENT TO THIS WARRANT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Survival</u>. This Section 7 shall survive the termination of this Warrant.

*[Signature page follows]*

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<u>IN WITNESS WHEREOF</u>, the parties have caused this Warrant to Purchase Units to be executed by their duly authorized representatives effective as of the Issue Date written above.

**COMPANY:**

**Gloo Holdings, LLC**

By:

Name: <u>Scott Beck</u> 

Title: <u>President and Chief Executive Officer</u> 

**HOLDER:**

**TBD**

By:

Name:

Title:

*Signature Page to Warrant*

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**EXHIBIT D**

**FORM of Amended and Restated Security Agreement**

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**AMENDED AND RESTATED SECURITY AGREEMENT**

**This Amended and Restated Security Agreement** dated as of June 23, 2025 (the "***Security Agreement***"), is made by and among **Gloo Holdings, LLC**, a Delaware limited liability company (the "***Grantor***"), the secured parties listed on the signature pages hereto (each, a "***Secured Party***" and, collectively, the "***Secured Parties***"), and **BOKF, NA**, in its capacity as Collateral Agent (as defined below) on behalf of the Secured Parties.

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Grantor and Secured Parties are parties to that certain Note Purchase Agreement dated April 23, 2024 (the "***Existing Note Purchase Agreement***"), whereby the Secured Parties made certain advances of money and financial accommodation to Grantor as evidenced by the Notes (as defined below) issued by Grantor in favor of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The obligations under the Existing Note Purchase Agreement are secured by that certain Security Agreement, dated as of April 23, 2024, made by the Grantor in favor of the Collateral Agent, as successor in interest to Jack Furst, for the benefit of the Secured Parties (the "***Existing Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Grantor and Secured Parties are amending and restating the Existing Note Purchase Agreement by entering into that certain Amended and Restated Note Purchase Agreement of even date herewith (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "***Note Purchase Agreement***") pursuant to which the Secured Parties will continue to make certain advances of money and financial accommodation to Grantor as evidenced by the Secured Promissory Notes issued by Grantor in favor of the Secured Parties (each, a "***Note***" and collectively, the "***Notes***") pursuant to such advances and financial accommodation being referred to herein as the "***Loans***".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Secured Parties are willing to enter into the Note Purchase Agreement and continue to make the Loans to Grantor, but only upon the condition, among others, that the Grantor shall have executed and delivered to the Secured Parties this Security Agreement.

**Agreement**

**Now, Therefore**, in order to induce the Secured Parties to make the Loans and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, Grantor hereby represents, warrants, covenants and agrees as follows:

**1.** **Defined Terms**. When used in this Security Agreement the following terms shall have the following meanings (such meanings being equally applicable to both the singular and plural forms of the terms defined):

"***Bankruptcy Code***" means Title XI of the United States Code.

"***Collateral***" shall have the meaning assigned to such term in **Section 2** of this Security Agreement.

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"***Collateral Agency Agreement***" shall mean that certain Amended and Restated Collateral Agency Agreement dated as of even date herewith by and among BOKF, NA, as collateral agent, and each of the note purchasers from time to time party thereto and accepted and agreed to by Grantor, as amended, restated, supplemented and otherwise modified from time to time.

"***Collateral Agent***" shall have the meaning assigned to such term in the Collateral Agency Agreement.

"***Contracts***" means all contracts (including any customer, vendor, supplier, service or maintenance contract), leases, licenses, undertakings, purchase orders, permits, franchise agreements or other agreements (other than any right evidenced by Chattel Paper, Documents or Instruments), whether in written or electronic form, in or under which Grantor now holds or hereafter acquires any right, title or interest, including, without limitation, with respect to an Account, any agreement relating to the terms of payment or the terms of performance thereof.

"***Copyright License***" means any agreement, whether in written or electronic form, in which Grantor now holds or hereafter acquires any interest, granting any right in or to any Copyright or Copyright registration (whether Grantor is the licensee or the licensor thereunder) including, without limitation, licenses pursuant to which Grantor has obtained the exclusive right to use a copyright owned by a third party.

"***Copyrights***" means all of the following now owned or hereafter acquired or created (as a work for hire for the benefit of Grantor) by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, in whole or in part: (a) all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof or any other country, and like protections in each work of authorship and derivative work, whether published or unpublished; (b) registrations, applications, recordings and proceedings in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country; (c) any continuations, amendments, renewals or extensions thereof; (d) any registrations to be issued in any pending applications, and shall include any right or interest in and to work protectable by any of the foregoing which are presently or in the future owned, created or authorized (as a work for hire for the benefit of Grantor) or acquired by Grantor, in whole or in part; (e) prior versions of works covered by copyright and all works based upon, derived from or incorporating such works; (f) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect to copyrights, including, without limitation, damages, claims and recoveries for past, present or future infringement; (g) rights to sue for past, present and future infringements of any copyright; and (h) any other rights corresponding to any of the foregoing rights throughout the world.

"***Event of Default***" means any "Event of Default" as defined in the Note Purchase Agreement.

"***Intellectual Property***" means any intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned or acquired or received by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, and shall include, in any event, any Copyright, Trademark, Patent, trade secret, customer list, internet domain name (including any right related to the registration thereof), proprietary or confidential information, mask work,

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source, object or other programming code, invention (whether or not patented or patentable), technical information, procedure, design, knowledge, know-how, software, data base, data, skill, expertise, recipe, experience, process, model, drawing, material, record, operating manual, and any claims for damage by way of any past, present or future infringement of any of the foregoing.

