# EDGAR Filing Document

**Accession Number:** 0001825024
**File Stem:** 0001193125-23-021670
**Filing Date:** 2023-2
**Character Count:** 190407
**Document Hash:** d0acf6fe2dab429141b6d9e22eabdf83
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-021670.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-021670

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230131

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Offerpad Solutions Inc.
- **CENTRAL INDEX KEY:** 0001825024
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39641
- **FILM NUMBER:** 23577759

**BUSINESS ADDRESS:**
- **STREET 1:** 4520 DEXTER STREET, N.W.
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20007
- **BUSINESS PHONE:** (202) 918-7070

**MAIL ADDRESS:**
- **STREET 1:** 4520 DEXTER STREET, N.W.
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Supernova Partners Acquisition Company, Inc.
- **DATE OF NAME CHANGE:** 20200916

?xml version="1.0" encoding="utf-8" ? Form 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): January 31, 2023

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## Offerpad Solutions Inc.

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39641** | **85-2800538** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **2150 E. Germann Road, Suite 1**<br> **Chandler, Arizona** | **85286** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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(844) 338-4539

#### (Registrant's telephone number, including area code)

#### N/A

#### (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Class A common stock, $0.0001 par value per share | OPAD | New York Stock Exchange |
| Warrants to purchase Class A common stock, at an exercise price of $11.50 per share | OPADWS | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

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On January 31, 2023, Offerpad Solutions Inc. (the "Company") entered into a pre-funded warrants subscription agreement (the "Subscription Agreement") with the investors named therein (the "Investors") pursuant to which the Company agreed to sell and issue to the Investors an aggregate of 160,742,959 pre-funded warrants (the "Warrants") to purchase shares (the "Warrant Shares") of the Company's Class A common stock, par value $0.0001 per share (the "Class A Common Stock"). Each Warrant was sold at a price of $0.5599 per Warrant and has an initial exercise price of $0.0001 per Warrant, subject to certain customary anti-dilution adjustment provisions. The exercise price for the Warrants can be paid in cash or on a cashless basis, and the Warrants have no expiration date. The aggregate gross proceeds to the Company of the Transaction, which closed on January 31, 2023 (the "Closing"), were approximately $90.0 million. The Investors included Brian Bair, the Company's founder, chief executive officer and chairman of the Company's board of directors (the "Board"); Roberto Sella, a member of the Board; First American Financial Corporation ("First American"), a holder of more than 10% of the Company's outstanding Class A Common Stock; and Kenneth DeGiorgio, a member of the Board and chief executive officer of First American.

The issuance of the Warrant Shares upon exercise of the Warrants has been approved by the Company's stockholders holding stock representing more than a majority of the voting power of the Company's common stock, and the Company will prepare and file a related information statement with the Securities and Exchange Commission ("SEC"). The Warrants will not be exercisable until at least 21 days after the definitive information statement is filed with the SEC or such later time as is necessary to comply with the listing requirements of the New York Stock Exchange. Furthermore, under the terms of the Subscription Agreement, the Investors have agreed not to transact in or transfer any of the Company's securities, without the Company's prior written consent, for the period of time from the Closing until two trading days following the filing with the SEC of the Company's quarterly report on Form 10-Q for the three months ending March 31, 2023.

The Company intends to use the net proceeds from the Transaction for general corporate purposes, including working capital.

Under the terms of the Subscription Agreement, the Company has agreed to file a registration statement covering the resale of the Warrant Shares within ninety (90) calendar days after the Closing (the "Filing Deadline") and to use reasonable best efforts to cause the registration statement to be declared effective (A) in the event that the SEC does not review the registration statement, thirty (30) days after the Filing Deadline, or (ii) in the event that the SEC reviews the registration statement, seventy-five (75) days after the Filing Deadline (but in any event, no later than four (4) business days following the SEC indicating that it has no further comments on the registration statement). Pursuant to the terms of the Company's amended and restated registration rights agreement, dated September 1, 2021 (the "RRA"), any Warrant Shares acquired by Investors who are party to the RRA will be considered "registrable securities" for purposes of the RRA.

The Subscription Agreement and form of Warrant described above include customary representations, warranties and covenants by the Company and the Investors, which were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties. The foregoing descriptions of the Subscription Agreement and form of Warrant do not purport to be complete and are qualified by reference to the full text of such agreements, which are attached to this Current Report on Form 8-K as Exhibits 10.1 and 4.1, respectively, and are incorporated herein by reference.

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| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.**  |

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Pursuant to the terms of the Subscription Agreement and in connection with the Transaction, the Company issued the Pre-Funded Warrants to the Investors. The number of securities issued, the nature of the transaction and the nature and amount of consideration received by the Company are described in Item 1.01 of this Form 8-K, which is incorporated by reference into this Item 3.02. The Transaction was not registered under the Securities Act of 1933, as amended (the "Securities Act"), in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. Any issuance of Warrant Shares upon exercise of the Warrants pursuant to a cashless exercise will be made pursuant to Section 3(a)(9) of Securities Act as exchanges exclusively with existing security holders. Any other issuance of Warrant Shares upon exercise of the Warrants will be made pursuant to Section 4(a)(2) of the Securities Act. The initial maximum number of shares of Class A Common Stock issuable upon exercise of the Warrants is 160,742,959 shares, subject to customary anti-dilution adjustments.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

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On February 1, 2023, the Company issued a press release regarding the Transaction. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

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In connection with the consummation of the Transaction, Mr. Bair notified the Board that he will convert all shares of the Company's Class B common stock, par value $0.0001 per share (the "Class B Common Stock"), beneficially owned by him to shares of Class A Common Stock immediately following the conclusion of the Company's 2023 annual meeting of stockholders. Mr. Bair is the sole beneficial owner of the 14,816,236 shares of the Company's outstanding Class B Common Stock, which currently entitle him to 10 votes per share on matters presented to the Company's stockholders.

Additionally, in connection with the consummation of the Transaction, the Company, Mr. Bair, First American and LL Capital Partners I, L.P. and SIF V, LLC entered into a voting agreement, dated January 31, 2023 (the "Voting Agreement"). Pursuant to the terms of the Voting Agreement, the parties thereto agreed with the Company, severally and not jointly, to vote their shares in support of the Transaction, until the earlier of (a) a termination of the Subscription Agreement, (b) 11:59 p.m., eastern time, on the second trading day after the Company files its Form 10-Q for the period ending March 31, 2023 and (c) 11:59 p.m., eastern time, on May 12, 2023. Promptly following the execution of the Subscription Agreement, the stockholders who are party to the Voting Agreement and other stockholders of the Company representing more than a majority of the voting power of the Company's common stock delivered a written consent approving the Transaction.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Pre-Funded Warrant.](d450831dex41.htm) |
| 10.1 | [Pre-Funded Warrants Subscription Agreement, dated January 31, 2023, by and among Offerpad Solutions Inc. and the purchasers named therein.](d450831dex101.htm) |
| 99.1 | [Press Release, dated February 1, 2023, regarding the Transaction.](d450831dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: February 1, 2023 | **Offerpad Solutions Inc.** | **Offerpad Solutions Inc.** |
|  | By: | /s/ Michael Burnett |
|  |  | Michael Burnett |
|  |  | Chief Financial Officer |

---

## Exhibit 4.1

**Exhibit 4.1** 

*Execution Draft* 

**FORM OF PRE-FUNDED CLASS A COMMON STOCK WARRANT** 

**NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.** 

**OFFERPAD SOLUTIONS INC.** 

**PRE-FUNDED WARRANT TO PURCHASE CLASS A COMMON STOCK** 

Warrant No.: <u> </u>

Number of Shares of Class A Common Stock:<u>_____________</u>

Date of Issuance: January 31, 2023 ("**Issuance Date**")

Offerpad Solutions Inc., a corporation organized under the laws of Delaware (the "**Company**"), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [PURCHASER], the registered holder hereof or its permitted assigns (the "**Holder**"), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Class A Common Stock (including any Warrants to Purchase Class A Common Stock issued in exchange, transfer or replacement hereof, the "**Warrant**") the number of shares of Class A Common Stock indicated above (the "**Warrant Shares**"). This Warrant shall not expire prior to exercise. Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 15. This Warrant is one of the Warrants to purchase Class A Common Stock issued pursuant to that certain Subscription Agreement, dated as of January 31, 2023 (the "**Subscription Date**"), by and among the Company and the investors (the "**Purchasers**") referred to therein (the "**Subscription Agreement**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXERCISE 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>Mechanics of Exercise</u>. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(g) and (h)), this Warrant may be exercised by the Holder on any day on or after the date hereof, in whole or in part, by (i) delivery of a written notice(whether via facsimile, electronic mail or otherwise), in the form attached hereto as <u>Exhibit A</u> (an "**Exercise Notice**"), of the Holder's election to exercise this Warrant and (ii)(A) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the "**Aggregate Exercise Price**") in cash or by wire transfer of immediately available funds or (B) by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d) hereof). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder, nor shall any ink-original signature or medallion guarantee (or other type of guarantee or notarization) with respect to any Exercise Notice be required. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the first (1<sup>st</sup>) Business Day following the date on which the Company has received each of the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless Exercise) (together, the "**Exercise Delivery Documents**"), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the Holder and the Company's transfer agent (the "**Transfer Agent**"). On or before the second (2<sup>nd</sup>) Business Day following the date on which the Company has received all of the Exercise Delivery Documents ("**Share Delivery Date**"), the Company shall (X) cause the Transfer Agent to credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder's or its designee's balance account with the Transfer Agent, or (Y) if requested by the Holder, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of shares of Class A Common Stock to which the Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant Shares. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder's account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which are acquired upon such exercise. No fractional shares of Class A Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Class A Common Stock to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. The Company's obligation to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof is absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination; <u>provided</u>, <u>however</u>, that the Company shall not be required to deliver Warrant Shares with respect to an exercise prior to the Holder's delivery of the Aggregate Exercise Price with respect to such exercise.

