Document:

EX-10.1

 Exhibit 10.1 

LOCAL BOUNTI CORPORATION 

DIRECTOR COMPENSATION POLICY 

(Adopted and approved on January 12, 2022) 

Each member of the Board of Directors (the “Board”) of Local Bounti Corporation (the “Company”) who is not an
employee of the Company (each such member, an “Outside Director”) will receive the compensation described in this Director Compensation Policy (the “Director Compensation Policy”) for their Board
service to the Company. 
 The Director Compensation Policy will become effective upon the date first set forth above (the “Effective
Date”). The Director Compensation Policy may be amended at any time in the sole discretion of the Board. 
 Annual Cash Compensation

 Each Outside Director will receive the cash compensation set forth below for service on the Board. The annual cash compensation amounts will be
payable in arrears, in equal quarterly installments following the end of each fiscal quarter of the Company in which the service occurred. Any amount payable for a partial quarter of service will be pro-rated
by multiplying such amount by a fraction, the numerator of which will be the number of days of service that the Outside Director provided in such quarter and the denominator of which will be the number of days in such quarter inclusive. All annual
cash fees are vested upon payment. For purposes of clarity, the first quarterly installment of the annual retainers set forth below shall be paid for the first quarter that ends on or after the Effective Date, with the amount of such payment equal
to the full quarterly installment, pro-rated as applicable based on the days of service that the Outside Director provided in such quarter. 

 

	1.	 Annual Board Member Service Retainer: 

 

	 	a.	 All Outside Directors: $87,500. 

 

	 	b.	 Outside Director serving as Lead Independent Director: $15,000 (in addition to above).

  

	2.	 Annual Committee Member Service Retainer: 

 

	 	a.	 Member of the Audit Committee: $10,000. 

 

	 	b.	 Member of the Compensation Committee: $7,500. 

 

	 	c.	 Member of the Nominating and Corporate Governance Committee: $5,000. 

 

	3.	 Annual Committee Chair Service Retainer (in lieu of Annual Committee Member Service Retainer):

  

	 	a.	 Chairperson of the Audit Committee: $20,000. 

 

	 	b.	 Chairperson of the Compensation Committee: $15,000. 

 

	 	c.	 Chairperson of the Nominating and Corporate Governance Committee: $10,000. 

 Equity Compensation 

Equity awards will be granted under the Company’s 2021 Equity Incentive Plan or any successor equity incentive plan adopted by the Board and the
stockholders of the Company (the “Plan”). 
  

	1.	 Annual RSU Grants. Annual equity grants made on or after the annual meeting of the Company’s
stockholders (an “Annual Meeting”) during 2022 (the “2022 Annual Meeting”) shall be made as follows: 

  

	 	a.	 Annual Grant for Continuing Outside Directors. Without any further action of the Board, at the close of
business on the date of each Annual Meeting beginning with the 2022 Annual Meeting, each continuing Outside Director shall be granted a restricted stock unit (“RSU”) award (“RSU Award”) under the Plan
covering shares (“Shares”) of the Company’s Common Stock (as defined in the Plan) having an RSU Value (as defined below) of $87,500 (a “Continuing Director Annual RSU Award”); provided that
the number of Shares covered by each Continuing Director Annual RSU Award will be rounded down to the nearest whole Share. Each Continuing Director Annual RSU Award shall vest on the earlier of (i) the day before the next Annual Meeting or
(ii) the one-year anniversary of the grant date, subject to the applicable Outside Director’s continued service as a member of the Board through such vesting date. 

 

	 	b.	 Annual Grant for New Outside Directors. Without any further action of the Board, each person who, on or
after the 2022 Annual Meeting, is elected or appointed for the first time to be an Outside Director will automatically, upon the date of their initial election or appointment to be an Outside Director, be granted an RSU Award under the Plan covering
Shares having an RSU Value of $87,500 pro-rated based on the number of full months that are expected to lapse between the Outside Director’s election or appointment to the Board and the next Annual
Meeting (a “New Director Annual RSU Award”); provided that the number of Shares covered by each New Director Annual RSU Award will be rounded down to the nearest whole Share. Each New Director Annual RSU Award shall vest in
full on the day before the next Annual Meeting, subject to the Outside Director’s continued service as a member of the Board through such date. 