"***License***" means any Copyright License, Patent License, Trademark License or other license of rights or interests, whether in-bound or out-bound, whether in written or electronic form, now or hereafter owned or acquired or received by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, and shall include any renewals or extensions of any of the foregoing thereof.

"***Lien***" means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

"***Patent License***" means any agreement, whether in written or electronic form, in which Grantor now holds or hereafter acquires any interest, granting any right with respect to any invention on which a Patent is in existence (whether Grantor is the licensee or the licensor thereunder).

"***Patents***" means all of the following in which Grantor now holds or hereafter acquires any interest: (a) all letters patent of the United States or any other country, all registrations and recordings thereof and all applications for letters patent of the United States or any other country, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country; (b) all improvements, amendments, reissues, divisions, continuations, renewals, continuations-in-part or extensions thereof; (c) all petty patents, divisionals and patents of addition; (d) all patents to issue in any such applications; (e) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect to patents, including, without limitation, damages, claims and recoveries for past, present or future infringement; and (f) rights to sue for past, present and future infringements of any patent.

"***Permitted Lien***" means: (a) Liens in favor of the Collateral Agent; (b) any Liens existing on the date of this Security Agreement and set forth on Schedule A attached hereto; (c) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; (d) Liens (i) upon or in any Equipment acquired or held by Grantor to secure the purchase price of such Equipment or indebtedness (including capital leases) incurred solely for the purpose of financing the acquisition of such Equipment or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the Equipment so acquired, improvements thereon and the Proceeds of such Equipment; (e) leases or subleases and licenses or sublicenses granted to others in the ordinary course of Grantor's business; (f) any right, title or interest of a licensor under a license; (g) Liens arising from judgments, decrees or attachments that have been stayed or bonded within fifteen (15) days after notice thereof; (h) easements, reservations, rights-of-way, restrictions, minor defects or irregularities in title and other similar Liens affecting real property not interfering in any material respect with the ordinary conduct of the business of Grantor; (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; (j) Liens arising solely by virtue of any statutory or common law

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provision relating to banker's liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; (k) Liens in favor of a depository bank or a securities intermediary pursuant to such depository bank's or securities intermediary's customary customer account agreement; provided that any such Liens shall at no time secure any indebtedness or obligations other than customary fees and charges payable to such depository bank or securities intermediary; (l) Liens pursuant to the terms of customer contracts entered into in the ordinary course of Grantor's business if such do not interfere in any material respect with the business of Grantor; (m) statutory or common law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other similar Liens, arising in the ordinary course of business and securing obligations that are not yet delinquent or are being contested in good faith by appropriate proceedings; (n) Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligations, surety and appeal bonds, government contracts, performance and return-of-money bonds, and other obligations of like nature, in each case, in the ordinary course of business; (o) Liens incurred or deposits made in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security; (p) pledges and deposits securing liability for reimbursement or indemnification obligations in respect of letters of credit or bank guarantees for the benefit of landlords; (q) Liens securing indebtedness permitted under the Note Purchase Agreement and, to the extent such Liens encumber Collateral, are subordinated to the Liens in favor of the Collateral Agent granted hereto; (r) (i) Liens on treasury shares of Masterworks, Inc. ("***Masterworks***") in favor of David L. Raley and Lee J. White that existed as of the time of Grantor's acquisition of Masterworks and (ii) Liens on shares of [Historic, Inc.] in favor of Mark Miller and Ted Vaughn that existed as of the time of Grantor's acquisition of Masterworks (such Liens in this clause (r)(i) and (ii) being collectively referred to herein as the "***Masterworks Liens***") and (s) Liens incurred in connection with the extension, renewal or refinancing of indebtedness secured by Liens permitted under the preceding clauses, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase.

"***Pro Rata***" means, as to any Secured Party at any time, the percentage equivalent at such time of such Secured Party's aggregate unpaid principal amount of Loans, divided by the combined aggregate unpaid principal amount of all Loans of all Secured Parties.

"***Secured Obligations***" means (a) the obligation of Grantor to repay the Secured Parties all of the unpaid principal amount of, and accrued interest on (including any interest that accrues after the commencement of bankruptcy), the Loans and (b) the obligation of Grantor to pay any fees, costs and expenses of the Collateral Agent under **Section 6(c)** hereof.

"***Security Agreement***" means this Amended and Restated Security Agreement and all Schedules hereto, as the same may from time to time be amended, modified, supplemented or restated.

"***Trademark License***" means any agreement, whether in written or electronic form, in which Grantor now holds or hereafter acquires any interest, granting any right in and to any Trademark or Trademark registration (whether Grantor is the licensee or the licensor thereunder).

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"***Trademarks***" means any of the following in which Grantor now holds or hereafter acquires any interest: (a) any trademarks, tradenames, corporate names, company names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof and any applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country (collectively, the "***Marks***"); (b) any reissues, amendments, extensions or renewals thereof; (c) the goodwill of the business symbolized by or associated with the Marks; (d) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect to the Marks, including, without limitation, damages, claims and recoveries for past, present or future infringement; and (e) rights to sue for past, present and future infringements of the Marks.

"***UCC***" means the Uniform Commercial Code as the same may from time to time be in effect in the State of Colorado (and each reference in this Security Agreement to an Article thereof shall refer to that Article as from time to time in effect); *provided, however,* in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Secured Parties' security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, the term "*UCC*" shall mean the Uniform Commercial Code (including the Articles thereof) as in effect at such time in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions.

