Document:

EX-10.1

 Exhibit 10.1 

COMMON STOCK PURCHASE AGREEMENT 

Dated as of June 11, 2021 

by and between 
 NIKOLA
CORPORATION 
 and 

TUMIM STONE CAPITAL LLC 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 ARTICLE II PURCHASE AND SALE OF COMMON STOCK
	  	 	1	 
	 Section 2.1.
	 	 Purchase and Sale of Stock
	  	 	1	 
	 Section 2.2.
	 	 Closing Date; Settlement Dates
	  	 	2	 
	 Section 2.3.
	 	 Initial Public Announcements and Required Filings
	  	 	2	 
		
	 ARTICLE III PURCHASE TERMS
	  	 	3	 
	 Section 3.1.
	 	 Initial VWAP Purchase
	  	 	3	 
	 Section 3.2.
	 	 VWAP Purchases
	  	 	3	 
	 Section 3.3.
	 	 Settlement
	  	 	4	 
	 Section 3.4.
	 	 Compliance with Rules of Trading Market
	  	 	5	 
	 Section 3.5.
	 	 Beneficial Ownership Limitation
	  	 	6	 
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR
	  	 	6	 
	 Section 4.1.
	 	 Organization and Standing of the Investor
	  	 	6	 
	 Section 4.2.
	 	 Authorization and Power
	  	 	6	 
	 Section 4.3.
	 	 No Conflicts
	  	 	6	 
	 Section 4.4.
	 	 Investment Purpose
	  	 	7	 
	 Section 4.5.
	 	 Accredited Investor Status
	  	 	7	 
	 Section 4.6.
	 	 Reliance on Exemptions
	  	 	7	 
	 Section 4.7.
	 	 Information
	  	 	8	 
	 Section 4.8.
	 	 No Governmental Review
	  	 	8	 
	 Section 4.9.
	 	 No General Solicitation
	  	 	8	 
	 Section 4.10.
	 	 Not an Affiliate
	  	 	8	 
	 Section 4.11.
	 	 Statutory Underwriter Status
	  	 	9	 
	 Section 4.12.
	 	 Resales of Securities
	  	 	9	 
		
	 ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY
	  	 	9	 
	 Section 5.1.
	 	 Organization, Good Standing and Power
	  	 	9	 
	 Section 5.2.
	 	 Authorization, Enforcement
	  	 	9	 
	 Section 5.3.
	 	 Capitalization
	  	 	10	 
	 Section 5.4.
	 	 Issuance of Securities
	  	 	10	 
	 Section 5.5.
	 	 No Conflicts
	  	 	10	 
	 Section 5.6.
	 	 Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls
Over Financial Reporting; Accountants
	  	 	11	 
	 Section 5.7.
	 	 Subsidiaries
	  	 	13	 
	 Section 5.8.
	 	 No Material Adverse Effect or Material Adverse Change
	  	 	14	 
	 Section 5.9.
	 	 No Undisclosed Liabilities
	  	 	14	 
	 Section 5.10.
	 	 No Undisclosed Events or Circumstances
	  	 	14	 
	 Section 5.11.
	 	 Indebtedness; Solvency
	  	 	14	 
	 Section 5.12.
	 	 Title To Assets
	  	 	15	 

  
 i 

							
	 Section 5.13.
	 	 Actions Pending
	  	 	15	 
	 Section 5.14.
	 	 Compliance With Law
	  	 	15	 
	 Section 5.15.
	 	 Certain Fees
	  	 	15	 
	 Section 5.16.
	 	 Disclosure
	  	 	16	 
	 Section 5.17.
	 	 Operation of Business
	  	 	16	 
	 Section 5.18.
	 	 Environmental Compliance
	  	 	17	 
	 Section 5.19.
	 	 Material Agreements
	  	 	17	 
	 Section 5.20.
	 	 Transactions With Affiliates
	  	 	18	 
	 Section 5.21.
	 	 Employees; Labor Laws
	  	 	18	 
	 Section 5.22.
	 	 Use of Proceeds
	  	 	18	 
	 Section 5.23.
	 	 Investment Company Act Status
	  	 	18	 
	 Section 5.24.
	 	 ERISA
	  	 	19	 
	 Section 5.25.
	 	 Taxes
	  	 	19	 
	 Section 5.26.
	 	 Insurance
	  	 	19	 
	 Section 5.27.
	 	 Exemption from Registration
	  	 	20	 
	 Section 5.28.
	 	 No General Solicitation or Advertising
	  	 	20	 
	 Section 5.29.
	 	 No Integrated Offering
	  	 	20	 
	 Section 5.30.
	 	 Dilutive Effect
	  	 	20	 
	 Section 5.31.
	 	 Manipulation of Price
	  	 	20	 
	 Section 5.32.
	 	 Securities Act
	  	 	21	 
	 Section 5.33.
	 	 Listing and Maintenance Requirements; DTC Eligibility
	  	 	21	 
	 Section 5.34.
	 	 Application of Takeover Protections
	  	 	21	 
	 Section 5.35.
	 	 No Unlawful Payments
	  	 	22	 
	 Section 5.36.
	 	 Money Laundering Laws
	  	 	22	 
	 Section 5.37.
	 	 OFAC
	  	 	22	 
	 Section 5.38.
	 	 U.S. Real Property Holding Corporation
	  	 	23	 
	 Section 5.39.
	 	 Information Technology; Compliance With Data Privacy Laws
	  	 	23	 
	 Section 5.40.
	 	 No Disqualification Events
	  	 	24	 
	 Section 5.41.
	 	 Accuracy of Certain Summaries and Statements
	  	 	24	 
	 Section 5.42.
	 	 Acknowledgement Regarding Investor’s Acquisition of Securities
	  	 	24	 
		
	 ARTICLE VI ADDITIONAL COVENANTS
	  	 	24	 
	 Section 6.1.
	 	 Securities Compliance
	  	 	25	 
	 Section 6.2.
	 	 Reservation of Common Stock
	  	 	25	 
	 Section 6.3.
	 	 Registration and Listing
	  	 	25	 
	 Section 6.4.
	 	 Compliance with Laws
	  	 	26	 
	 Section 6.5.
	 	 Keeping of Purchase Records; Ongoing Due Diligence
	  	 	26	 
	 Section 6.6.
	 	 No Frustration; No Variable Rate Transactions During VWAP Purchases; No Similar
Transactions
	  	 	27	 
	 Section 6.7.
	 	 Reserved
	  	 	28	 
	 Section 6.8.
	 	 Fundamental Transaction
	  	 	28	 
	 Section 6.10.
	 	 Effective Registration Statement
	  	 	28	 
	 Section 6.11.
	 	 Blue Sky
	  	 	28	 
	 Section 6.12.
	 	 Non-Public Information
	  	 	29	 
	 Section 6.13.
	 	 Broker/Dealer
	  	 	29	 
	 Section 6.14.
	 	 Disclosure Schedule
	  	 	29	 
	 Section 6.15.
	 	 Delivery of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain
Events
	  	 	30	 

  
 ii 

							
	 ARTICLE VII CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND PURCHASE OF THE
SHARES
	  	 	31	 
	 Section 7.1.
	 	 Conditions Precedent to Closing
	  	 	31	 
	 Section 7.2.
	 	 Conditions Precedent to Commencement
	  	 	32	 
	 Section 7.3.
	 	 Conditions Precedent to VWAP Purchases after Commencement Date
	  	 	35	 
		
	 ARTICLE VIII TERMINATION
	  	 	39	 
	 Section 8.1.
	 	 Automatic Termination
	  	 	39	 
	 Section 8.2.
	 	 Other Termination
	  	 	39	 
	 Section 8.3.
	 	 Effect of Termination
	  	 	40	 
		
	 ARTICLE IX INDEMNIFICATION
	  	 	41	 
	 Section 9.1.
	 	 Indemnification of Investor
	  	 	41	 
	 Section 9.2.
	 	 Indemnification Procedures
	  	 	42	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	43	 
	 Section 10.1.
	 	 Certain Fees and Expenses; Commitment Shares; Commencement Irrevocable Transfer Agent
Instructions
	  	 	43	 
	 Section 10.2.
	 	 Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial
	  	 	45	 
	 Section 10.3.
	 	 Entire Agreement
	  	 	46	 
	 Section 10.4.
	 	 Notices
	  	 	46	 
	 Section 10.5.
	 	 Waivers
	  	 	47	 
	 Section 10.6.
	 	 Amendments
	  	 	47	 
	 Section 10.7.
	 	 Headings
	  	 	47	 
	 Section 10.8.
	 	 Construction
	  	 	48	 
	 Section 10.9.
	 	 Binding Effect
	  	 	48	 
	 Section 10.10.
	 	 No Third Party Beneficiaries
	  	 	48	 
	 Section 10.11.
	 	 Governing Law
	  	 	48	 
	 Section 10.12.
	 	 Survival
	  	 	48	 
	 Section 10.13.
	 	 Counterparts
	  	 	48	 
	 Section 10.14.
	 	 Publicity
	  	 	49	 
	 Section 10.15.
	 	 Severability
	  	 	49	 
	 Section 10.16.
	 	 Further Assurances
	  	 	49	 

 Annex I. Definitions 

  
 iii 

 COMMON STOCK PURCHASE AGREEMENT 

This COMMON STOCK PURCHASE AGREEMENT is made and entered into as of June 11, 2021 (this “Agreement”), by and
between Tumim Stone Capital LLC, a Delaware limited liability company (the “Investor”), and Nikola Corporation, a Delaware corporation (the “Company”). 

RECITALS 
 WHEREAS,
the parties desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to the
lesser of (i) $300,000,000 worth of newly issued shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and (ii) the Exchange Cap (to the extent applicable under Section 3.4
hereof); 
 WHEREAS, such sales of Common Stock by the Company to the Investor will be made in reliance upon the provisions of
Section 4(a)(2) of the Securities Act (“Section 4(a)(2)”) and/or Rule 506(b) of Regulation D promulgated by the Commission under the Securities Act
(“Regulation D”), and upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the issuances and sales of Common
Stock to the Investor to be made hereunder; 
 WHEREAS, the parties hereto are concurrently entering into a Registration Rights
Agreement in the form attached as Exhibit A hereto (the “Registration Rights Agreement”), pursuant to which the Company shall register under the Securities Act the resale of the Registrable
Securities (as defined in the Registration Rights Agreement) by the Investor, upon the terms and subject to the conditions set forth therein; and 

WHEREAS, in consideration for the Investor’s execution and delivery of this Agreement, the Company is concurrently causing its
transfer agent to issue to the Investor the Commitment Shares pursuant to and in accordance with Section 10.1(ii); 
 NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Capitalized
terms used in this Agreement shall have the meanings ascribed to such terms in Annex I hereto, and hereby made a part hereof, or as otherwise set forth in this Agreement. 

ARTICLE II 
 PURCHASE AND
SALE OF COMMON STOCK 
 Section 2.1.    Purchase and Sale of Stock. Upon the terms and subject to the
conditions of this Agreement, during the Investment Period, the Company, in its sole discretion, shall have 

 
the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, up to the lesser of (i) $300,000,000 (the “Total
Commitment”) in aggregate gross purchase price of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock and (ii) the Exchange Cap, to the extent applicable under Section 3.4 (such lesser amount of shares
of Common Stock, the “Aggregate Limit”), by the delivery to the Investor of VWAP Purchase Notices as provided in Article III. 

Section 2.2.    Closing Date; Settlement Dates. This Agreement shall become
effective and binding (the “Closing”) upon (a) the payment of the Investor Expense Reimbursement to the Investor at or prior to the Closing pursuant to Sections 7.1 and 10.1(i), (b) the delivery of irrevocable
instructions to issue the Commitment Shares to the Investor or its designees as provided in Sections 7.1 and 10.1(ii), (c) the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the
parties hereto and thereto, and (d) the delivery of all other documents, instruments and writings required to be delivered at the Closing, in each case as provided in Section 7.1, to the offices of Dorsey & Whitney LLP, 51 West 52nd Street, New York, NY 10019-6119, at 12:00 p.m., New York City time, on the Closing Date. In consideration of and in express reliance upon the representations, warranties and covenants contained in,
and upon the terms and subject to the conditions of, this Agreement, during the Investment Period the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase
from the Company, the Shares in respect of each VWAP Purchase. The payment for, against delivery of, Shares in respect of each VWAP Purchase shall occur in accordance with Section 3.3, provided that all of the conditions precedent in
Article VII shall have been fulfilled at the applicable times set forth in Article VII. 

Section 2.3.    Initial Public Announcements and Required Filings. The Company
shall, within the time period required under the Exchange Act, file with the Commission a Current Report on Form 8-K describing the material terms of the transactions contemplated by the Transaction Documents,
including, without limitation, the issuance of the Commitment Shares to the Investor, and attaching as exhibits thereto copies of each of this Agreement, the Registration Rights Agreement and, if applicable, any press release issued by the Company
disclosing the execution of this Agreement and the Registration Rights Agreement by the Company and the Investor (including all exhibits thereto, the “Current Report”). The Company shall provide the Investor a reasonable
opportunity to comment on a draft of the Current Report prior to filing the Current Report with the Commission and shall give due consideration to all such comments. From and after the filing of the Current Report with the Commission, the Company
shall have publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s representatives or agents) by the Company, or any of its officers, directors, employees, agents or representatives (if any) in
connection with the transactions contemplated by the Transaction Documents. The Investor covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company as described in this Section 2.3,
the Investor shall maintain the confidentiality of all disclosures made to it in connection with the transactions contemplated by the Transaction Documents (including the existence and terms of the transactions), except that the Investor may
disclose the terms of such transactions to its financial, accounting, legal and other advisors (provided that the Investor directs such Persons to maintain the confidentiality of such information). Not later than 15 calendar days following the
Closing 

  
 2 

 
Date, the Company shall file with the Commission a Form D with respect to the issuance and sale of the Securities in accordance with Regulation D and shall provide a copy thereof to the Investor
promptly after such filing. The Company shall use its commercially reasonable efforts to prepare and, as soon as practicable, but in no event later than the applicable Filing Deadline, and file with the Commission the Initial Registration Statement
and any New Registration Statement under the Securities Act covering only the resale by the Investor of the Registrable Securities in accordance with the Securities Act and the Registration Rights Agreement. At or before 5:30 p.m. (New York City
time) on the second (2nd) Trading Day immediately following the Effective Date of the Initial Registration Statement and any New Registration Statement (or any post-effective amendment thereto),
the Company shall file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection with resales of the Registrable Securities by the Investor pursuant to such Registration Statement (or
post-effective amendment thereto). 
 ARTICLE III 

PURCHASE TERMS 
 Subject to
the satisfaction of the conditions set forth in Article VII, the parties agree as follows: 

Section 3.1.    Initial VWAP Purchase. Upon the initial satisfaction of all of the
conditions set forth in Section 7.2 (such event, the “Commencement” and the date of such event, the “Commencement Date”), the Company shall, not later than June 11, 2022, deliver to the
Investor at least one VWAP Purchase Notice for a VWAP Purchase, pursuant to and in accordance with Section 3.2 of this Agreement and subject to the satisfaction of all of the conditions set forth in Section 7.3 on the applicable VWAP
Purchase Exercise Date therefor. 
 Section 3.2.    VWAP Purchases. From time to
time from and after the Commencement Date, subject to the satisfaction of all of the conditions set forth in Section 7.3 and in this Section 3.2, the Company shall have the right, but not the obligation (other than as set forth in
Section 3.1), to direct the Investor, by its delivery to the Investor of a VWAP Purchase Notice on a VWAP Purchase Exercise Date to purchase the applicable VWAP Purchase Share Amount, not to exceed the applicable VWAP Purchase Maximum Amount,
at the applicable VWAP Purchase Price therefor in accordance with this Agreement (each such purchase, a “VWAP Purchase”). The Company may deliver a VWAP Purchase Notice to the Investor on a VWAP Purchase Exercise Date,
provided that (i) the Company may not deliver more than one VWAP Purchase Notice to the Investor on any single Trading Day, (ii) the Company may not deliver a VWAP Purchase Notice to the Investor on any Trading Day during the period
commencing on the VWAP Purchase Exercise Date on which a prior VWAP Purchase Notice has previously been delivered by the Company to the Investor hereunder, and ending on the applicable VWAP Purchase Settlement Date or such later Trading Day on which
the Investor shall have received all of the Shares subject to such prior VWAP Purchase Notice as DWAC Shares, and (iii) all Shares subject to all prior VWAP Purchase Notices previously delivered by the Company to the Investor have in fact been
received by the Investor as DWAC Shares prior to the Company’s delivery of such VWAP Purchase Notice to the Investor on such VWAP Purchase Exercise Date. The Investor is obligated to accept each VWAP Purchase Notice prepared and delivered by
the Company in accordance with 

  
 3 

 
the terms of and subject to the satisfaction of the conditions contained in this Agreement. If the Company delivers any VWAP Purchase Notice directing the Investor to purchase a VWAP Purchase
Share Amount in excess of the applicable VWAP Purchase Maximum Amount, such VWAP Purchase Notice shall be void ab initio to the extent of the amount by which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice exceeds such
applicable VWAP Purchase Maximum Amount, and the Investor shall have no obligation to purchase such excess Shares in respect of such VWAP Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the
applicable VWAP Purchase Maximum Amount in such VWAP Purchase. At or prior to 7:00 p.m., New York City time, on the last Trading Day of the applicable VWAP Purchase Valuation Period for each VWAP Purchase, the Investor shall provide to the Company a
written confirmation for such VWAP Purchase (each, a “VWAP Purchase Confirmation”) setting forth the applicable VWAP Purchase Price per Share to be paid by the Investor in such VWAP Purchase, and the total aggregate VWAP
Purchase Price to be paid by the Investor for the total VWAP Purchase Share Amount purchased by the Investor in such VWAP Purchase. Notwithstanding the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor during the PEA
Period. 
 Section 3.3.    Settlement. The payment for, against delivery of, the
total number of Shares constituting the applicable VWAP Purchase Share Amount purchased by the Investor in each VWAP Purchase shall be settled on the Trading Day immediately following the last Trading Day of the applicable VWAP Purchase Valuation
Period for such VWAP Purchase (the “VWAP Purchase Settlement Date”). For each VWAP Purchase, the Investor shall pay to the Company an amount in cash equal to the product of (i) the total VWAP Purchase Share Amount
purchased by the Investor in such VWAP Purchase and (ii) the applicable VWAP Purchase Price per Share to be paid by the Investor in such VWAP Purchase, as full payment for such total VWAP Purchase Share Amount, via wire transfer of immediately
available funds on the same Trading Day that the Investor receives all of the Shares in the total VWAP Purchase Share Amount as DWAC Shares in accordance with this Agreement, if all of such Shares are so received by the Investor before 1:00 p.m.,
New York City time, or, if any of such Shares are received by the Investor after 1:00 p.m., New York City time, then the Company’s receipt of such funds in its designated account may occur on the Trading Day next following the Trading Day on
which the Investor shall have received all of such Shares as DWAC Shares, but not later than 5:30 p.m., New York City time, on such next Trading Day. If the Company or the Transfer Agent shall fail for any reason, other than a failure of the
Investor or its Broker-Dealer to set up a DWAC and required instructions, to electronically transfer any Shares as DWAC Shares in respect of a VWAP Purchase within five (5) Trading Days following the receipt by the Company of the applicable
purchase price therefor in compliance with this Section 3.3, and if on or after such Trading Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of
such Shares that the Investor anticipated receiving from the Company in respect of such VWAP Purchase, then the Company shall, within two (2) Trading Days after the Investor’s request, either (1) pay cash to the Investor in an amount
equal to the Investor’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Cover Price”), at which point the Company’s obligation to deliver such Shares
as DWAC Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Investor such Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the total purchase price
paid by the Investor pursuant to this Agreement for 

  
 4 

 
all of the Shares to be purchased by the Investor in connection with such VWAP Purchase. The Company shall not issue any fraction of a share of Common Stock upon any VWAP Purchase. If the
issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All payments made under this Agreement shall be made by wire
transfer of immediately available funds to such account as the Company may from time to time designate by written notice in accordance with the provisions of this Agreement. 

Section 3.4.    Compliance with Rules of Trading Market. 