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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>Exercise Price</u>. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share, subject to adjustment as provided herein (such nominal exercise price, the "**Exercise Price**"), was pre-funded to the Company on the date of the issuance of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&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>Company's Failure to Timely Deliver Securities</u>. If either (I) the Company shall fail, other than due to any action or inaction on the part of the Holder, to issue to the Holder on or prior to the applicable Share Delivery Date, if (x) requested by the Holder, a certificate for the number of shares of Class A Common Stock to which the Holder is entitled and register such Class A Common Stock on the Company's share register or (y) to credit to the Holder's balance account with the Transfer Agent, such number of shares of Class A Common Stock to which the Holder is entitled upon the Holder's exercise of this Warrant (the "**Exercise Failure**") or (II) a registration statement covering the resale of the Warrant Shares that are the subject of an Exercise Notice (the "**Exercise Notice Warrant Shares**") is not available for the resale of such Exercise Notice Warrant Shares (and Rule 144 is not available at such time for the resale of such Exercise Notice Warrant Shares) and the Company fails to promptly, but in no event later than one (1) Business Day after such registration statement becomes unavailable, notify the Holder, and in connection with a sale of any such Exercise Notice Warrant Shares by the Holder (the "**Sold Exercise Warrant Shares**"), the Company is unable to deliver the Sold Exercise Warrant Shares without a restrictive legend (a "**Notice Failure**"), then, in addition to all other remedies available to the Holder, if as a result of such Exercise Failure or Notice Failure, the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Class A Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "**Buy-In**"), then the Company shall, within two (2) Trading Days after the Holder's request, (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Class A Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Class A Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Class A Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Class A Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely

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deliver shares of Class A Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. The Company's current transfer agent participates in the DTC Fast Automated Securities Transfer Program ("**FAST**"). In the event that the Company changes transfer agents while this Warrant is outstanding, the Company shall select a transfer agent that participates in FAST. While this Warrant is outstanding, the Company shall cause its transfer agent to participate in FAST with respect to the Warrant Shares.

In addition to the foregoing rights, (A) if the Company fails to deliver the applicable number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have the right to rescind such exercise in whole or in part and retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an exercise shall not affect the Company's obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and (B) if a registration statement covering the resale of Exercise Notice Warrant Shares is not available for the resale of such Exercise Notice Warrant Shares, the Holder has submitted an Exercise Notice prior to receiving notice of the non-availability of such registration statement, and the Company has not already delivered to the Holder the Exercise Notice Warrant Shares without any restrictive legend, then the Holder shall have the right to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an Exercise Notice shall not affect the Company's obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and/or (y) switch some or all of such Exercise Notice from a cash exercise to a Cashless Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&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>Cashless Exercise</u>. Notwithstanding anything contained herein to the contrary, if a registration statement covering the resale of the Exercise Notice Warrant Shares is not available for the resale, as applicable, of such Exercise Notice Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the "Net Number" of shares of Class A Common Stock determined according to the following formula (a "**Cashless Exercise**"):

Net Number = <u>(A x B) - (A x C)</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; B

For purposes of the foregoing formula:

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| | |
|:---|:---|
| A= | the total number of shares with respect to which this Warrant is then being exercised.  |

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B= the Closing Sale Price of the Class A Common Stock (as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.

C= the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

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Without limiting the rights of a Holder to receive Warrant Shares on a "cashless exercise," and to receive the cash payments contemplated pursuant to Sections 1(c) and 4(b), in no event will the Company be required to net cash settle a Warrant exercise.

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged, and the Company agrees not to take a contrary position, that the Warrant Shares issued in a "cashless exercise" transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the SEC continues to take the position that such treatment is proper at the time of such exercise).

In the event that a registration statement registering the issuance of the Warrant Shares is, for any reason, not effective at the time of exercise of this Warrant, then the Warrant may only be exercised through a cashless exercise, as set forth in this Section 1. Except as set forth in Section 1(c), in no event will the exercise of this Warrant be settled in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&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>Disputes</u>. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 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;(f) <u>Required Reserve Amount</u>. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this Warrant a number of shares of Class A Common Stock at least equal to 100% of the maximum number of shares of Class A Common Stock as shall be necessary to satisfy the Company's obligation to issue shares of Class A Common Stock under the Warrants then outstanding (without regard to any limitations on exercise) (the "**Required Reserve Amount**"); <u>provided</u> that at no time shall the number of shares of Class A Common Stock reserved pursuant to this Section 1(f) be reduced other than in connection with any exercise of Warrants or such other event covered by Section 2(c) 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;(g) <u>Insufficient Authorized Shares</u>. If at any time while this Warrant remains outstanding the Company does not have a sufficient number of authorized and unreserved shares of Class A Common Stock to satisfy its obligation to reserve for issuance the Required Reserve Amount (an "**Authorized Share Failure**"), then the Company shall promptly take all action reasonably necessary to increase the Company's authorized shares of Class A Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than one hundred and twenty (120) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Class A Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders' approval of such increase in authorized shares of Class A Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if at any such time of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding shares of Class A Common Stock to approve the increase in the number of authorized shares of Class A Common Stock, the Company may satisfy this obligation by obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule 14C, and such obligation shall be deemed satisfied on the 21st calendar day after such filing is accepted.

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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) <u>Limitation on Exercise</u>. Notwithstanding anything to the contrary in this Warrant, the Holder shall not be entitled to exercise this Warrant, and the Company shall not be obligated to issue any Warrant Shares, earlier than the date that is twenty-one (21) days following filing and mailing of the definitive Information Statement (as defined in the Subscription Agreement) with the Securities and Exchange Commission or such later time as is necessary to comply with the listing requirements of the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES</u>. If the Company at any time on or after the Subscription Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Class A Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Class A Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2 shall become effective at the close of business on the date such subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>RIGHTS UPON DISTRIBUTION OF ASSETS; PURCHASE 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) In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Subscription Date, the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Class A Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "**Distribution**"), then, in each such case, upon exercise of this Warrant after the record date fixed for determination of stockholders entitled to receive such Distribution, the Holder shall be entitled, in addition to the Warrant Shares otherwise issuable upon such exercise, the Distribution that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record holder of such Warrant Shares immediately prior to such record date without regard to any limitations or restrictions on exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&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) In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Subscription Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the holders of its Class A Common Stock (the "**Purchase Rights**"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Class A Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Class A Common Stock are to be determined for the grant, issuance or sale of such Purchase Rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>FUNDAMENTAL TRANSACTIONS</u>. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4, including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number of shares of capital stock equivalent to the shares of Class A Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the Exercise Price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Class A Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for the Company (so that from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in lieu of the shares of Class A Common Stock (or other securities, cash, assets or other property (except such items still issuable under Section 3 above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of common stock (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(h) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4 to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of Class A Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Class A Common Stock (a "Corporate Event"), the Company shall, or shall cause the Successor Entity to, make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in lieu of the shares of the Class A Common Stock (or other securities, cash, assets or other property (except such items still issuable under Section 3 above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the

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happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). The provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>NONCIRCUMVENTION</u>. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be necessary or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company shall (i) not increase the par value of any shares of Class A Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Class A Common Stock upon the exercise of this Warrant, (iii) so long as any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Class A Common Stock, solely for the purpose of effecting the exercise of the Warrants, 100% of the number of shares of Class A Common Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on exercise), and (iv) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>WARRANT HOLDER NOT DEEMED A STOCKHOLDER</u>. Except as otherwise specifically provided herein, the Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>REISSUANCE OF WARRANTS</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>Transfer of Warrant</u>. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&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>Lost, Stolen or Mutilated Warrant</u>. Upon receipt by the Company 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, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&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>Exchangeable for Multiple Warrants</u>. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; *provided*, *however*, that no Warrants for fractional shares of Class A Common Stock shall be given.

&nbsp;&nbsp;&nbsp;&nbsp;&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>Issuance of New Warrants</u>. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Class A Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>NOTICES</u>. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section 9(f) of the Subscription Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price or number or type of Warrant Shares or other securities issuable upon exercise of this Warrant, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Class A Common Stock, or (B) for determining rights

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to vote with respect to any Fundamental Transaction, dissolution, liquidation or winding up of the affairs of the Company, <u>provided</u> in each case that such information shall either be made known to the public prior to or in conjunction with such notice being provided to the Holder or the Holder enters into a confidentiality agreement with the Company that is sufficient to allow the Holder to receive such notice; <u>provided</u>, <u>further</u>, that the Company shall (on the same time frame set forth above) offer the Holder the ability to sign a confidentiality agreement related thereto sufficient to allow the Holder to receive such notice, and the Company shall deliver such notice immediately upon execution of such confidentiality agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>AMENDMENT AND WAIVER</u>. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Required Holders; provided that no such action may increase the exercise price of any Warrant issued and sold pursuant to the Subscription Agreement or decrease the number of shares or class of stock obtainable upon exercise of any Warrant issued and sold pursuant to the Subscription Agreement without the written consent of the Holder. No such amendment shall be effective to the extent that it applies to less than all of the holders of the then-outstanding Warrants issued and sold pursuant to the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>GOVERNING LAW</u>. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>CONSTRUCTION; HEADINGS</u>. This Warrant shall be deemed to be jointly drafted by the Company and all the Purchasers and shall not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>DISPUTE RESOLUTION</u>. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company's independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment bank's or accountant's determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF</u>. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and the Subscription Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>TRANSFER</u>. This Warrant may not be offered for sale, sold, transferred or assigned without the consent of the Company, other than to an affiliate of the Holder, or to another Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>CERTAIN DEFINITIONS</u>. For purposes of this Warrant, 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;(a) "**Affiliate**" means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person, as such terms are used in and construed under Rule 405 under the Securities 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;(b) "**Bloomberg**" means Bloomberg Financial Markets.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Bid Price**" means, for any security as a particular time of determination, the bid price for such security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid prices reported for such security by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formally Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 12. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such 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;(e) "**Class A Common Stock**" means (i) the Company's shares of Class A Common Stock, par value $0.0001 per share, and (ii) any share capital into which such Class A Common Stock shall have been changed or any share capital resulting from a reclassification of such Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Closing Bid Price**" and "**Closing Sale Price**" means, for any security as of any date, the last closing bid price and closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices or ask prices, respectively, of any market makers for such security as reported in the OTC Link or "pink sheets" by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing Bid Price or Closing Sale Price, respectively, cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or Closing Sale Price, respectively, of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 12. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation 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;(g) "**Convertible Securities**" means any stock, debt or securities or other contractual rights (other than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Dollar**," "**US Dollar**" and "**$**" each mean the lawful money of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Eligible Market**" means the Principal Market, The New York Stock Exchange, Inc., the American Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Fundamental Transaction**" means a transaction in which (A) the Company, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidates or merges with or into (whether or not the Company is the surviving corporation) another Subject Entity, or (ii) sells, assigns, transfers, conveys or otherwise disposes of all or substantially all of the properties or assets of the Company or any of its "significant subsidiaries" (as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) makes, or allows one or more Subject Entities to make, or allow the Company to be subject to or have its shares of common stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least

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either (x) 50% of the outstanding shares of common stock of the Company, (y) 50% of the outstanding shares of common stock of the Company calculated as if any shares of common stock of the Company held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of common stock of the Company such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of common stock of the Company , or (iv) consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of common stock of the Company, (y) at least 50% of the outstanding shares of common stock of the Company calculated as if any shares of common stock of the Company held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of common stock of the Company such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of common stock of the Company, or (v) reorganizes, recapitalizes or reclassifies its shares of common stock, (B) the Company, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allows any Subject Entity individually or Subject Entities that are a Group in the aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of the common stock of the Company, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of the common stock of the Company, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of the common stock of the Company calculated as if any shares of common stock held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of the common stock of the Company or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their Class A Common Stock without approval of the stockholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or 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;(k) "**Group**" means a "group" as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

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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;(l) "**Options**" means any rights, warrants or options to subscribe for or purchase shares of Class A Common Stock or Convertible Securities, but excludes, for the avoidance of doubt, any rights, warrants or options to subscribe for or purchase shares of Class A Common Stock or Convertible Securities issued pursuant to an incentive award plan 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;(m) "**Parent Entity**" of a Person means an entity that, directly or indirectly, controls the applicable Person and whose Class A Common Stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental 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;(n) "**Person**" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency 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;(o) "**Principal Market**" means The New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Required Holders**" means the holders of the Warrants representing at least a majority of shares of Class A Common Stock underlying the Warrants then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Subject Entity**" means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or 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;(r) "**Successor Entity**" means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such Fundamental Transaction shall have been entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Trading Day**" means any day on which the Class A Common Stock are traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Class A Common Stock, then on the principal securities exchange or securities market on which the Class A Common Stock are then traded; provided that "Trading Day" shall not include any day on which the Class A Common Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Class A Common Stock are suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York 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;(t) "**Weighted Average Price**" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its "Volume at Price" function or, if the foregoing does not apply, the dollar volume weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security beginning at 9:30:01 a.m., New York time (or such other time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume weighted average price is reported for such

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security by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link or "pink sheets" by OTC Markets Group Inc. (formally Pink OTV Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 12, but with the term "Weighted Average Price" being substituted for the term "Exercise Price"). All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

**[Signature Page Follows]** 

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**IN WITNESS WHEREOF,** the Company has caused this Warrant to Purchase Class A Common Stock to be duly executed as of the Issuance Date set out above.