In addition, the following terms shall be defined terms having the meaning set forth for such terms in the UCC: "***Account***" (including health-care-insurance receivables), "***Account Debtor***", "***Chattel Paper***" (including tangible and electronic chattel paper), "***Commercial Tort Claims***", "***Commodity Account***", "***Deposit Account***", "***Documents***", "***Equipment***" (including all accessions and additions thereto), "***Fixtures***", "***General Intangible***" (including payment intangibles and software), "***Instrument***", "***Inventory***" (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), "***Investment Property***" (including securities and securities entitlements), "***Letter-of-Credit Right***" (whether or not the letter of credit is evidenced by a writing), "***Payment Intangibles***", "***Proceeds***", "***Promissory Notes***", "***Securities Account***", and "***Supporting Obligations***". Each of the foregoing defined terms shall include all of such items now owned, or hereafter acquired, by Grantor.

Capitalized words and phrases used herein and not otherwise defined shall have the meanings ascribed thereto in the Note Purchase Agreement.

**2.** **Grant of Security Interest**. As collateral security for the full, prompt, complete and final payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all the Secured Obligations and in order to induce the Secured Parties to cause the Loans to be made, Grantor hereby assigns, conveys, mortgages, pledges, hypothecates and transfers, and reaffirms Grantor's prior grant pursuant to the Existing Agreement, to the Collateral Agent (for the benefit of the Secured Parties) a security interest in all of Grantor's right, title and interest in,

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to and under the following, whether now owned or hereafter acquired (all of which being collectively referred to herein as the "***Collateral***"):

**(a)**All Accounts of Grantor;

**(b)**All Chattel Paper of Grantor;

**(c)**All Commercial Tort Claims of Grantor;

**(d)**All Contracts of Grantor;

**(e)**All Deposit Accounts of Grantor;

**(f)**All Documents of Grantor;

**(g)**All Equipment of Grantor;

**(h)**All Fixtures of Grantor;

**(i)**All General Intangibles of Grantor, including, without limitation, Payment Intangibles, all Intellectual Property, Copyrights, Patents, Trademarks, Licenses, designs, drawings, technical information, marketing plans, customer lists, trade secrets, proprietary or confidential information, inventions (whether or not patentable), procedures, know-how, models and data;

**(j)**All Instruments of Grantor, including, without limitation, Promissory Notes;

**(k)**All Inventory of Grantor;

**(l)**All Investment Property of Grantor;

**(m)**All Letter-of Credit Rights of Grantor;

**(n)**All Supporting Obligations of Grantor;

**(o)**All property of Grantor held by any Secured Party, or any other party for whom any Secured Party is acting as agent hereunder, including, without limitation, all property of every description now or hereafter in the possession or custody of or in transit to any Secured Party or such other party for any purpose, including, without limitation, safekeeping, collection or pledge, for the account of Grantor, or as to which Grantor may have any right or power;

**(p)**All other goods and personal property of Grantor, wherever located, whether tangible or intangible, and whether now owned or hereafter acquired, existing, leased or consigned by or to Grantor; and

**(q)**To the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for and rents, profits and products of each of the foregoing.

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Notwithstanding the foregoing provisions of this **Section 2**, the grant, assignment and transfer of a security interest as provided herein shall not extend to, and the term "*Collateral*" shall not include (a) any asset subject to the Masterworks Liens, (b) more than 66% of the total combined voting power of all classes of stock entitled to vote the shares of capital stock of any subsidiary of Grantor not incorporated or organized under the laws of one of the States or jurisdictions of the United States, (c) any cash on deposit in that certain Bank of America account, account number 8670415822, or (d) any Account, Chattel Paper, General Intangible or Promissory Note in which Grantor has any right, title or interest if and to the extent such Account, Chattel Paper, General Intangible or Promissory Note includes a provision containing a restriction on assignment such that the creation of a security interest in the right, title or interest of Grantor therein would be prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such Account, Chattel Paper, General Intangible or Promissory Note to enforce any remedy with respect thereto; *provided that* the foregoing exclusion shall not apply if (i) such prohibition has been waived or such other person has otherwise consented to the creation hereunder of a security interest in such Account, Chattel Paper, General Intangible or Promissory Note or (ii) such prohibition would be rendered ineffective pursuant to Sections 9-406(d), 9-407(a) or 9-408(a) of the UCC, as applicable and as then in effect in any relevant jurisdiction, or any other applicable law (including the Bankruptcy Code) or principles of equity; *provided further that* immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and Grantor shall be deemed to have granted on the date hereof a security interest in, all its rights, title and interests in and to such Account, Chattel Paper, General Intangible or Promissory Note as if such provision had never been in effect; and *provided further that* the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Secured Party's unconditional continuing security interest in and to all rights, title and interests of Grantor in or to any payment obligations or other rights to receive monies due or to become due under any such Account, Chattel Paper, General Intangible or Promissory Note and in any such monies and other proceeds of such Account, Chattel Paper, General Intangible or Promissory Note.

**3.** **Rights of Secured Parties; Collection of Accounts**.

**(a)**Notwithstanding anything contained in this Security Agreement to the contrary, Grantor expressly agrees that it shall remain liable under each of its Contracts and each of its Licenses to observe and perform all the conditions and obligations to be observed and performed by it thereunder and that it shall perform all of its duties and obligations thereunder, all in accordance with and pursuant to the terms and provisions of each such Contract or License. The Secured Parties and the Collateral Agent shall not have any obligation or liability under any Contract or License by reason of or arising out of this Security Agreement or the granting to the Secured Parties or Collateral Agent of a lien therein or the receipt by any Secured Party or the Collateral Agent of any payment relating to any Contract or License pursuant hereto, nor shall any Secured Party or the Collateral Agent be required or obligated in any manner to perform or fulfill any of the obligations of Grantor under or pursuant to any Contract or License, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Contract or License, or to present or file any claim, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

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**(b)**The Secured Parties authorize Grantor to collect its Accounts. Upon the occurrence and during the continuance of any Event of Default, at the request of the Collateral Agent, Grantor shall deliver all original and other documents evidencing and relating to the performance of labor or service which created such Accounts, including, without limitation, all original orders, invoices and shipping receipts.