(a)    Exchange Cap. Subject to Section 3.4(b), the Company shall not issue or sell any shares of
Common Stock pursuant to this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock that would
be issued pursuant to this Agreement and the transactions contemplated hereby would exceed 78,769,697 (representing 19.99% of the shares of Common Stock issued and outstanding immediately prior to the execution of this Agreement), which number of
shares shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable pursuant to any transaction or series of transactions
that may be aggregated with the transactions contemplated by this Agreement under applicable rules of the Trading Market (such maximum number of shares, the “Exchange Cap”), unless the Company’s stockholders have
approved the issuance of Common Stock pursuant to this Agreement in excess of the Exchange Cap in accordance with the applicable rules of the Trading Market. For the avoidance of doubt, the Company may, but shall be under no obligation to, request
its stockholders to approve the issuance of Common Stock pursuant to this Agreement; provided, that if such stockholder approval is not obtained, the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions
contemplated hereby at all times during the term of this Agreement (except as set forth in Section 3.4(b)). 

(b)    At-Market Transaction. Notwithstanding
Section 3.4(a) above, the Exchange Cap shall not be applicable for any purposes of this Agreement and the transactions contemplated hereby, solely to the extent that (and only for so long as) the Average Price shall equal or exceed the Base
Price (it being hereby acknowledged and agreed that the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all other times during the term of this Agreement, unless the stockholder
approval referred to in Section 3.4(a) is obtained). The parties acknowledge and agree that the Minimum Price used to determine the Base Price hereunder represents the lower of (i) the official closing price of the Common Stock on the
Trading Market (as reflected on Nasdaq.com) on the date of this Agreement and (ii) the average official closing price of the Common Stock on the Trading Market (as reflected on Nasdaq.com) for the five (5) consecutive Trading Days ending
on the date of this Agreement. 
 (c)    General. The Company shall not issue or sell any shares of
Common Stock pursuant to this Agreement if such issuance or sale would reasonably be expected to result in (A) a violation of the Securities Act or (B) a breach of the rules of the Trading Market. The provisions of this Section 3.4
shall be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 only if necessary to ensure compliance with the Securities Act and the applicable rules of the Trading Market. 

  
 5 

 Section 3.5.    Beneficial Ownership
Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when
aggregated with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated
thereunder), would result in the beneficial ownership by the Investor of more than 4.99% of the outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written or oral request of
the Investor, the Company shall promptly (but not later than the next business day on which the Transfer Agent is open for business) confirm orally or in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and
the Company shall each cooperate in good faith in the determinations required under this Section 3.5 and the application of this Section 3.5. The Investor’s written certification to the Company of the applicability of the Beneficial
Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error. The provisions of this Section 3.5 shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 3.5 to the extent necessary to properly give effect to the limitations contained in this Section 3.5. 

ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR 

The Investor hereby makes the following representations, warranties and covenants to the Company: 

Section 4.1.    Organization and Standing of the Investor. The Investor is a
limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. 

Section 4.2.    Authorization and Power. The Investor has the requisite limited
liability company power and authority to enter into and perform its obligations under this Agreement and the Registration Rights Agreement and to purchase or acquire the Securities in accordance with the terms hereof. The execution, delivery and
performance by the Investor of this Agreement and the Registration Rights Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary limited liability company action, and no
further consent or authorization of the Investor, its Board of Directors or its members is required. Each of this Agreement and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes a valid and
binding obligation of the Investor enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership, or
similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application (including any limitation of equitable remedies). 

Section 4.3.    No Conflicts. The execution, delivery and performance by the
Investor of this Agreement and the Registration Rights Agreement and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation of

  
 6 

 
such Investor’s certificate of formation, limited liability company agreement or other applicable organizational instruments, (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 rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease
agreement, instrument or obligation to which the Investor is a party or by which it or any of its property or assets is bound, (iii) create or impose any lien, charge or encumbrance on any property of the Investor under any agreement or any
commitment to which the Investor is party or under which the Investor is bound or under which any of its properties or assets are bound, or (iv) result in a violation of any federal, state, local or foreign statute, rule, or regulation, or any
order, judgment or decree of any court or governmental agency applicable to the Investor or by which any of its properties or assets is bound or affected, except, in the case of clauses (ii), (iii) and (iv), for such conflicts, defaults,
terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform its obligations
under this Agreement and the Registration Rights Agreement. The Investor is not required under any applicable federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement and the Registration Rights Agreement or to purchase or acquire the Securities in accordance with the
terms hereof; provided, however, that for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant representations and warranties and the compliance with the relevant
covenants and agreements of the Company in the Transaction Documents to which it is a party. 

Section 4.4.    Investment Purpose. The Investor is acquiring the Securities for
its own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the registration requirements of the Securities
Act; provided, however, that by making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific term and reserves the right to
dispose of the Securities at any time in accordance with, or pursuant to, a registration statement filed pursuant to the Registration Rights Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any
agreement or understanding, directly or indirectly, with any Person to sell or distribute any of the Securities. 

Section 4.5.    Accredited Investor Status. The Investor is an “accredited
investor” as that term is defined in Rule 501(a) of Regulation D. 

Section 4.6.    Reliance on Exemptions. The Investor understands that the
Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the
Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to
acquire the Securities. 

  
 7 

 Section 4.7.    Information. All materials relating
to the business, financial condition, management and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Investor have been furnished or otherwise made available to the Investor
or its advisors, including, without limitation, the Commission Documents filed with or furnished to the Commission as of the applicable date or time this representation is being made under Article VII hereof. The Investor understands that its
investment in the Securities involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the Securities, including a total loss thereof, and has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of a proposed investment in the Securities. The Investor and its advisors have been afforded the opportunity to ask questions of and receive answers from representatives of the Company concerning
the financial condition and business of the Company and other matters relating to an investment in the Securities. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its advisors, if any, or its
representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties contained in this Agreement. The Investor has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to its acquisition of the Securities. The Investor understands that it (and not the Company) shall be responsible for its own tax liabilities that may arise as a result of this
investment or the transactions contemplated by this Agreement. 

Section 4.8.    No Governmental Review. The Investor understands that no United
States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities
passed upon or endorsed the merits of the offering of the Securities. 

Section 4.9.    No General Solicitation. The Investor is not purchasing or
acquiring the Securities as a result of any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities. 

Section 4.10.    Not an Affiliate. The Investor is not an officer, director or an
Affiliate of the Company. As of the date of this Agreement, the Investor does not beneficially own any shares of Common Stock or securities exercisable for or convertible into shares of Common Stock, and during the Investment Period, the Investor
will not acquire beneficial ownership of any shares of the Company’s capital stock (including shares of Common Stock or securities exercisable for or convertible into shares of Common Stock) other than pursuant to this Agreement;
provided, however, that nothing in this Agreement shall prohibit or be deemed to prohibit the Investor from purchasing, in an open market transaction or otherwise, shares of Common Stock necessary to make delivery by the Investor in
satisfaction of a sale by the Investor of Shares that the Investor anticipated receiving from the Company in connection with the settlement of a VWAP Purchase if the Company or its transfer agent shall have failed for any reason (other than a
failure of Investor or its Broker-Dealer to set up a DWAC and required instructions) to electronically transfer all of the Shares subject to such VWAP Purchase to the Investor on the applicable Settlement Date by crediting the Investor’s or its
designated Broker-Dealer’s account at DTC through its DWAC delivery system in compliance with Section 3.3 of this Agreement. 

  
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 Section 4.11.    Statutory Underwriter
Status. The Investor acknowledges that it will be disclosed as an “underwriter” and a “selling stockholder” in each Registration Statement and in any Prospectus contained therein to the extent required by applicable law
and to the extent the Prospectus is related to the resale of Registrable Securities. 

Section 4.12.    Resales of Securities. The Investor represents, warrants and
covenants that it will resell such Securities only pursuant to the Registration Statement in which the resale of such Securities is registered under the Securities Act, in a manner described under the caption “Plan of Distribution” in such
Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations, including, without limitation, any applicable prospectus delivery requirements of the Securities Act. 

ARTICLE V 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY 

Except as set forth in the disclosure schedule delivered by the Company to the Investor (which is hereby incorporated by reference in, and
constitutes an integral part of, this Agreement) (the “Disclosure Schedule”), the Company hereby makes the following representations, warranties and covenants to the Investor: 

Section 5.1.    Organization, Good Standing and Power. 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 nor 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, could not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted in
any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 

Section 5.2.    Authorization, Enforcement. The Company has the requisite
corporate power and authority to enter into and perform its obligations under each of the Transaction Documents to which it is a party and to issue the Securities in accordance with the terms hereof and thereof. Except for approvals of the
Company’s Board of Directors or a committee thereof as may be required in connection with any issuance and sale of Shares to the Investor hereunder (which approvals shall be obtained prior to the delivery of any VWAP Purchase Notice), the
execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary
corporate action, and no further consent or authorization of the Company, its Board of Directors or its stockholders is required. Each of the Transaction Documents to which the Company is a party has been duly executed and delivered by the Company
and constitutes a valid and binding obligation of the Company enforceable against 

  
 9 

 
the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership
or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application (including any limitation of equitable remedies). 

Section 5.3.    Capitalization. The authorized capital stock of the Company
and the shares thereof issued and outstanding were as set forth in the Commission Documents as of the dates reflected therein. All of the outstanding shares of Common Stock have been duly authorized and validly issued, and are fully paid and non-assessable. Except as set forth in the Commission Documents, this Agreement and the Registration Rights Agreement, there are no agreements or arrangements under which the Company is obligated to register the
sale of any securities under the Securities Act. Except as set forth in the Commission Documents, no shares of Common Stock are entitled to preemptive rights and there are no outstanding debt securities and no contracts, commitments, understandings,
or arrangements by which the Company is or may become bound to issue additional shares of the capital stock of the Company or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or
securities or rights convertible into or exchangeable for, any shares of capital stock of the Company other than those issued or granted in the ordinary course of business pursuant to the Company’s equity incentive and/or compensatory plans or
arrangements. Except for customary transfer restrictions contained in agreements entered into by the Company to sell restricted securities or as set forth in the Commission Documents, the Company is not a party to, and it has no Knowledge of, any
agreement restricting the voting or transfer of any shares of the capital stock of the Company. Except as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that will be
triggered by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein or therein. The Company has filed with the Commission true and correct copies of the Company’s Certificate of
Incorporation as in effect on the Closing Date (the “Charter”), and the Company’s Bylaws as in effect on the Closing Date (the “Bylaws”). 

Section 5.4.    Issuance of Securities. The Commitment Shares have been, and the
Shares to be issued under this Agreement have been, or with respect to Shares to be purchased by the Investor pursuant to a particular VWAP Purchase Notice, will be, prior to the delivery to the Investor hereunder of such VWAP Purchase Notice, duly
authorized by all necessary corporate action on the part of the Company. The Commitment Shares, when issued to the Investor in accordance with this Agreement, and the Shares, when issued and sold against payment therefor in accordance with this
Agreement, shall be validly issued, fully paid and non-assessable and free from all liens, charges, taxes, security interests, encumbrances, rights of first refusal, preemptive or similar rights with respect
to the issue thereof, and the Investor shall be entitled to all rights accorded to a holder of Common Stock. An aggregate of 17,857,142 shares of Common Stock have been duly authorized and reserved by the Company for issuance as Securities under
this Agreement. 
 Section 5.5.    No Conflicts. The execution, delivery and
performance by the Company of each of the Transaction Documents to which it is a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation of

  
 10 

 
any provision of the Company’s Charter or Bylaws, (ii) result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which, with notice or
lapse of time or both, would become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument
or obligation to which the Company or any of its Subsidiaries is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property or assets of the Company or any of its Subsidiaries under any agreement or any commitment
to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of their respective properties or assets is subject, or (iv) result in a violation of any federal, state,
local or foreign statute, rule, regulation, order, judgment or decree applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries are bound or affected (including federal and state
securities laws and regulations and the rules and regulations of the Trading Market or any Eligible Market on which the Common Stock is listed or quoted), except, in the case of clauses (ii), (iii) and (iv), for such conflicts, defaults,
terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually or in the aggregate, have a Material Adverse Effect. Except as specifically contemplated by this Agreement or the
Registration Rights Agreement and as required under the Securities Act and any applicable state securities laws and the rules and regulations of the Trading Market, the Company is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction Documents to which it is a party, or to issue the Securities to the Investor in
accordance with the terms hereof and thereof (other than such consents, authorizations, orders, filings or registrations as have been obtained or made prior to the Closing Date); provided, however, that, for purposes of the
representation made in this sentence, the Company is assuming and relying upon the accuracy of the representations and warranties of the Investor in this Agreement and the compliance by it with its covenants and agreements contained in this
Agreement and the Registration Rights Agreement. 
 Section 5.6.    Commission
Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants. 

(a)    The Company has filed all Commission Documents for the twelve months preceding the date of this Agreement. The
Company has delivered or made available to the Investor via EDGAR true and complete copies of the Commission Documents filed with or furnished to the Commission prior to the Closing Date (including, without limitation, the 2020 Form 10-K). No Subsidiary of the Company is required to file or furnish any report, schedule, registration, form, statement, information or other document with the Commission. As of its filing date, each Commission
Document filed with or furnished to the Commission prior to the Closing Date (including, without limitation, the 2020 Form 10-K) complied in all material respects with the requirements of the Securities Act or
the Exchange Act, as applicable, and, as of its filing date (or, if amended or superseded by a filing prior to the Closing Date, on the date of such amended or superseded filing). Each Registration Statement, on the date it is filed with the
Commission, on the date it is declared effective by the Commission, on each VWAP Purchase Exercise Date shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the Securities
Act) and shall not contain any untrue statement of a 

  
 11 

 
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, except that this representation and warranty
shall not apply to statements in or omissions from such Registration Statement made in reliance upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use
therein. The Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement after the Closing Date, when taken together, on its date, on each VWAP Purchase Exercise Date, shall comply
in all material respects with the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that this representation and warranty shall not apply to statements in or omissions from the
Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. Each Commission Document (other
than the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement thereto) to be filed with or furnished to the Commission after the Closing Date and incorporated by reference
in the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement thereto required to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without
limitation, the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when such document becomes effective, as the case may be, shall comply in all material respects with the requirements of the
Securities Act or the Exchange Act, as applicable. There are no comments provided to the Company by the Commission’s staff relating to any of the Commission Documents filed with or furnished to the Commission as of the applicable date or time
this representation is being made under Article VII hereof that remain outstanding or unresolved. The Commission 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. 
 (b)    The financial statements of the Company included in the
Commission Documents filed with or furnished to the Commission as of the applicable date or time this representation is being made under Article VII hereof, together with the related notes and schedules thereto, comply as to form in all
material respects with the applicable accounting requirements of the Securities Act in effect as of the time of filing and present fairly in all material respects the consolidated financial condition of the Company and its consolidated subsidiaries
as of the dates shown and its results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with generally accepted accounting principles in the United States
(“GAAP”) applied on a consistent basis throughout the periods covered thereby except for any normal year-end adjustments in the Company’s quarterly financial statements; all non-GAAP financial information included in such Commission Documents complies with the requirements of Regulation G and Item 10 of Regulation S-K under the Securities Act, to
the extent applicable; and, except as disclosed in the Commission Documents, there are no material off-balance sheet arrangements (as defined in Regulation S-K under the
Act, Item 303(a)(4)(ii)) that may reasonably have a material current or, to the Company’s Knowledge, material future effect on the Company’s financial condition, results of operations, liquidity, capital expenditures, capital resources or
significant components of revenue or expenses. 

  
 12 

 (c)    Except as set forth in the Commission Documents, the Company and
the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with 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. Except as set forth in the Commission Documents, the
Company maintains disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) designed to ensure that material information relating to
the Company and its subsidiaries is communicated to the Company’s principal executive officer and principal financial officer by others within those entities. 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 adversely affected, or is reasonably likely to
materially adversely affect, the internal control over financial reporting of the Company and its Subsidiaries. 

(d)    To the Company’s Knowledge, Ernst & Young LLP, which has expressed its opinion with respect to the
consolidated financial statements and schedules as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020, is (x) an independent registered public accounting firm with respect to the
Company within the meaning of the Securities Act and (y) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”). 

(e)    There is no failure on the part of the Company to comply in all material respects with any provision of the
Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith that are applicable to the Company. 

Section 5.7.    Subsidiaries. The 2020 Form
10-K sets forth each Subsidiary of the Company as of the Closing Date, other than those that may be omitted pursuant to Item 601 of Regulation S-K, showing its
jurisdiction of incorporation or organization, and the Company does not have any other Subsidiaries as of the Closing Date. No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from
making any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any
other Subsidiary of the Company, except as described in or contemplated by the Commission Documents or as would not reasonably be expected to have a Material Adverse Effect. 

  
 13 

 Section 5.8.    No Material Adverse Effect or Material
Adverse Change. Except as otherwise disclosed in any Commission Documents and on the Disclosure Schedule, since the end of the Company’s most recent audited fiscal year, there has not occurred any material adverse change in the
business, properties, operations, financial condition or results of operations of the Company from that set forth in the Commission Documents, including, without limitation, as a result of the recent outbreak of
COVID-19, or as a result of any measures intended to contain the outbreak of COVID-19 imposed by any federal, state, local or foreign government or government agency in
any country or region in which the Company, or any of its agents, consultants, advisors or vendors, has assets or properties or conducts business, including, without limitation, any limitations, curtailments, suspensions or closures of businesses,
business offices or establishments, schools, properties and other public areas due to quarantines, curfews, travel restrictions, workplace controls,
“stay-at-home” orders, social distancing requirements or guidelines or other public gathering restrictions or limitations. 

Section 5.9.    No Undisclosed Liabilities. Neither the Company nor any of its
Subsidiaries has any liabilities, obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be required to be disclosed on a balance sheet of the Company or any
Subsidiary (including the notes thereto) in conformity with GAAP and are not disclosed in the Commission Documents, other than those incurred in the ordinary course of the Company’s or its Subsidiaries respective businesses since
December 31, 2020 and which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

Section 5.10.    No Undisclosed Events or Circumstances. No event or
circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities, operations (including results thereof) or conditions (financial or otherwise), which, under
applicable law, rule or regulation, requires public disclosure or announcement by the Company at or before the Closing but which has not been so publicly announced or disclosed, except for events or circumstances which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. 

Section 5.11.    Indebtedness; Solvency. For the purposes of this Agreement,
“Indebtedness” shall mean (a) any liabilities for borrowed money or amounts owed in excess of $1,000,000 (other than trade accounts payable incurred in the ordinary course of business), (b) all guaranties, endorsements,
indemnities and other contingent obligations in respect of Indebtedness of others in excess of $1,000,000, whether or not the same are or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by
endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $1,000,000 due under leases required to be capitalized in
accordance with GAAP. There is no existing or continuing default or event of default in respect of any Indebtedness of the Company or any of its Subsidiaries. The Company has not taken any steps, and does not currently expect to take any steps, to
seek protection pursuant to Title 11 of the United States Code or any similar federal or state bankruptcy law or law for the relief of debtors, nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for relief under Title 11 of the United States Code or any other federal or state bankruptcy law or any law for the relief of debtors. The Company is financially solvent and
is generally able to pay its debts as they become due. 

  
 14 

 Section 5.12.    Title To
Assets. The Company and each of its Subsidiaries has good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them which is material to the business of the Company and its
Subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and
its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are held by it under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere in any material
respect with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as described in the Commission Documents. 

Section 5.13.    Actions Pending. There are no legal or governmental proceedings
pending or, to the Knowledge of the Company, threatened to which the Company or any of its Subsidiaries is a party or to which any of the properties of the Company or any of its Subsidiaries is subject (i) other than proceedings accurately
described in all material respects in the Commission Documents and proceedings that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, or on the power or ability of the Company to perform its
obligations under this Agreement and the Registration Rights Agreement or to consummate the transactions contemplated by the Transaction Documents or (ii) that are required to be described in the Commission Documents and are not so described;
and there are no statutes, regulations, contracts or other documents to which the Company is subject or by which the Company is bound that are required to be described in the Commission Documents or to be filed as exhibits to the Commission
Documents that are not described or filed as required. 
 Section 5.14.    Compliance
With Law. The business of the Company and the Subsidiaries has been and is presently being conducted in compliance with all applicable federal, state, local and foreign governmental laws, rules, regulations and ordinances, except as set
forth in the Commission Documents and except for such non-compliance which, individually or in the aggregate, would not have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in
violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, except in all cases for any such violations which could not, individually or in the aggregate, have a
Material Adverse Effect. 
 Section 5.15.    Certain Fees. Except as set forth
on Section 5.15 of the Disclosure Schedule, no brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person
with respect to the transactions contemplated by the Transaction Documents. The Investor shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this
Section 5.15 incurred by the Company or its Subsidiaries that may be due or payable in connection with the transactions contemplated by the Transaction Documents. 