  

	2.	 Initial Grant for New Outside Directors. Without any further action of the Board, each person who, on or
after the 2022 Annual Meeting, is elected or appointed for the first time to be an Outside Director will automatically, upon the date of their initial election or appointment to be an Outside Director, be granted, in addition to the New Director
Annual RSU Award, an RSU Award under the Plan covering Shares having an RSU Value of $175,000 (a “New Director Initial RSU Award”); provided that the number of Shares covered by each New Director Initial RSU Award will
be rounded down to the nearest whole Share. Each New Director Initial RSU Award shall vest in equal yearly installments over the 3-year period following the grant date, subject to the applicable Outside
Director’s continued service as a member of the Board through each such vesting date. 

  

	3.	 Elective RSU Award. Notwithstanding anything to the contrary herein, with respect to annual cash
retainers to be earned for Board service after the 2022 Annual Meeting, an Outside Director may elect (in a form and upon the terms and conditions prescribed by the Company to receive up to 100% of the annual cash retainers to be earned in respect
of the applicable year of Board service in the form of an RSU Award (an “Elective RSU Award”) under the Plan covering the number of Shares with an RSU Value equal to the annual cash retainer amounts subject to the election.
Each Elective RSU Award shall be granted on the same date and subject to the same terms and conditions as the Annual RSU Award or New Director Annual RSU Award, as applicable, granted for the

  
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corresponding year of service except that the Elective RSU Award shall vest in quarterly installments in the same proportions as to which the annual cash retainers the award replaces would have
been earned, subject to the applicable Outside Director’s continued service as a member of the Board and/or on a committee, as applicable, through each such vesting date. 

 

	4.	 Change in Control. All vesting is subject to the Outside Director’s continued service as a member
of the Board through each applicable vesting date. Notwithstanding the foregoing, if an Outside Director remains in continuous service as a member of the Board until immediately prior to the: (a) the Outside Director’s death, (b) the
Outside Director’s “Disability” (as defined in the Plan) or (c) the closing of a “Change in Control” (as defined in the Plan) (each an “Acceleration Event”), any
unvested portion of any RSU Award granted in consideration of such Outside Director’s service as a member of the Board shall vest in full immediately prior to, and contingent upon, the applicable Acceleration Event. 

 

	5.	 Calculation of RSU Value. The “RSU Value” of an RSU Award to be granted under
this policy will equal the number of Shares subject to the restricted stock unit award multiplied by the closing price of a Share on the grant date, or if the grant date is not a trading day, the closing price of a Share on the trading day
immediately prior to the grant date. 

  

	6.	 Remaining Terms. The remaining terms and conditions of each RSU Award granted under this policy will be
as set forth in the Plan and the Company’s standard form of RSU Award agreement, as amended from time to time by the Board or the Compensation Committee of the Board, as applicable. 

 

	7.	 Option Grants in Lieu of RSU Awards. To avoid adverse tax consequences in the case of Outside Directors
who do not reside in the United States, at the sole discretion of the Board, any RSU Award to be granted under this policy may instead be granted in the form of a non-statutory stock option under the Plan (an
“Option Award”) covering such number of Shares that result in such Option Award having an Option Value equal to the RSU Value of the RSU Award that such Option Award is intended to replace. The “Option
Value” of an Option Award will equal its grant date value calculated in accordance with the Black-Scholes option valuation methodology. Each Option Award will have a term of ten years from the grant date and an exercise price per Share
equal to the closing price of a Share on the grant date, or if the grant date is not a trading day, the closing price of a Share on the trading day immediately prior to the grant date. All other terms and conditions that apply to RSU Awards under
this policy will apply to Option Awards. 

