Document:

zrfy_ex104.htm

EXHIBIT 10.4
  
  
 SUBSIDIARY GUARANTEE
  
 SUBSIDIARY GUARANTEE, dated as of October 21, 2022 (this “Guarantee”), made by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of the purchaser signatory (together with its permitted assigns, the “Buyer”) to that certain Securities Purchase Agreement, dated as of the date hereof, by and among ZERIFY, INC., a Wyoming corporation (together with its successors and assigns, the “Company”), and the Buyer party thereto (as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”).
  
 W I T N E S S E T H:
  
 WHEREAS, pursuant to the Purchase Agreement, the Company has agreed to sell and issue to the Buyer, and the Buyer has agreed to purchase from the Company the Note, subject to the terms and conditions set forth therein; and
  
 WHEREAS, each Guarantor will directly benefit from the extension of the loans to the Company represented by the issuance of the Note.
  
 NOW, THEREFORE, in consideration of the premises and to induce the Buyer to enter into the Purchase Agreement and to carry out the transactions contemplated thereby; each Guarantor hereby agrees with the Buyer as follows:
  
 1. Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall have the following meanings:
  
 “Guarantee” means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.
  
 “Obligations” means, in addition to all other costs and expenses of collection incurred by the Buyer in enforcing any of such “Obligations” (as defined in the Security Agreement) and/or this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor to the Buyer under this Guarantee, the Note and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from the Buyer as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of the foregoing, the term “Obligations” shall include, without limitation: (i) principal of, and interest on the Note and the loans extended pursuant thereto, (ii) any and all other fees, indemnities, costs, obligations and liabilities of the Company or any Guarantor from time to time under or in connection with this Guarantee, the Note and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Company or any Guarantor.
  
  
 	 
	1
	

	 

 
 
  
 
 2. Guarantee.
  
 (a) Guarantee.
  
 (i) The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Buyer and their respective successors, endorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.
  
 (ii) Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer or laws affecting the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).
  
 (iii) Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Buyer hereunder.
  
 (iv) The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.
  
 (v) No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the Buyer from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until the Obligations are indefeasibly paid in full.
  
  
 	 
	2
	

	 

 
 
  
 
 (vi) Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific performance of which by the Guarantors is not reasonably possible (e.g., the issuance of the Company’s Common Stock), the Guarantors shall only be liable for making the Buyer whole on a monetary basis for the Company’s failure to perform such Obligations in accordance with the Transaction Documents.
  
 (b) Right of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall in no respect limit the obligations and liabilities of any Guarantor to the Buyer and each Guarantor shall remain liable to the Buyer for the full amount guaranteed by such Guarantor hereunder until the indefeasible repayment in full of all amounts owed under the Purchase Agreement, the Note and the other Transaction Documents.
  
 (c) No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Buyer, no Guarantor shall be entitled to be subrogated to any of the rights of the Buyer against the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Buyer for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Buyer by the Company on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Buyer, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Buyer in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Buyer, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Buyer may determine.
  
 (d) Amendments, Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by the Buyer may be rescinded by the Buyer and any of the Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released bythe Buyer, and the Purchase Agreement and the other Transaction Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Buyer may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Buyer for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. The Buyer shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.
  
  
 	 
	3
	

	 

 
 
  
 
 (e) Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Buyer upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the Buyer, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives to the extent permitted by law diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to: (a) the validity or enforceability of the Purchase Agreement or any other Transaction Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Buyer, (b) any defense, set-off or counterclaim (other than a defense of payment or performance or fraud by the Buyer) which may at any time be available to or be asserted by the Company or any other Person against the Buyer, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Buyer may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have against the Company, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Buyer to make any such demand, to pursue such other rights or remedies or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Buyer against any Guarantor. For the purposes hereof, “demand” shall include the commencement and continuance of any legal proceedings.
  
  
 	 
	4
	

	 

 
 
  
 
 (f) Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Buyer upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.
  
 (g) Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Buyer without set-off or counterclaim in U.S. dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.
  
 3. Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to the Buyer as of the date hereof:
  
 (a) Organization and Qualification. The Guarantor is duly organized, validly existing and in good standing under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Guarantor has no subsidiaries other than those identified as such on the Disclosure Schedules to the Purchase Agreement. The Guarantor is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material respect, (y) have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantor, or (z) adversely impair in any material respect the Guarantor’s ability to perform fully on a timely basis its obligations under this Guaranty (a “Material Adverse Effect”).
  
 (b) Authorization; Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery of this Guaranty by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor and constitutes the valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidationor similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.
  
  
 	 
	5
	

	 

 
 
  
 
 (c) No Conflicts. Except as disclosed in the Disclosure Schedules to the Purchase Agreement, the execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor of the transactions contemplated thereby do not and will not: (i) conflict with or violate any provision of its Certificate of Incorporation or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Guarantor is subject (including Federal and State securities laws and regulations), or by which any material property or asset of the Guarantor is bound or affected, except in the case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violationsas could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the Guarantor is not being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations which, individually or in the aggregate, do not have a Material Adverse Effect.
  
 (d) Consents and Approvals. Except as disclosed in the Disclosure Schedules to the Purchase Agreement, the Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or registration with, any court or other federal, state, local, foreign or other governmental authority or other person in connection with the execution, delivery and performance by the Guarantor of this Guaranty.
  
 (e) Purchase Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor, each of which is hereby incorporated herein by reference, are true and correct as of each time such representations are deemed to be made pursuant to such Purchase Agreement, and the Buyer shall be entitled to rely on each of them as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Company’s knowledge shall, for the purposes of this Section 3, be deemed to be a reference to such Guarantor’s knowledge.
  
 (f) Foreign Law. Each Guarantor has consulted with appropriate foreign legal counsel with respect to any of the above representations for which non-U.S. law is applicable. Such foreign counsel has advised each applicable Guarantor that such counsel knows of no reason why any of the above representations would not be true and accurate. Such foreign counsel was provided with copies of this Subsidiary Guarantee and the Transaction Documents prior to rendering their advice.
  
  
 	 
	6
	

	 

 
 
  
 
 4. Covenants.
  
 (a) Each Guarantor covenants and agrees with the Buyer that, from and after the date of this Guarantee until the Obligations shall have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as defined in the Note) is caused by the failure to take such action or to refrain from taking such action by such Guarantor.
  
 (b) So long as any of the Obligations are outstanding, unless the Buyer shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after the date of this Guarantee:
  
 (i) other than Permitted Indebtedness (as defined below), enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom. “Permitted Indebtedness” means (a) the indebtedness evidenced by the Note, (b) the Indebtedness set forth on Schedule 3(y) attached to the Purchase Agreement, (c) indebtedness of up to an aggregate of $1,500,000, inclusive of any interest, fees, penalties or other amounts due or payable thereunder; (d) indebtedness which may be assumed in connection with any strategic acquisition; (e) indebtedness under agreements or arrangements with respect to refinancing the Indebtedness set forth on Schedule 3(y) to the Purchase Agreement, provided that the terms of such refinancing are more favorable to the Company and are no more favorable to the holders of such Indebtedness than the terms of the Debentures, and (f) indebtedness supported by the U.S. Small Business Administration (the “SBA”) under the Payroll Protection Program and any future similar relief programs pursuant to the (i) Coronavirus Aid, Relief, and Economic Security Act of 2020, as supplemented by regulations promulgated by the SBA, and (ii) future Congressional legislation which is enacted into law and contains forgiveness of indebtedness provisions; provided that any such indebtedness referenced in the foregoing clauses (b), (c), (d) and (e) is subordinated in whole to the indebtedness under the Transaction Documents;
  
 (ii) other than Permitted Liens (as defined below), enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom. “Permitted Lien” means the individual and collective reference to the following: (a) liens for taxes, assessments and other governmental charges or levies not yet due or liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance with GAAP, and (b) liens imposed by law which were incurred in the ordinary course of the Company’s business, such as carriers’, warehousemen’s and mechanics’ liens, statutory landlords’ liens, and other similar liens arising in the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such lien;
  
  
 	 
	7
	

	 

 
 
  
 
 (iii) amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Buyer;
  
 (iv) repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities or debt obligations;
  
 (v) pay cash dividends on any equity securities of such Guarantor other than dividends paid to another Guarantor or to the Company;
  
 (vi) enter into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of the Company with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or
  
 (vii) enter into any agreement with respect to any of the foregoing.
  
 5. Miscellaneous.
  
 (a) Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except in writing by the Buyer and the Company.
  
 (b) Notices. All notices, requests and demands to or upon the Buyer or any Guarantor hereunder shall be effected in the manner provided for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1 hereto.
  
 (c) No Waiver By Course Of Conduct; Cumulative Remedies. The Buyer shall not by any act (except by a written instrument pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Buyer, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Buyer of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Buyer would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.
  
  
 	 
	8
	

	 

 
 
  
 
 (d) Enforcement Expenses; Indemnification.
  
 (i) Each Guarantor agrees to pay, or reimburse the Buyer for, all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to the Buyer.
  
 (ii) Each Guarantor agrees to pay, and to save the Buyer harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Guarantee.
  
 (iii) Each Guarantor agrees to pay, and to save the Buyer harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant to the Purchase Agreement.
  
 (iv) The agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement and the other Transaction Documents.
  
 (e) Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit of the Buyer and their respective successors and assigns; provided that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Buyer.
  