**(c)**The Collateral Agent may at any time, upon the occurrence and during the continuance of any Event of Default, notify Account Debtors of Grantor, parties to the Contracts of Grantor, obligors in respect of Instruments of Grantor and obligors in respect of Chattel Paper of Grantor that the Accounts and the right, title and interest of Grantor in and under such Contracts, Instruments and Chattel Paper have been assigned to the Secured Parties and that payments shall be made directly to the Collateral Agent for distribution to the Secured Parties. Upon the request of the Collateral Agent, upon the occurrence and during the continuance of any Event of Default, Grantor shall so notify such Account Debtors, parties to such Contracts, obligors in respect of such Instruments and obligors in respect of such Chattel Paper. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may, in its name or in the name of others, communicate with such Account Debtors, parties to such Contracts, obligors in respect of such Instruments and obligors in respect of such Chattel Paper to verify with such parties, to the Collateral Agent's satisfaction, the existence, amount and terms of any such Accounts, Contracts, Instruments or Chattel Paper.

**4.** **Representations and Warranties**. Grantor hereby represents and warrants to the Secured Parties that:

**(a)**Except for the security interest granted to the Secured Parties and the Collateral Agent under this Security Agreement and Permitted Liens, Grantor is the sole legal and equitable owner of each item of the Collateral in which it purports to grant a security interest hereunder.

**(b)**No effective security agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any part of the Collateral exists, except such as may have been filed by Grantor in favor of the Secured Parties and the Collateral Agent pursuant to this Security Agreement and except for Permitted Liens.

**(c)**This Security Agreement creates a legal and valid security interest on and in all of the Collateral in which Grantor now has rights.

**(d)**Grantor's taxpayer identification number is, and chief executive office, principal place of business, and the place where Grantor maintains its records concerning the Collateral are presently located at the address set forth on the signature page hereof.

**5.** **Covenants**. Unless the Collateral Agent otherwise consents (which consent shall not be unreasonably withheld), Grantor covenants and agrees with the Secured Parties that from and after the date of this Security Agreement and until the Secured Obligations have been performed and paid in full:

**5.1** **Disposition of Collateral**. Grantor shall not sell, lease, transfer or otherwise dispose of (including by way of a division or plan of division under Delaware law or any comparable event under a different jurisdiction's laws) any of the Collateral (each, a "***Transfer***"), or attempt or

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contract to do so, other than (a) the sale of Inventory in the ordinary course of business, (b) the granting of Licenses in the ordinary course of business and (c) the disposal of worn-out or obsolete Equipment.

**5.2** **Change of Jurisdiction of Organization, Relocation of Business**. Grantor shall not change its jurisdiction of organization or relocate its chief executive office, principal place of business or its records from such address(es) provided to the Secured Parties pursuant to **Section 4(d)** above without at least seven (7) days prior notice to the Secured Parties.

**5.3** **Limitation on Liens on Collateral**. Grantor shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Lien on the Collateral, except (a) Permitted Liens and (b) the Lien granted to the Secured Parties under this Security Agreement.

**5.4** **Insurance**. Grantor shall maintain insurance policies insuring the Collateral against loss or damage from such risks and in such amounts and forms and with such companies as are customarily maintained by businesses similar to Grantor.

**5.5** **Taxes, Assessments, Etc**. Grantor shall pay promptly when due all property and other taxes, assessments and government charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment, Fixtures or Inventory, except to the extent the validity or amount thereof is being contested in good faith and adequate reserves are being maintained in connection therewith.

**5.6** **Defense of Intellectual Property**. Grantor shall use commercially reasonable efforts to (i) protect, defend and maintain the validity and enforceability of all Copyrights, Patents and Trademarks material to Grantor's business and (ii) detect infringements of all Copyrights, Patents and Trademarks material to Grantor's business.

**5.7** **Further Assurances**. At any time and from time to time, upon the written request of the Collateral Agent, and at the sole expense of Grantor, Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Collateral Agent may reasonably deem necessary or desirable to obtain the full benefits of this Security Agreement, including, without limitation, (a) executing, delivering and causing to be filed any financing or continuation statements (including "in lieu" continuation statements) under the UCC with respect to the security interests granted hereby, (b) at the Collateral Agent's reasonable request, filing or cooperating with the Secured Parties and the Collateral Agent in filing any forms or other documents required to be recorded with the United States Patent and Trademark Office, United States Copyright Office, (c) at the Collateral Agent's reasonable request, placing the interest of the Secured Parties as lienholder on the certificate of title (or similar evidence of ownership) of any vehicle, watercraft or other Equipment constituting Collateral owned by Grantor which is covered by a certificate of title (or similar evidence of ownership), (d) executing and delivering and using commercially reasonable efforts to cause the applicable depository institution, securities intermediary, commodity intermediary or issuer or nominated party under a letter of credit to execute and deliver a collateral control agreement with respect to any Deposit Account, Securities Account or Commodity Account or Letter-of-Credit Right in or to which Grantor has any right or interest and (e) at the Collateral Agent's reasonable request, using commercially

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reasonable efforts to obtain acknowledgments from bailees having possession of any Collateral and waivers of liens from landlords and mortgagees of any location where any of the Collateral may from time to time be stored or located. Grantor also hereby authorizes the Collateral Agent to file any such financing or continuation statement (including "in lieu" continuation statements) without the signature of Grantor.