 Deferral of Cash Retainers and Equity Grants 

Prior to a cash retainer being earned, upon election by an Outside Director in a form and within the timeframe prescribed by the Company, an Outside Director
may elect to defer their cash retainer into fully-vested deferred stock units (“DSUs”) of the Company, which will be granted after such retainer is earned. DSUs are held as stock units, but are settled in Shares upon the
earlier of: (1) the date chosen on the election form, and (2) the “separation from service” (as defined in Treasury Regulation Section 1.409A-3(a)(1)) of the Outside
Director. 
 In addition, an Outside Director may elect in a form and within the timeframe prescribed by the Company to defer restricted stock units into
DSUs with a settlement date that occurs at least three years after the restricted stock units have fully vested and up to the time the Outside Director has a “separation from service.” 

  
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 All deferral elections to DSUs must comply with Section 409A of the Internal Revenue Code of 1986, as
amended, the Treasury Regulations and other official guidance thereunder and applicable law. 
 Expenses 

The Company will reimburse each Outside Director for ordinary, necessary and reasonable
out-of-pocket travel expenses to cover in-person attendance at, and participation in, Board and committee meetings, provided,
that the Outside Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time. 

  
 - 4 -Exhibit 10.4 

 

Intrepid Acquisition Corporation I

1001 17th Street, Suite 1050

Denver, Colorado 80202

 

November 17, 2021

Intrepid Acquisition Sponsor LLC

1001 17th Street, Suite 1050

Denver, Colorado 80202

 

	 	RE:	Securities Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on November 17, 2021 by and between Intrepid Acquisition Sponsor LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and Intrepid Acquisition Corporation I, a Delaware corporation (the “Company”, “we”
or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 5,750,000
shares (the “Shares”) of Class B common stock, $0.0001 par value per share (the “Class B Common Stock”
and, together with all other class of the Company’s common stock, the “Common Stock”), up to 750,000 of which
are subject to complete or partial forfeiture by you if the underwriter or underwriters of the initial public offering (“IPO”)
of units (“Units”) of the Company, do not fully exercise their over-allotment option (the “Over-allotment
Option”). The terms on which the Company is willing to sell the Shares to the Subscriber, and the Company’s and the Subscriber’s
agreements regarding such Shares, are as follows:

 

1. Purchase of Shares. For the sum of $25,000
(the “Purchase Price”), which the Company acknowledges receiving in cash, the Company hereby issues and sells the Shares
to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to the forfeiture provisions of Section 3
below, on the terms and subject to the conditions set forth in this Agreement. Concurrently with
the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered
in the Subscriber’s name representing the Shares (the “Original Certificate”), or effect such delivery in book-entry
form, receipt of which the Subscriber hereby acknowledges.

 

2. Representations, Warranties and Agreements.

 

2.1. Subscriber’s Representations, Warranties
and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby represents and warrants to the
Company and agrees with the Company as follows:

 

2.1.1. No Government Recommendation or Approval.
The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of
the Shares.

 

2.1.2. No Conflicts. The execution, delivery
and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not violate, conflict
with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any agreement, indenture or instrument
to which the Subscriber is a party, or (iii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement,
order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Organization and Authority. The Subscriber
is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware and possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement
will be a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of
creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding
at law or in equity).

 

     

     

    

 

2.1.4. Experience, Financial Capability and
Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment
in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares
have not been registered under the Securities Act (as defined below) and therefore cannot be resold unless subsequently registered under
the Securities Act or an exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment
until the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration
available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete
loss of Subscriber’s investment in the Shares.

 

2.1.5. Access to Information; Independent Investigation.
Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from representatives
of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and
the opportunity to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make
this investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding of the Company and its business based
upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands
that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section
2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral,
relating to the Company, its operations and/or its prospects.

 

2.1.6. Regulation D Offering. Subscriber
represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities
Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby is being made in reliance
on a private placement exemption under federal law to “accredited investors” within the meaning of Section 501(a) of Regulation
D under the Securities Act and similar exemptions under state law.

 

2.1.7. Investment Purposes. The Subscriber
is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the account or benefit of
any other person, and not with a view towards the distribution or dissemination thereof that would result in a violation of the Securities
Act. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502 of Regulation D under the Securities Act.