  
 15 

 Section 5.16.    Disclosure. The
Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by the Transaction Documents. The Company understands and confirms that the Investor will rely on the foregoing representations
in effecting resales of Securities under the Registration Statement. All disclosure provided to Investor regarding the Company and its Subsidiaries, their businesses and the transactions contemplated by the Transaction Documents (including, without
limitation, the representations and warranties of the Company contained in the Transaction Documents to which it is a party (as modified by the Disclosure Schedule)) furnished in writing by or on behalf of the Company or any of its Subsidiaries for
purposes of or in connection with the Transaction Documents (other than forward-looking information and projections and information of a general economic nature and general information about the Company’s industry), taken together, is true and
correct in all material respects on the date on which such information is dated or certified, and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in
the light of the circumstances under which they were made, not misleading at such time. 

Section 5.17.    Operation of Business. 

(a)    The Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the
appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not, individually or in the aggregate, have a
Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect, except, in each case, as described in the Commission Documents. This Section 5.17(a) does not relate to environmental
matters, such items being the subject of Section 5.18. 
 (b)    Except as described in the Commission Documents,
(i) the Company and its Subsidiaries own or have a valid license to all patents, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures),
trademarks, service marks, trade names, domain names and other intellectual property, including any and all registrations, applications for registration, and goodwill associated with any of the foregoing (collectively, “Intellectual
Property Rights”) currently employed by them in connection with the business as described in the Commission Documents, except where the failure to own, possess, license, have the right to use any of the foregoing would not reasonably be
expected to result in a Material Adverse Effect; (ii) the Intellectual Property Rights owned by the Company and its Subsidiaries and, to the Company’s Knowledge, the Intellectual Property Rights exclusively licensed to the Company and its
Subsidiaries, in each case, which are material to the conduct of the business of the Company and its subsidiaries as described in the Commission Documents are valid, subsisting and enforceable, and there is no pending or, to the Company’s
Knowledge, threatened action, suit, proceeding or 

  
 16 

 
claim by others challenging the validity, scope or enforceability of any such Intellectual Property Rights; (iii) neither the Company nor any of its Subsidiaries has received any notice
alleging any infringement, misappropriation or other violation of Intellectual Property Rights which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect; (iv) all
Intellectual Property Rights owned or purported to be owned by the Company or its Subsidiaries is owned solely by the Company or its Subsidiaries and is owned free and clear of all liens, encumbrances, defects and other restrictions; (v) to the
Company’s Knowledge, no third party is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights owned by the Company, except to the extent that the
infringement, misappropriation or violation, would not, individually or in the aggregate, have a Material Adverse Effect; (vi) to the Company’s Knowledge, neither the Company nor any of its Subsidiaries infringes, misappropriates or
otherwise violates, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights of a third party; (vii) all employees or contractors engaged in the development of Intellectual Property Rights on behalf of the
Company or any Subsidiary have executed an invention assignment agreement whereby such employees or contractors presently assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or the applicable
Subsidiary, and to the Company’s Knowledge no such agreement has been breached or violated; and (viii) the Company and its Subsidiaries use, and have used, commercially reasonable efforts to appropriately maintain all information intended
to be maintained as a trade secret. 
 Section 5.18.    Environmental
Compliance. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and
(iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material
Adverse Effect. 
 Section 5.19.    Material Agreements Except as set forth in
the Commission Documents, neither the Company nor any Subsidiary of the Company is a party to any written or oral contract, instrument, agreement commitment, obligation, plan or arrangement, a copy of which would be required to be filed with the
Commission as an exhibit to an annual report on Form 10-K (collectively, “Material Agreements”). Each of the Material Agreements described in the Commission Documents filed with or
furnished to the Commission as of the applicable date or time this representation is being made under Article VII hereof conform in all material respects to the descriptions thereof contained or incorporated by reference therein. Except as
set forth in the Commission Documents, the Company and each of its Subsidiaries have performed in all material respects all the obligations then required to be performed by them under the Material Agreements, have received no notice of default or an
event of default by the Company or any of its Subsidiaries thereunder and are not aware of any basis for the assertion thereof, and neither the Company or any of its Subsidiaries nor, to the Knowledge of the Company, any other contracting party
thereto are in default under any Material Agreement now in effect, the result of which would have a Material Adverse Effect. Except as set forth in the Commission Documents, each of the Material Agreements is in full force and effect, and
constitutes a legal, valid and binding obligation 

  
 17 

 
enforceable in accordance with its terms against the Company and/or any of its Subsidiaries and, to the Knowledge of the Company, each other contracting party thereto, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or
by other equitable principles of general application. 
 Section 5.20.    Transactions
With Affiliates. Except as set forth in the Commission Documents, none of the officers or directors of the Company and, to the Knowledge of the Company, none of the Company’s stockholders, the officers or directors of any stockholder of
the Company, or any family member or affiliate of any of the foregoing, has either directly or indirectly any interest in, or is a party to, any transaction that is required to be disclosed as a related party transaction pursuant to Item 404 of
Regulation S-K promulgated under the Securities Act. 

Section 5.21.    Employees; Labor Laws. Each benefit and compensation plan,
agreement, policy and arrangement that is maintained, administered or contributed to by the Company for current or former employees or directors of, or independent contractors with respect to, the Company has been maintained in material compliance
with its terms and the requirements of any applicable statutes, orders, rules and regulations, and the Company has complied in all material respects with all applicable statutes, orders, rules and regulations in regard to such plans, agreements,
policies and arrangements. Each stock option granted under any equity incentive plan of the Company (each, a “Stock Plan”) was granted with a per share exercise price no less than the market price per common share on the
grant date of such option in accordance with the rules of the Trading Market, and no such grant involved any “back-dating,” “forward-dating” or similar practice with respect to the effective date of such grant; each such option
(i) was granted in compliance in all material respects with all applicable U.S. and foreign statutes, rules, regulations, or guidance applicable to Company and its Subsidiaries and with the applicable Stock Plan(s), (ii) was duly approved by
the Board of Directors or a duly authorized committee or delegate thereof, and (iii) has been properly accounted for in the Company’s financial statements and disclosed, to the extent required, in the Company’s filings or submissions
with the Commission, and the Trading Market. No labor problem or dispute with the employees of the Company exists or is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its
principal suppliers or contractors, that would have a Material Adverse Effect. 

Section 5.22.    Use of Proceeds. The proceeds from the sale of the Shares by the
Company to Investor shall be used by the Company and its Subsidiaries in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed
pursuant to the Registration Rights Agreement. 
 Section 5.23.    Investment Company
Act Status. The Company is not, and immediately after giving effect to the sale of the Shares in accordance with this Agreement and the application of the proceeds from the sale of the Shares as will be set forth in the Prospectus included
in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement, will not be, required to register as an “investment company” as such term
is defined in the Investment Company Act of 1940, as amended. 

  
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 Section 5.24.    ERISA. Except
as set forth in the Commission Documents, the Company is not a party to an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
which: (i) is subject to Title IV of ERISA and (ii) is or was at any time maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined hereafter). These plans are referred to collectively herein as
the “Employee Plans.” An “ERISA Affiliate” of any person or entity means any other person or entity which, together with that person or entity, could be treated as a single employer under Section 414(b), (c), (m) or
(o) of the Internal Revenue Code of 1986, as amended (the “Code”). Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. Except as disclosed in the
Commission Documents, there is no liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under applicable law. No
“prohibited transaction”(as defined in either Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section 401(a) of
the Code is so qualified, and nothing has occurred, whether by action or by failure to act, which could cause the loss of such qualification (except where such occurrence or failure to qualify would not, individually or in the aggregate, have a
Material Adverse Effect on the Company and its Subsidiaries, taken as a whole). 

Section 5.25.    Taxes. The Company and each of its Subsidiaries has filed all
federal, state, local and foreign tax returns required to be filed through the Closing Date or has requested extensions thereof (except where the failure to file would not, individually or in the aggregate, have a Material Adverse Effect on the
Company and its Subsidiaries, taken as a whole) and have paid all taxes required to be paid thereon (except for cases in which the failure to file or pay would not, individually or in the aggregate, have a Material Adverse Effect on the Company and
its Subsidiaries, taken as a whole, or, except as are currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Company), and no tax deficiency has been determined
adversely to the Company or any of its Subsidiaries which, individually or in the aggregate, has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be
determined adversely to the Company or its Subsidiaries and which would reasonably be expected to have) a Material Adverse Effect on the Company and its Subsidiaries, taken as a whole. The term “taxes” mean all federal, state, local,
foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property,
windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term “returns” means
all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes. 

Section 5.26.    Insurance. The Company and the Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as in the Company’s reasonable judgment are prudent and customary in the businesses in which the 

  
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Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will
not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, have
a Material Adverse Effect on the Company and its subsidiaries, taken as a whole. 

Section 5.27.    Exemption from Registration. Subject to, and in reliance on, the
representations, warranties and covenants made herein by the Investor, the offer and sale of the Securities in accordance with the terms and conditions of this Agreement is exempt from the registration requirements of the Securities Act pursuant to
Section 4(a)(2) and/or Rule 506(b) of Regulation D; provided, however, that at the request of and with the express agreements of the Investor (including, without limitation, the representations, warranties and covenants of
Investor set forth in Section 4.9 through 4.13), the Securities to be issued from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares and
will not bear legends noting restrictions as to resale of such securities under federal or state securities laws, nor will any such securities be subject to stop transfer instructions. 

Section 5.28.    No General Solicitation or Advertising. Neither the Company, nor
any of its Subsidiaries or Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.

 Section 5.29.    No Integrated Offering. None of the Company or any of its
Affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, in a manner that would require registration of the issuance of any of the Securities
under the Securities Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities to require approval of stockholders of the Company under the rules and regulations of the Trading Market. None of the
Company, its Subsidiaries, their Affiliates nor any Person acting on their behalf will take any action or steps referred to in the preceding sentence that would require registration of the issuance of any of the Securities under the Securities Act
or cause the offering of any of the Securities to be integrated with other offerings. 

Section 5.30.    Dilutive Effect. The Company is aware and acknowledges that issuance of the Securities
could cause dilution to existing stockholders and could significantly increase the outstanding number of shares of Common Stock. The Company further acknowledges that its obligation to issue the Commitment Shares and to issue the Shares pursuant to
the terms of a VWAP Purchase, in each case, is (subject to the terms and conditions in this Agreement) absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other stockholders of the
Company. 
 Section 5.31.    Manipulation of Price. Neither the Company nor any
of its officers, directors or Affiliates has, and, to the Knowledge of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result in the

  
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stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result in, the
stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the
Securities, except as set forth on Section 5.15 of the Disclosure Schedule, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. Neither the Company nor any
of its officers, directors or Affiliates will during the term of this Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will during the term of this Agreement, take any of the actions referred to in the immediately
preceding sentence. 
 Section 5.32.    Securities Act. Except
as set forth in the Disclosure Schedule, the Company has complied and shall comply with all applicable federal and state securities laws in connection with the offer, issuance and sale of the Securities hereunder, including, without limitation, the
applicable requirements of the Securities Act. Each Registration Statement, upon filing with the Commission and at the time it is declared effective by the Commission, shall satisfy all of the requirements of the Securities Act to register the
resale of the Registrable Securities included therein by the Investor in accordance with the Registration Rights Agreement on a delayed or continuous basis under Rule 415 under the Securities Act at then-prevailing market prices, and not fixed
prices. The Company is not an issuer identified in Rule 144(i)(1)(i). On June 8, 2020, the Company filed current “Form 10 information” (as defined in Rule 144(i)(3)) with the Commission reflecting its status as an entity that is no
longer an issuer described in Rule 144(i)(1)(i). 
 Section 5.33.    Listing and
Maintenance Requirements; DTC Eligibility. As of the Closing Date, the Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to
have the effect of, terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration. As of the Closing Date, the Company has
not received notice from the Trading Market or any Eligible Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market or
Eligible Market, as applicable. As of the Closing Date, the Company is in compliance with all such listing and maintenance requirements. The Common Stock is eligible for participation in the DTC book entry system and has shares on deposit at DTC for
transfer electronically to third parties via DTC through its Deposit/Withdrawal at Custodian (“DWAC”) delivery system. The Company has not received notice from DTC to the effect that a suspension of, or restriction on,
accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated. 

Section 5.34.    Application of Takeover Protections. The Company and its Board of
Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under
the Company’s Charter or the laws of its state of incorporation that is or could become applicable to the Investor as a result of the Investor and the Company fulfilling their respective obligations or exercising their respective rights under
the Transaction Documents (as applicable), including, without limitation, as a result of the Company’s issuance of the Securities and the Investor’s ownership of the Securities. 

  
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 Section 5.35.    No Unlawful
Payments. Neither the Company nor any of its Subsidiaries nor any director or officer, nor, to the Knowledge of the Company, any employee, agent, representative or Affiliate of the Company, has taken within the past five years any action in
furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or
employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office) to influence official action or secure an improper advantage (to the extent acting on behalf of or providing services to the Company); and the Company and its Subsidiaries have conducted their businesses within the past five
years in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”) and other applicable anti-corruption laws, and have instituted and maintain policies and procedures designed to promote and
achieve compliance with such laws and with the representation and warranty contained herein. 

Section 5.36.    Money Laundering Laws. The operations of the Company are and have
been conducted at all times within the past five years in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the best Knowledge of the Company, threatened. 

Section 5.37.    OFAC. Neither the Company nor any of its Subsidiaries, nor any
director, officer, or employee thereof, nor, to the Company’s Knowledge, any agent, affiliate or representative of the Company, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions
administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Crimea, Cuba, Iran, North Korea and Syria). Neither the Company nor any of
its Subsidiaries will, directly or indirectly, use the proceeds from the sale of Shares under this Agreement, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person (a) to fund or
facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (b) in any other manner that will result in a violation of Sanctions
by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries have knowingly engaged in, or are now knowingly
engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

  
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 Section 5.38.    U.S. Real Property
Holding Corporation. For the tax year that includes the Closing Date, neither the Company nor any of its Subsidiaries is a U.S. real property holding corporation within the meaning of Section 897 of the Code. 

Section 5.39.    Information Technology; Compliance With Data Privacy Laws. 

(i) The Company and its subsidiaries use and have used any and all software and other materials distributed under a “free,”
“open source,” or similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) (“Open Source
Software”) in compliance with all material license terms applicable to such Open Source Software; and (ii) neither the Company nor any of its subsidiaries uses or distributes or has used or distributed any Open Source Software in
any manner that requires or has required (A) the Company or any of its subsidiaries to permit reverse engineering of any software code or other technology owned by the Company or any of its subsidiaries or (B) any software code or other
technology owned by the Company or any of its subsidiaries to be (1) disclosed or distributed in source code form, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge. 

(ii) Except as would not have a Material Adverse Effect on the Company and its Subsidiaries, taken as a whole, (i) the Company and each
of its Subsidiaries have complied and are presently in compliance with all internal and external privacy policies, contractual obligations, applicable laws, statutes, judgments, orders, rules and regulations of any court or arbitrator or other
governmental or regulatory authority and any other legal obligations, in each case, relating to the collection, use, transfer, import, export, storage, protection, disposal and disclosure by the Company or any of its subsidiaries of personal,
personally identifiable, household, sensitive, confidential or regulated data (“Data Security Obligations”, and such data, “Data”); (ii) the Company has not received any notification of or complaint
regarding non-compliance with any Data Security Obligation; and (iii) of there is no action, suit or proceeding by or before any court or governmental agency, authority or body pending or, to the
Knowledge of the Company, threatened alleging non-compliance with any Data Security Obligation. 

(iii) The Company and each of 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, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and each of its Subsidiaries has taken reasonable technical and
organizational measures to protect the IT Systems and Data used in connection with the operation of the Company’s and its Subsidiaries’ businesses. Without limiting the foregoing, the Company and its Subsidiaries have used reasonable
efforts to establish and maintain, and have established, maintained, implemented and complied with, reasonable information technology, information security, cyber security and data protection controls, policies and procedures, including oversight,
access controls, encryption, technological and physical 

  
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safeguards and business continuity/disaster recovery and security plans that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, use, access,
disablement, misappropriation or modification, or other compromise or misuse of or relating to any IT System or Data used in connection with the operation of the Company’s and its Subsidiaries’ businesses
(“Breach”). To the Company’s Knowledge, there has been no such material Breach, and the Company and its Subsidiaries have not been notified of and have no Knowledge of any event or condition that would reasonably be
expected to result in, any such material Breach. 
 Section 5.40.    No Disqualification
Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the
Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an
“Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for
a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. 

Section 5.41.    Accuracy of Certain Summaries and Statements. The statements in
the 2020 Form 10-K under the caption “Certain Relationships and Related Transactions, and Director Independence”, insofar as they purport to summarize the provisions of the documents referred to
therein, are accurate summaries in all material respects, except to the extent amended or supplemented by a filed Commission Document. 

Section 5.42.    Acknowledgement Regarding Investor’s
Acquisition of Securities. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement and the transactions
contemplated by the Transaction Documents. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions
contemplated by the Transaction Documents, and any advice given by the Investor or any of its representatives or agents in connection therewith is merely incidental to the Investor’s acquisition of the Securities. The Company further represents
to the Investor that the Company’s decision to enter into the Transaction Documents to which it is a party has been based solely on the independent evaluation of the transactions contemplated thereby by the Company and its representatives. The
Company acknowledges and agrees that the Investor has not made and does not make any representations or warranties with respect to the transactions contemplated by the Transaction Documents other than those specifically set forth in Article IV. 

ARTICLE VI 
 ADDITIONAL
COVENANTS 
 The Company covenants with the Investor, and the Investor covenants with the Company, as follows, which covenants of one
party are for the benefit of the other party, during the 

  
 24 

 
Investment Period (and with respect to the Company, for the period following the termination of this Agreement specified in Section 8.3 pursuant to and in accordance with Section 8.3):

 Section 6.1.    Securities Compliance. The Company shall notify the
Commission and the Trading Market, if and as applicable, in accordance with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take all necessary action, undertake all proceedings and
obtain all registrations, permits, consents and approvals for the legal and valid issuance of the Securities to the Investor in accordance with the terms of the Transaction Documents, as applicable. 

Section 6.2.    Reservation of Common Stock. The Company has available and the
Company shall reserve and keep available at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common Stock to enable the Company to timely effect (i) the
issuance and delivery of all Commitment Shares to be issued and delivered to the Investor under Section 10.1(ii) hereof within the time period specified in Section 10.1(ii) hereof, and (ii) the issuance, sale and delivery of all
Shares to be issued, sold and delivered in respect of each VWAP Purchase effected under this Agreement, in the case of this clause (ii), at least prior to the delivery by the Company to the Investor of the applicable VWAP Purchase Notice in
connection with such VWAP Purchase. Without limiting the generality of the foregoing, (a) as of the date of this Agreement, the Company has reserved, out of its authorized and unissued Common Stock, 155,703 shares of Common Stock solely for the
purpose of issuing all of the Commitment Shares under this Agreement to be issued and delivered to the Investor under Section 10.1(ii) hereof within the time period specified in Section 10.1(ii) hereof, and (b) as of the date of this
Agreement the Company has reserved, and as of the Commencement Date shall have continued to reserve, out of its authorized and unissued Common Stock, 17,857,142 shares of Common Stock solely for the purpose of effecting VWAP Purchases under this
Agreement. The number of shares of Common Stock so reserved for the purpose of effecting VWAP Purchases under this Agreement may be increased from time to time by the Company from and after the Commencement Date, and such number of reserved shares
may be reduced from and after the Commencement Date only by the number of Shares actually issued, sold and delivered to the Investor pursuant to any VWAP Purchase effected from and after the Commencement Date pursuant to this Agreement. 

Section 6.3.    Registration and Listing. During the Investment Period, the Company shall use its
commercially reasonable efforts to cause the Common Stock to continue to be registered as a class of securities under Sections 12(b) or 12(g) of the Exchange Act, and to comply with its reporting and filing obligations under the Exchange Act, and
shall not take any action or file any document (whether or not permitted by the Securities Act or the Exchange Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act or
Securities Act, except as permitted herein. The Company shall use its commercially reasonable efforts to continue the listing and trading of its Common Stock and the listing of the Securities purchased by the Investor hereunder on the Trading Market
and to comply with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of the Trading Market. The Company shall not take any action which would be reasonably expected to result in the delisting or
suspension of the Common Stock on the Trading Market. If the Company receives any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on
a date certain, the Company shall promptly (and in any case within 24 hours) notify the Investor of such fact in writing and shall use its commercially reasonable efforts to cause the Common Stock to be listed or quoted on another Eligible Market.