**6.** **Rights and Remedies Upon Default**. Upon the occurrence of any Event of Default and while such Event of Default is continuing:

**(a)**The Collateral Agent, on behalf of the Secured Parties, may exercise in addition to all other rights and remedies granted to it under this Security Agreement and the Note Purchase Agreement, all rights and remedies of a secured party under the UCC. Without limiting the generality of the foregoing, Grantor expressly agrees that in any such event the Collateral Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon Grantor or any other person, may, (i) reclaim, take possession, recover, store, maintain, finish, repair, prepare for sale or lease, shop, advertise for sale or lease and sell or lease (in the manner provided herein) the Collateral, and in connection with the liquidation of the Collateral and collection of the accounts receivable pledged as Collateral, use any Trademark, Copyright, or process used or owned by Grantor and (ii) forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange or broker's board or at any Secured Party's offices or elsewhere at such prices as it may deem commercially reasonable, for cash or on credit or for future delivery without assumption of any credit risk. Grantor further agrees, at the Collateral Agent's request, to assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at Grantor's premises or elsewhere. The Collateral Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale as provided in **Section 6(e)**, below, with Grantor remaining liable for any deficiency remaining unpaid after such application. Grantor agrees that the Collateral Agent need not give more than twenty (20) days' notice of the time and place of any public sale or of the time after which a private sale may take place and that such notice is reasonable notification of such matters.

**(b)**As to any Collateral constituting certificated securities or uncertificated securities, if, at any time when the Collateral Agent shall determine to exercise its right to sell the whole or any part of such Collateral hereunder, such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under Securities Act of 1933, as amended (as so amended the "***Act***"), the Collateral Agent may, in its discretion (subject only to applicable requirements of law), sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Collateral Agent may deem necessary or advisable, but subject to the other requirements of this **Section 6(b)**, and shall not be required to effect such registration or cause the same to be effected. Without limiting the generality of the foregoing, in any such event the Collateral Agent may, in its discretion, (i) in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof could be or shall have been filed under the Act; (ii) approach and negotiate with a single possible purchaser to effect such sale; and (iii) restrict such

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sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In addition to a private sale as provided above in this **Section 6(b)**, if any of such Collateral shall not be freely distributable to the public without registration under the Act at the time of any proposed sale hereunder, then the Collateral Agent shall not be required to effect such registration or cause the same to be effected but may, in its discretion (subject only to applicable requirements of law), require that any sale hereunder (including a sale at auction) be conducted subject to such restrictions as the Collateral Agent may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors' rights and the Act and all applicable state securities laws.

**(c)**Grantor also agrees to pay all fees, costs and expenses of the Collateral Agent, including, without limitation, reasonable attorneys' fees, incurred in connection with the enforcement of any of its rights and remedies hereunder.

**(d)**Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.

**(e)**The Proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be distributed by the Collateral Agent in the following order of priorities:

**First**, to the Collateral Agent and any Secured Party in an amount sufficient to pay in full the reasonable costs of the Collateral Agent or such Secured Party in connection with such sale, disposition or other realization, including all fees, costs, expenses, liabilities and advances incurred or made by the Collateral Agent or any Secured Party in connection therewith, including, without limitation, reasonable attorneys' fees;

**Second**, to the Secured Parties in amounts proportional to the Pro Rata share of the then unpaid Secured Obligations of each Secured Party; and

**Finally**, upon payment in full of the Secured Obligations, to Grantor or its representatives, in accordance with the UCC or as a court of competent jurisdiction may direct.

**7.** **Collateral Agency Agreement**. The appointment, authority and actions of the Collateral Agent in this Security Agreement shall in all respects be in accordance with the terms and conditions of the Collateral Agency Agreement. In the event of any inconsistency between the terms and conditions of this Security Agreement and the terms and conditions of the Collateral Agency Agreement, the terms and conditions of the Collateral Agency Agreement shall prevail.

**8.** **Indemnity**. Grantor agrees to defend, indemnify and hold harmless the Collateral Agent and the Secured Parties and their officers, employees, and agents against (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Security Agreement and (b) all losses or expenses in any way suffered, incurred, or paid by any Secured Party as a result of or in any way arising out of, following or consequential to transactions between or among the Collateral Agent, any Secured Party and Grantor, whether under this Security Agreement or otherwise (including without

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limitation, reasonable attorneys fees and expenses), except for losses arising from or out of the gross negligence or willful misconduct of the Collateral Agent or such Secured Party, as applicable.

**9.** **Reinstatement**. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Grantor for liquidation or reorganization, should Grantor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of Grantor's property and assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a "voidable preference," "fraudulent conveyance," or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

**10.** **Miscellaneous**.

**10.1** **Termination of this Security Agreement**. Subject to **Section 9** hereof, this Security Agreement shall terminate upon the payment and performance in full of the Secured Obligations. Upon termination of this Security Agreement (for any reason), the Collateral Agent and each Secured Party shall take all such actions as may be reasonably requested by the Grantor to evidence the termination of this Security Agreement and to terminate and release the security interest granted pursuant to this Security Agreement.

**10.2** **Successor and Assigns**. This Security Agreement and all obligations of Grantor hereunder shall be binding upon the successors and assigns of Grantor, and shall, together with the rights and remedies of the Secured Parties hereunder, inure to the benefit of the Secured Parties, any future holder of any of the indebtedness and their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner affect the lien granted to the Secured Parties hereunder.