 (f) Set-Off. Each Guarantor hereby irrevocably authorizes the Buyer at any time and from time to time while an Event of Default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Buyer to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the Buyer may elect, against and on account of the obligations and liabilities of such Guarantor to the Buyer hereunder and claims of every nature and description of the Buyer against such Guarantor, in any currency, whether arising hereunder, under the Purchase Agreement, any other Transaction Document or otherwise, as the Buyer may elect, whether or not the Buyer has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Buyer shall notify such Guarantor and the Agent named in the Security Agreement promptly of any such set-off and the application made by the Buyer of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Buyer under this Section are in addition to other rightsand remedies (including, without limitation, other rights of set-off) which the Buyer may have.
  
  
 	 
	9
	

	 

 
 
  
 
 (g) Counterparts. This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
  
 (h) Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
  
 (i) Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.
  
 (j) Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Buyer with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Buyer s relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.
  
 (k) Governing Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the State of Delaware. Each of the Company and the Guarantors hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Guarantee or the transactions contemplated hereby.
  
  
 	 
	10
	

	 

 
 
  
 
 (l) Acknowledgements. Each Guarantor hereby acknowledges that:
  
 (i) it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to which it is a party;
  
 (ii) the Buyer has no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Buyer, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and
  
 (iii) no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated hereby among the Guarantors and the Buyer.
  
 (m) Additional Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date hereof to become a Guarantor for all purposes of this Guarantee by executing and delivering an Assumption Agreement in the form of Annex 1 hereto.
  
 (n) Release of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible repayment in full of all amounts owed under the Purchase Agreement, the Note and the other Transaction Documents.
  
 (o) Seniority. The Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness (as defined in the Purchase Agreement) of such Guarantor.
  
 (p) WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE BUYER, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.
  
 *********************
  
 (Signature Pages Follow)
  
  
 	 
	11
	

	 

 
 
  
 
 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.
  
  
 	 GUARANTORS:
	  

	  
	  

	 BLOCKSAFE TECHNOLOGIES, INC.
	  

	  
	  
	  

	 By:
	  
	  

	  
	 Name:
	  

	  
	 Title:
	  

	  
	  
	  

	 CYBERSECURITY RISK SOLUTIONS, LLC
	  

	  
	  
	  

	 By: 
	  
	  

	  
	 Name:
	  

	  
	 Title:
	  

 
 
  
 
  
 	 
	12
	

	 

 
 
  
 
 SCHEDULE 1
  
 GUARANTORS
  
 The following are the names, notice addresses and jurisdiction of organization of each Guarantor.
  
  
 	 Name
	 Notice Addresses
	 Jurisdiction of Organization

	 BlockSafe Technologies. Inc.
	 1090 King Georges Post Rd., 
 Suite 603
 Edison, NJ 08837
	 Incorporated in Wyoming

	 Cybersecurity Risk Solutions, LLC
	 1090 King Georges Post Rd.,
 Suite 603
 Edison, NJ 08837
	 Privately held in New Jersey

	  
	  
  
	  

	  
	  
  
	  

 
 
  
 
  
 	 
	13
	

	 

 
 
  
 
 Annex 1 to
 SUBSIDIARY GUARANTEE
  
 ASSUMPTION AGREEMENT, dated as of _______________  ____, 20__ made by _________________________, a ____________ _________________ (the “Additional Guarantor”), in favor of the Buyer pursuant to the Purchase Agreement referred to below. All capitalized terms not defined herein shall have the meaning ascribed to them in such Purchase Agreement.
  
 W I T N E S S E T H :
  
 WHEREAS, Zerify, Inc., a Wyoming corporation (the “Company”), and the Buyer has entered into that certain Securities Purchase Agreement, dated as of October [__], 2022 (as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”);
  
 WHEREAS, in connection with the Purchase Agreement, the Subsidiaries of the Company have entered into that certain Subsidiary Guarantee, dated as of October [__], 2022 (as amended, supplemented or otherwise modified from time to time, the “Guarantee”) in favor of the Buyer;
  
 WHEREAS, the Purchase Agreement requires the Additional Guarantor to become a party to the Guarantee; and
  
 WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee;
  
 NOW, THEREFORE, IT IS AGREED:
  
 1. Guarantee. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m) of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving effect to this Assumption Agreement) as if made on and as of such date.
  
 2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE.
  
  
 	 
	14
	

	 

 
 
  
 
 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.
  
  
 	 	 ADDITIONAL GUARANTOR
	
	  
	  
	  

	  
	 [_______________________]
	  

	 	 	 	 
		By:		
	  
	 Name:
		 
	 	Title:		 

 
 
  
 
  
 	 
	15EX-10.1

 Exhibit 10.1 

Execution Version 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of October 21, 2022 by and among Local
Bounti Corporation, a Delaware corporation (the “Company”), and each of the Investors identified on EXHIBIT A attached hereto (each an “Investor” and collectively the
“Investors”). 
 WHEREAS, the Company and each Investor is executing and delivering this Agreement in reliance upon the
exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Rule 506 of Regulation D (“Regulation D”) as
promulgated by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act. 
 WHEREAS, the Investors,
severally and not jointly, wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the terms and subject to the conditions stated in this Agreement, up to an aggregate of $23,300,000 (the “Financing
Amount”) of shares (the “Securities”) of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”). 

WHEREAS, contemporaneously with the sale of the Securities, the parties hereto will execute and deliver a Registration Rights Agreement, in
the form attached hereto as Exhibit B (the “Registration Rights Agreement”), pursuant to which the Company will agree to provide certain registration rights in respect of the Securities under the Securities Act, and the rules
and regulations promulgated thereunder, and applicable state securities laws. 
 NOW, THEREFORE, in consideration of the mutual promises
made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. For the purposes of this Agreement, the following terms shall have the meanings set forth below: 

“Affiliate” means, with respect to any Person, any other Person which directly or indirectly through one or more
intermediaries Controls, is controlled by, or is under common Control with, such Person. 
 “Agreement” has the meaning set
forth in the Preamble. 
 “Benefit Plan” or “Benefit Plans” shall mean employee benefit plans as defined
in Section 3(3) of ERISA and all other employee benefit practices or arrangements, including any such practices or arrangements providing severance pay, sick leave, vacation pay, salary continuation for disability, retirement benefits, deferred
compensation, bonus pay, incentive pay, stock options or other stock-based compensation, hospitalization insurance, medical insurance, life insurance, scholarships or tuition reimbursements, maintained by the Company or to which the Company is
obligated to contribute for employees or former employee 
 “BHCA” has the meaning set forth in
Section 4.36. 
 “Business Day” means a day, other than a Saturday or Sunday, on which banks in
New York City are open for the general transaction of business. 
 “CCPA” has the meaning set forth in
Section 4.39. 
 “Closing” shall mean either the Initial Closing or Second Closing, as
applicable. 

 “Closing Date” shall mean either the Initial Closing Date or Second Closing
Date, as applicable. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Common Stock” has the meaning set forth in the Recitals. 

“Company” has the meaning set forth in the Preamble. 

“Company’s Knowledge” means the actual knowledge, after reasonable inquiry, of the executive officers (as
defined in Rule 405 under the Securities Act) of the Company. 
 “Confidential Data” has the meaning set forth in
Section 4.38. 
 “Control” (including the terms “controlling,”
“controlled by,” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. 
 “Delaware Courts” has the meaning set forth in
Section 8.11. 
 “Disqualification Event” has the meaning set forth in
Section 4.31. 
 “EDGAR System” has the meaning set forth in
Section 4.7. 
 “Effectiveness Condition” has the meaning set forth in
Section 3.1. 
 “Environmental Laws” has the meaning set forth in
Section 4.17. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended. 
 “Evaluation Date” has the meaning set forth in Section 4.28. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Federal Reserve” has the meaning set forth in Section 4.36. 

“Financing Amount” has the meaning set forth in the Recitals. 

“Form 8-K” has the meaning set forth in Section 6.7. 

“GAAP” has the meaning set forth in Section 4.19. 

“GDPR” has the meaning set forth in Section 4.39. 

“Governmental Authorizations” has the meaning set forth in Section 4.14. 

“HIPAA” has the meaning set forth in Section 4.38. 

“Indemnified Party” has the meaning set forth in Section 7.2. 

“Initial Closing” has the meaning set forth in Section 3.1. 

  
 2 

 “Initial Closing Date” has the meaning set forth in
Section 3.1. 
 “Intellectual Property” means all patents, patent applications, registered and
unregistered trademarks, trademark applications, registered and unregistered service marks, service mark applications, trade names, copyrights, trade secrets, licenses, domain names, information and proprietary rights and processes, and all other
intellectual property rights in any jurisdiction. 
 “Intellectual Property Rights” has the meaning set forth in
Section 4.16. 
 “Investor” and “Investors” each have the meaning set forth in
the Preamble. 
 “IT Systems” has the meaning set forth in Section 4.38. 

“Liens” means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other
restriction. 
 “Material Adverse Effect” means any change, event, circumstance, development, condition, or occurrence
that, individually or in the aggregate, was, is or would reasonably be expected to have material adverse effect on (i) the assets, liabilities, results of operations, condition (financial or otherwise), earnings, business, prospects or
properties of the Company, (ii) the legality or enforceability of any of the Transaction Documents or (iii) the ability of the Company to perform its obligations under the Transaction Documents; provided, however, that in no
event shall any of the following occurring after the date hereof, alone or in combination, be deemed to constitute a Material Adverse Effect, or be taken into account in determining whether a Material Adverse Effect has occurred: (1) any
adverse effect resulting directly or indirectly from general business or economic conditions, except to the extent such general business or economic conditions have a materially disproportionate effect on the Company as compared to companies in the
Company’s industry; (2) any change in the Company’s stock price or trading volume (provided that the underlying cause of such change is not exempt from constituting a Material Adverse Effect, or being taken into account in determining
whether a Material Adverse Effect has occurred); or (3) any effect caused by the announcement or pendency of the transactions contemplated by the Transaction Documents, or the identity of any Investor or any of its Affiliates as the purchaser
in connection with the transactions contemplated by this Agreement or the Registration Rights Agreement. 
 “Material
Contract” means any contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business of the Company and has been or was required to have been filed as an exhibit to the SEC
Filings pursuant to Item 601(b)(10) of Regulation S-K. 
 “NYSE” means
the New York Stock Exchange. 
 “Person” means an individual, corporation, partnership, limited liability company, trust,
business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority, or any other form of entity not specifically listed herein. 