  
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 Section 6.4.    Compliance with Laws. 

(i)    During the Investment Period, the Company shall comply, and cause each Subsidiary (if any) to comply, with
applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, applicable state securities or “Blue Sky” laws, and applicable listing rules of the Trading Market or Eligible Market, except as would
not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Company to enter into and perform its obligations under this Agreement in any material respect or for Investor to conduct resales of Securities under the
Registration Statement in any material respect. Without limiting the foregoing, neither the Company, nor to the Knowledge of the Company, any of their respective directors, officers, agents, employees or any other Persons acting on their behalf
shall, in connection with the operation of the Company’s businesses, (1) use any corporate funds for unlawful contributions, payments, gifts or entertainment or to make any unlawful expenditures relating to political activity to government
officials, candidates or members of political parties or organizations, (2) pay, accept or receive any unlawful contributions, payments, expenditures or gifts, or (3) violate or operate in noncompliance with any export restrictions,
anti-boycott regulations, embargo regulations or other applicable domestic or foreign laws and regulations, including, without limitation, the FCPA and the Money Laundering Laws. 

(ii)    The Investor shall comply with all laws, rules, regulations and orders applicable to the performance by it of its
obligations under this Agreement and its investment in the Securities, except as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Investor to enter into and perform its obligations under this
Agreement in any material respect. Without limiting the foregoing, the Investor shall comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, and all applicable state securities or
“Blue Sky” laws. 
 Section 6.5.    Keeping of Purchase Records; Ongoing Due Diligence.

 (i)    During the Investment Period, the Investor and the Company shall each maintain records showing the
remaining Total Commitment and Aggregate Limit at any given time and the dates and VWAP Purchase Share Amounts for each VWAP Purchase effected by the Company and settled pursuant to this Agreement. 

(ii)    Subject to the requirements of Section 6.12, from time to time from and after the Closing Date, the Company
shall make available for inspection and review by the Investor during normal business hours and after reasonable notice, customary documentation reasonably requested by the Investor and/or its appointed counsel or advisors to conduct due diligence;
provided, however, that after the Closing Date, the Investor’s continued due diligence shall not be a condition precedent to the Company’s right to deliver to the Investor any VWAP Purchase Notice or the settlement thereof.

  
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 Section 6.6.    No Frustration; No Variable Rate Transactions
During VWAP Purchases; No Similar Transactions. 
 (i)    No Frustration. The Company shall
not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform its
obligations under the Transaction Documents to which it is a party, including, without limitation, the obligation of the Company to deliver the Securities to the Investor or its designee in accordance with the terms of this Agreement. For the
avoidance of doubt, nothing in this Section 6.6(i) shall in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2 (subject in all cases to Section 8.3). 

(ii)    No Dilutive Issuances Before Settlement of a Pending VWAP Purchase. None of the Company or
any Subsidiary shall issue, sell or grant any right, option or warrant to purchase, or issue, sell or grant any right to reprice (or reset the purchase price therefor), or otherwise dispose of for cash (or enter into any agreement, plan or
arrangement contemplating any of the foregoing, or seek to utilize any existing agreement, plan or arrangement to effect any of the foregoing), or announce any offer, issuance, sale or grant of any option or warrant to purchase or other disposition
for cash (or any agreement, plan or arrangement therefor), at any time during the period beginning on the Trading Day immediately preceding the applicable VWAP Purchase Exercise Date for a VWAP Purchase and ending on the applicable VWAP Purchase
Settlement Date for such VWAP Purchase (each such period for each VWAP Purchase, a “Reference Period”), any Common Stock or Common Stock Equivalents, at an effective price per share of Common Stock less than the applicable
VWAP Purchase Price per Share (such price, the “Reference Price”) to be to be paid by the Investor in such VWAP Purchase effected during such Reference Period (each such issuance, a “Dilutive
Issuance”), other than an Exempt Issuance (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset
provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per
share of Common Stock that is less than the applicable Reference Price, such issuance shall be deemed to have occurred for less than the applicable Reference Price on such date of the Dilutive Issuance at such effective price). If the Company enters
into a Variable Rate Transaction during the Reference Period involving the issuance of Common Stock Equivalents having a conversion price, exercise price, exchange rate or other price that is based upon and/or varies with the trading prices of or
quotations for the Common Stock at any time after the initial issuance of such Common Stock Equivalents, the Company shall be deemed to have issued, as of the date the Common Stock Equivalents were issued (whether or not such Common Stock
Equivalents are then immediately exercisable or convertible), the Common Stock underlying such Common Stock Equivalents at the lowest possible conversion or exercise price at which such Common Stock Equivalents may be converted or exercised for
Common Stock (and if such Common Stock Equivalents include a “floor price” representing the lowest conversion or exercise price at which such Common Stock Equivalents may be converted or exercised, the Company shall be deemed to have
issued the Common Stock underlying such Common Stock Equivalents at a price equal to such floor price). The Investor shall be entitled to seek injunctive relief against the Company, and any Subsidiary (as applicable)

  
 27 

 
to preclude any such Dilutive Issuance that does not constitute an Exempt Issuance, which remedy shall be in addition to any right to collect damages, without the necessity of showing economic
loss and without any bond or other security being required. 
 (iii)    No Other Similar
Transactions. From and after the date of this Agreement until the earliest of (i) the date of automatic termination of this Agreement pursuant to Section 8.1, (ii) the effective date of termination of this Agreement by the
mutual written consent of the parties hereto pursuant to Section 8.2, and (iii) the effective date of termination of this Agreement by the Investor pursuant to Section 8.2, neither the Company nor any Subsidiary shall issue, sell or
grant any, or otherwise dispose of or issue (or enter into any agreement, plan or arrangement contemplating any of the foregoing, or seek to utilize any existing agreement, plan or arrangement to effect any of the foregoing), or announce any offer,
issuance, sale or grant or other disposition or issuance (or any agreement, plan or arrangement therefor) any Common Stock or Common Stock Equivalents (or a combination of units thereof) in any “equity line of credit” or other
substantially similar continuous offering in which the Company may offer, issue or sell Common Stock or Common Stock Equivalents (or any combination of units thereof) at a future determined price, other than (a) Securities issued to the
Investor pursuant to this Agreement and any of the other Transaction Documents, or pursuant to any other agreement entered into by the Company and the Investor at any time after the date of termination of this Agreement and (b) any securities
of the Company issued upon the exercise or exchange of or conversion of any shares of Common Stock or Common Stock Equivalents held by the Investor or any of its Affiliates at any time. 

Section 6.7.    Reserved. 

Section 6.8.    Fundamental Transaction. The Company shall not consummate any
Fundamental Transaction during the Reference Period of any VWAP Purchase. 

Section 6.9.    Selling Restrictions. The Investor agrees that beginning on
the date of this Agreement and ending on the date of termination of this Agreement as provided in Article VIII, neither the Investor, nor any of its Affiliates, agents or representatives, shall in any manner whatsoever enter into or effect, directly
or indirectly, any (i) Short Sales of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock. In addition to the foregoing, in connection with any resale of Securities, the
Investor shall comply in all respects with all applicable laws, rules, regulations and orders, including, without limitation, the requirements of the Securities Act and the Exchange Act. 

Section 6.10.    Effective Registration Statement. During the Investment Period,
the Company shall use its commercially reasonable efforts to maintain the continuous effectiveness of the Initial Registration Statement and each New Registration Statement filed with the Commission under the Securities Act for the applicable
Registration Period pursuant to and in accordance with the Registration Rights Agreement. 

Section 6.11.    Blue Sky. The Company shall take such action, if any, as is
necessary by the Company in order to obtain an exemption for or to qualify the Securities for sale by the Company to the Investor pursuant to the Transaction Documents, and at the request of the Investor, the subsequent resale of Registrable
Securities by the Investor, in each case, under applicable state 

  
 28 

 
securities or “Blue Sky” laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date; provided, however, that
the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.11, (y) subject itself to
general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. 

Section 6.12.    Non-Public Information.
Neither the Company or any of its Subsidiaries, nor any of their respective directors, officers, employees or agents shall disclose any material non-public information about the Company to the Investor, unless
a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD under the Exchange Act. In the event of a breach of the foregoing covenant by the Company or any of its Subsidiaries, or any of their
respective directors, officers, employees and agents (as determined in the reasonable good faith judgment of the Investor), if the Investor is holding any Securities at the time of the disclosure of such material
non-public information, the Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material,
non-public information without the prior approval by the Company; provided the Investor shall have first promptly provided notice to the Company that it believes it has received information that constitutes
material, non-public information, the Company shall have at least twenty-four (24) hours from receipt of such notice to either publicly disclose such material,
non-public information or to demonstrate to the Investor that such information does not constitute material, non-public information, prior to any such disclosure by the
Investor, and the Company shall have failed to publicly disclose such material, non-public information or to demonstrate to the Investor that such information does not constitute material, non-public information within such time period. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of their respective directors, officers, employees, stockholders or agents,
for any such disclosure. 
 Section 6.13.    Broker/Dealer. The Investor shall
use one or more broker-dealers to effectuate all sales, if any, of the Shares that it may purchase or otherwise acquire from the Company pursuant to the Transaction Documents, as applicable, which (or whom) shall be unaffiliated with the Investor
and not then currently engaged or used by the Company, and a DTC participant (collectively, the “Broker-Dealer”). The Investor shall, from time to time, provide the Company and its transfer agent with all information
regarding the Broker-Dealer reasonably requested by the Company. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer, which shall not exceed customary brokerage fees and commissions and shall be responsible for
designating only a DTC participant eligible to receive DWAC Shares. 
 Section 6.14.    Disclosure
Schedule. 
 (i)    The Company may, from time to time, update the Disclosure Schedule as may be required to
satisfy the conditions set forth in Section 7.2(i) and Section 7.3(i) (to the extent such condition set forth in Section 7.3(i) relates to the condition in Section 7.2(i) as of a specific VWAP Purchase Exercise Date). For
purposes of this Section 6.14, any disclosure made in a schedule to the Compliance Certificate shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no update to the Disclosure
Schedule 

  
 29 

 
pursuant to this Section 6.14 shall cure any breach of a representation or warranty of the Company contained in this Agreement and made prior to the update and shall not affect any of the
Investor’s rights or remedies with respect thereto. 
 (ii)    Notwithstanding anything to the contrary contained
in the Disclosure Schedule or in this Agreement, the information and disclosure contained in any Schedule of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule of the Disclosure Schedule as
though fully set forth in such Schedule for which applicability of such information and disclosure is readily apparent on its face. The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed to mean that
such information is required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such information and the thresholds (whether based on quantity, qualitative characterization, dollar amounts or otherwise) set forth
herein shall not be used as a basis for interpreting the terms “material” or “Material Adverse Effect” or other similar terms in this Agreement. 

Section 6.15.    Delivery of Bring Down Opinions and Compliance Certificates Upon
Occurrence of Certain Events. Within three (3) Trading Days immediately following (i) the end of each PEA Period, if the Company is required under the Securities Act to file with the Commission (A) a post-effective amendment
to the Initial Registration Statement required to be filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement, (B) a New Registration Statement required to be filed by the Company with the
Commission pursuant to Section 2(c) of the Registration Rights Agreement, or (C) a post-effective amendment to a New Registration Statement required to be filed by the Company with the Commission pursuant to Section 2(c) of the
Registration Rights Agreement, in each case with respect to a fiscal year ending after the Commencement Date, to register the resale of Securities by the Investor under the Securities Act pursuant to this Agreement and the Registration Rights
Agreement, and (ii) the date the Company files with the Commission (A) a Prospectus Supplement to the Prospectus contained in the Initial Registration Statement or any New Registration Statement under the Securities Act, (B) an annual
report on Form 10-K under the Exchange Act with respect to a fiscal year ending after the Commencement Date, (C) an amendment on Form 10-K/A to an annual report on
Form 10-K under the Exchange Act with respect to a fiscal year ending after the Commencement Date, which contains amended material financial information (or a restatement of material financial information) or
an amendment to other material information contained in a previously filed Form 10-K, and (D) a Commission Document under the Exchange Act (other than those referred to in clauses (ii)(A) and (ii)(B) of
this Section 6.15), which contains amended material financial information (or a restatement of material financial information) or an amendment to other material information contained or incorporated by reference in the Initial Registration
Statement, any New Registration Statement, or the Prospectus or any Prospectus Supplement contained in the Initial Registration Statement or any New Registration Statement (it being hereby acknowledged and agreed that the filing by the Company with
the Commission of a quarterly report on Form 10-Q that includes only updated financial information as of the end of the Company’s most recent fiscal quarter shall not, in and of itself, constitute an
“amendment” or “restatement” for purposes of clause (ii) of this Section 6.15), in each case of this clause (ii) if the Company is not also then required under the Securities Act to file a post-effective amendment
to the Initial Registration Statement, any New Registration Statement or a post-effective amendment 

  
 30 

 
to any New Registration Statement, in each case with respect to a fiscal year ending after the Commencement Date, to register the resale of Securities by the Investor under the Securities Act
pursuant to this Agreement and the Registration Rights Agreement, and in any case of this clause (ii), not more than once per calendar quarter, the Company shall (I) deliver to the Investor a Compliance Certificate, dated such date, and
(II) cause to be furnished to the Investor an opinion “bring down” from outside counsel to the Company substantially in the form mutually agreed to by the Company and the Investor prior to the date of this Agreement, modified, as
necessary, to relate to such Registration Statement or post-effective amendment, or the Prospectus contained therein as then amended or supplemented by such Prospectus Supplement, as applicable (each such opinion, a “Bring Down
Opinion”). 
 ARTICLE VII 

CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND 

PURCHASE OF THE SHARES 

Section 7.1.    Conditions Precedent to Closing. The Closing is subject to the
satisfaction of each of the conditions set forth in this Section 7.1 on the Closing Date. 
 (i)    Accuracy
of the Investor’s Representations and Warranties. The representations and warranties of the Investor contained in this Agreement (a) that are not qualified by “materiality” shall be true and correct in all material
respects as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and
(b) that are qualified by “materiality” shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be
true and correct as of such other date. 
 (ii)    Accuracy of the Company’s Representations and
Warranties. The representations and warranties of the Company contained in this Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall be true and correct in all material respects as
of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and (b) that are
qualified by “materiality” or “Material Adverse Effect” shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and
warranties shall be true and correct as of such other date. 
 (iii)    Payment of Investor Expense Reimbursement
and Issuance of Commitment Shares. On or prior to the Closing Date, the Company shall have paid by wire transfer of immediately available funds to an account designated by the Investor on or prior to the Closing Date, the Investor
Expense Reimbursement in accordance with Section 10.1(i), all of which Investor Expense Reimbursement shall be fully earned and non-refundable as of the Closing Date, regardless of whether any VWAP
Purchases are made or settled hereunder or any subsequent termination of this Agreement. On the Closing Date, the Company shall deliver irrevocable instructions to its transfer agent to issue to the Investor, not later than 4:00 p.m. (New York City
time) on the Trading Day immediately following the Closing Date, a certificate or book-entry 

  
 31 

 
statement representing the Commitment Shares in the name of the Investor or its designee (in which case such designee name shall have been provided to the Company prior to the Closing Date), in
consideration for the Investor’s execution and delivery of this Agreement. If the Commitment Shares are delivered (a) in certificated form, the certificates shall be delivered to the Investor by overnight courier at its address set forth
in Section 10.4 hereof or (b) in book-entry form, a book-entry statement shall be promptly delivered by email or such other method of delivery as is customary for the Company’s transfer agent. For the avoidance of doubt, all of the
Commitment Shares shall be fully earned as of the Closing Date regardless of whether any VWAP Purchases are made hereunder or any subsequent termination of this Agreement pursuant to the terms of this Agreement. 

(iv)    Closing Deliverables. At the Closing, counterpart signature pages of this Agreement and the
Registration Rights Agreement executed by each of the parties hereto shall be delivered as provided in Section 2.2. Simultaneously with the execution and delivery of this Agreement and the Registration Rights Agreement, the Investor’s
counsel shall have received (a) the opinions of outside counsel to the Company, dated the Closing Date, in the forms mutually agreed to by the Company and the Investor prior to the date of this Agreement, (b) a copy of the irrevocable
instructions to the Company’s transfer agent regarding the issuance to the Investor or its designee of the certificate(s) or book-entry statement(s) representing the Commitment Shares pursuant to and in accordance with Section 10.1(ii)
hereof, and (c) the closing certificate from the Company, dated the Closing Date, in the form of Exhibit B hereto. 

Section 7.2.    Conditions Precedent to Commencement. The right of the Company to
commence delivering VWAP Purchase Notices under this Agreement, and the obligation of the Investor to accept VWAP Purchase Notices delivered to the Investor by the Company under this Agreement, are subject to the initial satisfaction, at
Commencement, of each of the conditions set forth in this Section 7.2. 
 (i)    Accuracy of the
Company’s Representations and Warranties. The representations and warranties of the Company contained in this Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall have been
true and correct in all material respects when made and shall be true and correct in all material respects as of the Commencement Date with the same force and effect as if made on such date, except to the extent such representations and warranties
are as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect”
shall have been true and correct when made and shall be true and correct as of the Commencement Date with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another date, in which
case, such representations and warranties shall be true and correct as of such other date. 
 (ii)    Performance
of the Company. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and the Registration Rights Agreement to be performed, satisfied or
complied with by the Company at or prior to the Commencement. The Company shall deliver to the Investor on the Commencement Date the compliance certificate substantially in the form attached hereto as Exhibit C (the “Compliance
Certificate”). 

  
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 (iii)    Initial Registration Statement Effective. The
Initial Registration Statement covering the resale by the Investor of the Registrable Securities included therein required to be filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement shall have
been declared effective under the Securities Act by the Commission, and the Investor shall be permitted to utilize the Prospectus therein to resell (a) all of the Commitment Shares and (b) all of the Shares included in such Prospectus.

 (iv)    No Material Notices. None of the following events shall have occurred and be continuing:
(a) receipt of any request by the Commission or any other federal or state governmental authority for any additional information relating to the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement
thereto, or for any amendment of or supplement to the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Initial Registration Statement or prohibiting or suspending the use of the Prospectus contained therein or any Prospectus Supplement thereto, or of the suspension of qualification or exemption
from qualification of the Securities for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; or (c) the occurrence of any event or the existence of any condition or state of
facts, which makes any statement of a material fact made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes to the
statements then made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the
statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or a supplement
to the Prospectus contained therein or any Prospectus Supplement thereto to comply with the Securities Act or any other law. The Company shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the
suspension of the effectiveness of the Initial Registration Statement or the prohibition or suspension of the use of the Prospectus contained therein or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by
the Investor. 
 (v)    Other Commission Filings. The Current Report and the Form D shall have been filed
with the Commission as required pursuant to Section 2.3. The final Prospectus included in the Initial Registration Statement shall have been filed with the Commission prior to Commencement in accordance with Section 2.3 and the
Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act,
including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, prior to Commencement shall have been filed with the Commission. 

  
 33 

 (vi)    No Suspension of Trading in or Notice of Delisting of
Common Stock. Trading in the Common Stock shall not have been suspended by the Commission, the Trading Market or the FINRA (except for any suspension that is terminated prior to the Commencement Date), the Company shall not have received any
final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain (unless, prior to such date certain, the Common Stock is listed or
quoted on any other Eligible Market), nor shall there have been imposed any suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock that
is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the
Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose any such suspension or restriction). 

(vii)    Compliance with Laws. The Company shall have complied with all applicable federal, state and local
governmental laws, rules, regulations and ordinances in connection with the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby
and thereby, including, without limitation, the Company shall have obtained all permits and qualifications required by any applicable state securities or “Blue Sky” laws for the offer and sale of the Securities by the Company to the
Investor and the subsequent resale of the Registrable Securities by the Investor (or shall have the availability of exemptions therefrom). 

(viii)    No Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been
enacted, entered, promulgated, threatened or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any of the transactions contemplated by the
Transaction Documents. 
 (ix)    No Proceedings or Litigation. No action, suit or proceeding before any
arbitrator or any court or governmental authority shall have been commenced, and no inquiry or investigation by any governmental authority shall have been commenced, against the Company or any Subsidiary, or any of the officers, directors or
affiliates of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with such transactions. 

(x)    Listing of Securities. All of the Securities that have been and may be issued pursuant to this
Agreement shall have been approved for listing or quotation on the Trading Market or another Eligible Market as of the Commencement Date, subject only to notice of issuance. 