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| |
|:---|
| **OFFERPAD SOLUTIONS INC.** |
| By: |
| Name: |
| Title: |

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**EXHIBIT A** 

**EXERCISE NOTICE** 

**TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS** 

**WARRANT TO PURCHASE CLASS A COMMON STOCK** 

The undersigned holder hereby exercises the right to purchase _________________ of the shares of Class A Common Stock ("**Warrant Shares**") of Offerpad Solutions Inc., a Delaware corporation (the "**Company**"), evidenced by the attached Warrant to Purchase Class A Common Stock (the "**Warrant**"). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

____________a "<u>Cash Exercise</u>" with respect to _________________ Warrant Shares; and/or

____________a "<u>Cashless Exercise</u>" with respect to _________________ Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in [uncertificated] [certificated] form in accordance with the terms of the Warrant.

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| | |
|:---|:---|
| Date: | <u> </u><u> </u>,<u> </u> |
| Name of Registered Holder | Name of Registered Holder |

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

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## Exhibit 10.1

**Exhibit 10.1** 

OFFERPAD SOLUTIONS INC.

PRE-FUNDED WARRANTS

SUBSCRIPTION AGREEMENT

January 31, 2023

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE 1 | ARTICLE 1 |  |
| AUTHORIZATION AND SALE OF<br> PRE-FUNDED WARRANTS | AUTHORIZATION AND SALE OF<br> PRE-FUNDED WARRANTS |  |
|  Section 1.01 | Authorization of Pre-Funded Warrants | 1 |
|  Section 1.02 | Sale of Pre-Funded Warrants | 1 |
| ARTICLE 2 | ARTICLE 2 |  |
| CLOSING DATE; DELIVERY | CLOSING DATE; DELIVERY |  |
|  Section 2.01 | Closing Date | 2 |
|  Section 2.02 | Delivery and Payment | 2 |
|  Section 2.03 | Separate Agreement | 2 |
| ARTICLE 3 | ARTICLE 3 |  |
| REPRESENTATIONS AND WARRANTIES OF THE COMPANY | REPRESENTATIONS AND WARRANTIES OF THE COMPANY |  |
|  Section 3.01 | Organization and Standing | 2 |
|  Section 3.02 | Corporate Power | 3 |
|  Section 3.03 | Governmental Consents, Etc. | 3 |
|  Section 3.04 | Noncontravention | 3 |
|  Section 3.05 | Authorization | 4 |
|  Section 3.06 | The Pre-Funded Warrants | 4 |
|  Section 3.07 | Issuance of Securities | 4 |
|  Section 3.08 | SEC Reports | 4 |
|  Section 3.09 | Capitalization | 5 |
|  Section 3.10 | Litigation | 5 |
|  Section 3.11 | Registration Rights | 6 |
|  Section 3.12 | Placement | 6 |
|  Section 3.13 | Internal Controls | 6 |
|  Section 3.14 | Certain Transactions | 6 |
|  Section 3.15 | Acknowledgment Regarding Each Purchaser's Purchase of Securities | 6 |
|  Section 3.16 | Acknowledgement Regarding Purchaser's Trading Activity | 7 |
|  Section 3.17 | Related Party Transaction | 7 |
|  Section 3.18 | Transactions Not Enjoined | 7 |
|  Section 3.19 | Regulation M Compliance | 8 |
|  Section 3.20 | No Material Adverse Change | 8 |
|  Section 3.21 | Tax Matters | 9 |
|  Section 3.22 | Certificates, Authorities and Permits | 9 |
|  Section 3.23 | Environmental Matters | 9 |
|  Section 3.24 | Manipulation of Price | 9 |
|  Section 3.25 | Foreign Corrupt Practices; Questionable Payments; Office of Foreign Assets Control | 9 |
| Section 3.26 | Anti-Money Laundering | 10 |
| Section 3.27 | Investment Company | 10 |

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| | | |
|:---|:---|:---|
| ARTICLE 4<br> REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER | ARTICLE 4<br> REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER |  |
| Section 4.01 | Organization and Standing | 10 |
| Section 4.02 | Authorization | 11 |
| Section 4.03 | Noncontravention | 11 |
| Section 4.04 | Accredited Purchaser | 11 |
| Section 4.05 | No Government Review | 11 |
| Section 4.06 | Investment Experience | 11 |
| Section 4.07 | Investment Intent; Blue Sky | 12 |
| Section 4.08 | Rule 144 | 12 |
| Section 4.09 | Restrictions on Transfer; Restrictive Legends | 12 |
| Section 4.10 | Access to Information | 12 |
| Section 4.11 | No General Solicitation | 13 |
| Section 4.12 | Advice | 13 |
| ARTICLE 5<br> COVENANTS | ARTICLE 5<br> COVENANTS |  |
| Section 5.01 | Transfer Restrictions; Legends | 13 |
| Section 5.02 | Confidentiality; MNPI | 14 |
| Section 5.03 | Securities Law Disclosure | 15 |
| Section 5.04 | Section 16 Matters | 15 |
| Section 5.05 | Registration Rights | 15 |
| Section 5.06 | NYSE Listing | 18 |
| Section 5.07 | Irrevocable Transfer Agent Instructions | 18 |
| Section 5.08 | Reservation of Class A Common Stock | 19 |
| Section 5.09 | Subsequent Equity Sales | 19 |
| Section 5.10 | Adjustments in Share Numbers and Prices | 19 |
| Section 5.11 | Stockholder Approval | 19 |
| ARTICLE 6<br> INDEMNIFICATION | ARTICLE 6<br> INDEMNIFICATION |  |
| Section 6.01 | Survival of Representations and Warranties | 20 |
| Section 6.02 | Indemnification by the Company | 20 |
| Section 6.03 | Indemnification by the Purchaser | 21 |
| Section 6.04 | Indemnification Procedures | 21 |
| ARTICLE 7<br> MISCELLANEOUS | ARTICLE 7<br> MISCELLANEOUS |  |
| Section 7.01 | Entire Agreement; Amendment; Assignment | 22 |
| Section 7.02 | Notices | 23 |
| Section 7.03 | Governing Law | 23 |

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| | | |
|:---|:---|:---|
| Section 7.04 | Jurisdiction | 23 |
| Section 7.05 | WAIVER OF JURY TRIAL | 24 |
| Section 7.06 | Delays or Omissions | 24 |
| Section 7.07 | Finder's Fees | 24 |
| Section 7.08 | Counterparts | 24 |
| Section 7.09 | Severability | 24 |
| Section 7.10 | Titles and Subtitles | 25 |
| Section 7.11 | Expenses | 25 |
| Section 7.12 | Independent Nature of Purchasers' Obligations and Rights | 25 |
| <u>EXHIBIT A</u> | Form of Pre-Funded Warrant |  |

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iii

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**OFFERPAD SOLUTIONS INC.** 

**PRE-FUNDED WARRANTS** 

**SUBSCRIPTION AGREEMENT** 

This agreement (the "**Agreement**") is made effective as of January 31, 2023 by and among Offerpad Solutions Inc., a Delaware corporation (the "**Company**"), and each of those persons and entities, severally and not jointly, listed as a Purchaser on the Schedule of Purchasers attached as <u>Schedule</u> <u>I</u> hereto (the "**Schedule of Purchasers**"). Such persons and entities are hereinafter collectively referred to herein as "**Purchasers**" and each individually as a "**Purchaser**."

R E C I T A L S:

WHEREAS, each Purchaser desires to purchase, and the Company desires to issue and sell Pre-Funded Warrants (as defined herein) described in this Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises hereof and the agreements set forth herein below, the parties hereto hereby agree as follows:

ARTICLE 1

AUTHORIZATION AND SALE OF

PRE-FUNDED WARRANTS

Section 1.01 *Authorization of Pre-Funded Warrants*. The Company has authorized the sale and issuance of an aggregate of 160,742,959 pre-funded warrants to purchase shares of Class A common stock, par value $0.0001 per share (the "**Class A Common Stock**"), at an exercise price of $0.0001 per share (the "**Pre-Funded Warrant**"). The form of Pre-Funded Warrant is attached hereto as <u>Exhibit</u> <u>A</u>. Class A Common Stock that may be issued upon the exercise of the Pre-Funded Warrants is referred to herein as "**Underlying Class A Common Stock**". The Company has authorized the sale and issuance of the Underlying Class A Common Stock as set forth herein. The Pre-Funded Warrants and Underlying Class A Common Stock are referred to herein as the "**Securities**."

Section 1.02 *Sale of Pre-Funded Warrants*. Subject to the terms and conditions hereof, the Company will issue and sell Pre-Funded Warrants to each Purchaser, and each Purchaser will buy from the Company, the number of Pre-Funded Warrants set forth opposite such Purchaser's name on the Schedule of Purchasers (the "**Purchase Amount**") at a purchase price of $0.5599 per Pre-Funded Warrant (the "**Purchase Price**").

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ARTICLE 2

CLOSING DATE; DELIVERY

Section 2.01 *Closing Date* . The purchase and sale of the Securities to the Purchasers shall be consummated at a closing (the "**Closing**") to be held on January 31, 2023 at the offices of Latham & Watkins LLP, 650 Town Center Drive, 20th Floor, Costa Mesa, CA 92626, (the "**Closing Date**"), upon the physical or electronic exchange among the parties and their counsel of all documents and deliverables required under this Agreement.