“Personal Data” has the meaning set forth in Section 4.38. 

“Press Release” has the meaning set forth in Section 6.7. 

“Privacy Laws” has the meaning set forth in Section 4.39. 

“Privacy Statements” has the meaning set forth in Section 4.39. 

  
 3 

 “Process” or “Processing” has the meaning set forth in
Section 4.39. 
 “Registration Rights Agreement” has the meaning set forth in the Recitals. 

“Regulation D” has the meaning set forth in the Recitals. 

“Sanctions” has the meaning set forth in Section 4.26. 

“SEC” has the meaning set forth in the Recitals. 

“SEC Filings” has the meaning set forth in Section 4.9. 

“Second Closing” has the meaning set forth in Section 3.1. 

“Second Closing Date” has the meaning set forth in Section 3.1. 

“Securities” has the meaning set forth in the Recitals. 

“Securities Act” has the meaning set forth in the Recitals. 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act
(but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 
 “Subscription
Amount” means, as to an Investor, the aggregate amount to be paid for the Securities purchased hereunder as specified opposite such Investor’s name on EXHIBIT A attached hereto, under the column entitled
“Initial Closing Aggregate Purchase Price” or “Second Closing Aggregate Purchase Price,” as applicable. 

“Subsidiary” means any subsidiary of the Company. 

“Trading Day” means a day on which the NYSE is open for trading. 

“Transaction Documents” means this Agreement and the Registration Rights Agreement. 

“Transfer Agent” has the meaning set forth in Section 6.4. 

“Willful Breach” has the meaning set forth in Section 8.4. 

2. Purchase and Sale of the Securities. On the Initial Closing Date or Second Closing Date, as applicable, upon
the terms and subject to the conditions set forth herein, the Company will issue and sell to the Investors, and the Investors will purchase, severally and not jointly, the number of Securities set forth opposite the name of such Investor under the
heading “Number of Securities to be Purchased” on EXHIBIT A attached hereto (the “Schedule of Investors”) in exchange for consideration equal to $2.50 per share of Common Stock. 

3. Closings. 
 3.1
Subject to the satisfaction or waiver of the conditions set forth in Section 7, the initial closing (the “Initial Closing”) of the purchase and sale of the Securities pursuant to this Agreement shall
occur simultaneously with the execution and delivery of this Agreement, remotely by electronic exchange of Initial Closing documentation for all Investors other than those noted on the Schedule of Investors as participating in the Second Closing (as
defined below). The date on which the Initial Closing occurs is referred to as the “Initial Closing Date.” The second closing (the “Second Closing”) of the 

  
 4 

 
purchase and sale of the Securities pursuant to this Agreement shall occur no later than two (2) Trading Days following the effectiveness of the registration statement covering the resale of
the Securities contemplated by the Registration Rights Agreement (the “Effectiveness Condition”) for the Investors noted on the Schedule of Investors as participating in the Second Closing. The date on which the Second Closing
occurs is referred to as the “Second Closing Date.” 
 3.2 On the Initial Closing Date, each Investor shall deliver or cause to be
delivered to the Company (a) the Subscription Amount via wire transfer of immediately available funds pursuant to the wire instructions delivered to such Investor by the Company at least one Business Day in advance of the Initial Closing Date
(provided that, if requested by an Investor, such Subscription Amount will be delivered following receipt by such Investor of evidence of the issuance of the Securities to be purchased by such Investor from the Transfer Agent and, provided further,
that those Investors participating in the Second Closing shall not be required to deliver funds until the time provided by Section 3.4,) and (b) a duly executed copy of the Registration Rights Agreement. 

3.3 At or before the Initial Closing, the Company shall deliver or cause to be delivered to each Investor participating in the Initial
Closing: 
 (a) the number of shares of Common Stock, registered in the name of the Investor (or its nominee in accordance with its delivery
instructions), set forth opposite the name of such Investor under the heading “Number of Securities to be Purchased” in the Schedule of Investors, with such shares of Common Stock to be issued in book-entry form; 

(b) a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver, at the Initial Closing, the
number of Securities to be purchased by such Investor pursuant to this Agreement in accordance with Section 2, registered in the name of such Investor, in book-entry form; 

(c) if requested by an Investor, evidence of the issuance of the Securities to be purchased by such Investor pursuant to this Agreement from
the Transfer Agent; 
 (d) a certificate of the Chief Executive Officer of the Company, dated as of the Initial Closing Date, certifying
that the conditions specified in Sections 7.1(a), 7.1(b), 7.1(c), 7.1(f) and 7.1(g) have been fulfilled; 

(e) a certificate of the Secretary of the Company, dated as of the Initial Closing Date, certifying (i) the Company’s Certificate
of Incorporation; (ii) the Company’s Bylaws; (iii) resolutions of the Board of Directors (or an authorized committee thereof) approving the Transaction Documents and the transactions contemplated thereby; 

(f) a certificate evidencing the good standing of the Company in Delaware issued by the Secretary of State of Delaware, as of a date within
five business days of the Initial Closing Date; 
 (g) a legal opinion of Orrick, Herrington & Sutcliffe LLP, in a form reasonably
acceptable to the Investors, dated as of the Initial Closing Date, executed by such counsel and delivered to the Investors; and 
 (h) the
Registration Rights Agreement, executed by a duly authorized officer of the Company. 

  
 5 

 3.4 Not more than twenty-four (24) hours upon receiving notification from the Company
of the occurrence of the Effectiveness Condition, each Investor participating in the Second Closing shall deliver or cause to be delivered to the Company the Subscription Amount via wire transfer of immediately available funds pursuant to the wire
instructions delivered to such Investor by the Company prior to the Second Closing Date. For the avoidance of doubt, no other condition to the funding of the Subscription Amount by any Investor participating in the Second Closing shall be required
to be satisfied other than satisfaction of the Effectiveness Condition. In the event the Second Closing has not occurred by the six (6) month anniversary hereof, the obligations of the Investors participating in the Second Closing shall be null
and void and the Second Closing shall not occur after such date. 
 3.5 At or before the Second Closing, the Company shall deliver or cause
to be delivered to each Investor participating in the Second Closing: 
 (a) a number of shares of Common Stock, registered in the name of
the Investor (or its nominee in accordance with its delivery instructions), in the amount set forth opposite the name of such Investor under the heading “Number of Securities to be Purchased” in the Schedule of Investors, with such shares
of Common Stock to be issued in book-entry form; and 
 (b) a copy of the irrevocable instructions to the Transfer Agent instructing the
Transfer Agent to deliver, at the Second Closing, the number of Securities to be purchased by such Investor pursuant to this Agreement in accordance with Section 2, registered in the name of such Investor, in book-entry
form. 
 4. Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors that:

 4.1 Subsidiaries. All of the material Subsidiaries of the Company are set forth on Schedule 4.1. The Company owns, directly
or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. 
 4.2
Organization, Good Standing and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or
organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its
respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity
in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected to
have a Material Adverse Effect. 
 4.3 Authorization. The Company has the requisite corporate power and authority and has taken all
requisite corporate action necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the authorization, execution and delivery of the Transaction Documents; (ii) the
authorization of the performance of all obligations of the Company hereunder or under the other Transaction Documents; and (iii) the authorization, issuance and delivery of the Securities. Each of the Transaction Documents has been duly
authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery by the Investors, constitutes a legal, valid and binding obligation of the Company enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, (b) general principles of equity that restrict the availability of equitable remedies
and (c) to the extent that the enforceability of indemnification provisions may be limited by applicable laws. 

  
 6 

 4.4 Capitalization. As of June 30, 2022, the capitalization of the Company was
in all material respects as set forth in the Company’s Quarterly Report on Form 10-Q filed with the SEC for the quarterly period ended June 30, 2022. Since June 30, 2022, no steps have been taken by the Company to authorize or
effect any amendment or other modification to the authorized capital stock of the Company. There are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities and the Company
does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. Since June 30, 2022, the Company has not issued any capital stock, other than pursuant to the exercise of warrants
outstanding as of such date or the exercise of employee stock options or settlement of restricted stock units under the Company’s equity incentive plans. All of the issued and outstanding shares of the Company’s capital stock have been
duly authorized and validly issued and are fully paid and nonassessable, none of such shares were issued in violation of any pre-emptive rights and such shares were issued in compliance with applicable state
and federal securities law and any rights of third parties. No Person is entitled to pre-emptive or similar statutory or contractual rights with respect to the issuance by the Company or any Subsidiary of any
securities of the Company or any Subsidiary, including the Securities. There are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any character under which the Company or any Subsidiary is or
may be obligated to issue any equity securities of any kind, except as contemplated by this Agreement or as previously disclosed in the SEC Filings. Except for the Registration Rights Agreement, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other agreements of any kind among the Company and any of the security holders of the Company relating to the securities of the Company held by
them. Except as provided in the Registration Rights Agreement or as set forth in the SEC Filings, no Person has the right to require the Company to register any securities of the Company under the Securities Act, whether on a demand basis or in
connection with the registration of securities of the Company for its own account or for the account of any other Person. The issuance and sale of the Securities hereunder will not obligate the Company or any Subsidiary to issue shares of Common
Stock or other securities to any other Person (other than the Investors) or result in the adjustment of the exercise, conversion, exchange or reset price of any outstanding security. The Company does not have outstanding stockholder purchase rights
or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain events. 