(xi)    No Material Adverse Effect. No condition, occurrence, state of facts or event constituting a
Material Adverse Effect shall have occurred and be continuing. 

  
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 (xii)    No Bankruptcy Proceedings. No Person shall
have commenced a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law. The Company shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a) commenced a voluntary case, (b) consented to
the entry of an order for relief against it in an involuntary case, (c) consented to the appointment of a Custodian of the Company or for all or substantially all of its property, or (d) made a general assignment for the benefit of its
creditors. A court of competent jurisdiction shall not have entered an order or decree under any Bankruptcy Law that (I) is for relief against the Company in an involuntary case, (II) appoints a Custodian of the Company or for all or
substantially all of its property, or (III) orders the liquidation of the Company or any of its Subsidiaries. 

(xiii)    Commitment Shares Issued as DWAC Shares. The Company shall have caused the Company’s transfer
agent to credit the Investor’s or its designee’s account at DTC as DWAC Shares such number of shares of Common Stock equal to the number of Commitment Shares issued to the Investor pursuant to Section 10.1(ii) hereof, in accordance
with Section 10.1(iv) hereof. 
 (xiv)    Delivery of Commencement Irrevocable Transfer Agent Instructions
and Notice of Effectiveness. The Commencement Irrevocable Transfer Agent Instructions shall have been executed by the Company and delivered to acknowledged in writing by the Company’s transfer agent, and the Notice of Effectiveness
relating to the Initial Registration Statement shall have been executed by the Company’s outside counsel and delivered to the Company’s transfer agent, in each case directing the Company’s transfer agent to issue to the Investor or
its designated Broker-Dealer all of the Commitment Shares and Shares included in the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement. 

(xv)    Reservation of Shares. As of the Commencement Date, the Company shall have reserved out of its
authorized and unissued Common Stock, 17,857,142 shares of Common Stock solely for the purpose of effecting VWAP Purchases under this Agreement. 

(xvi)    Opinions and Bring-Down Opinions of Company Counsel. On the Commencement Date, the Investor shall
have received the opinions, bring-down opinions and negative assurances from outside counsel to the Company, dated the Commencement Date, in the forms mutually agreed to by the Company and the Investor prior to the date of this Agreement. 

Section 7.3.    Conditions Precedent to VWAP Purchases after Commencement Date.
The Investor’s irrevocable obligation to purchase Shares pursuant to a VWAP Purchase Notice timely delivered by the Company to the Investor in accordance with this Agreement after the Commencement Date is subject to the satisfaction, at or
prior to the time such VWAP Purchase Notice is received by the Investor on the applicable VWAP Purchase Exercise Date, of each of the conditions set forth in this Section 7.3 (each such time, a “VWAP Purchase Condition Satisfaction
Time”). 
 (i)    Satisfaction of Certain Prior Conditions. Each of the conditions set forth
in subsections (i), (ii), and (vii) through (xiii) set forth in Section 7.2 shall be satisfied at each 

  
 35 

 
VWAP Purchase Condition Satisfaction Time after the Commencement Date (with the terms “Commencement” and “Commencement Date” in the conditions set forth in subsections
(i) and (ii) of Section 7.2 replaced with “each VWAP Purchase Condition Satisfaction Time”); provided, however, that the Company shall not be required to deliver the Compliance Certificate after the Commencement
Date, except as provided in Section 6.15 and Section 7.3(x). 
 (ii)    Initial Registration Statement
Effective. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement, and
any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement Date and prior to the applicable VWAP Purchase Exercise Date pursuant to the Registration Rights Agreement, in each case shall have
been declared effective under the Securities Act by the Commission and shall remain effective at the applicable VWAP Purchase Condition Satisfaction Time, and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus
Supplement thereto, to resell (a) all of the Commitment Shares, (b) all of the Shares included in the Initial Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder
pursuant to all VWAP Purchase Notices delivered by the Company to the Investor prior to such applicable VWAP Purchase Exercise Date, and (c) all of the Shares included in the Initial Registration Statement, and any post-effective amendment
thereto, that are issuable pursuant to the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder on such applicable VWAP Purchase Condition Satisfaction Time. 

(iii)    Any Required New Registration Statement Effective. Any New Registration Statement covering the
resale by the Investor of the Registrable Securities included therein, and any post-effective amendment thereto, required to be filed by the Company with the Commission pursuant to the Registration Rights Agreement after the Commencement Date and
prior to the applicable VWAP Purchase Condition Satisfaction Time, in each case shall have been declared effective under the Securities Act by the Commission and shall remain effective at the applicable VWAP Purchase Condition Satisfaction Time, and
the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all of the Commitment Shares (if any) included in such New Registration Statement, and any post-effective amendment thereto,
(b) all of the Shares included in such New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant to all VWAP Purchase Notices delivered by the Company to the Investor
prior to such applicable VWAP Purchase Condition Satisfaction Time, and (c) all of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable pursuant to the applicable VWAP Purchase
Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder. 

(iv)    Delivery of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness. With
respect to any post-effective amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement, in each case declared effective by the Commission after the Commencement
Date, the Company shall have delivered or caused to be delivered to its transfer agent (a) irrevocable instructions in the form substantially similar to the Commencement 

  
 36 

 
Irrevocable Transfer Agent Instructions executed by the Company and acknowledged in writing by the Company’s transfer agent and (b) the Notice of Effectiveness, in each case modified as
necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the
Registration Rights Agreement. 
 (v)    No Material Notices. None of the following events shall have
occurred and be continuing: (a) receipt of any request by the Commission or any other federal or state governmental authority for any additional information relating to the Initial Registration Statement or any post-effective amendment thereto,
any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration Statement or any
post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or
prohibiting or suspending the use of the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of the Securities for offering or sale in any
jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; or (c) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the
Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto untrue or which
requires the making of any additions to or changes to the statements then made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus
contained in any of the foregoing or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of the
Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or any post-effective amendment thereto, any New Registration
Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto to comply with the Securities Act or any other law (other than the transactions contemplated by the
applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder and the settlement thereof). The Company shall have no Knowledge of any event that could reasonably be expected to have
the effect of causing the suspension of the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the prohibition or suspension of the
use of the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by the Investor. 

(vi)    Other Commission Filings. The final Prospectus included in any post-effective amendment to the
Initial Registration Statement, and any Prospectus Supplement thereto, 

  
 37 

 
required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase
Exercise Date, shall have been filed with the Commission in accordance with Section 2.3 and the Registration Rights Agreement. The final Prospectus included in any New Registration Statement and in any post-effective amendment thereto, and any
Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Exercise Date, shall have
been filed with the Commission in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the
Commission pursuant to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, after the Commencement Date and prior to the applicable VWAP
Purchase Exercise Date, shall have been filed with the Commission and, if any Registrable Securities are covered by a Registration Statement on Form S-3, such filings shall have been made within the applicable
time period prescribed for such filing under the Exchange Act. 
 (vii)    No Suspension of Trading in or Notice
of Delisting of Common Stock. Trading in the Common Stock shall not have been suspended by the Commission, the Trading Market or the FINRA (except for any suspension of trading that is terminated prior to the applicable VWAP Purchase
Exercise Date), the Company shall not have received any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain (unless,
prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or
book-entry services by DTC with respect to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock,
electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to
impose any such suspension or restriction). 
 (viii)    Certain Limitations. The issuance and sale
of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall not (a) exceed the applicable VWAP Purchase Maximum Amount, (b) cause the Aggregate Limit or the Beneficial Ownership Limitation to be exceeded, or (c) cause
the Exchange Cap (to the extent applicable under Section 3.4) to be exceeded, unless in the case of this clause (c), unless the Company’s stockholders have theretofore approved the issuance of Common Stock under this Agreement in excess of
the Exchange Cap in accordance with the applicable rules of the Trading Market. 
 (ix)    Shares Authorized and
Delivered. All of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall have been duly authorized by all necessary corporate action of the Company. The Company shall have delivered all Shares relating to all prior
VWAP Purchase Notices (as applicable) as DWAC Shares. 

  
 38 

 (x)    Opinions and Bring-Down Opinions of Company
Counsel. The Investor shall have received (a) all Bring Down Opinions from the Company’s outside counsel for which the Company was obligated to instruct its outside counsel to deliver to the Investor prior to the applicable VWAP
Purchase Exercise Date and (b) all Compliance Certificates from the Company that the Company was obligated to deliver to the Investor prior to the applicable VWAP Purchase Exercise Date, in each case in accordance with Section 6.15. 

ARTICLE VIII 

TERMINATION 

Section 8.1.    Automatic Termination. Unless earlier terminated as provided
hereunder, this Agreement shall terminate automatically on the earliest to occur of (i) the first day of the month next following the 36-month anniversary of the Closing Date, (ii) the date on which
the Investor shall have purchased the Total Commitment worth of Shares pursuant to this Agreement, (iii) the date on which the Common Stock shall have failed to be listed or quoted on the Trading Market or any other Eligible Market, and
(iv) the date on which, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company which is not discharged within 30 days, a Custodian is appointed
for the Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its creditors. 

Section 8.2.    Other Termination. Subject to Section 8.3, the Company may
terminate this Agreement after the Commencement Date effective upon one (1) Trading Day’s prior written notice to the Investor in accordance with Section 10.4; provided, however, that (i) the Company shall have
issued all Commitment Shares to the Investor and paid all fees and amounts to the Investor’s counsel required to be paid pursuant to Section 10.1 of this Agreement prior to such termination, and (ii) prior to issuing any press
release, or making any public statement or announcement, with respect to such termination, the Company shall consult with the Investor and its counsel on the form and substance of such press release or other disclosure. Subject to Section 8.3,
this Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent. Subject to Section 8.3, the Investor shall
have the right to terminate this Agreement effective upon ten (10) Trading Days’ prior written notice to the Company in accordance with Section 10.4, if: (a) any condition, occurrence, state of facts or event constituting a
Material Adverse Effect has occurred and is continuing; (b) a Fundamental Transaction shall have occurred; (c) the Initial Registration Statement and any New Registration Statement is not filed by the applicable Filing Deadline (as defined
in the Registration Rights Agreement) therefor; (d) while a Registration Statement, or any post-effective amendment thereto, is required to be maintained effective pursuant to the terms of the Registration Rights Agreement and the Investor
holds any Registrable Securities, the effectiveness of such Registration Statement, or any post-effective amendment thereto, lapses for any reason (including, without limitation, the issuance of a stop order by the Commission) or such Registration
Statement or any post-effective amendment thereto, the Prospectus contained therein or any Prospectus Supplement thereto otherwise becomes unavailable to the Investor for the resale of all of the Registrable Securities included therein in accordance
with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of 30 consecutive Trading Days or for more than an aggregate of 120 

  
 39 

 
Trading Days in any 365-day period, other than due to acts of the Investor; or (e) trading in the Common Stock on the Trading Market (or if the Common
Stock is then listed on an Eligible Market, trading in the Common Stock on such Eligible Market) shall have been suspended and such suspension continues for a period of three (3) consecutive Trading Days. Unless notification thereof is required
elsewhere in this Agreement (in which case such notification shall be provided in accordance with such other provision), the Company shall promptly (but in no event later than 24 hours) notify the Investor (and, if required under applicable law,
including, without limitation, Regulation FD promulgated by the Commission, or under the applicable rules and regulations of the Trading Market, the Company shall publicly disclose such information in accordance with Regulation FD and the applicable
rules and regulations of the Trading Market) upon becoming aware of any of the events set forth in the immediately preceding sentence. 

Section 8.3.    Effect of Termination. In the event of termination by the Company
or the Investor (other than by mutual termination) pursuant to Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the transactions contemplated by this Agreement shall be
terminated without further action by either party. If this Agreement is terminated as provided in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i) the provisions of
Article V (Representations, Warranties and Covenants of the Company), Article IX (Indemnification), Article X (Miscellaneous) and this Article VIII (Termination) shall remain in full force and effect indefinitely notwithstanding such termination,
and, (ii) so long as the Investor owns any Securities, the covenants and agreements of the Company contained in Article VI (Additional Covenants) shall remain in full force and notwithstanding such termination for a period of six
(6) months following such termination. Notwithstanding anything in this Agreement to the contrary, no termination of this Agreement by any party shall (i) become effective prior to the first Trading Day immediately following the settlement
date related to any pending VWAP Purchase Notice that has not been fully settled in accordance with the terms and conditions of this Agreement (it being hereby acknowledged and agreed that no termination of this Agreement shall limit, alter, modify,
change or otherwise affect any of the Company’s or the Investor’s rights or obligations under the Transaction Documents with respect to any pending VWAP Purchase, and that the parties shall fully perform their respective obligations with
respect to any such pending VWAP Purchase under the Transaction Documents, provided all of the conditions to the settlement thereof set forth in Article VII are timely satisfied), (ii) limit, alter, modify, change or otherwise affect the
Company’s or the Investor’s rights or obligations under the Registration Rights Agreement, all of which shall survive any such termination, (iii) affect the Investor Expenses Reimbursement payable to the Investor, all of which fees
and expenses shall be non-refundable when paid on the Closing Date pursuant to Section 10.1(i), regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this
Agreement, or (iv) affect any Commitment Shares previously issued or delivered, or any rights of any holder thereof, it being hereby acknowledged and agreed that all of the Commitment Shares shall be fully earned as of the Closing Date,
regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement. Nothing in this Section 8.3 shall be deemed to release the Company or the Investor from any liability for any breach or
default under this Agreement or any of the other Transaction Documents to which it is a party, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under the Transaction
Documents to which it is a party. 

  
 40 

 ARTICLE IX 

INDEMNIFICATION 

Section 9.1.    Indemnification of Investor. In consideration of the
Investor’s execution and delivery of this Agreement and acquiring the Securities hereunder and in addition to all of the Company’s other obligations under the Transaction Documents to which it is a party, subject to the provisions of this
Section 9.1, the Company shall indemnify and hold harmless the Investor, each of its directors, officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding the lack of such title or any other title), each Person, if any, who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act),
and the respective directors, officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such
title or any other title) of such controlling Persons (each, an “Investor Party”), from and against all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts
paid in settlement, court costs, reasonable attorneys’ fees and costs of defense and investigation) (collectively, “Damages”) that any Investor Party may suffer or incur as a result of or relating to (a) any breach
of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents to which it is a party or (b) any action, suit, claim or proceeding (including for these purposes a
derivative action brought on behalf of the Company) instituted against such Investor Party arising out of or resulting from the execution, delivery, performance or enforcement of the Transaction Documents, other than claims for indemnification
within the scope of Section 6 of the Registration Rights Agreement; provided, however, that (x) the foregoing indemnity shall not apply to any Damages to the extent, but only to the extent, that such Damages resulted directly
and primarily from a breach of any of the Investor’s representations, warranties, covenants or agreements contained in this Agreement or the Registration Rights Agreement, and (y) the Company shall not be liable under subsection
(b) of this Section 9.1 to the extent, but only to the extent, that a court of competent jurisdiction shall have determined by a final judgment (from which no further appeals are available) that such Damages resulted directly and primarily
from any acts or failures to act, undertaken or omitted to be taken by such Investor Party through its fraud, bad faith, gross negligence, or willful or reckless misconduct. 

The Company shall reimburse any Investor Party promptly upon demand (with accompanying presentation of documentary evidence) for all legal and
other costs and expenses reasonably incurred by such Investor Party in connection with (i) any action, suit, claim or proceeding, whether at law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents
or (ii) any other any action, suit, claim or proceeding, whether at law or in equity, with respect to which it is entitled to indemnification under this Section 9.1; provided that the Investor shall promptly reimburse the Company
for all such legal and other costs and expenses to the extent a court of competent jurisdiction determines that any Investor Party was not entitled to such reimbursement. 

An Investor Party’s right to indemnification or other remedies based upon the representations, warranties, covenants and agreements of
the Company set forth in the Transaction 

  
 41 

 
Documents shall not in any way be affected by any investigation or knowledge of such Investor Party. Such representations, warranties, covenants and agreements shall not be affected or deemed
waived by reason of the fact that an Investor Party knew or should have known that any representation or warranty might be inaccurate or that the Company failed to comply with any agreement or covenant. Any investigation by such Investor Party shall
be for its own protection only and shall not affect or impair any right or remedy hereunder. 
 To the extent that the foregoing
undertakings by the Company set forth in this Section 9.1 may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Damages which is permissible under applicable law.

 Section 9.2.    Indemnification Procedures. Promptly after an Investor Party
receives notice of a claim or the commencement of an action for which the Investor Party intends to seek indemnification under Section 9.1, the Investor Party will notify the Company in writing of the claim or commencement of the action, suit
or proceeding; provided, however, that failure to notify the Company will not relieve the Company from liability under Section 9.1, except to the extent it has been materially prejudiced by the failure to give notice. The Company
may (but will not be required to) assume the defense against the claim, action, suit or proceeding with counsel satisfactory to it. After the Company notifies the Investor Party that the Company wishes to assume the defense of a claim, action, suit
or proceeding, the Company will not be liable for any further legal or other expenses incurred by the Investor Party in connection with the defense against the claim, action, suit or proceeding except that if, in the opinion of counsel to the
Investor Party, it would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and such Investor Party. In such event, the Company will pay the reasonable fees and expenses of
no more than one separate counsel for all such Investor Parties promptly as such fees and expenses are incurred. Each Investor Party, as a condition to receiving indemnification as provided in Section 9.1, will cooperate in all reasonable
respects with the Company in the defense of any action or claim as to which indemnification is sought. The Company will not be liable for any settlement of any action effected without its prior written consent, which consent shall not be
unreasonably withheld, delayed or conditioned. The Company will not, without the prior written consent of the Investor Party, effect any settlement of a pending or threatened action with respect to which an Investor Party is, or is informed that it
may be, made a party and for which it would be entitled to indemnification, unless the settlement includes an unconditional release of the Investor Party from all liability and claims which are the subject matter of the pending or threatened action.

 The remedies provided for in this Article IX are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Investor Party at law or in equity. 

  
 42 

 ARTICLE X 

MISCELLANEOUS 

Section 10.1.    Certain Fees and Expenses; Commitment Shares; Commencement Irrevocable Transfer Agent
Instructions.  
 (i)    Certain Fees and Expenses. Each party shall bear its own fees and
expenses related to the transactions contemplated by this Agreement; provided, however, that the Company shall pay, on or prior to the Closing Date, by wire transfer of immediately available funds to an account designated by the
Investor on or prior to the date of this Agreement, an aggregate amount up to $50,000 as reimbursement for the Investor’s reasonable and documented out-of-pocket
expenses (including the Investor’s legal fees and expenses), in connection with the transaction contemplated by the Transaction Documents (the “Investor Expense Reimbursement”). For the avoidance of doubt, the Investor
Expense Reimbursement shall be non-refundable when paid on the Closing Date, regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement. The Company
shall pay all U.S. federal, state and local stamp and other similar transfer and other taxes and duties levied in connection with issuance of the Securities pursuant hereto. 

(ii)    Commitment Shares. In consideration for the Investor’s execution and delivery of this
Agreement, concurrently with the execution and delivery of this Agreement on the Closing Date, the Company shall deliver irrevocable instructions to its transfer agent to issue to the Investor, not later than 4:00 p.m. (New York City time) on the
Trading Day immediately following the Closing Date, one or more certificate(s) or book-entry statement(s) representing the Commitment Shares in the name of the Investor or its designee (in which case such designee name shall have been provided to
the Company prior to the Closing Date). Such certificate or book-entry statement shall be delivered to the Investor in the manner specified in Section 7.1(iii). For the avoidance of doubt, all of the Commitment Shares shall be fully earned as
of the Closing Date regardless of whether any VWAP Purchases are issued by the Company or settled hereunder or any termination of this Agreement. Upon issuance, the Commitment Shares shall constitute “restricted securities” as such term is
defined in Rule 144(a)(3) under the Securities Act and, subject to the provisions of subsection (iv) of this Section 10.1, the certificate or book-entry statement representing the Commitment Shares shall bear the restrictive legend set
forth below in subsection (iii) of this Section 10.1. The Commitment Shares shall constitute Registrable Securities and shall be included in the Initial Registration Statement and any post-effective amendment thereto, and the Prospectus
included therein and, if necessary to register the resale thereof by the Investor under the Securities Act, in any New Registration Statement and any post-effective amendment thereto, in each case in accordance with this Agreement and the
Registration Rights Agreement. 
 (iii)    Legends. The certificate(s) or book-entry statement(s)
representing the Commitment Shares issued prior to the Effective Date of the Initial Registration Statement, except as set forth below, shall bear a restrictive legend in substantially the following form (and stop transfer instructions may be placed
against transfer of the Commitment Shares): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE ACT OR APPLICABLE STATE SECURITIES 

  
 43 

 
LAWS, UNLESS SOLD PURSUANT TO: (1) RULE 144 UNDER THE ACT OR (2) AN OPINION OF COUNSEL, IN A CUSTOMARY FORM AND REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS. 
 Notwithstanding the foregoing and for the avoidance of doubt, all Shares to be issued
in respect of any VWAP Purchase Notice delivered to the Investor pursuant to this Agreement shall be issued to the Investor in accordance with Section 3.2 by crediting the Investor’s or its designees’ account at DTC as DWAC Shares,
and the Company shall not take any action or give instructions to any transfer agent of the Company otherwise. 