Section 2.02 *Delivery and Payment* . On the Closing Date, each Purchaser shall wire its Purchase Amount, in United States dollars and in immediately available funds, to the Company's account set forth on <u>Schedule</u> <u>II</u> hereto. At the Closing, the Company shall deliver or cause to be delivered to each Purchaser the number of Pre-Funded Warrants set forth opposite such Purchaser's name on the Schedule of Purchasers under the heading "Number of Pre-Funded Warrants," in each case registered in the name of the Purchaser.

Section 2.03 *Separate Agreement*. Each Purchaser shall severally, and not jointly, be liable for only the purchase of the Securities that appear on the Schedule of Purchasers that relate to such Purchaser. The Company's agreement with each of the Purchasers, is a separate agreement, and the sale of Securities to each of the Purchasers is a separate sale. The obligations of each Purchaser hereunder are expressly not conditioned on the purchase by any or all of the other Purchasers of the Securities such other Purchasers have agreed to purchase.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Except as set forth in the SEC Reports (as defined below), the Company hereby represents and warrants to each Purchaser that:

Section 3.01 *Organization and Standing*. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the state of Delaware, with corporate power and authority to own its properties and conduct its business as now conducted and contemplated to be conducted in the SEC Reports. Each subsidiary of the Company has been duly organized and is validly existing as a corporate entity in good standing under the laws of its jurisdiction of organization. Each of the Company and its subsidiaries is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in such good standing would not have a Material Adverse Effect. A "**Material Adverse Effect**" shall mean any material adverse effect on (i) the assets, liabilities, business, properties, operations, financial condition, prospects or results of operations of the Company and its subsidiaries, taken as a whole, (ii) the transactions contemplated hereby or by the agreements or instruments to be entered into in connection herewith or (iii) the authority or the ability of the Company to perform its obligations under this Agreement or the Pre-Funded Warrants.

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Section 3.02 *Corporate Power*. The Company has all requisite legal and corporate power and authority to, and has taken all requisite corporate action necessary for, and no further action on the part of the Company, its officers, directors and stockholders (except as set forth in this Agreement) is necessary to, execute and deliver this Agreement and the Pre-Funded Warrants (together, the "**Transaction Documents**"), to sell and issue the Pre-Funded Warrants, to issue the Underlying Class A Common Stock of the Company upon exercise of the Pre-Funded Warrants, and to carry out and perform its obligations under the terms of the Transaction Documents.

Section 3.03 *Governmental Consents, Etc.* No consent, approval or authorization of, or designation, declaration or filing with, any governmental authority on the part of the Company is required in connection with the valid execution, delivery and performance of the Transaction Documents to which it is a party, or the offer, sale or issuance of the Pre-Funded Warrants or the Underlying Class A Common Stock, or the consummation of any other transaction contemplated hereby or thereby, except (i) the qualification (or taking of such action as may be necessary to secure an exemption from qualification, if available) of the offer and sale of the Pre-Funded Warrants and the Underlying Class A Common Stock under applicable Blue Sky laws, which filings and qualifications, if required, will be accomplished in a timely manner and (ii) with respect to the issuance of the Underlying Class A Common Stock, such approval as may be required by the applicable rules and regulations of the NYSE (or any successor entity) from the stockholders of the Company with respect to the issuance of the Underlying Class A Common Stock (the "**Stockholder Approval**"). For the avoidance of doubt, any required filing under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") on Form 8-K disclosing the transactions contemplated hereby, the filing of any form of the Transaction Documents as required, and the filing of the Information Statement (as defined in Section 5.11(a)) shall not be deemed to be a violation of this Section 3.03. The Company is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of the New York Stock Exchange (the "**NYSE**") and has not received any written notice from the NYSE of an event or condition that would reasonably be expected to cause the Class A Common Stock to be delisted by the NYSE. The issuance and sale of the Pre-Funded Warrants hereunder do not contravene the rules and regulations of the NYSE and, assuming that Stockholder Approval is obtained, the issuance and sale of the Underlying Class A Common Stock will not contravene the rules and regulations of the NYSE.

Section 3.04 *Noncontravention*. Assuming compliance with the matters referred to in Section 3.03, the issue and sale of the Pre-Funded Warrants and the performance by the Company of its obligations under the Transaction Documents, including the Company's obligation to issue Underlying Class A Common Stock upon exercise of the Pre-Funded Warrants, and the consummation of the transactions therein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the certificate of incorporation or bylaws of the Company or any governing documents of any subsidiary or (iii) result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the properties or assets of the Company or any of its subsidiaries or any of their properties, except, with respect to clauses (i) and (iii), for such conflicts, breaches, violations or defaults as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

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Section 3.05 *Authorization*. Other than the preparation, filing and mailing of an information statement with the Securities and Exchange Commission (the "**SEC**"), all corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution, delivery and performance by the Company of the Transaction Documents to which it is a party, the authorization, sale, issuance and delivery by the Company of the Securities has been taken.

Section 3.06 *The Pre-Funded Warrants*. The Pre-Funded Warrants constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference or other similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability (the "**Enforceability Exceptions**").

Section 3.07 *Issuance of Securities*. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens, charges, pledges, security interests, encumbrances, rights of first refusal, preemptive rights or other restriction by the Company other than restrictions on transfer provided in the Transaction Documents. The maximum number of shares of Underlying Class A Common Stock initially issuable upon exercise of the Pre-Funded Warrants have been duly authorized and reserved.

Section 3.08 *SEC Reports*. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it under the Exchange Act, including without limitation pursuant to Section 13(a) or 15(d) thereof, since the filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "**2021 Form 10-K**") through the date hereof on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports (as defined below) prior to the expiration of any such extension. As of its respective filing date, (or, if amended or superseded by a filing prior to the date hereof, on the date of such filing), the 2021 Form 10-K, and all other reports of the Company filed with the SEC pursuant to the Exchange Act from the filing date of the 2021 Form 10-K through the date of this Agreement (including the exhibits and schedules thereto and documents incorporated by reference therein, being collectively referred to herein as the "**SEC Reports**") complied in all material respects with the applicable requirements of the Securities Act of 1933, as amended (the "**Securities Act**") and the Exchange Act. As of its filing date (or, if amended or superseded by a filing prior to the date hereof, on the date of such filing), each SEC Report filed pursuant to the Exchange Act did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC Reports complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial

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statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). There are no financial statements (historical or pro forma) that are required to be included in the SEC Reports that are not so included as required.

Section 3.09 *Capitalization*. The Company has an authorized capitalization as of September 30, 2022 (the "**Capitalization Date**") as set forth in its Form 10-Q for the quarter ended September 30, 2022. All of the issued shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable, have been issued in compliance with all applicable federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities; and all of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and (except for directors' qualifying shares) are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except to the extent that it would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company does not have any share appreciation rights or "phantom share" plans or agreements or any similar plan or agreement. No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the stockholders of the Company or any liens or encumbrances imposed through the actions or failure to act of the Company. As of the date hereof, (i) there are no outstanding options, warrants, scrips, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of capital stock of the Company or any of its subsidiaries, or arrangements by which the Company or any of its subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its subsidiaries except (w) as set forth in the SEC Reports, (x) as were granted or issued after the Capitalization Date pursuant to the Company's equity compensation plans described in the SEC Reports, and (y) as a result of the purchase and sale of the Securities; and (ii) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of the Securities. The Company's certificate of incorporation as in effect on the date hereof and the Company's bylaws as in effect on the date hereof have been filed as part of the SEC Reports and are available on the SEC's EDGAR system as of the business day prior to the date hereof. Other than the Pre-Funded Warrants, the terms of all securities convertible into or exercisable for Class A Common Stock of the Company and the material rights of the holders thereof in respect thereto are as described in the SEC Reports.

Section 3.10 *Litigation*. There is no action, suit, investigation or proceeding pending against, or, to the knowledge of the Company, threatened or contemplated against or affecting, the Company or any of its subsidiaries before (or, in the case of threatened actions, suits, investigations or proceedings, would be before) or by any court, public board, government agency or self-regulatory organization or body, that would, if there were an unfavorable decision, reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

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Section 3.11 *Registration Rights*. Except as provided in Article 5 below, the Company is not under any obligation to register under the Securities Act any of its securities.

Section 3.12 *Placement*. Subject to the accuracy of each Purchaser's representations in this Agreement, the offer, sale and issuance of the Securities (the "**Placement**") constitute transactions exempt from the registration requirements of Section 5 of the Securities Act. Neither the Company nor any agent on its behalf has taken or will take any action so as to bring the initial offer and sale of the Securities by the Company within the registration provisions of the Securities Act or any state securities laws.

Section 3.13 *Internal Controls*. The Company and each of its officers are in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act. The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The management of the Company has, in material compliance with Rules 13a-15 and 15d-15(e) under the Exchange Act, (i) designed disclosure controls and procedures to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the management of the Company by others within those entities, and (ii) disclosed, based on its most recent evaluation prior to the date hereof, to the Company's auditors and the audit committee of the Company's Board of Directors (A) any significant deficiencies in the design or operation of internal control over financial reporting ("**Internal Controls**") which would adversely affect the Company's ability to timely record, process, summarize and report financial data and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's Internal Controls. Since December 31, 2021, management has not identified for the Company's auditors any material weaknesses in Internal Controls. Since the December 31, 2021, there have been no changes that have materially affected, or are reasonably likely to materially affect, the Internal Controls.

Section 3.14 *Certain Transactions*. Since January 1, 2022, except for compensation or other employment arrangements in the ordinary course of business and the Placement, there has been no transaction, or series of similar transactions, agreements, arrangements, relationships, payments or understandings, nor are there any currently proposed transactions, or series of similar transactions, agreements, arrangements, relationships, payments or understandings to which the Company or any of its subsidiaries was or is to be a party, that would be required to be disclosed under Item 404 of Regulation S-K promulgated under the Securities Act that is not disclosed in the SEC Reports.

Section 3.15 *Acknowledgment Regarding Each Purchaser's Purchase of Securities*. The Company acknowledges and agrees that each Purchaser is acting solely in the capacity of an arm's length Purchaser with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges that each Purchaser is not acting as a

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financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and that any statement made by each Purchaser or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation and is merely incidental to each Purchaser's purchase of the Securities and has not been relied upon by the Company or its respective officers or directors (or functional equivalents) in any way. The Company further represents to the Purchasers that the Company's decision to enter into this Agreement has been based solely on the independent evaluation of the Company and its respective representatives.