4.5 Valid Issuance. The Securities have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will
be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions, except for restrictions imposed by applicable securities laws. Assuming the accuracy of the representations and warranties of each
Investor in Section 5, the Securities will be issued in compliance with applicable federal and state securities laws. 
 4.6
Consents. Subject to the accuracy of the representation and warranties of each Investor set forth in Section 5, the execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the
Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than (i) filings that have been made pursuant to applicable state securities laws and the rules and
regulations of the NYSE; (ii) post-sale filings pursuant to applicable state and federal securities laws, which the Company undertakes to file within the applicable time periods; and (iii) the registration statement required to be filed by
the Registration Rights Agreement. The Company has taken all action necessary to exempt (a) the issuance and sale of the Securities and (b) the other transactions contemplated by the Transaction Documents from the provisions

  
 7 

 
of any stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company
or any of its assets and properties is subject that is or would reasonably be expected to become applicable to the Investors as a result of the transactions contemplated hereby, including the issuance of the Securities and the ownership, disposition
or voting of the Securities by the Investors or the exercise of any right granted to the Investors pursuant to this Agreement or the other Transaction Documents. Subject to the accuracy of the representation and warranties of each Investor set forth
in Section 5, the issuance and sale of the Securities hereunder does not contravene the rules and regulations of the NYSE. 
 4.7
Delivery of SEC Filings. True and complete copies of the SEC Filings have been made available by the Company to the Investors through the Electronic Data Gathering, Analysis, and Retrieval system (the “EDGAR System”)
(other than any information for which the Company has received confidential treatment from the SEC). 
 4.8 No Material Adverse
Change. Except as set forth specifically in the SEC Filings filed at least one (1) Trading Day prior to the date hereof, since December 31, 2021: (i) there has been no event, occurrence or development that has had or that would
reasonably be expected to have a Material Adverse Effect; (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the SEC; (iii) the Company has not altered its method of accounting;
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock; and (v) the Company
has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the SEC any request for confidential treatment of information. Except for
the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Company or its Subsidiaries or
their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been
publicly disclosed at least one (1) Trading Day prior to the date that this representation is made. 
 4.9 SEC Filings. Since
November 19, 2021, the Company has filed or furnished, as applicable, in a timely manner all reports, schedules, forms, statements, certifications and other documents required to be filed or furnished by the Company under Securities Act or the
Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act (the “SEC Filings”). At the time of filing thereof, such SEC Filings complied in all material respects with the requirements of the Securities Act
or Exchange Act, as applicable, and, as of their respective dates, did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in
the light of the circumstances under which they were made, not misleading. 
 4.10 No Conflict, Breach, Violation or Default. The
execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby
do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument 

  
 8 

 
(evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary
is bound or affected, or (iii) subject to the required approvals or filings set forth in Section 4.6, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any
court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as would not have or would not reasonably be expected to have a Material Adverse Effect. 

4.11 Compliance. The Company is not (i) in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received notice of a claim that it is in default under or that it is in violation of, any Material Contract (whether or not such default
or violation has been waived), (ii) in violation of any judgment, decree or order of any court, arbitrator or governmental body, or (iii) in violation of any statute, rule, ordinance or regulation of any governmental authority, including
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as would not have or result in a Material
Adverse Effect. 
 4.12 Tax Matters. The Company has timely filed all federal, state, local and
non-United States tax returns required to have been filed by the Company with all appropriate governmental agencies and have paid all taxes shown thereon or otherwise owed by them (whether or not shown on any
tax returns), except for where the failure to file such tax returns or to pay such taxes would not, individually or in the aggregate, have or would not reasonably be expected to have a Material Adverse Effect. The Company has collected or withheld
all material taxes required to be collected or withheld by applicable laws from employee, shareholders or other third parties and have timely paid and have timely paid over such withheld amount to the appropriate government agency. The Company has
made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 4.19 below in respect of all federal, state and local and non-United States
taxes for all periods as to which the tax liability of the Company has not been finally determined, except to the extent of any inadequacy that would not have or would not reasonably be expected to have a Material Adverse Effect. There are no
material tax Liens on any assets or property of the Company or any of its Subsidiaries, and there are no material tax claims pending or, to the Company’s Knowledge, threatened against the Company, any of its Subsidiaries or any of their
respective assets or property. 
 4.13 Title to Properties. The Company and the Subsidiaries have good and marketable title to all
real properties and all personal properties other tangible properties and assets owned by them, in each case free from Liens and defects, except such as would not have or would not reasonably be expected to have a Material Adverse Effect. The
Company and the Subsidiaries hold any leased real or personal property under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance and with no exceptions, except such as would not have or would not
reasonably be expected to have a Material Adverse Effect. 
 4.14 Certificates, Authorities and Permits. The Company and the
Subsidiaries possess adequate licenses, certificates, authorities or permits (collectively, “Governmental Authorizations”) issued by appropriate governmental agencies or bodies necessary to conduct their respective businesses,
except where failure to so possess would not have or would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any
such Governmental Authorization which, individually or in the aggregate, if determined adversely to the Company, has or would reasonably be expected to have a Material Adverse Effect. 

  
 9 

 4.15 Employment and Labor Matters. Except as would not reasonably be expected to have
a Material Adverse Effect, each Benefit Plan has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code, the Patient Protection and Affordable Care Act of 2010, as amended,
and other applicable laws, rules and regulations. No labor dispute exists or, to the Company’s Knowledge, is imminent with respect to any of the employees of the Company, which would reasonably be expected to have a Material Adverse Effect.
None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a
collective bargaining agreement. The Company and its Subsidiaries believe that their relationships with their employees are good. To the Company’s Knowledge, no executive officer of the Company or any Subsidiary is, or is now expected to be, in
violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive
covenant in favor of any third party, and, to the Company’s Knowledge, the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing
matters. The Company and its Subsidiaries are in material compliance with all applicable U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and
hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.16 Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks,
trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as described in the SEC Filings as necessary or required for use in connection with their
respective businesses and which the failure to so have would have or would reasonably be expected to have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Neither the Company nor any Subsidiary has
received a notice (written or otherwise) that any of the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.
Neither the Company nor any Subsidiary has received, since December 31, 2021, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as would
not have or would not reasonably be expected to have a Material Adverse Effect. The Intellectual Property Rights have not been adjudged by a court of competent jurisdiction to be invalid or unenforceable, in whole or in part. To the Company’s
Knowledge, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect
the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.17 Environmental Matters. Except as would not have a Material Adverse Effect, neither the Company or any Subsidiary 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 not released any hazardous substances regulated by Environmental Law on to any real property that it owns or operates, and has
not received any written notice or claim that the Company or any Subsidiary is not in compliance with any Environmental Law or that it is liable for any off-site disposal or contamination pursuant to any
Environmental Laws. To the Company’s Knowledge, there is no pending or threatened investigation that would reasonably be expected to lead to a claim that it is liable for any off-site disposal or
contamination pursuant to any Environmental Laws. The Company has no material liability under any Environmental Law. 

  
 10 

 4.18 Legal Proceedings. There are no legal, governmental or regulatory
investigations, actions, suits, arbitrations, charges, claims, complaints, audits, inquiries or proceedings pending or, to the Company’s Knowledge, threatened to which the Company or any Subsidiary is or may reasonably be expected to become a
party or to which any property of the Company or any Subsidiary is or may reasonably be expected to become the subject that, individually or in the aggregate, if determined adversely to the Company, would have or would reasonably be expected to have
a Material Adverse Effect. There are no orders, writs, injunctions, judgments or decrees outstanding of any court or government agency or instrumentality and binding upon the Company or any of its Subsidiaries that have had or would reasonably be
expected to have a Material Adverse Effect. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act. 

4.19 Financial Statements. The financial statements of the Company included in each SEC Filing comply in all material respects with
applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to the extent corrected by a subsequent restatement) and present fairly, in all material respects, the financial
position of the Company and its consolidated Subsidiaries as of the dates shown and its results of operations and cash flows for the periods shown, subject in the case of unaudited financial statements to normal, immaterial year-end audit adjustments, and such financial statements have been prepared in conformity with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”) (except as may be disclosed therein or in the notes thereto, and except that the unaudited financial statements may not contain all footnotes required by GAAP, and, in the case of quarterly financial statements, as
permitted by Quarterly Report on Form 10-Q under the Exchange Act). Except as set forth in the financial statements of the Company included in the SEC Filings filed prior to the date hereof, the Company has not incurred any liabilities,
contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements, none of which, individually or in the aggregate, have had or
would reasonably be expected to have a Material Adverse Effect. 
 4.20 Compliance with NYSE Continued Listing
Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed for trading on the NYSE under the symbol “LOCL.” The Company is in compliance with applicable NYSE continued listing
requirements. There are no suits, actions, proceedings, investigations or inquiries pending or, to the Company’s Knowledge, threatened against the Company relating to the continued listing of the Common Stock on the NYSE, and the Company has
not received any notice of, nor to the Company’s Knowledge is there any reasonable basis for, the delisting of the Common Stock from the NYSE. The Company is not aware of any circumstance that would cause the Securities being issued hereunder
to not be approved for listing by the NYSE. 
 4.21 Brokers and Finders. No Person will have, as a result of the transactions
contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or, to the Company’s Knowledge, an Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of the Company. 
 4.22 No Directed Selling Efforts or General Solicitation. Neither the
Company nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Securities. 