**10.3** **Entire Agreement**. This Security Agreement embodies the entire understanding and agreement among the parties hereto concerning the granting by Grantor to the Secured Parties of a security interest in the Collateral and supersedes and replaces in the entirety any and all prior negotiations, understandings or agreements, including without limitation the Existing Agreement, with respect thereto.

**10.4** **Governing Law**. In all respects, including all matters of construction, validity and performance, this Security Agreement and the Secured Obligations arising hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of Colorado applicable to contracts made and performed in such state, without regard to the principles thereof regarding conflict of laws, except to the extent that the UCC provides for the application of the law of a different jurisdiction.

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**10.5** **Existing Agreement**. This Security Agreement amends, restates and supersedes the Existing Agreement in its entirety with the intent and legal effect that the amended and restated terms hereof shall replace the terms of the Existing Agreement as a renewal, but not as an extinguishment, novation, satisfaction or release of the Existing Agreement or the liens and security interests granted thereunder, which liens and security interests shall continue in full force and effect, and which liens and security interests the Grantor hereby reaffirms. All "Loans" and other financial accommodations under the Existing Note Purchase Agreement, the Notes executed prior to the date hereof and all other "Secured Obligations" of the Grantor to the Secured Parties outstanding and unpaid as of the date hereof pursuant to the Existing Agreement, the Existing Note Purchase Agreement, the Notes executed prior to the date hereof or otherwise shall be deemed obligations of the Grantor pursuant to the terms of this Security Agreement.

**[Remainder of the Page Left Intentionally Blank; Signature Page to Follow]**

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**In Witness Whereof**, each of the parties hereto has caused this Amended and Restated Security Agreement to be executed and delivered by its duly authorized officer on the date first set forth above.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Address of Grantor:** | &nbsp;&nbsp;**Gloo Holdings, LLC** |
| &nbsp;&nbsp;831 Pearl Street <br>Boulder, CO 80302 | &nbsp;&nbsp;By: <br>Name: <u>Scott Beck</u><br>Title: <u>President and Chief Executive Officer</u> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Taxpayer Identification Number Of Grantor:** | &nbsp;&nbsp;**Jurisdiction of Organization of Grantor** |
| &nbsp;&nbsp;46-4083665 | &nbsp;&nbsp;Delaware |

---

**Signature Page to<br>Amended and Restated Security Agreement**

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**In Witness Whereof**, each of the parties hereto has caused this Amended and Restated Security Agreement to be executed and delivered by its duly authorized officer on the date first set forth above.

**Pearl Street Trust**

By:

Name: <u>Scott Beck</u> 

Title: <u>Trustee</u> 

**Fmab Partners, LP**

By:

Name: <u>Jack D. Furst</u> 

Title: <u>President of JAJO, LLC, the General Partner of FMAB Partners, LP</u> 

**William B. Kent**

By:

**Kent Lubrication Centers, LTD**

By:

Name: <u>William B. Kent</u> 

Title: <u>Chairman/CEO</u> 

**Jane White 2011 Irrevocable Trust**

By:

Name: <u>Wallace L. Hall, Jr.</u> 

Title: <u>Manager</u> 

**Mark Saulsbury**

By:

**Signature Page to<br>Amended and Restated Security Agreement**

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**In Witness Whereof**, each of the parties hereto has caused this Amended and Restated Security Agreement to be executed and delivered by its duly authorized officer on the date first set forth above.

**SECURED PARTIES:**

**Bubba Saulsbury 2018 GST Trust**

By:

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Dianne Zugg 2018 GST Trust**

By:

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Matthew Saulsbury 2018 GST Trust**

By:

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Scott Helbing**

By:

**Signature Page to<br>Amended and Restated Security Agreement**

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**In Witness Whereof**, each of the parties hereto has caused this Amended and Restated Security Agreement to be executed and delivered by its duly authorized officer on the date first set forth above.

**BOKF, NA**

By:

Name: George Kubin

Title: SVP, Corporate Trust Relationship Manager

Address:

BOKF, NA<br>c/o BOK Financial<br>1600 Broadway 26th Floor<br>Denver, CO 80202<br>Attention: Corporate Trust Services<br>Phone: 303-864-7236

Email: CTDenver@bokf.com

**Signature Page to<br>Amended and Restated Security Agreement**

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**EXHIBIT E**

**FORM OF AMENDMENTS TO CERTAIN EXISTING NOTES**

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**FIRST AMENDMENT<br>TO<br>AMENDED AND RESTATED SECURED PROMISSORY NOTE**

This FIRST AMENDMENT TO AMENDED AND RESTATED SECURED PROMISSORY NOTE (this "***Amendment***"), dated as of _______ ___, 2025, amends that certain Amended and Restated Secured Promissory Note, dated as of _______ ___, 2024, as amended, restated, supplemented and otherwise modified from time to time up to the date hereof (the "***Note***"), by and among GLOO HOLDINGS, LLC, a Delaware limited liability company (the "***Company***"), and ___________________ (the "***Holder***").