Section 3.16 *Acknowledgement Regarding Purchaser's Trading Activity*. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Company that, except as set forth in this Agreement or a customary confidentiality agreement executed in connection with this Agreement or in the case of a Purchaser that is subject to the Company's insider trading compliance policy: (i) no Purchaser has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, short sales or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, presently may have a "short" position in the Class A Common Stock, and (iv) no Purchaser shall be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further understands and acknowledges that except as set forth herein (x) each Purchaser may engage in hedging activities at various times during the period that the Securities are outstanding, and (y) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

Section 3.17 *Related Party Transaction*. The Board of Directors of the Company (or an authorized committee thereof) has reviewed the transactions contemplated hereby with respect to any "related party transaction," including for purposes of the Delaware General Corporation Law and the applicable rules of the NYSE, and has approved any such transaction consistent with the applicable standards.

Section 3.18 *Transactions Not Enjoined*. No governmental authority has enacted, issued, promulgated, enforced or entered any order, writ, judgment, injunction, decree, stipulation, determination or award which is in effect and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof. No action or proceeding by or before any court or other governmental body has been instituted or threatened by any governmental authority or person whatsoever which shall seek to restrain, prohibit or invalidate the transactions contemplated by this Agreement.

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Section 3.19 *Regulation M Compliance*. In connection with the Placement, the Company has not, and to its knowledge no one acting on its behalf has, taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities.

Section 3.20 *No Material Adverse Change*. Since December 31, 2021, there has not been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change in the consolidated assets, liabilities, financial condition or operating results of the Company and its subsidiaries from that reflected in the financial statements included in the Company's Quarterly Report on Form 10-Q for the nine months ended September 30, 2022, except for changes in the ordinary course of business which have not had and would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or any changes contemplated by the Company's preliminary financial results for the three months ended December 31, 2022 that have been made available to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any declaration or payment by the Company or its subsidiaries of any dividend, or any authorization or payment by the Company of any distribution, on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any waiver, not in the ordinary course of business, by the Company of a material right or of a material debt owed to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any satisfaction or discharge of a material lien, claim or encumbrance or payment of any obligation by the Company, except 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;(f) any change or amendment to the Certificate of Incorporation or Bylaws, or termination of or material amendment to any contract of the Company that the Company is required to file with the SEC pursuant to Item 601(b)(10) of Regulation S-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any material labor difficulties or, to the Company's knowledge, labor union organizing activities with respect to employees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any material transaction entered into 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;(i) the loss of the services of any executive officer (as defined in Rule 405 under the 1933 Act) of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other event or condition that, to the Company's knowledge, has had or would reasonably be expected to have a Material Adverse Effect.

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Section 3.21 *Tax Matters*. The Company and its subsidiaries have filed all tax returns required to have been filed by them and have paid all taxes shown thereon or otherwise owed by them, other than those taxes being contested in good faith and for which adequate reserves have been provided or where the failure to have made such filings or payments would not reasonably be expected to result in a Material Adverse Effect. The Company has made adequate charges, accruals and reserves in its applicable financial statements in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company and its subsidiaries has not been finally determined. There are no material tax liens or claims pending or, to the Company's knowledge, threatened against the Company or any of its subsidiaries or any of their respective assets or property.

Section 3.22 *Certificates, Authorities and Permits*. The Company and its subsidiaries possess certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by them except where the failure to possess such certificates, authorizations or permits would not reasonably be expected to have a Material Adverse Effect. During the past three years, the Company and its subsidiaries have not received any written notice of proceedings relating to the revocation or modification of any such certificate, authority or permit.

Section 3.23 *Environmental Matters*. Neither the Company not any of its subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, "**Environmental Laws**"), has released any hazardous substances regulated by Environmental Law on to any real property that it owns or operates, or has received any written notice or claim that it is liable for any off-site disposal or contamination pursuant to any Environmental Laws, except where failure comply would not reasonably be expected to have a Material Adverse Effect; and to the Company's knowledge, there is no pending or threatened investigation that would reasonably be expected to lead to such a claim.

Section 3.24 *Manipulation of Price*. The Company has not, and, to the Company's knowledge, no person acting on its behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities.

Section 3.25 *Foreign Corrupt Practices; Questionable Payments; Office of Foreign Assets Control*. Neither the Company nor any of its subsidiaries has, and to the Company's knowledge, no agent or other person acting on behalf of the Company nor any of its subsidiaries has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any of its subsidiaries (or made by any person acting on behalf of the Company or any of its subsidiaries of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended. Neither the Company nor any of its subsidiaries, nor any or their directors, officers or employees, nor, to the Company's knowledge, any agent, affiliate or representative of the Company or any of its subsidiaries, is an individual or entity that

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is, or is owned or controlled by an individual or entity that is: (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "**Sanctions**"), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea and Syria).

Section 3.26 *Anti-Money Laundering*. The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company nor any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the Company's knowledge, threatened.

Section 3.27 *Investment Company*. The Company is not required to be registered as, and immediately following the Closing will not be required to register as, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER

Each Purchaser, severally and not jointly, represents and warrants to and covenants with the Company that:

Section 4.01 *Organization and Standing*. If such Purchaser is not a natural person, such Purchaser is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with the corporate or other entity power and authority to own and operate its business as presently conducted, except where the failure to be or have any of the foregoing would not have a material and adverse effect on the legality, validity or enforceability of the Transaction Documents to which it is a party, and such Purchaser is duly qualified as a foreign corporation or other entity to do business and is in good standing in each jurisdiction where the character of its properties owned or held under lease or the nature of their activities makes such qualification necessary, except for such failures to be so qualified or in good standing, individually or in the aggregate, as would not have a material adverse effect on the legality, validity or enforceability of the Transaction Documents to which it is a party.

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Section 4.02 *Authorization*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Purchaser affirms that (i) if such Purchaser is a natural person, he or she has all the requisite legal capacity and authority and has taken all action necessary in order to execute and deliver this Agreement, and (ii) if such Purchaser is not a natural person, such Purchaser has the requisite corporate or other entity power and authority to execute and deliver Transaction Documents to which it is a party and perform its obligations under such Transaction Documents. The execution and delivery of each such Transaction Document by the Purchaser, the performance by such Purchaser of its obligations thereunder, and all other necessary corporate or other entity action on the part of such Purchaser have been duly authorized by its board of directors or similar governing body, and no other corporate or other entity proceedings on the part of such Purchaser is necessary for such Purchaser to execute and deliver the relevant Transaction Documents and perform its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the relevant Transaction Documents has been duly and validly authorized by each Purchaser that is not a natural person. Each of the relevant Transaction Documents when executed and delivered by the Purchaser, shall constitute valid and binding obligations of the Purchaser, enforceable in accordance with their terms, subject to the Enforceability Exceptions.

Section 4.03 *Noncontravention*. Neither the execution and delivery of the Transaction Documents to which such Purchaser is a party by such Purchaser nor the performance by such Purchaser of its obligations thereunder will (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Purchaser or any of its subsidiaries is a party or by which Purchaser or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the certificate of incorporation, bylaws or similar organizational and governing documents of Purchaser or (iii) result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the properties or assets of such Purchaser or any of its subsidiaries or any of their properties, except, with respect to clauses (i) and (iii), for such violations, breaches, conflicts, defaults or other occurrences which, individually or in the aggregate, would not have a material adverse effect on its obligation to perform its obligations under the Transaction Documents to which such Purchaser is a party.

Section 4.04 *Accredited Purchaser*. Such Purchaser is an "accredited investor" within the meaning of Regulation D, Rule 501(a), under the Securities Act. Such Purchaser was not formed for the specific purpose of acquiring the Securities.

Section 4.05 *No Government Review*. Such Purchaser understands that neither the SEC nor any securities commission or other governmental authority of any state, country or other jurisdiction has approved the issuance of the Securities or passed upon or endorsed the merits of this Agreement, the Securities, or any of the other documents relating to the Placement, or confirmed the accuracy of, determined the adequacy of, or reviewed this Agreement, the Securities or such other documents.

Section 4.06 *Investment Experience*. Such Purchaser has such knowledge, sophistication and experience in financial, tax and business matters in general, and investments in securities in particular, that it is capable of evaluating the merits and risks of this investment in the Securities, and such Purchaser has made such investigations in connection herewith as it

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deemed necessary or desirable so as to make an informed investment decision without relying upon the Company for legal or tax advice related to this investment. In making its decision to acquire the Securities, such Purchaser has not relied upon any information other than the SEC Reports and information provided to it by the Company or its representatives, including the representations and warranties and covenants of the Company contained herein.

Section 4.07 *Investment Intent; Blue Sky*. Such Purchaser is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof, other than the transfer of shares to an affiliated investment fund under common control with Purchaser. It understands that the sale of the Securities to such Purchaser has not been, and will not be, registered under the Securities Act by reason of an exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the Purchaser's investment intent and the accuracy of the Purchaser's representations as expressed herein. The Purchaser's address set forth in Section 7.02 represents the Purchaser's true and correct state of domicile, upon which the Company may rely for the purpose of complying with applicable "Blue Sky" or similar laws.

Section 4.08 *Rule 144*. Such Purchaser acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from such registration is available. It is aware of the provisions of Rule 144 ("**Rule 144**") promulgated under the Securities Act which permit limited resale of securities purchased in a private placement subject to the satisfaction of certain conditions.

Section 4.09 *Restrictions on Transfer; Restrictive Legends*. Such Purchaser understands that the transfer of the Securities is restricted by this Agreement and applicable state and federal securities laws and the transfer of the Underlying Class A Common Stock is restricted by applicable state and federal securities laws, and that each certificate, instrument, or book entry representing the Securities will be imprinted with legends restricting transfer except in compliance therewith. The Company need not register a transfer of legended Securities, and may also instruct its transfer agent or other applicable agent not to register the transfer of the Securities and to enforce applicable stop transfer instructions, unless the conditions specified in each of these legends is satisfied.

Section 4.10 *Access to Information*. Such Purchaser acknowledges that it has had access to and has reviewed all documents and records relating to the Company, including, but not limited to, the SEC Reports and the Company's preliminary financial results for the three months ended December 31, 2022, that it has deemed necessary in order to make an informed investment decision with respect to an investment in the Securities; that it has had the opportunity to ask representatives of the Company certain questions and request certain additional information regarding the terms and conditions of such investment and the finances, operations, business and prospects of the Company and has had any and all such questions and requests answered to its satisfaction; and that it understands the risks and other considerations relating to such investment. Such Purchaser understands any statement contained in the SEC Reports shall be deemed to be modified or superseded for the purposes of this Agreement to the extent that a statement contained herein or in any other document subsequently filed with the SEC modifies or supersedes such statement.

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Section 4.11 *No General Solicitation*. Such Purchaser is unaware of, and in deciding to participate in the Placement is in no way relying upon, and did not become aware of the Placement through or as a result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other communication published in any newspaper, magazine or similar media, or broadcast over television or radio or the internet, in connection with the Placement.

Section 4.12 *Advice*. Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities. Such Purchaser understands that it, and not the Company, shall be responsible for its own tax liability that may arise as a result of the transactions contemplated by this Agreement.