4.23 No Integrated Offering. Neither the Company nor any Person acting on its behalf has, directly or indirectly, made any offers or
sales of any Company security or solicited any offers to buy any Company security, under circumstances that would (i) adversely affect reliance by the Company on 

  
 11 

 
Section 4(a)(2) for the exemption from registration for the transactions contemplated hereby or would require registration of the Securities under the Securities Act or (ii) cause the
offer and sale of the Securities pursuant to this Agreement to be integrated with prior offerings by the Company for purposes of any applicable law, regulation or stockholder approval provisions. 

4.24 Private Placement. Assuming the accuracy of the Investors’ representations and warranties set forth in
Section 5, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Investors as contemplated hereby. 

4.25 Foreign Corrupt Practices. Neither the Company nor, to the Company’s Knowledge, any of the current or former directors,
officers, employees, agents or other Persons acting on behalf of the Company, has on behalf of the Company: (i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity;
(ii) made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds; (iii) established or maintained any unlawful or unrecorded fund of corporate monies or other assets which is in violation
of law; (iv) made any false or fictitious entries on the books and records of the Company; (v) made any unlawful rebate, payoff, influence payment, kickback, bribe or other unlawful payment of any nature; or (vi) violated or is in
violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended. 
 4.26 Office of Foreign Assets Control and Export
Control Laws. Neither the Company nor any Subsidiary, nor, to the Company’s Knowledge, any of the current or former directors, officers, employees, agents or other Persons acting on behalf of the Company or any Subsidiary, is
currently the subject or target of any sanctions administered or enforced by the United States Government, including the U.S. Department of the 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 is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company
will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund or facilitate any activities of or
business with any Person, or in any country or territory, that, at the time of such funding or facilitating, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the
transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any
person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with country or territory that is the subject of Sanction. 

4.27 Transactions with Affiliates. Except as disclosed in the SEC Filings, none of the officers or directors of the Company and,
to the Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company (other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to
the Company’s Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 

4.28 Internal Controls. Except as disclosed in the SEC Filings, the Company and the Subsidiaries are in material compliance with
any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the SEC thereunder that are effective as of the date hereof. The Company
and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance 

  
 12 

 
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 GAAP 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 Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be
disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. The Company’s certifying officers have
evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of
the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is
reasonably likely to materially affect, the internal control over financial reporting of the Company or its Subsidiaries. 
 4.29
Investment Company. The Company is not required to be registered as, and is not an Affiliate of, and immediately following the Initial Closing will not be required to register as, an “investment company” within the meaning of
the Investment Company Act of 1940, as amended. 
 4.30 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. 
 4.31 Bad Actor Disqualification. None of the Company, any predecessor or affiliated issuer of the Company nor, to the
Company’s Knowledge, any director or executive officer of the Company or any promoter connected with the Company in any capacity, is subject to any of the “bad actor” disqualifications within the meaning of Rule 506(d)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). 

4.32 Shell Company Status. The Company was previously an issuer identified in Securities Act Rule 144(i)(1)(i). The Company confirms
that: (i) effective November 24, 2021, it ceased to be an issuer identified in Securities Act Rule 144(i)(1)(i); (ii) it has not been an issuer identified in Securities Act Rule 144(i)(1)(i) between November 24, 2021 and the date of
this Agreement; (iii) it is subject to the reporting requirements of Section 13 of the Exchange Act; (iv) it has filed all reports and other materials required to be filed by Section 13 of the Exchange Act between
November 24, 2021 and the date of this Agreement; and (v) on November 24, 2021, it filed current “Form 10 information,” as defined in Securities Act Rule 144(i)(3), with the SEC, which reflects that it is not an issuer
identified in Securities Act Rule 144(i)(1)(i). 
 4.33 Disclosure. Except with respect to the material terms and conditions of the
transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Investors with any information that it believes constitutes or would reasonably be deemed
to constitute material, non-public information that will not otherwise be disclosed in the Press Release. The Company understands and confirms that the Investors will rely on the foregoing representation in
effecting transactions in securities of the Company. 

  
 13 

 4.34 Insurance Coverage. The Company and the Subsidiaries maintain in full force and
effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and the Subsidiaries, and the Company reasonably believes such insurance coverage to be
adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure. Other than customary end of policy notifications from insurance carriers, since January 1, 2022, the Company has not
received any notice or other communication regarding any actual or possible (i) cancellation or invalidation of any insurance policy or (ii) refusal or denial of any coverage, reservation of rights or rejection of any material claim under
any insurance policy. 
 4.35 Anti-Bribery and Anti-Money Laundering Laws. Each of the Company and any its officers,
directors, supervisors, managers, agents, or employees are and have at all times been in compliance with and its participation in the offering will not violate: (A) anti-bribery laws, including but not
limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope or (B) anti-money laundering laws,
including, but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including Title 18 US. Code sections 1956 and 1957, the Patriot Act, the Bank
Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which
designation the United States representative to the group or organization continues to concur, all as amended, and any Executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued
thereunder. 
 4.36 Bank Holding Company Act. Neither the Company nor any of its Affiliates is subject to the Bank
Holding Company Act of 1956, as amended (the “BHCA”), and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of its Affiliates owns or
controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by
the Federal Reserve. Neither the Company nor any of its Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. 

4.37 No Additional Agreements. The Company has no other agreements or understandings (including side letters) with any Investor
to purchase Securities on terms more favorable to such Investor than as set forth herein. 
 4.38 Cybersecurity. Except as would not
reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively,
“IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its Subsidiaries as currently conducted, to the Company’s
Knowledge are free and clear of all material Trojan horses, time bombs, malware and other malicious code. The Company and its Subsidiaries have implemented and maintained commercially reasonable physical, technical and administrative controls
designed to maintain and protect the confidentiality, integrity, availability, privacy and security of all sensitive, confidential or regulated data (“Confidential Data”) used or maintained in connection with their businesses and
Personal Data, and the integrity, availability continuous operation, redundancy and security of all IT Systems. “Personal Data” means the following data used in connection with the Company’s and its subsidiaries’
businesses and in their possession or control: 

  
 14 

 
(i) a natural person’s name, street address, telephone number, e-mail address, photograph, social security number or other tax identification number,
driver’s license number, passport number, credit card number, bank information, or customer or account number; (ii) information that identifies, relates to, or may reasonably be used to identify an individual; (iii) any information
regarding an individual’s medical history, mental or physical condition, or medical treatment or diagnosis by a health care professional; (iv) an individual’s health insurance policy number or subscriber identification number, any
unique identifier used by a health insurer to identify the individual, or any information in an individual’s application and claims history; (v) any information which would qualify as “protected health information” under the
Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, “HIPAA”); (vi) any information which would qualify as “personal
data,” “personal information” (or similar term) under the Privacy Laws; and (vii) any other piece of information that alone, or combined with other information, reasonably allows the identification of such natural person, or his
or her family, or permits the collection or analysis of any data related to an identified person’s health or sexual orientation. To the Company’s Knowledge, there have been no breaches, outages or unauthorized uses of or accesses to the IT
Systems, Confidential Data, and Personal Data. The Company and its Subsidiaries are presently, and at all times since November 24, 2021 were, in material compliance with all applicable laws or statutes and all judgments and orders binding on
the Company, applicable binding rules and regulations of any court or arbitrator or governmental or regulatory authority, and their internal policies and contractual obligations, each relating to the Processing, privacy and security of Personal Data
and Confidential Data, the privacy and security of IT Systems and the protection of such IT Systems, Confidential Data, and Personal Data from unauthorized use, access, misappropriation or modification. 

4.39 Compliance with Data Privacy Laws. The Company and its Subsidiaries are, and at all times since November 24, 2021 were, in
material compliance with all applicable state and federal data privacy and security laws and regulations regarding the collection, use, storage, retention, disclosure, transfer, disposal, or any other processing (collectively
“Process” or “Processing”) of Personal Data, including HIPAA, the California Consumer Privacy Act (“CCPA”), and the European Union General Data Protection Regulation (“GDPR”) (EU
2016/679) (collectively, the “Privacy Laws”). To ensure compliance with the Privacy Laws, the Company and its subsidiaries have in place, comply with, and take all appropriate steps necessary to ensure compliance in all material
respects with their policies and procedures relating to data privacy and security, and the Processing of Personal Data and Confidential Data (the “Privacy Statements”). The Company further certifies that, except as would not
reasonably be expected to have a Material Adverse Effect, neither it nor any of its Subsidiaries: (i) has received written notice of any material actual or potential claim, complaint, proceeding, regulatory proceeding or liability under or
relating to, or actual or potential violation of, any of the Privacy Laws, contracts related to the Processing of Personal Data or Confidential Data, or Privacy Statements, and has no knowledge of any event or condition that would reasonably be
expected to result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any Privacy Law or contract; or (iii) is a party to any order or
decree that imposes any obligation or liability under any Privacy Law. 
 5. Representations and Warranties of the Investors.
Each of the Investors hereby, severally and not jointly, represents and warrants to the Company that: 
 5.1 Organization and
Existence. Such Investor is a validly existing corporation, limited partnership, limited liability company or trust and has all requisite corporate, partnership, limited liability company or trust power and authority to enter into and consummate
the transactions contemplated by the Transaction Documents and to carry out its obligations hereunder and thereunder, and to invest in the Securities pursuant to this Agreement. 