(iv)    Irrevocable Transfer Agent Instructions; Notice of Effectiveness. On the earlier of (a) the
Commencement Date and (b) such time that the Investor shall request, provided all conditions of Rule 144 are met, the Company shall, no later than one (1) Trading Day following the delivery by the Investor to the Company or its transfer
agent of one or more legended certificates or book-entry statements representing the Commitment Shares issued to the Investor pursuant to Section 10.1(ii) (which certificates or book-entry statements the Investor shall promptly deliver on or
prior to the first to occur of the events described in clauses (a) and (b) of this sentence), cause the Company’s transfer agent to credit the Investor’s or its designee’s account at DTC as DWAC Shares such number of shares of
Common Stock equal to the number of Commitment Shares issued to the Investor pursuant to Section 10.1(ii). The Company shall take all actions to carry out the intent and accomplish the purposes of the immediately preceding sentence, including,
without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to its transfer agent, and any successor transfer agent of the Company, as may be requested from time to time by the Investor or necessary
or desirable to carry out the intent and accomplish the purposes of the immediately preceding sentence. On the Effective Date of the Initial Registration Statement and prior to Commencement, the Company shall deliver or cause to be delivered to its
transfer agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of the Company), (i) irrevocable instructions executed by the Company and acknowledged in writing by the Company’s transfer agent (the
“Commencement Irrevocable Transfer Agent Instructions”) and (ii) the notice of effectiveness in the form attached as an exhibit to the Registration Rights Agreement (the “Notice of Effectiveness”)
relating to the Initial Registration Statement executed by the Company’s outside counsel, in each case directing the Company’s transfer agent to issue to the Investor or its designee all of the Commitment Shares and the Shares included in
the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement. With respect to any post-effective amendment to the Initial Registration Statement, any New Registration Statement or any
post-effective amendment to any New Registration Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall deliver or cause to be delivered to its transfer agent (and thereafter, shall deliver or
cause to be delivered to any subsequent transfer agent of the Company) (i) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and acknowledged in
writing by the Company’s transfer agent and (ii) the Notice of Effectiveness, in each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue
the Registrable Securities 

  
 44 

 
included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration Rights Agreement. For the avoidance of doubt, all Shares and Commitment Shares to be issued
from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares. The Company represents and warrants to the Investor that, while this Agreement is
effective, no instruction other than those referred to in this Section 10.1(iv) will be given by the Company to its transfer agent, or any successor transfer agent of the Company, with respect to the Shares and the Commitment Shares from and
after Commencement, and the Shares and the Commitment Shares (as applicable) covered by the Initial Registration Statement or any post-effective amendment thereof, or any New Registration Statement or post-effective amendment thereof, as applicable,
shall otherwise be freely transferable on the books and records of the Company and no stop transfer instructions shall be maintained against the transfer thereof. The Company agrees that if the Company fails to fully comply with the provisions of
this Section 10.1(iv) within five (5) Trading Days after the date on which the Investor has provided the deliverables referred to above that the Investor is required to provide to the Company or its transfer agent, the Company shall, at
the Investor’s written instruction, purchase from the Investor all shares of Common Stock purchased or acquired by the Investor pursuant to this Agreement that contain the restrictive legend referred to in Section 10.1(iii) hereof (or any
similar restrictive legend) at the greater of (i) the purchase price paid for such shares of Common Stock (as applicable) and (ii) the Closing Sale Price of the Common Stock on the date of the Investor’s written instruction. 

Section 10.2.    Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial. 

(i)    The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the
provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this being in addition to any other
remedy to which either party may be entitled by law or equity. 
 (ii)    Each of the Company and the Investor
(a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts of the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising out of or relating to this
Agreement, and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient
forum or that the venue of the suit, action or proceeding is improper. Each of the Company and the Investor consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 10.2 shall affect or limit any right to serve process in any other manner
permitted by law. 
 (iii)    EACH OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY 

  
 45 

 
HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES RELATING
HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2. 

Section 10.3.    Entire Agreement. The Transaction Documents set forth the entire
agreement and understanding of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written, with respect to such matters.
There are no promises, undertakings, representations or warranties by either party relative to subject matter hereof not expressly set forth in the Transaction Documents. The Disclosure Schedule and all exhibits to this Agreement are hereby
incorporated by reference in, and made a part of, this Agreement as if set forth in full herein. 

Section 10.4.    Notices. Any notice, demand, request, waiver or other
communication required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery or electronic mail delivery at the address or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business
day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The address for such communications shall be: 

If to the Company: 
 Nikola
Corporation 
 4141 E. Broadway Road 

Phoenix, AZ 85040 
 Telephone
Number: (480) 666-1038 
 Email: 

Attention: Kim J. Brady 
 With a
copy (which shall not constitute notice) to: 
 Pillsbury Winthrop Shaw Pitman LLP 

31 West 52nd Street 

New York, NY 10019-6131 

Telephone Number: (212) 858-1219 

Email: daniel.budofsky@pillsbury.com 

Attention: Daniel N. Budofsky, Esq. 

  
 46 

 If to the Investor: 

Tumim Stone Capital LLC 
 140
Broadway, 38th Floor 
 New York, NY 10005 

Telephone Number: (646) 845-0040 

Email: 
 Attention: Maier Joshua
Tarlow 
 With a copy (which shall not constitute notice) to: 

Dorsey & Whitney LLP 

51 West 52nd Street 

New York, NY 10019 
 Telephone
Number: (212) 415-9214 
 Email: marsico.anthony@dorsey.com 

Attention: Anthony J. Marsico, Esq. 
 Either
party hereto may from time to time change its address for notices by giving at least five (5) days’ advance written notice of such changed address to the other party hereto. 

Section 10.5.    Waivers. No provision of this Agreement may be waived by the
parties from and after the date that is one (1) Trading Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be waived
other than in a written instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any other right, power or privilege. 

Section 10.6.    Amendments. No provision of this Agreement may be amended by the
parties from and after the date that is one (1) Trading Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be amended
other than by a written instrument signed by both parties hereto. 

Section 10.7.    Headings. The article, section and subsection headings in this
Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. Unless the context clearly indicates otherwise, each pronoun herein
shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words
“without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found. 

  
 47 

 Section 10.8.    Construction.
The parties agree that each of them and their respective counsel has reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition, each and every reference to share prices and number of shares of Common Stock in any Transaction Document shall, in all cases, be subject to
adjustment for any stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and other similar transactions that occur on or after the date of this Agreement. Any reference in this Agreement to “Dollars” or
“$” shall mean the lawful currency of the United States of America. Any references to “Section” or “Article” in this Agreement shall, unless otherwise expressly stated herein, refer to the applicable Section or Article
of this Agreement. 
 Section 10.9.    Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors. Neither the Company nor the Investor may assign this Agreement or any of their respective rights or obligations hereunder to any Person. 

Section 10.10.    No Third Party Beneficiaries. Except as expressly provided in
Section 10.9, this Agreement is intended only for the benefit of the parties hereto and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

Section 10.11.    Governing Law. This Agreement shall be governed by and construed
in accordance with the internal procedural and substantive laws of the State of New York, without giving effect to the choice of law provisions of such state that would cause the application of the laws of any other jurisdiction. 

Section 10.12.    Survival. The representations, warranties, covenants and
agreements of the Company and the Investor contained in this Agreement shall survive the execution and delivery hereof until the termination of this Agreement; provided, however, that (i) the provisions of Article V
(Representations, Warranties and Covenants of the Company), Article VIII (Termination), Article IX (Indemnification) and this Article X (Miscellaneous) shall remain in full force and effect indefinitely notwithstanding such termination, and,
(ii) so long as the Investor owns any Securities, the covenants and agreements of the Company and the Investor contained in Article VI (Additional Covenants), shall remain in full force and effect notwithstanding such termination for a period
of six months following such termination. 
 Section 10.13.    Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party;
provided that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature. 

  
 48 

 Section 10.14.    Publicity. The
Company shall afford the Investor and its counsel with a reasonable opportunity to review and comment upon, shall consult with the Investor and its counsel on the form and substance of, and shall give due consideration to all such comments from the
Investor or its counsel on, any press release, Commission filing or any other public disclosure made by or on behalf of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions
contemplated thereby, prior to the issuance, filing or public disclosure thereof. For the avoidance of doubt, the Company shall not be required to submit for review any such disclosure (i) contained in periodic reports filed with the Commission
under the Exchange Act if it shall have previously provided the same disclosure to the Investor or its counsel for review in connection with a previous filing or (ii) any Prospectus Supplement if it contains disclosure that does not reference
the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby. The Company agrees and acknowledges that its failure to comply with this provision in all material respects constitutes a
Material Adverse Effect for purposes of Section 7.2(xi). Except as may be required by applicable law, permitted pursuant to Section 6.12 of this Agreement, or a “tombstone” advertisement on the Investor’s website, the
Investor shall not make any public announcement or disclosure regarding this Agreement and the transactions contemplated hereby without the prior written consent of the Company. 

Section 10.15.    Severability. The provisions of this Agreement are severable
and, in the event that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or
part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible. 

Section 10.16.    Further Assurances. From and after the Closing Date, upon the
request of the Investor or the Company, each of the Company and the Investor shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the
intent and purposes of this Agreement. 
 [Signature Pages Follow] 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective authorized officer as of the date first above written. 
  

			
	NIKOLA CORPORATION:
		
	By:	 	 /s/ Kim J. Brady

	Name:	 	Kim J. Brady
	Title:	 	Chief Financial Officer
	
	TUMIM STONE CAPITAL LLC:
		
	By:	 	 /s/ Maier J. Tarlow

	Name:	 	Maier J. Tarlow
	Title:	 	Manager on Behalf of the GP

 ANNEX I TO THE 

COMMON STOCK PURCHASE AGREEMENT 

DEFINITIONS 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with a Person, as such terms are used in and construed under Rule 144. With respect to the Investor, without limitation, any Person owning, owned by, or under common ownership with the Investor, and any investment fund
or managed account that is managed on a discretionary basis by the same investment manager as the Investor will be deemed to be an Affiliate. 

“Aggregate Limit” shall have the meaning assigned to such term in Section 2.1. 

“Agreement” shall have the meaning assigned to such term in the preamble of this Agreement. 

“Average Price” means a price per Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by
dividing (i) the aggregate gross purchase price paid by the Investor for all Shares purchased pursuant to this Agreement, by (ii) the aggregate number of Shares issued pursuant to this Agreement. 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar U.S. federal or state law for the relief of debtors. 

“Base Price” means a price per Share equal to the sum of (i) the Minimum Price and (ii) $16.8066 (subject to
adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction that occurs on or after the date of this Agreement). 

“Beneficial Ownership Limitation” shall have the meaning assigned to such term in Section 3.5. 

“Bloomberg” means Bloomberg, L.P. 

“Bring Down Opinion” shall have the meaning assigned to such term in Section 6.15. 

“Broker-Dealer” shall have the meaning assigned to such term in Section 6.13. 

“Bylaws” shall have the meaning assigned to such term in Section 5.3. 

“Charter” shall have the meaning assigned to such term in Section 5.3. 

“Closing” shall have the meaning assigned to such term in Section 2.2. 

“Closing Date” means the date of this Agreement. 

“Closing Sale Price” means, for the Common Stock as of any date, the last closing trade price for the Common Stock on
the Trading Market or, if then listed or quoted on any Eligible 

  
 I- 1 

 
Market such Eligible Market, as reported by Bloomberg, or, if the Trading Market or Eligible Market, as the case may be, begins to operate on an extended hours basis and does not designate the
closing trade price for the Common Stock, then the last trade price for the Common Stock prior to 4:00 p.m., New York City time, as reported by Bloomberg, or, if the foregoing do not apply, the last trade price for the Common Stock in the over-the-counter market on the electronic bulletin board for the Common Stock as reported by Bloomberg, or, if no last trade price is reported for the Common Stock by
Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported by OTC Markets Group Inc. All such determinations shall be appropriately adjusted for any stock splits, stock dividends,
stock combinations, recapitalizations or other similar transactions during such period. 
 “Commencement” shall have
the meaning assigned to such term in Section 3.1. 
 “Commencement Date” shall have the meaning assigned to
such term in Section 3.1. 
 “Commencement Irrevocable Transfer Agent Instructions” shall have the meaning
assigned to such term in Section 10.1(iv). 
 “Commission” means the U.S. Securities and Exchange Commission or
any successor entity. 
 “Commission Documents” shall mean (1) all reports, schedules, registrations, forms,
statements, information and other documents filed with or furnished to the Commission by the Company pursuant to the reporting requirements of the Exchange Act, including all material filed with or furnished to the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, since December 31, 2020, including, without limitation, the Annual Report on Form 10-K filed by the Company for its fiscal year ended
December 31, 2020, as amended (the “2020 Form 10-K”), and which hereafter shall be filed with or furnished to the Commission by the Company, including, without limitation, the
Current Report, (2) each Registration Statement, as the same may be amended from time to time, the Prospectus contained therein and each Prospectus Supplement thereto and (3) all information contained in such filings and all documents and
disclosures that have been and heretofore shall be incorporated by reference therein. 
 “Commitment Shares” means
155,703 shares of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock. 

“Common Stock” shall have the meaning assigned to such term in the recitals of this Agreement. 

“Common Stock Equivalents” means any securities of the Company or its Subsidiaries which entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock. 
 “Company” shall have the meaning assigned to such term in the preamble of this
Agreement. 

  
 I- 2 

 “Compliance Certificate” shall have the meaning assigned to such
term in Section 7.2(ii). 
 “Cover Price” shall have the meaning assigned to such term in Section 3.3.

 “Current Report” shall have the meaning assigned to such term in Section 2.3. 

“Custodian” shall mean any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Damages” shall have the meaning assigned to such term in Section 9.1. 

“Data” shall have the meaning assigned to such term in Section 5.29. 

“Data Security Obligations” shall have the meaning assigned to such term in Section 5.29. 

“Dilutive Issuance” shall have the meaning assigned to such term in Section 6.5(ii). 

“Disclosure Schedule” shall have the meaning assigned to such term in the preamble to Article V. 

“Disqualification Event” shall have the meaning assigned to such term in Section 5.30. 

“DTC” means The Depository Trust Company, a subsidiary of The Depository Trust & Clearing Corporation, or any
successor thereto. 
 “DWAC” shall have the meaning assigned to such term in Section 5.23. 

“DWAC Shares” means shares of Common Stock issued pursuant to this Agreement that are timely credited by the Company
to the Investor’s or its designated Broker-Dealer at which the account or accounts to be credited with the Securities being purchased by Investor are maintained specified DWAC account with DTC under its Fast Automated Securities Transfer (FAST)
Program, or any similar program hereafter adopted by DTC performing substantially the same function. 
 “EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System. 
 “Effective Date” means,
with respect to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights Agreement (or any post-effective amendment thereto) or any New Registration Statement filed pursuant to Section 2(c) of the
Registration Rights Agreement (or any post-effective amendment thereto), as applicable, the date on which the Initial Registration Statement (or any post-effective amendment thereto) or any New Registration Statement (or any post-effective amendment
thereto) is declared effective by the Commission. 
 “Effectiveness Deadline” shall have the meaning assigned to
such term in the Registration Rights Agreement. 

  
 I- 3 

 “Eligible Market” means The Nasdaq Global Market, The Nasdaq Capital
Market, the New York Stock Exchange or the NYSE American (or any nationally recognized successor to any of the foregoing). 

“Environmental Laws” shall have the meaning assigned to such term in Section 5.14 hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder. 
 “Exchange Cap” shall have the meaning assigned to such term in Section 3.4(a) hereof. 

“Exempt Issuance” means the issuance of (a) Common Stock, options or other equity incentive awards to employees,
officers, directors or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Company’s Board of Directors or a majority of the members of a committee of the Board of Directors established for such
purpose, (b) (1) any Shares issued to the Investor pursuant to this Agreement, (2) any securities issued upon the exercise or exchange of or conversion of any shares of Common Stock or Common Stock Equivalents held by the Investor at any
time, or (3) any securities issued upon the exercise or exchange of or conversion of any Common Stock Equivalents issued and outstanding on the date of this Agreement, provided that such securities referred to in this clause (3) have not
been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, or (c) securities issued pursuant to acquisitions, divestitures,
licenses, partnerships, collaborations or strategic transactions approved by the Company’s Board of Directors or a majority of the members of a committee of directors established for such purpose, which acquisitions, divestitures, licenses,
partnerships, collaborations or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an
operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing
securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities. 

“FCPA” shall have the meaning assigned to such term in Section 5.25. 

“Filing Deadline” shall have the meaning assigned to such term in the Registration Rights Agreement. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Fundamental Transaction” means that (i) the Company shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, with the result that the holders of the Company’s capital stock immediately prior to such consolidation or merger
together beneficially own less than 50% of the outstanding voting power of the surviving or resulting corporation, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or
assets of the Company to another Person, or (3) take action to facilitate a purchase, 

  
 I- 4 

 
tender or exchange offer by another Person that is accepted by the holders of more than 50% of the outstanding shares of Common Stock (excluding any shares of Common Stock held by the Person or
Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including
any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or
(5) reorganize, recapitalize or reclassify its Common Stock, or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock. 

“GAAP” shall have the meaning assigned to such term in Section 5.6(b). 

“Indebtedness” shall have the meaning assigned to such term in Section 5.11. 

“Initial Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 “Intellectual Property Rights” shall have the meaning assigned to such term in Section 5.13(b). 

“Investment Period” means the period commencing on the Commencement Date and expiring on the date this Agreement is
terminated pursuant to Article VIII. 
 “Investor” shall have the meaning assigned to such term in the preamble of
this Agreement. 
 “Investor Expense Reimbursement” shall have the meaning assigned to such term in
Section 10.1(i) hereof. 
 “Investor Party” shall have the meaning assigned to such term in Section 9.1.

 “Issuer Covered Person” shall have the meaning assigned to such term in Section 5.30. 

“IT Systems” shall have the meaning assigned to such term in Section 5.29(iii). 

“Knowledge” means the actual knowledge of the Company’s Chief Executive Officer, Chief Financial Officer or Chief
Legal Officer, in each case after reasonable inquiry. 
 “Material Adverse Effect” means any material adverse effect
on (i) the legality, validity or enforceability of the Transaction Documents (ii) the business, operations, properties or financial condition of the Company and its Subsidiaries, taken as a whole, or (iii) the ability of the Company
to perform in any material respect on a timely basis any of its obligations under any of the Transaction Documents to which it is a party to be performed as of the date of determination; in each case other than any material adverse effect
exclusively and directly resulting from, relating 

  
 I- 5 

 
to or arising out of the following, individually or in the aggregate,: (a) changes in conditions in the U.S. or global capital, credit or financial markets generally, including changes in
the availability of capital or currency exchange rates, provided such changes shall not have affected the Company in a materially disproportionate manner as compared to other similarly situated companies; (b) changes generally affecting the
industries in which the Company and its Subsidiaries operate, provided such changes shall not have affected the Company and its Subsidiaries, taken as a whole, in a materially disproportionate manner as compared to other similarly situated
companies; (c) any effect of the announcement of, or the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents on the Company’s relationships, contractual or otherwise, with customers,
suppliers, vendors, bank lenders, strategic venture partners or employees; (d) changes arising in connection with earthquakes, pandemics, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material
worsening of any such pandemic, hostilities, acts of war, sabotage or terrorism or military actions existing as of the Closing Date; (e) any action taken by the Investor, its affiliates or its or their successors and assigns with respect to the
transactions contemplated by this Agreement; and (f) the effect of any changes in applicable laws or accounting rules, provided such changes shall not have affected the Company in a materially disproportionate manner as compared to other
similarly situated companies. 
 “Minimum Price” means $16.80, representing the Nasdaq official closing price of the
Common Stock on Trading Market (as reflected on Nasdaq.com) on the Trading Day immediately preceding the date of this Agreement. 