ARTICLE 5

COVENANTS

Section 5.01 *Transfer Restrictions; Legends*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities may only be disposed of in compliance with applicable federal and state securities laws. In addition, such Purchaser may not transact in or transfer any Company securities until two (2) trading days following the filing with the SEC of the Company's quarterly report on Form 10-Q for the three months ended March 31, 2023 (the "**Lock-up Release**"), other than (i) directly with the Company, (ii) with the Company's prior written consent (iii) for the purchase of Securities pursuant to this Agreement (including the acquisition of any shares of Class A Common Stock upon exercise of Pre-Funded Warrants), (iv) bona fide gifts, (v) for estate planning purposes or (vi) to such Purchaser's affiliates, provided that any transferees receiving such securities as a result of (iv)-(v) shall agree not to trade the securities until the Lock-up Release. As a condition of transfer of the Securities, any such transferee shall agree in writing to be bound by the terms of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The certificates, agreements, instruments, or book entries evidencing the Pre-Funded Warrants and Underlying Class A Common Stock shall have endorsed thereon the legends set forth in the Pre-Funded Warrants as required by the terms of the Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any sale or disposition of the Underlying Class A Common Stock by a Purchaser pursuant to Rule 144 or pursuant to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon compliance by such Purchaser with the requirements of this Agreement, if requested by the Purchaser, the Company shall use its reasonable best efforts to request that the transfer agent for the Class A Common Stock (the "**Transfer Agent**") remove any restrictive legends related to the book entry account holding such Underlying Class A Common Stock and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends within two trading days of receipt of such request from the Purchaser; <u>provided</u> that the Company has received customary representations and other documentation reasonably acceptable to the Company in connection therewith not later than 5:00 p.m. Eastern Time on the date of such request. Subject to receipt by the Company of customary representations and other documentation reasonably acceptable to the

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Company and its counsel in connection therewith, upon the earliest of such time as the Underlying Class A Common Stock (i) have been sold or transferred pursuant to an effective registration statement, (ii) have been sold pursuant to Rule 144 or (iii) are eligible for resale under Rule 144(b)(1) or any successor provision, the Company shall (A) deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for such book entry shares, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the effect that the removal of such legends in such circumstances may be effected. The Company shall be responsible for the fees of its Transfer Agent and all the Depository Trust Company fees associated with such issuance.

Section 5.02 *Confidentiality; MNPI*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Purchaser acknowledges and agrees that: (i) certain of the information contained herein is of a confidential nature and may be regarded as material non-public information ("**MNPI**") under Regulation FD of the Securities Act; (ii) except as provided in Section 5.02(b) or Section 5.03, until the time the information contained herein has been adequately disseminated to the public, the existence of this Agreement and the information contained herein shall not, without the prior written consent of the Company, be disclosed by such Purchaser to any person or entity, other than its employees, officers, directors, consultants, financial and legal advisors and other representatives (collectively, "**Representatives**") for the sole purpose of evaluating the entering into and the consummation of the transactions contemplated under the Transaction Documents, and such Purchaser will not, directly or indirectly, disclose or permit its Representatives to disclose, any of such information without the prior written consent of the Company (but such Purchaser shall remain responsible for the compliance with this Section 5.02 by any of its Representatives); and (iii) such Purchaser shall make its Representatives aware of the terms of this Section 5.02 and be responsible for any breach of this Agreement by such Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 5.02(a), a Purchaser may disclose, or permit the disclosure of, information which would otherwise be confidential if and to the extent (i) required by law (including, without limitation, Section 13d of the Exchange Act) or any securities exchange, regulatory or governmental body; or (ii) it comes into the public domain other than as a result of a breach by any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Purchaser acknowledges that U.S. federal securities laws prohibit any person who has received MNPI relating to the Company from purchasing or selling securities of the Company, or from communicating such information to any person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell securities of the Company. Accordingly, until such time as any such MNPI has been adequately disseminated to the public, each Purchaser shall not purchase or sell any securities of the Company, or communicate such information to any other person save as provided in this Section 5.02 or Section 5.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Purchaser, individually, shall not, and shall cause its affiliates not to, engage, directly or indirectly, in any transactions in the securities of the Company (including, without limitation, any Short Sales (as such term is defined in Rule 200 promulgated under Regulation SHO under the Exchange Act)) during the period from the date hereof until such time as (i) the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated.

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Section 5.03 *Securities Law Disclosure*. On or prior to the fourth (4th) business day following the Closing Date, the Company will file a Current Report on Form 8-K with the SEC describing the terms of the Transaction Documents and filing such Transaction Documents or forms thereof as may be required under the Exchange Act. The Company may also issue a press release describing the material terms of the transactions contemplated thereby.

Section 5.04 *Section 16 Matters*. The Company's Board of Directors shall pre-approve the direct or indirect acquisition or disposition, as applicable, of the Securities by each Purchaser, its affiliates, or, if applicable, any director affiliated with a Purchaser (any such director, a "**Purchaser Director**"), for the express purpose of exempting each Purchaser's, its affiliates' or any Purchaser Director's interests (to the extent such Purchaser or its affiliates may be deemed to be "directors by deputization") in such transaction from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder.

Section 5.05 *Registration Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the date that is ninety (90) days following the Closing (the "**Filing Deadline**"), the Company shall prepare and file with the SEC a registration statement under the Securities Act relating to the resale on a continuous basis pursuant to Rule 415 of the Securities Act of the full amount of the Underlying Class A Common Stock acquired by the Purchasers pursuant to the terms of this Agreement (the "**Registrable Securities**"). The registration statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose). The Company shall use its commercially reasonable efforts to have the registration statement declared effective by the SEC no later than the date, which shall be either: (i) in the event that the SEC does not review the registration statement, thirty (30) days after the Filing Deadline, or (ii) in the event that the SEC reviews the registration statement, seventy-five (75) days after the Filing Deadline (but in any event, no later than four (4) business days following the SEC indicating that it has no further comments on the registration statement). Subject to any comments from the staff of the SEC, such registration statement shall include the plan of distribution in form and substance reasonably satisfactory the Purchasers beneficially owning (as determined pursuant to Rule 13d-3 under the Exchange Act) a majority of the Registrable Securities; <u>provided</u>, <u>however</u>, that no Purchaser shall be named as an "underwriter" in the registration statement; <u>provided</u>, <u>further</u>, that the Company's obligations to include a Purchaser's Registrable Securities in the registration statement contemplated by this Section 5.05 are contingent upon such Purchaser furnishing a completed and executed selling stockholder questionnaire in customary form to the Company that contains the information required by SEC rules for a registration statement regarding such Purchaser, the securities of the Company held by such Purchaser and the intended method of disposition of the Registrable Securities, and each Purchaser agrees, severally, to execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At such time as the Company is obligated to file a registration statement with the SEC pursuant to Section 5.05(a) hereof, the Company shall effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following 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;(i) The Company shall use its reasonable best efforts to keep each registration statement effective at all times with respect to each Purchaser's Registrable Securities until the expiration of the Reporting Period. "**Reporting Period**" means the period commencing on the Closing and for each Purchaser ending on the earliest of: (1) the date as of which such Purchaser may sell all of the Underlying Class A Common Stock under Rule 144 without volume or manner-of-sale restrictions imposed on Purchaser pursuant to Rule 144(b)(2) (or any successor thereto) promulgated under the Securities Act; (2) the fifth anniversary of the Closing, or (3) the date on which such Purchaser shall have sold all of the Underlying Class A Common Stock pursuant to a registration statement. The Company shall ensure that each registration statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&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 shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a registration statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such registration statement effective at all times during the Reporting Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by such registration statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Upon request of a Purchaser, the Company shall furnish to such Purchaser without charge copies of any preliminary or final prospectus as such Purchaser may reasonably request from time to time in order to facilitate the disposition of the Registrable 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;(iv) Upon receipt of written notice from the Company that a registration statement or related prospectus contains a Misstatement (as defined below), each of the Purchasers shall forthwith discontinue disposition of Registrable Securities pursuant to such registration statement or related prospectus until it has received copies of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the prospectus may be resumed. "**Misstatement**" means an untrue statement of a material fact or an omission to state a material fact required to be stated in a registration statement or related prospectus or necessary to make the statements in a registration statement or related prospectus, in the light of the circumstances under which they were made, not misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the filing, initial effectiveness or continued use of a registration statement contemplated by this Section 5.05 at any time would (a) require the Company to make an Adverse Disclosure (as defined below), (b) require the inclusion in such registration statement of financial statements that are unavailable to the Company for reasons beyond the Company's control or (c) in the good faith judgment of the Company's board of directors, be seriously detrimental to the Company and its holders of capital stock and it is therefore essential to defer such filing, initial effectiveness or continued use at such time, the Company shall have the right, upon giving prompt written notice of such action to the Purchasers (which notice shall not specify the nature of the event giving rise to such delay or suspension), delay the filing or initial effectiveness of, or suspend use of, such registration statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under this Section 5.05(b)(v), the Purchasers agree to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to any registration statement contemplated by this Section 5.05 in connection with any sale or offer to sell Registrable Securities until such Purchaser receives written notice from the Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality of such notice and its contents. "**Adverse Disclosure**" means any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any registration statement or prospectus in order for the applicable registration statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the registration statement were not being filed, declared effective or used, as the case may be and (iii) the Company has a bona fide business purpose for not making such information public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With a view to making available to the Purchasers the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Purchasers to sell shares of Class A Common Stock to the public without registration, the Company covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as there are no longer Registrable Securities; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish electronically to each Purchaser upon request, as long as such Purchaser owns any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of or electronic access to the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested in order to avail such Purchaser of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and each Purchaser that is party to that certain Amended and Restated Registration Rights Agreement dated as of September 1, 2021(the "Registration Rights Agreement") acknowledges and agrees that the Underlying Class A Common Stock acquired by such Purchaser pursuant to the terms of this Agreement shall constitute "Registrable Securities" for purposes of the Registration Rights Agreement and such Underlying Class A Common Stock shall be included in the registration statement contemplated by Section 5.05(a) of this Agreement.