  
 15 

 5.2 Authorization. The execution, delivery and performance by such Investor of the
Transaction Documents to which such Investor is a party have been duly authorized and each has been duly executed and when delivered will constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in
accordance with their respective terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally; (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies; and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law. 
 5.3 Purchase Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for such
Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and such Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same in violation of the Securities Act, without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and
state securities laws. Nothing contained herein shall be deemed a representation or warranty by Investor to hold the Securities for any period of time. Such Investor is not a broker-dealer registered with the SEC under the Exchange Act or an entity
engaged in a business that would require it to be so registered. 
 5.4 Investment Experience. Such Investor acknowledges that it can
bear the economic risk and complete loss of its investment in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 

5.5 Disclosure of Information. Such Investor or its advisor has had an opportunity to receive, review and understand all information
related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities, and has conducted its own due diligence. Such
Investor acknowledges the availability of the SEC Filings on the EDGAR System. Based on the information such Investor or its advisor has deemed appropriate, it or its advisor has independently made its own analysis and decision to enter into the
Transaction Documents. Such Investor or its advisor is relying on its own sources of information, investment analysis and due diligence (including professional advice it deems appropriate) with respect to the execution, delivery and performance of
the Transaction Documents, the Securities and the business, condition (financial and otherwise), management, operations, properties and prospects of the Company, including but not limited to all business, legal, regulatory, accounting, credit and
tax matters. Neither such inquiries nor any other due diligence investigation conducted by such Investor or its advisor shall modify, limit or otherwise affect such Investor’s right to rely on the SEC Filings or the Company’s
representations and warranties contained in this Agreement. 
 5.6 Restricted Securities. Such Investor understands that the
Securities are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under such laws and applicable
regulations, such securities may not be resold unless in a registered offering or pursuant to an exemption from the registration requirements under the Securities Act. 

  
 16 

 5.7 Legends. Subject to Section 6.4, such Investor
understands that certificates evidencing the Securities may bear the following or any similar legends: 
 “THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT BE SOLD,
OFFERED FOR SALE OR OTHERWISE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE LAW; (II) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE ACT OR APPLICABLE STATE LAW; OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE ACT. NOTWITHSTANDING THE FOREGOING, THE
SECURITIES REPRESENTED HEREBY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 

If required by the authorities of any state in connection with the issuance or sale of the Securities, certificates evidencing the same may
bear the legend required by such state authority. 
 5.8 Accredited Investor. At the time such Investor was offered the
Securities, it was and, as of the date hereof, such Investor is an “accredited investor” within the meaning of Rule 501 under the Securities Act and has executed and delivered to the Company an investor questionnaire, in form
acceptable to the Company. Such Investor is a sophisticated institutional investor with sufficient knowledge, sophistication and experience in business, including transactions involving private placements in public equity, to properly evaluate the
risks and merits of its purchase of the Securities. 
 5.9 No General Solicitation. Such Investor did not learn of the investment in
the Securities as a result of any general solicitation or general advertising. 
 5.10 Brokers and Finders. No Person will have, as a
result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into
by or on behalf of such Investor. 
 5.11 Short Sales and Confidentiality Prior to the Date Hereof. Other than
consummating the transactions contemplated hereunder, such Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, directly or indirectly executed any purchases or sales, including Short Sales,
of the securities of the Company during the period commencing as of the time that such Investor was first contacted by the Company, or any other Person regarding the transactions contemplated hereby and ending immediately prior to the date hereof.
Notwithstanding the foregoing, (i) in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no direct
knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager
that made the investment decision to purchase the Securities covered by this Agreement and (ii) in the case of an Investor that is affiliated with other funds or investment vehicles or whose investment advisor or
sub-advisor that routinely acts on behalf of or pursuant to an understanding with such Investor is also an investment advisor or sub-advisor to other funds or investment
vehicles, the representation set forth above shall only apply with respect to the personnel of such other funds or investment vehicles or such investment advisor or sub-advisor who had knowledge of the
transactions contemplated by the Transaction Documents and not with respect to any personnel who have been effectively walled off by appropriate information barriers. The Investor and its authorized representatives and advisors who are aware of the
transactions contemplated hereby, maintained the confidentiality of all 

  
 17 

 
disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein
shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future. 

5.12 No Government Recommendation or Approval. Such Investor understands that no United States federal or state agency, or similar
agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase of the Securities. 

5.13 No Intent to Effect a Change of Control; Ownership. Such Investor has no present intent to effect a “change of
control” of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the Exchange Act and under the rules of the NYSE. 

5.14 No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents and the consummation by such
Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of such Investor; (ii) conflict with, or constitute a default (or an event which with notice or lapse of time
or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Investor is a party; or (iii) result in a violation of any law,
rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder. 

5.15 Residency. Such Investor is a resident of or an entity domiciled under the jurisdiction specified below its address on the
Schedule of Investors. 
 The Company acknowledges and agrees that the representations contained in this Section 5
shall not modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other
document or instrument executed or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. 

6. Covenants and Agreements of the Company. 

6.1 NYSE Listing. Promptly following the execution of this Agreement, the Company shall file a supplemental listing application
with the NYSE for the listing of the Securities, a copy of which notification form shall have been made available to the Investors upon request. The Company will use commercially reasonable efforts to continue the listing and trading of its Common
Stock on the NYSE and, in accordance therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market, as applicable. The
provisions of this Section 6.1 shall terminate and be of no further force and effect on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness of
any registration covering the Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate. 

  
 18 

 6.2 Form D; Blue Sky Filings. The Company agrees to timely
file a Form D with respect to the Securities as required under Regulation D. The Company shall take such commercially reasonable actions as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to
qualify the Securities for, sale to the Investors at the Initial Closing and Second Closing under applicable securities or “Blue Sky” laws of the states of the United States. 

6.3 Removal of Legends. In connection with the effectiveness of any Registration Statement (as defined in the Registration Rights
Agreement), any sale, assignment, transfer or other disposition of the Securities by an Investor pursuant to an effective Registration Statement, Rule 144 or any other exemption under the Securities Act, if requested by the Investor, the
Company shall cause the transfer agent for the Common Stock (the “Transfer Agent”) to timely remove any restrictive legends related to the book-entry account holding such Securities and make a new, unlegended entry for such
book-entry Securities without restrictive legends within three (3) Trading Days of any such request therefor from the Investor, provided that the Company has received from the Investor customary representations and other documentation.
In connection with such a request, the Company shall cause its counsel to deliver to the Transfer Agent one or more blanket opinions to the effect that the removal of such legends in such circumstances may be effected under the Securities Act, and
the Company shall be responsible for the fees associated with such legend removal, including the fees of the Transfer Agent, legal counsel to the Company and any DTC fees. 

6.4 Pledge of Securities. The Company acknowledges and agrees that its Securities may be pledged by an Investor in connection
with a bona fide margin agreement or other loan or financing arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Investor effecting a
pledge of Securities shall be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document; provided that an Investor and its pledgee shall be
required to comply with the provisions of the Transaction Documents, including Section 6.4 hereof, in order to effect a sale, transfer or assignment of any Securities to such pledgee. 

6.5 Fees. The Company shall be responsible for the payment of any financial advisory fees, or broker’s commissions (other than for
Persons engaged by any Investor) relating to or arising out of the transactions contemplated hereby. 
 6.6 Short Sales and Confidentiality
After the Date Hereof. Each Investor covenants that neither it nor any Affiliates acting on its behalf or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier of such time as
(i) after the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated in full. Notwithstanding the foregoing, in the case of an Investor that is a multi-managed investment vehicle
whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such
Investor’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities. Each Investor covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Investor will maintain the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). 
 6.7 Disclosure of Transactions. The Company shall, by 9:00 a.m., New York City time, on the Trading Day immediately
following the date of this Agreement, issue a press release disclosing all material terms of transactions contemplated by this Agreement and the other Transaction Documents (the “Press Release”) and, by no later than 5:30 p.m. (New
York City time) on the fourth Business Day following the date of this Agreement, the Company will file with the SEC a Current Report on Form 8-K attaching copies of the Transaction Documents (the “Form
8-K”). Upon the issuance of the Press Release, no Investor shall be in possession of any material, non-public information received from the Company or

  
 19 

 
any of its officers, directors, or employees or agents, that is not disclosed in the Press Release. In addition, effective upon the issuance of the Press Release, the Company acknowledges and
agrees that any and all confidentiality or similar obligations under this Agreement, or an agreement entered into in connection with the transactions contemplated by the Transaction Documents, whether written or oral, between the Company, any of its
Subsidiaries or any of their respective officers, directors, agents, employees or affiliates, on the one hand, and any of the Investors or any of their respective officers, directors, agents, employees or investment advisers, on the other hand,
shall terminate unless otherwise specifically agreed in writing by such Investor. Notwithstanding anything in this Agreement to the contrary, the Company shall not publicly disclose the name of any Investor any of its affiliates or advisers, or
include the name of any Investor or any of its affiliates or advisers (i) in any press release, public announcement or marketing materials without the prior written consent of such Investor or (ii) in any filing with the SEC (other than
any registration statement contemplated by the Registration Rights Agreement) or any regulatory agency without the prior written consent of such Investor, except (a) as required by the federal securities law or (b) to the extent such
disclosure is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of the NYSE, in which case the Company will provide the Investor with prior written notice (including by e-mail) of and an opportunity to review such disclosure under this clause (ii). 
 6.8 Integration.
The Company has not sold, offered for sale or solicited offers to buy and shall not, and shall use its commercially reasonable efforts to ensure that no 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 Securities Act) that will be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the
Securities to the Investors, or that will be integrated with the offer or sale of the Securities for purposes of the rules and regulations of the NYSE such that it would require stockholder approval prior to the closing of such other transaction
unless stockholder approval is obtained before the closing of such subsequent transaction. 
 7. Conditions of Closing. 