“Money Laundering Laws” shall have the meaning assigned to such term in Section 5.26. 

“New Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement. 

“Notice of Effectiveness” shall have the meaning assigned to such term in Section .1(iv). 

“Open Source Software” shall have the meaning assigned to such term in Section 5.29(i). 

“PEA Period” means the period commencing at 9:30 a.m., Eastern time, on the fifth (5th) Business Day immediately prior to the filing of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such term is defined in the
Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately following, the effective date of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as
such term is defined in the Registration Rights Agreement). 
 “Person” means any person or entity, whether a
natural person, trustee, corporation, partnership, limited partnership, limited liability company, trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority. 

“Prospectus” means the prospectus in the form included in a Registration Statement, as supplemented from time to time
by any Prospectus Supplement, including the documents incorporated by reference therein. 

  
 I- 6 

 “Prospectus Supplement” means any prospectus supplement to the
Prospectus filed with the Commission from time to time pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein. 

“Reference Period” shall have the meaning assigned to such term in Section 6.5(ii). 

“Reference Price” shall have the meaning assigned to such term in Section 6.5(ii). 

“Registrable Securities” shall have the meaning assigned to such term in the Registration Rights Agreement. 

“Registration Rights Agreement” shall have the meaning assigned to such term in the recitals hereof. 

“Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement. 

“Regulation D” shall have the meaning assigned to such term in the recitals of this Agreement. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect. 

“Sale Price” means any trade price for a share of Common Stock on the Trading Market, or if the Common Stock is then
traded on an Eligible Market, on such Eligible Market, as reported by Bloomberg. 
 “Sarbanes-Oxley Act” shall have
the meaning assigned to such term in Section 5.6(d). 
 “Section 4(a)(2)”
shall have the meaning assigned to such term in the recitals of this Agreement. 
 “Securities” means,
collectively, the Shares and the Commitment Shares. 
 “Securities Act” shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the Commission thereunder. 
 “Shares” shall mean the shares of Common
Stock that are and/or may be purchased by the Investor under this Agreement pursuant to one or more VWAP Purchase Notices, but not including the Commitment Shares. 

“Short Sales” shall mean “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act. 
 “Subsidiary” shall mean any corporation or other entity of which at least a majority of the
securities or other ownership interest having ordinary voting power for the election of directors or other persons performing similar functions are at the time owned directly or indirectly by the Company and/or any of its other Subsidiaries. 

  
 I- 7 

 “Total Commitment” shall have the meaning assigned to such term in
Section 2.1. 
 “Trading Day” shall mean a full trading day on the Trading Market or, if the Common Stock is
then listed on an Eligible Market, on such Eligible Market. 
 “Trading Market” means The Nasdaq Global Select
Market (or any nationally recognized successor thereto). 
 “Transaction Documents” means, collectively, this
Agreement (as qualified by the Disclosure Schedule) and the exhibits hereto, the Registration Rights Agreement and each of the other agreements, documents, certificates and instruments entered into or furnished by the parties hereto in connection
with the transactions contemplated hereby and thereby. 
 “Variable Rate Transaction” means a transaction in which
the Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock or Common Stock Equivalents either (A) at a
conversion price, exercise price, exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time after the initial issuance of such equity or debt securities, or (B) with
a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such equity or debt security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock (including, without limitation, any “full ratchet” or “weighted average” anti-dilution provisions, but not including any standard anti-dilution protection for any
reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), (ii) issues or sells any equity or debt securities, including without limitation, Common Stock or Common Stock
Equivalents, either (A) at a price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock (other than standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction),
or (B) that are subject to or contain any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation, a “Black-Scholes” put or call
right, other than in connection with a “fundamental transaction”) that provides for the issuance of additional equity securities of the Company or the payment of cash by the Company, or (iii) enters into any agreement, including, but
not limited to, an “equity line of credit” or “at the market offering” or other continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the Company may sell Common Stock or Common Stock
Equivalents at a future determined price. 
 “VWAP” means, for the Common Stock as of any Trading Day, the dollar
volume-weighted average price for the Common Stock on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) during the period beginning at the official open (or commencement) of trading on the
Trading Market (or on such Eligible Market, as applicable) on such Trading Day, and ending at the official close of trading on the Trading 

  
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Market (or on such Eligible Market, as applicable) on such Trading Day, as reported by Bloomberg through its “AQR” function. All such determinations shall be appropriately adjusted by
the Company for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period. 

“VWAP Purchase” shall have the meaning assigned to such term in Section 3.2. 

“VWAP Purchase Confirmation” shall have the meaning assigned to such term in Section 3.2. 

“VWAP Purchase Commencement Time” means, with respect to a VWAP Purchase, the official open (or commencement) of
trading on the Trading Market (or Eligible Market, as applicable) on the applicable VWAP Purchase Exercise Date. 
 “VWAP
Purchase Exercise Date” means, with respect to any VWAP Purchase, the Trading Day on which the Investor receives a valid VWAP Purchase Notice for such VWAP Purchase, provided that if such VWAP Purchase Notice is received after 8:30
a.m., New York City time, on any day, it shall be deemed to have been received on the immediately following Trading Day. 
 “VWAP
Purchase Maximum Amount” means, with respect to a VWAP Purchase, a number of shares of Common Stock equal to the lesser of (i) the quotient obtained by dividing (A) $35,000,000 by (B) the Closing Sale Price of the Common Stock
on the Trading Market (or Eligible Market, as applicable) on the Trading Day immediately preceding the applicable VWAP Purchase Exercise Date for such VWAP Purchase, and (ii) the product obtained by multiplying (A) the daily trading volume
in the Common Stock on the Trading Market (or Eligible Market, as applicable) on the Trading Day immediately preceding the applicable VWAP Purchase Exercise Date for such VWAP Purchase and (B) 0.20. 

“VWAP Purchase Notice” means, with respect to a VWAP Purchase made pursuant to Section 3.2, an irrevocable
written notice delivered by the Company to the Investor on a VWAP Purchase Exercise Date directing the Investor to purchase a VWAP Purchase Share Amount (such specified VWAP Purchase Share Amount subject to adjustment as set forth in
Section 3.2 as necessary to give effect to the VWAP Purchase Maximum Amount), at the applicable VWAP Purchase Price therefor in accordance with this Agreement. 

“VWAP Purchase Price” means, with respect to a VWAP Purchase, ninety-seven percent (97%) of the arithmetic average of
the three (3) daily VWAPs during the applicable VWAP Purchase Valuation Period for such VWAP Purchase (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock
split, reverse stock split or other similar transaction). 
 “VWAP Purchase Settlement Date” shall have the meaning
assigned to such term in Section 3.3. 
 “VWAP Purchase Share Amount” means, with respect to any VWAP Purchase,
the number of Shares specified by the Company in the applicable VWAP Purchase Notice, which number of Shares shall not exceed the applicable VWAP Purchase Maximum Amount. 

  
 I- 9 

 “VWAP Purchase Termination Time” means, with respect to a VWAP
Purchase, the official close of trading on the Trading Market (or Eligible Market, as applicable) on the second (2nd) consecutive Trading Day immediately following the VWAP Purchase Exercise Date
for such VWAP Purchase. 
 “VWAP Purchase Valuation Period” means, with respect to a VWAP Purchase, the period
commencing at the applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Termination Time for such VWAP Purchase. 

  
 I- 10EX-10.(I)

 Exhibit 10(l) 

LOAN AGREEMENT 

THIS LOAN AGREEMENT (as amended, restated or supplemented or otherwise modified from time to time, hereinafter called the
“Agreement”) made and entered into this 9th day of June, 2021, (“Effective Date”) by and between CITIZENS HOLDING COMPANY, a Mississippi corporation (hereinafter called “Borrower”) and FIRST
HORIZON BANK, a Tennessee banking corporation having its principal office located in Memphis, Tennessee (“Lender”). 

W I T N E S S E T H : 
 WHEREAS, the
Borrower has requested that Lender provide a revolving credit loan in the amount of Twenty Million Dollars ($20,000,000.00) (“Loan” or “Committed Amount”) and Lender has agreed to make this Loan on the terms and
conditions hereinafter set forth; 
 WHEREAS, Borrower and Lender wish to enter into this Loan Agreement to set forth certain terms of the Loan and to
secure the Loan by a pledge of 114 shares of common stock of The Citizens Bank of Philadelphia, a Mississippi chartered bank (the “Bank”) which constitutes one hundred percent (100%) of the outstanding shares of the Bank, which is a
wholly-owned subsidiary of Borrower. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements, covenants and conditions herein
contained, the receipt and sufficiency of which is hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows: 

AGREEMENTS 

1.    AMOUNT AND TERMS OF BORROWINGS. 

2.    Defined Terms. Any capitalized term used but not defined in the body of this Agreement shall have the meaning
set forth on Appendix A attached hereto and incorporated herein by reference. 
 3.    Loan. Lender hereby
agrees to lend, and Borrower hereby agrees to borrow on a revolving credit basis, upon the terms and conditions set forth in this Agreement, the sum of up to Twenty Million Dollars ($20,000,000.00), as the Loan, to be evidenced by a promissory note
(the “Note”), as set forth in Exhibit A and included herein by reference. The Loan shall bear interest and be payable in accordance with the terms and provisions of the Note. The Loan shall expire and mature, and the
outstanding principal balance of the Loan and all accrued interest thereon shall be due and payable, on the Maturity Date. 

4.    Collateral. All indebtedness and obligations of Borrower to Lender under this Agreement shall be secured by
Lender’s lien and security interest in the Collateral. 

  
 1 

 
The pledging of such Collateral shall be evidenced by the Pledge Agreement. Borrower agrees that all of the rights of Lender with regard to the Pledge Agreement set forth in this Agreement shall
apply to any modification of, or supplement to this Agreement. 
 5.    Fees. 

(a)    A commitment fee in the amount of Forty Thousand Dollars ($40,000.00) shall be paid by Borrower to Lender on or
before the closing of this Loan. Borrower agrees that this fee is fair and reasonable considering the condition of the money market, the creditworthiness of the Borrower, the interest rate to be paid, and the nature of the security for the Loan.

 (b)    Unused Line Fee. Borrower shall pay to Bank quarterly an unused line fee at a rate equal to
25/100 percent (0.25%) per annum (the “Unused Line Fee”), applied to the amount by which Committed Amount exceeds the outstanding principal balance of the outstanding Loan (and if the outstanding principal balance is $0.00, the Unused
Line Fee shall be applied to the entire Committed Amount), calculated on a daily basis, during the immediately preceding calendar quarter (or part thereof) while this Agreement is in effect and for so long thereafter as any of the Obligations are
outstanding, which fee shall be payable on the first (1st) day of each calendar quarter in arrears (i.e., based on the immediately preceding calendar quarter).  

6.    Funding. The advance of Loan proceeds hereunder shall be made, upon Borrower’s request, by depositing
the same into a demand deposit account with Lender, or by wire transfer to Borrower’s account according to the wire instructions set forth on Schedule 1.5, or as otherwise agreed between Borrower and Lender. The Loan to Borrower may be
made, at Borrower’s request, in one or more advances, each of which shall be subject to the terms and conditions of this Agreement, including but not limited to Sections 2 and 3 hereof. Advances under the Loan may be requested
either orally or in writing by Borrower as provided in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions, or directions by telephone or otherwise to Lender are
to be directed to Lender’s office set forth below. The following persons, acting individually (each an “Authorized Agent” and, collectively, the “Authorized Agents”), currently are authorized to request
advances and authorize payments under the Loan until Lender receives from Borrower, at Lender’s address set forth below, written notice of revocation of their authority: Greg L. McKee (e-mail address:
greg.mckee@thecitizensbank.bank), Phillip R. Branch (e-mail address: Phillip.branch@thecitizensbank.bank), and Mark Taylor (e-mail address:
mark.taylor@thecitizensbank.bank). The Borrower agrees that the Lender shall have no liability or responsibility to identify any party who makes any verbal request or electronic submission for any of said banking transactions; but the Lender
shall be fully and completely protected in acting upon any such verbal request or electronic submission made by any party who identifies himself as one of the Authorized Agents of the Borrower. Any electronic submission shall be by e-mail or by facsimile and shall be deemed to have been made and certified by an Authorized Agent by the applicable method as follows: (i) if the e-mail received by the
Lender shows it was sent from the Authorized Agent’s e-mail address as set forth herein or (ii) if the facsimile sent to the Lender is signed by the Authorized Agent. 

  
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 7.    Intentionally Omitted 

8.    USE OF PROCEEDS. 

9.    Use of Loan Proceeds. The proceeds of the Loan shall be used by the Borrower to provide capital for the Bank
and for general corporate purposes of the Borrower. 
 10.    CONDITIONS TO LOAN CLOSING. 

The obligation of Lender to extend any loan or credit to Borrower under this Agreement or to make any Loan disbursements is subject to the
strict satisfaction of each of the following conditions: 
 11.    No Defaults; Certificate. Borrower and the
Bank shall be in full compliance with all the terms and conditions of this Agreement, and no Event of Default, nor any event which upon notice or lapse of time or both would constitute such an Event of Default, shall have occurred. At Lender’s
request, Lender shall have received from Borrower and the Bank a certificate, in form and content reasonably acceptable to Lender dated as of and delivered on the date of the Loan and each subsequent advance, certifying that (1) the
representations and warranties set forth herein, and the exhibits attached hereto, are accurate, true and correct on and as of such date, (2) neither the transactions contemplated hereby or by any other Loan Document will cause or result in any
violation of (or creation of any right in third parties under the provisions of) any laws restricting or otherwise regulating the use, application or distribution of corporate funds and assets, and (3) that no Event of Default nor any event
which upon notice or lapse of time or both would constitute such an Event of Default, exists. 
 12.    Accuracy of
Representations and Warranties. At the time of the initial Loan disbursement and any subsequent Loan disbursement, the representations and warranties set forth herein and in any other Loan Document shall be true and correct. 

13.    Corporate Action and Authority. The Borrower shall have delivered to Lender: (i) a certificate from the
Secretary of State of Mississippi that Borrower is in good standing and certificates from the Secretaries of State and of each other State in which the Borrower owns any property, has stationed any employees or agents, or otherwise conducts
business, certifying the Borrower’s good standing as a corporation in each such State; (ii) a copy of the Resolutions passed by the Borrower’s Board of Directors authorizing the execution and delivery of the performance of
Borrower’s obligations under the Loan Documents certified by the Secretary or Assistant Secretary to be true and correct; and (iii) a certificate or certificates, dated as of and delivered on the date of the execution of this Agreement and
signed on behalf of the Borrower by the Secretary or Assistant Secretary, certifying the names of the officers authorized to execute and deliver the Loan Documents on behalf of the Borrower, together with the original, not photocopied, signatures of
each officer. Borrower shall also deliver the same items specified in (i) above pertaining to the Bank from the appropriate regulatory agency. 

  
 3 

 14.    Delivery of Note, Loan Agreement, Pledge Agreement, and Stock
Certificates. At the time of the extension of the Loan, Borrower shall have delivered the Loan Documents. The security interest in the Collateral shall be prior to all other Liens. 

15.    Proceedings. The Loan Documents, upon their execution, and all proceedings in connection with the
authorization, execution and delivery of and the performance of the obligations under the Loan Documents shall be satisfactory in substance and form to Lender. 

16.    Payment of Fees and Expenses. Borrower shall have paid, at or prior to the date of the extension of the
Loan, all costs and expenses in accordance with Section 8.9, to the extent then determined by Lender. 

17.    Other Writings. The Lender shall receive such other agreements, instruments, documents, certificates,
affidavits and other writings as Lender may reasonably require. 
 18.    Opinion of Counsel. Borrower shall have
delivered to Lender at Borrower’s expense, favorable written opinions of counsel for Borrower dated as of and delivered on the date of the extension of the Loan, in form and content acceptable to Lender, as set forth in Exhibit B.

 19.    Financial Statements. Prior to any disbursement under the Loan, Borrower, at the request of Lender,
shall have delivered to Lender true and exact copies of the current financial statements of the Borrower and/or the Bank, as the case may be, as filed with the United States Securities and Exchange Commission (the “SEC”), the Federal
Reserve, the Federal Deposit Insurance Corporation (the “FDIC”), and all other applicable regulatory agencies. Upon request from Lender, Borrower shall provide a copy of each such filing with to the Lender within thirty (30) days
after the respective due date of each such filing. 
 20.    No Material Adverse Change. At the time the Loan is
funded hereunder, there shall have occurred, in the opinion of Lender, no material adverse changes in the condition, financial or otherwise, of Borrower or Bank from that reflected in the 10-Q or 10-K, as the case may be, last filed by Borrower with the SEC. 

  
 4 

 21.    REPRESENTATIONS AND WARRANTIES. 

In order to induce the Lender to enter into this Agreement and to make the Loan including future advances under the Loan, the Borrower
represents and warrants to the Lender (which representations and warranties shall survive the delivery of the Loan Documents and the initial funding of the Loan) that: 

22.    Corporate Status. Borrower is a corporation duly organized and existing under the laws of the State of
Mississippi, is duly qualified to do business and is in good standing under the laws of other states where the Borrower does business, if any, and has the corporate power and authority to own its properties and assets and conduct its affairs and
business. 
 23.    Corporate Power and Authority. Borrower has full power and authority to enter into this
Agreement, to borrow funds as contemplated herein, to execute and deliver this Agreement, the Note and other Loan Documents executed and delivered by it, and to incur the obligations provided for herein, all of which have been duly authorized by all
proper and necessary corporate action; and the officer executing each of the Loan Documents is duly authorized to do so by all necessary corporate action. Any consents or approval of shareholders or directors of Borrower, or any other party
(including without limitation any regulatory agency or authority) required as a condition to the execution, delivery, or validity of any Loan Document have been obtained; and each of said Loan Documents is the valid, legal, and binding obligation of
Borrower enforceable in accordance with its terms. 
 24.    No Violation of Agreements or Law. Neither Borrower,
Bank, nor any other Subsidiary of Borrower is in default under any indenture, agreement or instrument to which it is a party or by which it may be bound, nor in violation of any state or federal statute, rule, ruling, or regulation governing its
operations and the conduct of its business, operations or financial condition of Borrower, Bank, or any other Subsidiary, except as identified by its regulators in Confidential Supervisory Information and disclosed to Lender in compliance with laws
governing Confidential Supervisory Information. Neither the execution and delivery of the Loan Documents nor the consummation of the transactions herein contemplated, or compliance with the provisions hereof will conflict with, or result in the
breach of, or constitute a default under, any indenture, agreement or other instrument to which Borrower is a party or by which it may be bound, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property of
Borrower, or violate or be in conflict with any provision of the charter or bylaws of Borrower, the Bank or any other Subsidiary. 

25.    Compliance With Law; Government Approvals. 

26.    Borrower has complied and is complying with all requirements, made all applications, and submitted
all reports required by The Bank Holding Company Act of 1956, as amended, and any regulations or rulings issued in connection therewith, and the transaction contemplated hereby will not violate any such statutes, rules, rulings, or regulations nor
will the consummation of said actions and transactions cause Borrower to be in violation thereof. Borrower has, if required, made all filings and received all governmental or regulatory approvals necessary for the consummation of the transactions
described herein, including without limitation the approval of the Board of Governors of the Federal Reserve System. 

  
 5 

 27.    Borrower has complied and is complying with all
other applicable state or federal statutes, rules, rulings and regulations. The borrowing of money and said actions and transactions required hereunder will not violate any of such statutes, rules, rulings, or regulations. 

28.    Litigation. There are no actions, suits or proceedings pending or, to the knowledge of the Borrower
threatened against the Borrower, the Bank or any other Subsidiary before any court, arbitrator or governmental or administrative body or agency which, if adversely determined, would result in any material and adverse change in the financial
condition, business operation, or properties or assets of the Borrower, the Bank, or any other Subsidiary except as set forth in Exhibit C. 

29.    Supervisory Action. Neither Borrower, the Bank nor any other Subsidiary is subject to any Supervisory Action
by any federal or state bank regulatory authority, except as disclosed to Lender in compliance with laws governing Confidential Supervisory Information. 