Section 5.06 *NYSE Listing*. From the date hereof until such time as the Underlying Class A Common Stock have been sold pursuant to Rule 144 or are eligible for resale under Rule 144(b)(1) or any successor provision, the Company will take such reasonable action as is necessary to continue the listing and trading of its Class A Common Stock on the NYSE and, in accordance, therewith, will take all actions necessary to comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable. The Company further agrees, if the Company applies to have the Class A Common Stock traded on any other trading market, it will then include in such application all of the Class A Common Stock and the Underlying Class A Common Stock and will take such other action as is necessary to cause all of the Class A Common Stock and the Underlying Class A Common Stock to be listed or quoted on such other trading market as promptly as possible. The Company agrees to maintain the eligibility of the Class A Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

Section 5.07 *Irrevocable Transfer Agent Instructions*. The Company shall issue irrevocable instructions to its transfer agent, and any subsequent transfer agent to issue to the Purchasers (or in such nominee's name(s) as designated by a Purchaser) book-entry notations representing the shares of Class A Common Stock set forth next to such Purchaser's name on the Schedule of Purchasers (the "**Irrevocable Transfer Agent Instructions**") and, upon exercise of the Pre-Funded Warrants pursuant to their terms, the Company shall issue irrevocable instructions to its transfer agent, and any subsequent transfer agent to issue to the Purchasers (or in such nominee's name(s) as designated by a Purchaser), book-entry notations representing the Underlying Class A Common Stock (the "**Warrant Share Instructions**"). The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions and the Warrant Share Instructions referred to in this Section 5.07 (or instructions that are consistent therewith) will be given by the Company to its transfer agent in connection with this Agreement and that the Underlying Class A Common Stock shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement and the other Transaction Documents and applicable law. The Company acknowledges that a breach by it of its obligations under this Section 5.07 will cause irreparable harm to a Purchaser. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5.07 will be inadequate and agrees, in the event of a breach by the Company of the provisions of this Section 5.07, that a Purchaser shall be entitled, in addition to all other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity of showing economic loss and without any bond or other security being required.

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Section 5.08 *Reservation of Class A Common Stock*. The Company shall take all action necessary to at all times have authorized, and reserved for the purpose of issuance from and after the Closing Date, the number of shares of Class A Common Stock issuable upon exercise of the Pre-Funded Warrants issued at the Closing (without taking into account any limitations on exercise of the Pre-Funded Warrants set forth therein).

Section 5.09 *Subsequent Equity Sales*. The Company shall not, and shall use its commercially reasonable best efforts to ensure that no controlled affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be integrated with the offer or sale of the Class A Common Stock in a manner that would require the registration under the 1933 Act of the sale of the Class A Common Stock to the Purchasers. The Company shall not take any action or steps that would adversely affect reliance by the Company in any material respect on Section 4(a)(2) for the exemption from registration for the transactions contemplated hereby or require registration of the Class A Common Stock under the 1933 Act.

Section 5.10 *Adjustments in Share Numbers and Prices*. In the event of any stock split, subdivision, dividend or distribution payable in shares of Class A Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares of Class A Common Stock), combination or other similar recapitalization or event occurring after the date hereof and prior to the Closing, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event.

Section 5.11 *Stockholder Approval*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately following the execution and delivery of this Agreement and in lieu of calling a meeting of the Company's stockholders, the Company shall (i) submit a stockholder written consent, in the form attached hereto as <u>Exhibit</u> <u>B</u> (the "**Stockholder Written Consent**"), to LL Capital Partners I, L.P., SIF V, LLC, First American Financial Corporation and Brian Bair (the "**Majority Stockholders**") and (ii) obtain the Stockholder Written Consent, duly executed by the Majority Stockholders and duly delivered to the Company in accordance with the Delaware General Corporation Law, from the Majority Stockholders before 9:00 a.m. New York time, on the day immediately following the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within twenty (20) business days after the date of this Agreement, the Company shall file with the SEC a preliminary information statement in accordance with Regulation 14C promulgated under of the Exchange Act (such preliminary information statement and any revised or definitive information statement, the "**Information Statement**") relating to the Stockholder Approval. Each Purchaser shall reasonably cooperate with the Company in the preparation of the preliminary Information Statement, the definitive Information Statement and any amendments or supplements thereto and shall promptly furnish to the Company the information relating to such Purchaser required by the Exchange Act for inclusion therein. The

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Company shall respond as promptly as practicable to any comments of the SEC with respect to the Information Statement and to cause the Information Statement in definitive form to be mailed to the holders of shares of the Class A Common Stock entitled thereto as promptly as reasonably practicable after (i) the tenth (10th) calendar day after the initial filing of the preliminary Information Statement with the SEC if by such date the SEC has not informed the Company that it intends to review the Information Statement or (ii) if the SEC has, by the tenth (10th) calendar day after the filing of the initial preliminary Information Statement with the SEC, informed the Company that it intends to review the Information Statement, the date on which the SEC confirms that it has no further comments on the Information Statement. If required, the Company shall mail to the holders of shares of Class A Common Stock entitled thereto, as promptly as reasonably practicable, any amendment or supplement. If at any time prior to the Closing any event shall occur, or fact or information shall be discovered, that should be set forth in an amendment or supplement to the Information Statement so that such document would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, the party that discovers such information shall as promptly as practicable notify the other parties hereto and the Company shall prepare and file with the SEC such amendment or supplement, in consultation with and subject to review by each Purchaser and its counsel as promptly as practicable and, to the extent required by law, cause such amendment or supplement to be disseminated to the holders of shares of Class A Common Stock entitled thereto.

ARTICLE 6

INDEMNIFICATION

Section 6.01 *Survival of Representations and Warranties*. The representations and warranties of the Company and each Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing. All covenants and agreements contained herein shall survive the Closing and remain in full force and effect in accordance with their terms.

Section 6.02 *Indemnification by the Company*. The Company agrees to indemnify and hold harmless each Purchaser, its partners, affiliates, officers, directors, employees, and duly authorized agents, and each person or entity, if any, who controls such Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (a "**Control Person**"), from and against any loss, claim, damage, liability, together with reasonable and documented out-of-pocket costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements and costs and expenses of expert witnesses and investigation), and any action in respect thereof to which such Purchaser and its Control Persons becomes subject to, resulting from, arising out of or relating to (i) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents, except to the extent that any such loss, claim, damage, liability, cost or expense is attributable solely to the willful misconduct or fraud of such Purchaser or its Control Persons or (ii) any untrue or alleged untrue statement of material fact contained in or incorporated by reference in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto prepared and filed pursuant to Section 5.05 of this Agreement or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Company by or on behalf of such Purchaser expressly for use therein.

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Section 6.03 *Indemnification by the Purchaser*. Each Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Company and its Control Persons, from and against any loss, claim, damage, liability, together with reasonable and documented out-of-pocket costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements and costs and expenses of expert witnesses and investigation), and any action in respect thereof to which the Company and its Control Persons becomes subject to, resulting from, arising out of or relating to (i) any breach of any of the representations, warranties, covenants or agreements made by such Purchaser in this Agreement or in the other Transaction Documents, except to the extent that any such loss, claim, damage, liability, cost or expense is attributable to the willful misconduct or fraud of the Company or its Control Persons or (ii) any untrue or alleged untrue statement of material fact contained in or incorporated by reference in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto prepared and filed pursuant to Section 5.05 of this Agreement or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, caused by or contained in any information or affidavit so furnished in writing to the Company by or on behalf of such Purchaser expressly for use therein; <u>provided</u>, <u>however</u>, that the liability of a Purchaser shall be in proportion to and limited to the net proceeds received by such Purchaser from the sale of Registrable Securities pursuant to any such registration statement.

Section 6.04 *Indemnification Procedures*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> that the failure to give prompt notice shall not impair any person's or entity's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or Control Persons and shall survive the transfer of securities. The Company and each Purchaser participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Purchaser's indemnification is unavailable for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the indemnification provided under this Section 6.04 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; <u>provided</u>, <u>however</u>, that the liability of a Purchaser under this Section 6.04 shall be limited to the amount of the net proceeds received by such Purchaser in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the other limitations set forth in this Article 6, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6.04 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section 6.04. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 6.04 from any person or entity who was not guilty of such fraudulent misrepresentation.

ARTICLE 7

MISCELLANEOUS

Section 7.01 *Entire Agreement; Amendment; Assignment*. This Agreement and the other Transaction Documents constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein or therein. Any prior agreements, understandings or representations with respect to the subject matter hereof are superseded by this Agreement and shall have no further force or effect. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the parties hereto. The provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. The Company may not assign or delegate its obligations under this Agreement in whole or in part.

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Section 7.02 *Notices*. All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company, to:

Offerpad Solutions Inc.

2150 E. Germann Road.

Chandler, Arizona 85286

Attention: Chief Financial Officer; Chief Legal Officer

with a copy to:

Latham & Watkins LLP

650 Town Center Drive, 20<sup>th</sup> Floor

Costa Mesa, CA 92626

Attention: Drew Capurro; Peter Sluka

or to such other person at such other place as the Company shall designate to the Purchasers in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) and if to the Purchasers, at the address as set forth at the end of this Agreement, or at such other address or addresses as may have been furnished to the Company in writing.

Section 7.03 *Governing Law*. This Agreement shall be governed in all respects by the internal laws of the State of New York without regard to conflict of law rules of such state.

Section 7.04 *Jurisdiction*. The parties hereto 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 shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of New York, and each of the parties 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

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the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 7.02 shall be deemed effective service of process on such party.

Section 7.05 *WAIVER OF JURY TRIAL*. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 7.06 *Delays or Omissions*. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach or default of another party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

Section 7.07 *Finder's Fees*. Each party represents that it neither is, nor will be, obligated for any finders' fee or commission in connection with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finders' fee (and the costs and expenses of defending against such liability or asserted liability) for which each Purchaser or any of its officers, partners, employees, or representatives is responsible. The Company agrees to indemnify and hold harmless each Purchaser from any liability for any commission or compensation in the nature of a finders' fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

Section 7.08 *Counterparts*. This Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which together shall constitute one instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Section 7.09 *Severability*. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision, which shall be replaced with an enforceable provision closest in intent and economic effect as the severed provision; <u>provided</u> that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

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Section 7.10 *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.

Section 7.11 *Expenses*. The parties hereto shall pay their own costs and expenses in connection herewith regardless of whether the transactions contemplated hereby are consummated. The Company shall pay any Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the sale and issuance of the Securities to the Purchasers. Notwithstanding the forgoing, at the Closing, the Company shall reimburse all of the fees and expenses (including legal and accounting fees) of LL Funds, LLC and its affiliates and First American Financial Corp. and its affiliates incurred in connection with the purchase of the Securities and entry into this Agreement.

Section 7.12 *Independent Nature of Purchasers' Obligations and Rights*. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under any Transaction Document. The decision of each Purchaser to purchase Closing Securities pursuant to the Transaction Documents has been made by such Purchaser independently of any other Purchaser. Nothing contained herein or in any Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.