 

2.1.8. Restrictions on Transfer; Shell Company.
Subscriber understands the Shares are being offered in a transaction not involving a public offering within the meaning of the Securities
Act. Subscriber understands the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities
Act, and Subscriber understands that the certificates or book-entries representing the Shares will contain a legend in respect of such
restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered,
resold, pledged or otherwise transferred only in accordance with the provisions of Section 5 hereof, including pursuant to: (i) registration
under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any
interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company
an opinion of counsel reasonably satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to offer,
resell, pledge or otherwise transfer the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144
may not be available to the Subscriber for the resale of the Shares until one year following consummation of the initial business combination
of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9. No Governmental Consents. No governmental,
administrative or other third party consents or approvals are required, necessary or appropriate on the part of Subscriber in connection
with the transactions contemplated by this Agreement.

 

     

     

    

 

2.2. Company’s Representations, Warranties
and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants to the Subscriber and
agrees with the Subscriber as follows:

 

2.2.1. Organization and Corporate Power.
The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses
all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2. No Conflicts. The execution, delivery
and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict
with or constitute a default under (i) the Certificate of Incorporation or By Laws of the Company, (ii) any agreement, indenture or instrument
to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company is subject, or any agreement, order,
judgment or decree to which the Company is subject.

 

2.2.3. Title to Securities. Upon issuance
in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued, fully paid and nonassessable.
Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will have or receive good title to the Shares,
free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under other agreements
to which the Shares may be subject, each of which have been identified to the Subscriber in writing, (b) transfer restrictions under federal
and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4. No Adverse Actions. There are no
actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek to restrain, enjoin,
prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question the validity or legality
of any transactions or seek to recover damages or to obtain other relief in connection with any transactions.

 

3. Forfeiture of Shares.

 

3.1. Partial or No Exercise of the Over-allotment
Option. In the event the Over-allotment Option granted to the underwriter or underwriters of the IPO is not exercised in full, the
Subscriber acknowledges and agrees that it (and, if applicable, it and any transferees of Shares) shall forfeit any and all rights to
such number of Shares (up to an aggregate of 750,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised)
such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to the IPO, if any) will own
an aggregate number of Shares (not including Shares issuable upon exercise of any warrants or any Common Stock purchased by Subscriber
in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Common Stock immediately following the IPO.

 

3.2. Termination of Rights as Stockholder.
If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest),
shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel
such forfeited Shares.

 

3.3. Share Certificates. In
the event an adjustment to the Original Certificate, if any, is required pursuant to this Section 3, then the Subscriber shall return
such Original Certificate to the Company or its designated agent as soon as practicable upon its receipt of notice from the Company advising
Subscriber of such adjustment, following which a new certificate (the “New Certificate”), if any, shall be issued in
such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber
as soon as practicable. Any such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form.

 

4. Waiver of Liquidation Distributions; Redemption Rights. In
connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim
of any kind in or to any distributions by the Company from the trust account which will be established for the benefit of the Company’s
public stockholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”),
in the event of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For
purposes of clarity, in the event the Subscriber purchases Common Stock in the IPO or in the aftermarket, any additional Common Stock
so purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have
the right to redeem any Shares into funds held in the Trust Account upon the successful completion of an initial business combination.

 

     

     

    

 

5. Restrictions on Transfer.

 

5.1. Securities Law Restrictions. In addition
to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”) to be
dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge, hypothecate
or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration statement on the appropriate form under
the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective
or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required
because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange
Commission thereunder and with all applicable state securities laws; provided that no opinion from counsel shall be required for
a transfer of Shares from the Subscriber or its affiliates to the Company or its affiliates.

 

5.2. Lock-up.
Subscriber acknowledges that the Shares will be subject to lock-up provisions contained in the Insider Letter.

 

5.3. Restrictive Legends. Any certificates
representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED,
SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS
OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
LOCK-UP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCK-UP PERIOD.”

 

5.4. Additional Shares or Substituted Securities.
In the event of the declaration of a stock dividend, the declaration of a special dividend payable in a form other than Common Stock,
a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding Common Stock without receipt of consideration, any new, substituted or additional securities or other property which are by
reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible
shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or
property shall be made to the number and/or class of Shares subject to this Section 5 and Section 3.