7.1 Conditions to the Obligation of the Investors. The several obligations of each Investor to consummate the transactions to be
consummated at such Closing, and to purchase and pay for the Securities being purchased by it at such Closing pursuant to this Agreement, are subject to the satisfaction or waiver in writing by such Investor of the following conditions precedent:

 (a) the representations and warranties of the Company contained herein shall be true and correct as of that date hereof and on and as of
such Closing Date with the same force and effect as though made on and as of such Closing Date (it being understood and agreed by each Investor that for purposes of this Section 7.1(a), in the case of any representation and
warranty of the Company contained herein which is made as of a specific date, such representation and warranty need be true and correct only as of such specific date); 

(b) the Company shall have performed in all material respects all obligations and conditions herein required to be performed or observed by
the Company on or prior to such Closing Date; 
 (c) no statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents, and no such prohibition shall have
been threatened in writing; 
 (d) the Company shall have obtained the consents, permits, approvals, registrations and waivers necessary
for the consummation of the purchase and sale of the Securities; 

  
 20 

 (e) the Company shall have taken the actions and delivered the documents required under
Section 3.3 or 3.5, as applicable; and 
 (f) the Company shall have received such portion of the
Financing Amount attributable to such Closing as indicated on Exhibit A; 
 (g) the listing and trading of the Common Stock on the NYSE
shall not have been suspended, nor shall any suspension have been threatened either (i) in writing by the SEC or the NYSE or (ii) by falling below the minimum listing maintenance requirements of the NYSE, and the Company shall have filed
with the NYSE notice for the listing of the Securities and shall have received confirmation from staff of the NYSE that it has completed its review of filing with no objections to the transactions contemplated herein. 

7.2 Conditions to the Obligation of the Company. The obligation of the Company to consummate the transactions to be consummated at such
Closing, and to issue and sell to each Investor the Common Stock to be purchased by it at such Closing pursuant to this Agreement, is subject to the satisfaction or waiver in writing of the following conditions precedent: 

(a) the representations and warranties contained herein of each Investor shall be true and correct on and as of such Closing Date, with the
same force and effect as though made on and as of such Closing Date; 
 (b) each Investor shall have performed in all material respects all
obligations and conditions herein required to be performed or observed by such Investor on or prior to such Closing Date; 
 (c) no
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the
transactions contemplated by the Transaction Documents, and no such prohibition shall have been threatened in writing; and 
 (d) each
Investor shall have taken the actions and delivered the documents required under Section 3.2 or 3.4, as applicable. 

8. Survival and Indemnification; Termination. 

8.1 Survival. The representations, warranties, covenants, and agreements contained in this Agreement shall survive each Closing and the
delivery of the Securities in accordance with their respective terms. 
 8.2 Indemnification by the Company. The Company
agrees to indemnify and hold harmless each of the Investors, the officers, directors, partners, members, managers, trustees, employees, advisors and agents and other representatives, successors and assigns of each Investor, each Person who controls
any such Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, trustees and employees of each such controlling Person (each, an
“Indemnified Party”), against any losses, claims, damages, liabilities or expenses, joint or several, to which such Indemnified Party may become subject under the Securities Act, the Exchange Act, or any other federal or state
statutory law or regulation (including in settlement of any litigation, if such settlement is effected with the written consent of the Company, provided that such consent shall not be unreasonably withheld, conditioned, or delayed), insofar as such
losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) arise out of or are based in 

  
 21 

 
whole or in part on the inaccuracy in the representations and warranties of the Company contained in this Agreement or the failure of the Company to perform its obligations hereunder, and will
reimburse each Indemnified Party for legal and other expenses reasonably incurred as such expenses are reasonably incurred by such Indemnified Party in connection with investigating, defending, settling, compromising or paying such loss, claim,
damage, liability, expense or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon (i) the failure of
such Indemnified Party (or its related parties) to comply with the covenants and agreements contained herein, or (ii) the inaccuracy of any representations made by such Indemnified Party (or its related parties) herein. 

8.3 Indemnification Procedure. Promptly after any Indemnified Party has received notice of any indemnifiable claim hereunder, or the
commencement of any action, suit or proceeding by a third Person, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the Company written notice of such claim or the
commencement of such action, suit or proceeding, but failure to so notify the Company will not relieve the Company from any liability it may have to such Indemnified Party hereunder except to the extent that the Company is materially prejudiced by
such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Company shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the
Indemnified Party, any such matter as long as the Company pursues the same diligently and in good faith. If the Company undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified
Party shall cooperate with the Company and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Company with any books,
records and other information reasonably requested by the Company and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Company. After the Company has notified the
Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Company diligently pursues such defense, the Company shall not be liable for any additional legal expenses incurred by the
Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted
liability and the negotiations of the settlement thereof and (ii) if (A) the Company has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include
both the Indemnified Party and the Company and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to the Company or
if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Company, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Company as incurred. Notwithstanding any other provision of this Agreement, the
Company shall not settle any indemnified claim without the written consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any
admission of wrongdoing or malfeasance by, the Indemnified Party. 
 9. Miscellaneous. 

9.1 Successors and Assigns. This Agreement may not be assigned by an Investor party hereto without the prior written consent of the
Company or by the Company without the prior written consent of all of the Investors, as applicable; provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate without
the prior written consent of the Company, provided such assignee agrees in writing to be bound by the provisions hereof that apply to Investors. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and assigns of the parties. 

  
 22 

 9.2 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. ESIGN Act of 2000, 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. 

9.3 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. 
 9.4 Notices. All notices and other communications under this Agreement must be in
writing and are deemed duly delivered when (i) delivered if delivered personally or by nationally recognized overnight courier service (costs prepaid); (ii) sent, if sent by electronic mail during normal business hours of the recipient,
and if not sent during normal business hours, then on the first Business Day following such transmission (with no rejection notice received); or (iii) received by the addressee, if sent by United States of America certified or registered mail,
return receipt requested; in each case to the following addresses, facsimile numbers or e-mail addresses and marked to the attention of the individual (by name or title) designated below (or to such other
address, facsimile number, e-mail address or individual as a party may designate by notice to the other parties): 

If to the Company: 

Local Bounti Corporation 

400 W. Main St. 

Hamilton, MT 59840 

Attention: Kathleen Valiasek 

E-mail: kvaliasek@localbounti.com 

With a copy (which will not constitute notice) to: 

Orrick, Herrington & Sutcliffe LLP 

222 Berkeley Street, Suite 2000 

Boston, MA 02116 

Facsimile: (617) 880-1801 

Attention: Albert Vanderlaan 

E-mail: avanderlaan@orrick.com 

If to the Investors: 

to the addresses set forth on Exhibit A hereto. 

9.5 Expenses. Other than as set forth herein, the parties hereto shall pay their own costs and expenses in connection herewith,
regardless of whether the transactions contemplated hereby are consummated. 
 9.6 Amendments and Waivers. Any term of this Agreement
may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and each Investor. 

  
 23 

 9.7 Publicity. Except as set forth in Section 6.7, no
public release or announcement concerning the transactions contemplated hereby shall be issued by any of the Investors without the prior written consent of the Company (in the case of a release or announcement by the Investors) or by the Company
without the prior written consent of the Investors. Notwithstanding the foregoing, each Investor may identify the Company and the value of such Investor’s security holdings in the Company in accordance with applicable investment reporting and
disclosure regulations or internal policies without prior notice to or consent from the Company (including, for the avoidance of doubt, filings pursuant to Sections 13 and 16 of the Exchange Act). 

9.8 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision
of law which renders any provision hereof prohibited or unenforceable in any respect. 
 9.9 Entire Agreement. This Agreement,
including the signature pages, exhibits and schedules thereto, and the other Transaction Documents constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements,
understandings and representations, both oral and written, between the parties with respect to the subject matter hereof and thereof. 

9.10 Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other
actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 

9.11 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement (including all matters concerning the construction,
validity, enforcement and interpretation hereof) shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the conflicts of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of Delaware and the United States District Court for the District of Delaware (together, the “Delaware Courts”) for the purpose of any suit, action, proceeding or
judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as
are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any Delaware Court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any Delaware Court has been brought in
an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the
Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

  
 24 

 9.12 Independent Nature of Investors’ Obligations and
Rights. The obligations of each Investor under any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other
Investor under any Transaction Document. The decision of each Investor to purchase Securities pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or in any Transaction
Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors 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 Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its
investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to
independently protect and enforce its rights, including the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding
for such purpose. 
 9.13 Interpretation. Wherever required by the context of this Agreement, the singular shall include the plural
and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended,
supplemented or modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex, letter and schedule references not
attributed to a particular document shall be references to such exhibits, annexes, letters and schedules to this Agreement. In addition, the word “or” is not exclusive; the words “including,” “includes,”
“included” and “include” are deemed to be followed by the words “without limitation”; and the terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular section, paragraph or subdivision. 
 [Remainder of page intentionally left blank] 

  
 25 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	COMPANY:	 		 	LOCAL BOUNTI CORPORATION
				
		 		 	By:	 	/s/ Craig M. Hurlbert
		 		 	Name:	 	Craig Hurlbert
		 		 	Title:	 	Co-Chief Executive Officer

 [Remainder of page intentionally left blank. 