[*Remainder of this page intentionally left blank*]

------

**PURCHASER:** 

ACME Partnership

---

| | |
|:---|:---|
| By: | /s/ Gary Lowenthal |
| Name: | Gary Lowenthal |
| Title: | Chairman of 8 Point Management Co., GP of ACME Partnership, LP |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]* 

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Anthony Barrett |
| Name: | Anthony Barrett |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Christoph O'Donnell |
| Name: | Christoph O'Donnell |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ David Brind |
| Name: | David Brind |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

EGADS Investments LP

---

| | |
|:---|:---|
| By: | /s/ Gil Palter |
| Name: | Gil Palter |
| Title: | President of the GP |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| Fabio Terlevich & Mary P. Rouse JTWROS | Fabio Terlevich & Mary P. Rouse JTWROS |
| By: | /s/ Fabio Terlevich |
| Name: | Fabio Terlevich |
| **PURCHASER:** | **PURCHASER:** |
| Fabio Terlevich & Mary P. Rouse JTWROS | Fabio Terlevich & Mary P. Rouse JTWROS |
| By: | /s/ Mary P. Rouse |
| Name: | Mary P. Rouse |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| Hinsdale LLC | Hinsdale LLC |
| By: | /s/ John Pinto |
| Name: | John Pinto |
| Title: | Managing Member |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| Ira Brind Revocable Trust | Ira Brind Revocable Trust |
| By: | /s/ Ira Brind |
| Name: | Ira Brind |
| Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

The Irrevocable Deed of Trust of Richard B. Worley for Richard G. Worley

---

| | |
|:---|:---|
|  By: | /s/ Richard Worley |
|  Name: | Richard Worley |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

---

| | |
|:---|:---|
|  By: | /s/ Ivan Szeftel |
|  Name: | Ivan Szeftel |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

Charlotte C. Weber UAD 03/10/00 FBO John C. Weber Jr.

---

| | |
|:---|:---|
|  By: | /s/ Jay Weber |
|  Name: | Jay Weber |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

Charlotte C. Weber Trust FBO Peyton Weber U/A DTD 12/14/2000

---

| | |
|:---|:---|
|  By: | /s/ Jay Weber |
|  Name: | Jay Weber |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

Charlotte C. Weber Trust FBO John C. Weber III U/A DTD 03/31/2003

---

| | |
|:---|:---|
|  By: | /s/ Jay Weber |
|  Name: | Jay Weber |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

Charlotte C. Weber Trust FBO Christopher Edward Weber U/A DTD 06/08/2010

---

| | |
|:---|:---|
|  By: | /s/ Jay Weber |
|  Name: | Jay Weber |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

JLS Family Partners LP

---

| | |
|:---|:---|
|  By: | /s/ Ivan Szeftel |
|  Name: | Ivan Szeftel |
|  Title: | Manager JLS GP LLC |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

John Coates Roth Contributory IRA, 6296-8536

---

| | |
|:---|:---|
|  By: | /s/ Jack Coates |
|  Name: | Jack Coates |
|  Title: | Authorized Signatory |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

Kaplin Investment Partners

---

| | |
|:---|:---|
|  By: | /s/ Ned Kaplin |
|  Name: | Ned Kaplin |
|  Title: | Principal |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

KF Self-Directed Investments, LLC

---

| | |
|:---|:---|
|  By: | /s/ Ken Froot |
|  Name: | Ken Froot |
|  Title: | Manager |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

Mark Froot 2020 Irrevocable Trust

---

| | |
|:---|:---|
|  By: | /s/ Ken Froot |
|  Name: | Ken Froot |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

David Froot 2020 Irrevocable Trust

---

| | |
|:---|:---|
|  By: | /s/ Ken Froot |
|  Name: | Ken Froot |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

The Leslie Miller and Richard B. Worley Foundation

---

| | |
|:---|:---|
| By: | /s/ Richard B. Worley |
|  Name: | Richard B. Worley |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

MAREK SKAWINSKI & MALGORZATA SKAWINSKI JTWROS

---

| | |
|:---|:---|
| By: | /s/ Marek Skawinski |
|  Name: | Marek Skawinski |
|  Title: | Authorized Signatory |

---

**PURCHASER:** 

MAREK SKAWINSKI & MALGORZATA SKAWINSKI JTWROS

---

| | |
|:---|:---|
| By: | /s/ Malgorzata Skawinski |
|  Name: | Malgorzata Skawinski |
|  Title: | Authorized Signatory |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

------

**PURCHASER:** 

Marjorie Miller GST Exempt Trust FBO Wendy Mnookin

---

| | |
|:---|:---|
| By: | /s/ Jim Mnookin |
|  Name: | Jim Mnookin |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ MARTHA F. MORSE |
|  Name: | MARTHA F. MORSE |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Matthew H. Taylor |
|  Name: | Matthew H. Taylor |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

MORSE CHARITABLE FOUNDATION

---

| | |
|:---|:---|
| By: | /s/ PETER C. MORSE |
|  Name: | PETER C. MORSE |
|  Title: | PRESIDENT |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Ned Kaplin |
|  Name: | Ned Kaplin |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

Paul A. Frick & Donna M. Frick JT TEN

---

| | |
|:---|:---|
| By: | /s/ Paul A. Frick |
|  Name: | Paul A. Frick |
|  Title: | Authorized Signatory |

---

**PURCHASER:** 

Paul A. Frick & Donna M. Frick JT TEN

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| | |
|:---|:---|
| By: | /s/ Donna M. Frick |
|  Name: | Donna M. Frick |
|  Title: | Authorized Signatory |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

PETER C. MORSE REMAINDER TRUST DTD 9/1/06 FBO LISA D. MORSE

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| | |
|:---|:---|
| By: | /s/ JEREMIAH MILBANK III |
|  Name: | JEREMIAH MILBANK III |
|  Title: | TRUSTEE |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

PETER C. MORSE REMAINDER TRUST DTD 9/1/06 FBO CLAY P. MORSE

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| | |
|:---|:---|
| By: | /s/ JEREMIAH MILBANK III |
|  Name: | JEREMIAH MILBANK III |
|  Title: | TRUSTEE |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ PETER C. MORSE |
|  Name: | PETER C. MORSE |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Regina Latella |
| Name: | Regina Latella |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Richard B. Worley |
| Name: | Richard B. Worley |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Roberto Sella |
| Name: | Roberto Sella |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

RUDI MINXHA & JESSIE AI JTWROS

---

| | |
|:---|:---|
| By: | /s/ Rudi Minxha |
| Name: | Rudi Minxha |
|  Title: | Authorized Signatory |

---

**PURCHASER:** 

RUDI MINXHA & JESSIE AI JTWROS

---

| | |
|:---|:---|
| By: | /s/ Jessie Ai |
| Name: | Jessie Ai |
|  Title: | Authorized Signatory |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Samuel L Duboc |
| Name: | Samuel L Duboc |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Sarah Miller Coulson |
| Name: | Sarah Miller Coulson |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Stacey Spector |
| Name: | Stacey Spector |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

Thomson Family Limited Partnership

By: Thomson Family Management, LLC

---

| | |
|:---|:---|
| By: | /s/ John L. Thomson |
| Name: | John L. Thomson |
|  Title: | Manager |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

VSF Investments LLC

---

| | |
|:---|:---|
| By: | /s/ Leyla Jackson |
| Name: | Leyla Jackson |
|  Title: | Authorised Signatory |
| By: | /s/ Lois Jeffers |
| Name: | Lois Jeffers |
|  Title: | Authorised Signatory |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Wilbur Kim |
| Name: | Wilbur Kim |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

KFP Investors Partnership

---

| | |
|:---|:---|
| By: | /s/ Andrew Kahn |
| Name: | Andrew Kahn |
|  Title: | Managing Partner |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Brian Bair |
| Name: | Brian Bair |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Kenneth DeGiorgio |
| Name: | Kenneth DeGiorgio |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

Ulysses Partners, L.P.

---

| | |
|:---|:---|
| By: | /s/ Vincent Ognibene |
| Name: | Vincent Ognibene |
|  Title: | Chief Financial Officer |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

Irrevocable Deed of Trust of Richard B. Worley for Elizabeth Mai Worley

---

| | |
|:---|:---|
| By: | /s/ Richard B. Worley |
| Name: | Richard B. Worley |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

Peter C. Morse Remainder Trust DTD 9/1/06 FBO Kate M. Frantz

---

| | |
|:---|:---|
| By: | /s/ Jeremiah Milbank III |
| Name: | Jeremiah Milbank III |
|  Title: | Trustee |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Kevin Ays |
| Name: | Kevin Ays |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

J&T Family Limited Partnership

---

| | |
|:---|:---|
| By: | /s/ Rocco L. Trotta |
| Name: | Rocco L. Trotta |
|  Title: | Partner |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

First American Financial Corporation

---

| | |
|:---|:---|
| By: | /s/ Mark E. SEaton |
| Name: | Mark E. Seaton |
| Title: | Executive Vice President and Chief Financial Officer |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Shivraj Mundy |
| Name: | Shivraj Mundy |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

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**PURCHASER:** 

---

| | |
|:---|:---|
| By: | /s/ Jim Morrissey |
| Name: | Jim Morrissey |

---

*[Offerpad Solutions Inc. \| Subscription Agreement Signature Page]*

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g450831g0201141906522.jpg)

**Offerpad Announces $90 Million Private Placement** 

CHANDLER, Ariz. – February 1, 2023 – Business Wire – Offerpad Solutions Inc. ("Offerpad", "Company") (NYSE: OPAD), a leading real estate tech company built to simplify home buying and selling, announced today that it has entered into subscription agreements with a group of private investors, together with CEO Brian Bair and existing stockholders Roberto Sella and First American Financial Corporation, to purchase an aggregate of 160,742,959 prefunded warrants to purchase Offerpad's Class A common stock. Each warrant was sold at a price of $0.5599 per warrant, with an initial exercise price of $0.0001 per warrant, subject to certain customary anti-dilution adjustment provisions, and was calculated based on a 20% discount to the 5-day closing price average on January 27, 2023.

The issuance of the shares of Class A common stock has been approved by Offerpad stockholders representing more than a majority of the voting power of the Company's common stock, and Offerpad will prepare and file a related information statement with the Securities and Exchange Commission ("SEC"). The pre-funded warrants will not be exercisable until at least 21 days after the definitive information statement is filed with the SEC or such later time as is necessary to comply with the listing requirements of the New York Stock Exchange.

The Company plans to use the proceeds from the private placement for general corporate purposes.

The pre-funded warrants and the shares of Offerpad's Class A common stock issuable upon exercise of the warrants are being issued and sold pursuant to an exemption from registration provided for under the Securities Act of 1933, as amended (the "Securities Act"), and neither the pre-funded warrants nor the shares of Offerpad's Class A common stock issuable upon exercise of the warrants have been registered under the Securities Act. The securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Offerpad has agreed to file a registration statement with the SEC registering the resale of the shares of its Class A common stock issuable upon exercise of the pre-funded warrants issued and sold in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

------

**About Offerpad** 

Offerpad's mission is to deliver the best home buying and selling experience so you can spend less time 'real estat-ing' and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs. Visit <u>Offerpad.com</u> for more information.

**Forward Looking Statements** 

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Offerpad's future financial or operating performance. For example, statements regarding the closing of Offerpad's private placement and Offerpad's use of proceeds from the private placement, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma," "may," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad does not undertake any duty to update these forward-looking statements.

#OPAD_IR

**Contacts** 

Investors

Stefanie Layton

<u>Investors@offerpad.com</u> 

Media

<u>Press@Offerpad.com</u>