 

5.5. Registration Rights. Subscriber acknowledges
that the Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become
freely tradable only after certain conditions are met or they are registered pursuant to a registration rights agreement to be entered
into with the Company prior to the closing of the IPO (the “Registration Rights Agreement”).

 

6. Other Agreements.

 

6.1. Further Assurances. Subscriber agrees
to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

 

6.2. Notices. All notices, statements or
other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i) personally or sent by first
class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing,
(ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been
given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile
or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent
by mail.

 

     

     

    

 

6.3. Entire Agreement. This Agreement,
together with the Insider Letter and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the
Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and understanding between the
Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth
in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.4. Modifications and Amendments. The
terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

 

6.5. Waivers and Consents. The terms and
provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed by the
party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver
or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall
be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or
consent.

 

6.6. Assignment. The rights and obligations
under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.

 

6.7. Benefit. All statements, representations,
warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective
successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations
except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement.

 

6.8. Governing Law. This Agreement and
the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of Delaware applicable
to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. The parties
hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting in the Southern District of New York or any state
court located in New York County, State of New York, over any suit, action or proceeding arising out of or relating to this Agreement.
To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by
way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that
they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

6.9. Severability. In the event that any
court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be unreasonable
or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable,
and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof,
wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect.

 

6.10. No Waiver of Rights, Powers and Remedies.
No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between
the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right,
power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power
or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder.
The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.
No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand
to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand.

 

     

     

    

 

6.11. Survival of Representations and Warranties.
All representations and warranties made by the parties hereto in this Agreement or in any other agreement, certificate or instrument provided
for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties.

 

6.12. No Broker or Finder. Each of the
parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection
with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties
hereto agrees to indemnify and hold the other harmless from any claim or demand for commission or other compensation by any broker, finder,
financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses
incurred in defending against any such claim.

 

6.13 Headings
and Captions. The headings and captions of the various sections of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts. This Agreement may
be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic
delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises,
this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring
or disfavoring any party hereto because of the authorship of any provision of this Agreement. The words “include,”
 “includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will
be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
 “herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend that
each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or
covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached
will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.16. Mutual Drafting. This Agreement is
the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation
and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting and Tender of Shares. Subscriber agrees to vote the
Shares in favor of an initial business combination that the Company negotiates and submits for approval to the Company’s stockholders
and shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection
with a redemption or tender offer presented to the Company’s stockholders in connection with an initial business combination negotiated
by the Company.

 

8. Indemnification. Each party shall indemnify (such party,
the “Indemnifying Party”) the other party (such party, the “Indemnified Party”) and its respective
officers, employees, and controlling persons to the fullest extent permitted by law from and against any and all losses, damages, expenses
(including reasonable attorney’s fees and expenses) or other liabilities resulting from or arising out of such party’s breach
of any representation, warranty, covenant or agreement in this Agreement. The foregoing indemnification rights apply so long as the action
or failure to act by the Indemnified Party does not constitute fraud, bad faith, willful misconduct or gross negligence. Notwithstanding
any of the foregoing to the contrary, indemnification protections will not be construed so as to relieve (or attempt to relieve) any Indemnified
Party of any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on
persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under
applicable law, but will only be construed so as to effectuate the indemnification protections to the fullest extent permitted by law.

 

[Signature Page Follows]

 

     

     

    

 

If the foregoing accurately sets forth our understanding
and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	INTREPID ACQUISITION CORPORATION I
	 	 	 
	 	By:	/s/ Matthew D. Preston
	 	 	Name: Matthew D. Preston
	 	 	Title:   Chief Financial Officer

 

	Accepted and agreed as of the date first written above.
	 
	INTREPID ACQUISITION SPONSOR LLC
	 	 
	By:	/s/ Matthew D. Preston	 
	 	
    Name: Matthew D. Preston

    Title: Chief Financial Officer
	 

 

[Signature Page to Securities Subscription Agreement]

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