WHEREAS, the Company and the Holder desire to amend certain provisions of the Note; and

WHEREAS, terms capitalized but not otherwise defined herein shall have the meanings ascribed to such terms in the Note.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made and other good and valuable consideration, the undersigned agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The reference to the Note Purchase Agreement, dated as of April 23, 2024, set forth in the Note is hereby amended to refer to the Amended and Restated Note Purchase Agreement, dated as of June 23, 2025, and the definition of "Purchase Agreement" set forth therein likewise shall refer to such Amended and Restated Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The references to Section 6.7 of the Purchase Agreement set forth in the Note are hereby amended to refer to Section 7.7 of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Section 3(a) of the Note is hereby amended and restated in its entirety to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the following events shall be an "**Event of Default**" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**the Company engages in any liquidation, dissolution or winding up of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**the Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate actions in furtherance of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**any involuntary petition is filed against the Company under any bankruptcy statute now or hereafter in effect and such petition continues without dismissal for a period of ninety (90) days or more, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**the Company fails to pay (A) any accrued Cash Interest within three business days of its receipt of notice from any Purchaser (including the Holder) of the Company's failure to pay any accrued Cash Interest on the applicable Interest Payment Date or (B) any and all unpaid principal, accrued interest or other amounts due and owing hereunder on the Maturity Date or such other date as agreed to by the Company and the Required Purchasers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**the Company materially breaches any warranty or agreement in any material respect made by the Company in this Note (except as set forth in (iv) above) or in any other Loan Document or any representation or covenant in this Note or any other Loan Document and, as to any breach that is capable of cure, the Company fails to cure such breach within thirty (30) days of the Company becoming aware of the occurrence of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Section 3(e) of the Note is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The first sentence of Section 4 of the Note is hereby amended and restated in its entirety to read as follows:

The full amount of this Note is secured by the "Collateral" identified and described as security therefor in that certain Amended and Restated Security Agreement executed by and delivered by the Company on or about June 23, 2025, which Collateral includes but is not limited to a first priority secured interest in all of the Company's Intellectual Property (as defined in the Security Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Except as expressly amended in accordance with this Amendment, the Note shall remain unmodified and in full force and effect. Any reference to the Note in any other document shall refer to the Note as amended hereby. In the event of any conflict between the terms of the Note and the terms of this Amendment, the terms of this Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.This Amendment may be executed, including by electronic transmission, in one or more counterparts, each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.This Amendment shall be construed and enforced in accordance with the laws of the State of Colorado without regard to the application of the principles of conflicts or choice or laws.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned have executed this Amendment on the day and year first indicated above.

**THE COMPANY:**

GLOO HOLDINGS, LLC, a Delaware limited liability company

By:

Name: Scott Beck

Title: President & Chief Executive Officer

**THE HOLDER:** 

TBD

By:

Name: <br>Title:

*Signature Page to First Amendment to Amended and Restated Secured Promissory Note*

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## Exhibit 10.15

**Exhibit 10.15**

**FIRST AMENDMENT TO<br>AMENDED AND RESTATED NOTE PURCHASE AGREEMENT**

**This First Amendment to Amended and Restated Note Purchase Agreement** (this "***Amendment***") is made and entered into as of September 5, 2025, by and among **Gloo Holdings, LLC**, a Delaware limited liability company (the "***Company***"), and the undersigned Purchasers.

**RECITALS**

**Whereas**, the Company and the Purchasers are parties to that certain Amended and Restated Note Purchase Agreement, dated as of June 23, 2025 (the "***Agreement***"), by and among the Company and the Purchasers named therein;

**Whereas**, all capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Agreement;

**Whereas**, pursuant to Section 2.2 of the Note Purchase Agreement, prior to giving effect to this Amendment, the maximum aggregate Loan Amount is $130,000,000;

**Whereas**, the Company and Purchasers constituting "Required Purchasers" (as defined in the Agreement) desire to amend the Agreement to increase the Loan Amount from an aggregate amount not to exceed $130,000,000 to an aggregate amount not to exceed $160,000,000; and

**Whereas**, together, the parties hereto constitute the Company and Required Purchasers sufficient to amend the Agreement and bind all parties thereto.

**AGREEMENT**

**Now Therefore**, in consideration of the foregoing recitals and the mutual terms and conditions contained herein and in the Agreement, and other good and valuable consideration, the receipt and sufficiency of which the parties hereto hereby acknowledge, the parties hereto agree as follows:

1.**Amendment of Section 2.2**. The Agreement is hereby amended by deleting Section 5.6 in its entirety and replacing Section 2.2 with the following:

"**2.2 Subsequent Closings**. The Company, at any time prior to the earlier to occur of (a) a Qualified IPO (as defined in the LLC Agreement) and (b) December 31, 2025, may, but is not obligated to, borrow additional amounts up to an aggregate Loan Amount of $160,000,000 in one or more additional closings (each, a "***Subsequent Closing***" and together with the Initial Closing, each, a "***Closing***") to such persons or entities as may be approved by the Company (the "***Additional Purchasers***") on the terms and conditions set forth in this Agreement. The date of each Closing is referred to herein as a "***Closing Date***." Subject to the terms of Section 7.7, this Agreement, including without limitation, the Schedule of Purchasers, may be amended by the Company without the consent of the Purchasers to

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include any Additional Purchasers. Any Notes sold pursuant to this Section 2.2 shall be deemed to be "Notes" for all purposes under this Agreement, and any Additional Purchasers thereof shall be deemed to be "Purchasers" for all purposes under this Agreement."