Signature pages for Investors follow] 

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	 Charles R. Schwab & Helen O. Schwab TTEE The Charles and Helen Schwab Living Trust U/A DTD 11/22/1985

				
		 		 	By:	 	/s/ Charles R. Schwab
		 		 	Name:	 	Charles R. Schwab
		 		 	Title:	 	Trustee
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	***-**-****
	Name in which Securities should be issued (if different from above):	 		 	 

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Live Oak Ventures LLC
				
		 		 	By:	 	 /s/ Charles R. Schwab

		 		 	Name:	 	Charles R. Schwab
		 		 	Title:	 	Manager
			
	Investor Information	 		 	
	Tax ID #:	 		 	 **-*******

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	By:	 	 /s/ Matthew A. Nordby

		 		 	Name:	 	Matthew A. Nordby
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 ***-**-****

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	By:	 	 /s/ Lyndon Lea

		 		 	Name:	 	Lyndon Lea
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 ***-**-****

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	By:	 	 /s/ Robert Darwent

		 		 	Name:	 	Robert Darwent
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 ***-**-****

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	By:	 	 /s/ David F. Lincoln

		 		 	Name:	 	David F. Lincoln
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 ***-**-****

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	BNP Paribas Asset Management UK LTD as agent on behalf of BNP Paribas Funds Energy Transition
				
		 		 	By:	 	 /s/ Edward Lees

		 		 	Name:	 	Edward Lees
		 		 	Title:	 	Senior Portfolio Manager
				
		 		 	By:	 	 /s/ Ulrik Fugmann

		 		 	Name:	 	Ulrik Fugmann
		 		 	Title:	 	Senior Portfolio Manager
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	  

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	By:	 	 /s/ Kathleen Valiasek

		 		 	Name:	 	Kathleen Valiasek
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 ***-**-****

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	By:	 	 /s/ Margaret McCandless

		 		 	Name:	 	Margaret McCandless
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 ***-**-****

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	ECMC Group, Inc.
				
		 		 	By:	 	 /s/ Gregory Van Guilder

		 		 	Name:	 	Gregory Van Guilder
		 		 	Title:	 	Chief Investment Officer
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 **-*******

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Pinnacle Associates, Ltd
				
		 		 	By:	 	 /s/ Joseph Shea

		 		 	Name:	 	Joseph Shea
		 		 	Title:	 	Chief Compliance Officer
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 **-*******

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Wellfor LLC
				
		 		 	By:	 	/s/ Jay D. Waxenberg
		 		 	Name:	 	Jay Waxenberg
		 		 	Title:	 	Manager
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	 **-*******

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Wheat Wind Farms, LLC
				
		 		 	By:	 	/s/ Craig M. Hurlbert
		 		 	Name:	 	Craig M. Hurlbert
		 		 	Title:	 	Founder, President
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	  

	Name in which Securities should be issued (if different from above):	 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	 Equity Trust Company Custodian FBO

Bridget Sample Joyner IRA

				
		 		 	By:	 	 /s/ Bridget Sample Joyner

		 		 	Name:	 	Bridget Sample Joyner
		 		 		 	
			
	Investor Information	 		 	
	Tax ID #:	 		 	 
	Name in which Securities should be issued (if different from above):	 		 	 

  

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Variable Insurance Products Fund III: VIP Growth Opportunities Portfolio
				
		 		 	By:	 	/s/ Chris Maher
		 		 	Name:	 	Chris Maher
		 		 	Title:	 	Authorized Signatory
			
	Investor Information	 		 	
	Tax ID #:	 		 	**-*******
	Name in which Securities should be issued (if different from above):	 		 	Booth & Co., LLC fbo Variable Insurance Products Fund III: VIP Growth Opportunities Portfolio

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund
				
		 		 	By:	 	/s/ Chris Maher
		 		 	Name:	 	Chris Maher
		 		 	Title:	 	Authorized Signatory
			
	Investor Information	 		 	
	Tax ID #:	 		 	**-*******
	Name in which Securities should be issued (if different from above):	 		 	Mag & Co fbo Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund
				
		 		 	By:	 	/s/ Chris Maher
		 		 	Name:	 	Chris Maher
		 		 	Title:	 	Authorized Signatory
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	**-*******
	Name in which Securities should be issued (if different from above):	 		 	WARMWIND + CO fbo Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Fidelity U.S. Growth Opportunities Investment Trust
				
		 		 	By:	 	Fidelity Investments Canada ULC, its manager
		 		 	By:	 	/s/ Chris Maher
		 		 	Name:	 	Chris Maher
		 		 	Title:	 	Authorized Signatory
				
	Investor Information	 		 		 	
	Tax ID #:	 		 	***-****-**
	Name in which Securities should be issued (if different from above):	 		 	THISBE & CO fbo Fidelity U.S. Growth Opportunities Investment Trust

  
 [Signature Page to
Securities Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	Fidelity NorthStar Fund – Sub D
				
		 		 	By:	 	Fidelity Investments Canada ULC, its manager
		 		 	By:	 	/s/ Chris Maher
		 		 	Name:	 	Chris Maher
		 		 	Title:	 	Authorized Signatory
	Investor Information	 		 		 	
	Tax ID #:	 		 	***-****-**
	Name in which Securities should be issued (if different from above):	 		 	THISBE & CO fbo Fidelity NorthStar Fund—Sub D

  

  
 [Signature Page to
Securities Purchase Agreement] 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
  

																	
	 Investor Name and Address
	  	Number of
Securities to be
Purchased at
Initial Closing	 	  	Number of
Securities to be
Purchased at
Second Closing	 	  	Initial Closing
Aggregate
Purchase Price	 	  	Second Closing
Aggregate
Purchase Price	 
	 Variable Insurance Products Fund III: VIP Growth Opportunities Portfolio
	  	 	220,875	 	  	 	—  	 	  	$	552,187.50	 	  	 	—  	 
	 Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund
	  	 	1,618,477	 	  	 	—  	 	  	$	4,046,192.50	 	  	 	—  	 
	 Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund
	  	 	69,619	 	  	 	—  	 	  	$	174,047.50	 	  	 	—  	 
	 Fidelity U.S. Growth Opportunities Investment Trust
	  	 	18,439	 	  	 	—  	 	  	$	46,097.50	 	  	 	—  	 
	 Fidelity NorthStar Fund—Sub D
	  	 	72,590	 	  	 	—  	 	  	$	181,475.00	 	  	 	—  	 
	 Live Oak Ventures LLC
	  	 	2,400,000	 	  	 	—  	 	  	$	6,000,000.00	 	  	 	—  	 
	 Charles R. Schwab & Helen O. Schwab TTEE The Charles & Helen Schwab Living Trust
U/A DTD 11/22/1985
	  	 	600,000	 	  	 	—  	 	  	$	1,500,000.00	 	  	 	—  	 
	 BNP Paribas Asset Management UK LTD, as agent on behalf of BNP Paribas Funds Energy
Transition
	  	 	—  	 	  	 	3,200,000	 	  	 	—  	 	  	$	8,000,000.00	 
	 ECMC Group, Inc.
	  	 	200,000	 	  	 	—  	 	  	$	500,000.00	 	  	 	—  	 

																	
	 Investor Name and Address
	  	Number of
Securities to be
Purchased at Initial
Closing	 	  	Number of
Securities to be
Purchased at
Second Closing	 	  	Initial Closing
Aggregate
Purchase Price	 	  	Second Closing
Aggregate
Purchase Price	 
	 David F. Lincoln
	  	 	200,000	 	  	 	—  	 	  	$	500,000.00	 	  	 	—  	 
	 Lyndon Lea
	  	 	300,000	 	  	 	—  	 	  	$	750,000.00	 	  	 	—  	 
	 Robert Darwent
	  	 	100,000	 	  	 	—  	 	  	$	250,000.00	 	  	 	—  	 
	 Wellfor LLC
	  	 	100,000	 	  	 	—  	 	  	$	250,000.00	 	  	 	—  	 
	 Matthew A. Nordby
	  	 	40,000	 	  	 	—  	 	  	$	100,000.00	 	  	 	—  	 
	 Pinnacle Associates, Ltd
	  	 	40,000	 	  	 	—  	 	  	$	100,000.00	 	  	 	—  	 
	 Wheat Wind Farms, LLC
	  	 	40,000	 	  	 	—  	 	  	$	100,000.00	 	  	 	—  	 
	 Equity Trust Company Custodian FBO Bridget Sample Joyner IRA
	  	 	40,000	 	  	 	—  	 	  	$	100,000.00	 	  	 	—  	 
	 Kathleen Valiasek
	  	 	40,000	 	  	 	—  	 	  	$	100,000.00	 	  	 	—  	 
	 Margaret McCandless
	  	 	20,000	 	  	 	—  	 	  	$	50,000.00	 	  	 	—  	 

  
 A-2 

 EXHIBIT B 

FORM OF REGISTRATION RIGHTS AGREEMENT 

 SCHEDULE 4.1 

SUBSIDIARIES 
  

			
	Name of Subsidiary	  	Jurisdiction of Organization
		
	Local Bounti Operating Company LLC	  	Delaware
		
	Hollandia Produce Group, Inc.	  	Delaware

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]