2.**Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as amended by this Amendment, the Agreement shall remain in full force and effect in all respects. Additionally, the Agreement, as referenced in any other document that the parties to the Agreement have executed, shall mean the Agreement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the parties hereto hereby consents to this Amendment and hereby acknowledges that the Agreement remains in full force and effect and is hereby ratified and reaffirmed. Except as expressly set forth herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of any party, constitute a waiver of any provision of any of the Agreement or serve to effect a novation of any obligation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Amendment may be executed in any number of counterparts, each and all of which will be deemed an original and all of which together will constitute but one and the same instrument. The facsimile or electronic signature of any party to this Amendment (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com) or a PDF copy of the signature of any party to this Amendment delivered by electronic mail for purposes of execution or otherwise, is to be considered to have the same binding effect as the delivery of an original signature on an original contract. Any party that delivers an executed counterpart signature page by electronic image scan transmission in .pdf shall, upon the request of a party, promptly thereafter deliver a manually executed counterpart signature page to such party; <u>provided</u>, <u>however</u>, that the failure to do so will not affect the validity, enforceability, or binding effect of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Amendment shall be governed by and construed under the laws of the State of Colorado in all respects as such laws are applied to agreements among Colorado residents entered into and performed entirely within Colorado, without giving effect to conflict of law principles thereof.

[*Signature Pages Follow*]

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**In Witness Whereof,** the parties hereto have executed this **First Amendment to Amended and Restated Note Purchase Agreement** as of the date set forth in the first paragraph hereof.

**COMPANY:**

**Gloo Holdings, LLC**

By: <u>/s/ Scott Beck</u> 

Name: Scott Beck

Title: President & Chief Executive Officer

Address: 831 Pearl St.

Boulder, Colorado 80302

**Signature Page to<br>First Amendment to Amended and Restated Note Purchase Agreement**

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**In Witness Whereof,** the parties hereto have executed this **First Amendment to Amended and Restated Note Purchase Agreement** as of the date set forth in the first paragraph hereof.

**Required Purchasers:**

**Pearl Street Trust**

By: <u>/s/ Scott Beck</u> 

Name: <u>Scott Beck</u> 

Title: <u>Trustee</u> 

**FMAB Partners, LP**

By: <u>/s/ Jack D. Furst</u> 

Name: <u>Jack D. Furst</u> 

Title: <u>President of JAJO, LLC, the General Partner of JAJO Partners, LP</u> 

**William B. Kent**

By: <u>/s/ William B. Kent</u> 

**Kent Lubrication Centers, LTD**

By: <u>/s/ William B. Kent</u> 

Name: <u>William B. Kent</u> 

Title: <u>Chairman/CEO</u> 

**Jane White 2011 Irrevocable Trust**

By: <u>/s/ Wallace L. Hall Jr.</u> 

Name: <u>Wallace L. Hall, Jr.</u> 

Title: <u>Manager</u> 

**Mark Saulsbury**

By: <u>/s/ Mark Saulsbury</u> 

**Signature Page to<br>First Amendment to Amended and Restated Note Purchase Agreement**

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**Bubba Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Dianne Zugg 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Matthew Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Mark Saulsbury 2018 GST Trust**

By: <u>/s/ Shane Louder</u> 

Name: <u>Shane Louder</u> 

Title: <u>Trustee</u> 

**Erik Olson**

By: <u>/s/ Erik Olson</u> 

**Kristine Olson**

By: <u>/s/ Kristine Olson</u> 

**Signature Page to<br>First Amendment to Amended and Restated Note Purchase Agreement**

------

## Exhibit 16.1

![img149592383_0.jpg](img149592383_0.jpg)

**Exhibit 16.1**

October 17, 2025

**To Whom It May Concern:**

We have reviewed the disclosures made by Gloo Holdings, Inc. regarding the change in independent public accounting firms.

We agree with the statements concerning our firm, Plante & Moran, PLLC, and confirm that during our engagement through October 1, 2024, there were no disagreements with management on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

Sincerely,

/s/ Plante & Moran, PLLC<br>Broomfield, Colorado

------

## Exhibit 21.1

**Exhibit 21.1** 

**Subsidiaries of Gloo Holdings, Inc.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Legal Name** | &nbsp;&nbsp;**State or Other Jurisdiction of <br>Incorporation or Organization** |
| &nbsp;&nbsp;Gloo Holdings, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gloo Exchange, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gloo Technologies, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gloo Acquisition Corp1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gloo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Flourishing Hub, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Sermons Tech, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;The Igniter Company LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Servus Consulting Partners | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Servus Recruiting Partners, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Masterworks, Inc. | &nbsp;&nbsp;Washington |
| &nbsp;&nbsp;Outreach, Inc. | &nbsp;&nbsp;Colorado |
| &nbsp;&nbsp;Historic Agency, Inc. | &nbsp;&nbsp;Arizona |
| &nbsp;&nbsp;Midwestern Interactive, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;Barna Holdings, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Visitor Reach, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Igniter Stock, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Igniter TV, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Igniter Studios, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Art of Leadership Holding Company Ltd. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Carey Nieuwhof Communications Limited | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;InspireHUB Canada Holdings, Inc. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;InspireHUB Australia Pty, Ltd | &nbsp;&nbsp;Australia |

---

------

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement of Gloo Holdings, Inc. on Form S-1 of our report dated July 23, 2025 on the consolidated financial statements of Gloo Holdings, LLC and to the reference to us under the heading "Experts" in the prospectus.

/s/ Crowe LLP

Los Angeles, California

October 17, 2025

------

## Exhibit 23.2

**Exhibit 23.2**

CONSENT OF INDEPENDENT AUDITOR

We consent to the use in this Registration Statement of Gloo Holdings, Inc. on Form S-1 of our report dated July 23, 2025 on the financial statements of Midwestern Interactive, LLC and to the reference to us under the heading "Experts" in the prospectus.

/s/ Crowe LLP

Los Angeles, California

October 17, 2025

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gloo Holdings, Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A common stock, $0.001 par value per share | 457(o) | $100000000.00 | 0.0001381 | $13810.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $13810.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $13810.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. (2) Includes the aggregate offering price of additional shares of Class A common stock that the underwriters have the option to purchase, if any.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---