30.    Financial Condition. All financial statements of the Borrower and/or the Bank, as the case may be, as filed
with the SEC, the Federal Reserve, the FDIC, and all other applicable regulatory agencies are, or will be as of their respective dates and for the respective periods stated therein, complete and correctly and fairly present the financial condition
of Borrower, the Bank, and the other Subsidiaries, and the results of their operations, respectively, as of the dates and for the periods stated therein, and have been, or will be as of their respective dates and for the respective periods stated
therein, prepared in accordance with generally accepted accounting principles consistently applied throughout the period involved and consistent with that of the preceding fiscal year or period, as the case may be. There are no liabilities of the
Borrower, the Bank, or any other Subsidiary not included in such reports. There has been no material adverse change in the business, properties or condition of Borrower, the Bank, or the other Subsidiaries since the date of such reports. 

31.    Tax Liability. Borrower, the Bank, and the other Subsidiaries have filed all federal, state and other tax
returns, which are required to be filed by them, and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by Borrower, the Bank, and the other Subsidiaries. 

32.    Subsidiaries. Borrower has no Subsidiaries and owns stock in no corporation or banking association other
than the Subsidiaries listed in Exhibit D. 
 33.    Bank Stock. The common stock of the Bank owned
by Borrower or any other Subsidiary of Borrower is duly authorized and validly issued by the Bank or other Subsidiary. The total number of shares of common stock of the Bank and each other Subsidiary issued and outstanding as of the date hereof are
all owned by Borrower, the Bank or other Subsidiaries of Borrower. Except as set forth in Section 6.2 hereof or on Exhibit E, the stock of the Bank and each other Subsidiary is free and
clear of all Liens; said common stock is fully paid and non-assessable. There are no outstanding warrants or options to acquire any common stock of the Bank and any other Subsidiary.

  
 6 

 
There are no outstanding securities convertible or exchangeable into shares of common stock of any Subsidiary; and there are no restrictions on the transfer or pledge of any shares of common
stock of any Subsidiary, except as set forth in Section 6.2 hereof or on Exhibit E. Borrower has the right to pledge and transfer the Collateral and assign the income therefrom without
obtaining the consent of any other person or authority except as set forth in Section 6.2 hereof or on Exhibit E; and the Pledge Agreement creates for the benefit of Lender a first
lien security interest in the Collateral subject to no other interests or claims. 
 34.    Title to Assets;
Liens. Borrower and Bank each have good and marketable title to all its respective properties and assets reflected on the financial statements referred to herein, except for (i) such assets as have been disposed of since said date as no
longer used or useful in the conduct of business and (ii) items which have been amortized in accordance with GAAP applied on a consistent basis. There are no Liens on any assets of the Borrower, the Bank or any other Subsidiaries other than as
set forth in Section 6.2 hereof or as disclosed on Exhibit E. 

35.    Options, Warrants, Etc. Related to Shares. Except as set forth in Exhibit F, there are no
options, warrants or other rights agreements or commitments (including conversion rights and preemptive rights) obligating the Borrower, the Bank, or any Subsidiary to issue, sell, purchase or redeem shares of the Borrower, the Bank, or any other
Subsidiary or securities convertible to such shares. 
 36.    Environmental Laws. 

37.    The Borrower and each of its Subsidiaries have obtained all permits, licenses, and other
authorizations which are required under all Environmental Laws and are in compliance in all respects with all applicable Environmental Laws. 

38.    On or prior to the date hereof, no notice, demand, request for information, citation, summons, or
order has been issued, no complaint has been filed, no penalty has been assessed, and no investigation or review is pending or, to the best of the knowledge of the Borrower, threatened by any governmental or other Person with respect to any alleged
or suspected failure by the Borrower or any of its Subsidiaries to comply in any material respect with any Environmental Laws. 

39.    There are no material Liens arising under or pursuant to any Environmental Laws on any of the
property owned or leased by the Borrower or any of its Subsidiaries. 
 40.    There are no conditions
existing currently or anticipated to exist during the term of this Agreement which would subject the Borrower or any of its Subsidiaries or any of their property to any material Lien, damages, penalties, injunctive relief, or cleanup costs under any
Environmental Laws or which require or are likely to require cleanup, removal, remedial action, or other responses by the Borrower and its Subsidiaries pursuant to Environmental Laws. 

  
 7 

 41.    Disclosure. Subject to laws governing the disclosure of
Confidential Supervisory Information, the Borrower has disclosed to the Lender (i) all agreements, instruments and corporate or other restrictions to which it, Bank or any of the other Subsidiaries is subject, the termination of which could
reasonably be expected to result in a material and adverse change in the financial condition, business operation, or properties or assets of the Borrower, the Bank or any of the other Subsidiaries and (ii) all matters known to it that,
individually or in the aggregate, could reasonably be expected to result in a material and adverse change in the financial condition, business operation, or properties or assets of the Borrower, the Bank or any of the other Subsidiaries. No report,
financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of the Borrower to Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. 
 42.    Contracts or Restrictions Affecting Borrower and/or Bank. Except
as otherwise disclosed to Lender as referenced in Section 4.6, neither Borrower nor Bank is a party to any agreement or instrument or subject to any charter or other corporate restrictions adversely affecting its business, properties or assets,
operations or condition (financial or otherwise). 
 43.    No Default. Neither Borrower nor Bank is in default
in the performance, observance or fulfillment of any of the obligations, covenants, or conditions contained in any agreement or instrument to which it is a party, which will or might materially and adversely affect the business or operations of
Borrower or the Bank, as the case may be. 
 44.    ERISA. Borrower and Bank are in compliance with all
applicable provisions of ERISA and all other laws, state or federal, applicable to any employees’ retirement plan maintained or established by either of them. 

45.    OFAC. Neither the Borrower nor any Subsidiary (a) is an “enemy” or an “ally of the
enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), as amended, (b) is in violation of (i) the Trading with the Enemy Act, as amended,
(ii) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (iii) the PATRIOT Act or (c) is
a Sanctioned Person. No part of the proceeds of the Loan hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

  
 8 

 46.    AFFIRMATIVE COVENANTS. 

Borrower covenants and agrees that, until the Note together with interest thereon is paid in full, unless specifically waived by the Lender in
writing, Borrower will, and will cause the Bank and the Subsidiaries to comply with the following covenants. 

47.    Business and Existence; Compliance with Laws. Perform all things necessary to preserve and keep in full
force and effect the existence, rights and franchises of Borrower, the Bank and the other Subsidiaries and to comply and cause the Bank and the other Subsidiaries to comply in all material respects with all local, state and federal laws and
regulations applicable to banks and bank holding companies, and all laws and regulations of the Local Authorities, and the provisions and requirements of all franchises, permits, certificates of compliance and approval issued by regulatory
authorities and other like grants of authority held by the Borrower and the Bank; and notify Lender immediately (and in detail) of any actual or alleged failure to comply with or perform, breach, violation or default under any such laws or
regulations or under the terms of any such franchises or licenses, or grants of authority, the result of which would constitute a materially adverse effect on the Borrower or the Bank, or the occurrence or existence of any facts or circumstances
which with the passage of time, the giving of notice or otherwise could create such a breach, violation or default or could occasion the termination of any such franchises or grants of authority. 

48.    Maintain Property. Maintain, preserve, and protect all properties used or useful in the conduct of
Borrower’s, the Bank’s, and each other Subsidiary’s business and keep the same in good repair, working order and condition. 

49.    Insurance. At all times keep the insurable properties of Borrower, the Bank, and each other Subsidiary
adequately insured and maintain in force (i) insurance, to such an extent and against such risks, including fire and theft, as is customary with companies in the same or similar business, (ii) necessary workmen’s compensation
insurance, fidelity bonds and directors’ and officers’ insurance coverage in amounts satisfactory to Lender, and (iii) such other insurance as may be required by law; and if required by Lender, deliver to the Lender a copy of the
bonds and policies providing such coverage and a certificate of Borrower’s, the Bank’s, or each other Subsidiary’s chief executive officer, as the case may be, setting forth the nature of the risks covered by such insurance, the
amount carried with respect to each risk, and the name of the insurer. 
 50.    Taxes and Liens. Pay and
discharge promptly all taxes, assessments, and governmental charges or levies imposed upon Borrower, the Bank, or each other Subsidiary or upon any of their respective income and profits, or their properties, real, personal or mixed, or any part
thereof, before the same shall become delinquent; provided, however, that Borrower, the Bank, and each other Subsidiary shall not be 

  
 9 

 
required to pay and discharge or to cause to be paid and discharged any such tax, assessment, charge, levy or claim so long as the amount or validity thereof shall be contested in good faith by
appropriate proceedings and provided that procedures satisfactory to Lender are carried out to prevent foreclosure of any lien therefrom. 

51.    Financial Reports and ERISA. 

52.    Furnish to Lender as soon as available and in any event within one hundred twenty (120) days
after the end of each calendar year, (1) consolidated and consolidating balance sheets of Borrower, the Bank, and each other Subsidiary, as of the end of such year and consolidated and consolidating statements of income of Borrower, the Bank,
and each other Subsidiary for the year then ended, together with the audit report and opinion of independent Certified Public Accountants acceptable to the Lender with respect thereto, such audit report and opinion shall contain no exceptions or
qualifications unacceptable to Lender; (2) promptly upon receipt, copies of all management letters and other assessments and recommendations, formal or informal, submitted by the Certified Public Accountants to Borrower or each Subsidiary;
(3) at Lender’s request, a copy of Borrower’s FR Y-9 Parent Company Only (and Consolidated, if applicable) financial statement(s) and (4) at Lender’s request, a copy of Borrower’s
F.R. Y-6 Annual Report promptly upon the filing of the same with the Federal Reserve Board; and (5) at Lender’s request, a copy of the Bank’s Call Report promptly upon the filing with the
appropriate regulatory agency. 
 53.    Upon Lender’s request, furnish to Lender as soon as
available and in any event within thirty (30) days after the applicable due date, financial statements of the Borrower and/or the Bank, as the case may be, as filed with the SEC, the Federal Reserve, the FDIC, and all other applicable
regulatory agencies. 
 54.    Upon senior management of the Borrower obtaining knowledge thereof, the
Borrower will give written notice to the Lender promptly (and in any event within five (5) business days), of: (1) any event or condition, including, but not limited to, any Reportable Event, that constitutes, or might reasonably lead to,
an ERISA Event; (2) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal liability assessed against the Borrower or any of its ERISA Affiliates, or of a determination that any
Multiemployer Plan is in reorganization or insolvent (both within the mean of Title IV of ERISA); (3) the failure to make full payment on or before the due date (including extensions) thereof of all amounts which the Borrower, the Bank, or any other
Subsidiary or any ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard set forth in ERISA and the Code with respect thereto; or (4) any change in the funding status of
any Plan that could have a material adverse effect, together with a description of any such event or condition or a copy of any such notice and a statement by the chief financial officer of the Borrower briefly setting forth the details regarding
such event, condition, or notice, and the 

  
 10 

 
action, if any, which has been or is being taken or is proposed to be taken by the Borrower with respect thereto. Promptly upon request, the Borrower shall furnish the Lender with such additional
information concerning any Plan as may be reasonably requested, including, but not limited to, copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto required to be filed with the Department of Labor
and/or the Internal Revenue Service pursuant to ERISA and the Code, respectively, for each “plan year” (within the meaning of Section 3(39) of ERISA). 

55.    Promptly upon the transmission thereof, copies of all material financial statements, proxy
statements, notices, reports and other communications sent by the Borrower or any other Subsidiary to the shareholders of the Borrower and any other such communications as may be requested by Lender and copies of any and all regular or periodic
reports, registration statements, prospectuses or other written communications that may be requested by Lender and the Borrower or the Bank or any other Subsidiary is or may be required to file with the Securities and Exchange Commission or any
governmental department, bureau, commission or agency succeeding to the functions of the Securities and Exchange Commission if any. 

56.    With reasonable promptness, such other financial information for the Borrower or the Bank or any
other Subsidiary as Lender may reasonably request. 
 57.    Regulatory Examinations. (a) Subject to laws
governing the disclosure of Confidential Supervisory Information, promptly notify Lender of every examination by, or any material correspondence, report, memoranda or other written communication from or with, any federal or state regulatory body or
authority, with respect to the properties, loans, operations and/or condition of Borrower, the Bank, or any other Subsidiary, and of the receipt by Borrower, the Bank, or any other Subsidiary of every examination or other report prepared by such
body or authority with respect thereto; and (b) if required by Lender, fully and completely assist and cooperate with Lender in requesting approval by such regulatory body or authority of the furnishing to Lender of any such report, and furnish
such report to Lender if such approval is given; provided, however, that Lender shall take such steps as may be necessary to assure that all such reports shall remain confidential and shall be used by Lender solely in connection with the
administration of the Loan in accordance with the provisions of this Agreement. 
 58.    Additional Information.
Subject to laws governing the disclosure of Confidential Supervisory Information, furnish such other information regarding the operations, business affairs and financial condition of Borrower, the Bank, and each other Subsidiary as Lender may from
time to time reasonably request, including but not limited to true and exact copies of any monthly management reports to their respective directors, their respective tax returns, and all information furnished to shareholders, or any governmental
authority, including the results of any stock valuation performed. 

  
 11 

 59.    Right of Inspection. Except to the extent, if any,
prohibited by applicable law, including laws governing the disclosure of Confidential Supervisory Information, permit any person designated by Lender, to inspect any of the properties, books and financial and other reports and records of Borrower,
the Bank, and each other Subsidiary, including, but not limited to, all documentation and records pertaining to the Bank’s loans, investments and deposits; and to discuss their affairs; finances and accounts with Borrower’s, the
Bank’s, and each other Subsidiary’s principal officers, at all such reasonable times and as often as Lender may reasonable request. If required by Lender, Borrower will pay Lender loan fees in an amount determined by Lender to be necessary
to cover the costs of such inspections, including a reasonable allowance for Lender’s overhead as well as out-of-pocket expenses in connection with such inspection.

 60.    Notice of Default. At the time of Borrower’s first knowledge or notice, furnish the Lender with
written notice or the occurrence of any event or the existence of any condition which constitutes or upon written notice or lapse of time or both would constitute an Event of Default under the terms of this Loan Agreement or other Loan Documents or
an event of default or default under any other loan documents for any other loan to the Borrower, the Bank, or any other Subsidiary. 

61.    Notice of Litigation. Borrower shall notify Lender of any actions, suits or proceedings instituted by any
person against the Borrower, the Bank or other Subsidiary claiming money damages or other monetary liability in an amount of One Million Dollars ($1,000,000.00) or more, said notice to be given within ten days of the first notice to Borrower or
other party of the institution of such action, suit or proceeding and to specify the amount of damages being claimed or other relief being sought, the nature of the claim, the person instituting the action, suit or proceeding, and any other
significant features of the claim. 
 62.    Perfection of Security Interest. The Borrower or any Subsidiary
shall perform such acts as may be necessary, in the reasonable judgment of Lender, now or in the future, to perfect or continue perfection of the security interests granted to Lender, or otherwise provided for, under any and all Loan Documents. 

63.    Dividends to Borrower from the Bank. Subject to any required regulatory approvals, Borrower shall cause the
Bank and any other Subsidiary to pay dividends or otherwise make such cash contributions at such times and in such amounts, as is necessary to enable Borrower to meet all of its obligations under the Loan Documents on a timely basis, including the
payment, when due, of each installment of interest and the payment of principal on the Loan to the extent permitted by law including applicable bank regulatory agency rules and regulations. Without limiting the generality of the foregoing, should
any prepayment, accelerated payment or other payment ever be due with respect to the Loan, Borrower shall cause the Bank and other Subsidiary to pay dividends or otherwise make such additional distributions to the Borrower as necessary to enable the
Borrower to make such prepayment, accelerated payment or other payment, to the extent permitted by law including applicable bank regulatory agency rules and regulations. 

  
 12 

 64.    Capital Ratio/Equity Capital Adequacy. 

65.    Bank shall maintain at all times a “Well Capitalized” rating as required by any applicable
regulatory authority as such requirement may be revised from time to time. If, during the life of the Loan, the total assets of the Bank exceed Three Billion Dollars ($3,000,000,000.00), then the Borrower shall be added to the foregoing covenant.

 66.    Bank shall maintain as of each Covenant Compliance Date a Tier 1 Leverage Ratio of (i) not
less than six and 75/100 percent (6.75%) for the first two Covenant Compliance Dates following the Effective Date (i.e. the quarters ending June 30, 2021 and September 30, 2021), (ii) not less than seven percent (7.00%) for the third
and fourth Covenant Compliance Dates following the Effective Date (i.e. the quarters ending December 31, 2021 and March 31, 2022), and (iii) not less than seven and 50/100 percent (7.50%) thereafter. 

67.    Adjusted Texas Ratio. As of each Covenant Compliance Date Bank shall maintain an Adjusted Texas Ratio of not
more than twenty-five percent (25%). 
 68.    Return on Average Assets. Bank shall maintain a return on
Average Assets of at least 50/100 percent (0.50%) as of each Covenant Compliance Date. In determining such return, Bank’s earnings will be calculated using the prior four (4) fiscal quarters then ended on a rolling basis. 

69.    Loan Loss Reserves. With respect to the Bank, maintain at all times loan loss reserves in amounts deemed
adequate by all federal and state regulatory authorities. 
 70.    Loan to Value Ratio. Borrower shall maintain
as of each Covenant Compliance Date a Loan-to-Value Ratio of not more than Forty Percent (40%). 

71.    Indemnification. Borrower and Bank shall indemnify the Lender, and hold it harmless of and from any
and all loss, cost, damage or expense, of every kind and nature, including reasonable attorneys’ fees, which the Lender could or might incur by reason of any violation of any Environmental Laws by Borrower or Bank or by any predecessors or
successors to title to any property of the Borrower or Bank. 
 72.    Compliance Certificate. Furnish Lender a
Certificate of Compliance duly certified by either the Chief Executive Officer or Chief Financial Officer of Borrower within forty-five (45) days after the end of each calendar quarter stating that Borrower and each Bank Subsidiary and the
Borrower and all Subsidiaries, as applicable, are in compliance with all terms, covenants and conditions of this Loan Agreement and all related Loan Documents, including, but not limited to, Sections 5.1 – 5.17 of this Agreement.
Such Certificate of Compliance shall be as set forth in Exhibit H and otherwise be in form and substance satisfactory to Lender. 

  
 13 

 73.    NEGATIVE COVENANTS. 

Borrower covenants and agrees with Lender that Borrower shall comply and cause the Bank and other Subsidiaries to comply with the following
negative covenants unless the prior written consent of Lender shall be obtained, so long as any indebtedness remains outstanding under the Loan Documents: 

74.    Indebtedness. Neither Borrower nor the Bank shall create, incur, assume or suffer to exist, contingently or
otherwise, any indebtedness, except for the following indebtedness: 
 75.    The indebtedness of
Borrower under the Loan; 
 76.    Indebtedness owed by the Borrower to the Bank or any other Subsidiary;

 77.    Debt for operating expenses or otherwise incurred by the Bank or any other Subsidiary in the
ordinary course of business (including without limitation fed funds lines and/or federal home loan bank borrowings); 

78.    Indebtedness as set forth in Exhibit G, if any; and 

79.    Obligations (contingent or otherwise) existing or arising under any Interest Rate Swap
approved in advance by Lender. 
 80.    Mortgages, Liens, Etc. Neither Borrower nor the Bank shall create,
assume or suffer to exist any mortgage, pledge, lien, charge or other encumbrance of any nature whatsoever on any of its assets, now or hereafter owned, except for: 

81.    Liens in favor of Lender securing payment of the Loan; and 

82.    Permitted Encumbrances. 

83.    Guaranties. Guarantee or otherwise in any way become or be responsible for the indebtedness or obligations
of any other Person, by any means whatsoever, whether by agreement to purchase the indebtedness of any other Person or agreement for the furnishing of funds to any other Person through the purchase of goods, supplies or services (or by way of stock
purchase, capital contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise, except for the endorsement of negotiable instruments by the Borrower or Bank in the ordinary course of
business for collection. 
 84.    Merger, Dissolution, Acquisition of Assets. Except for a Permitted
Acquisition, borrower shall not enter into, or permit the Bank or any other Subsidiary to enter into, any transaction of merger or consolidation, or any reorganization, reclassification of stock, readjustment or change in capital structure; or
acquire, or permit any Subsidiary to acquire, all of the stock, or other ownership interest, property or assets of any other person, corporation, partnership or other entity. 

  
 14 

 85.    Subsidiaries. Except for a Permitted Acquisition, Borrower
shall not create, establish or acquire Subsidiaries or acquire or own stock or any other interest in any bank other than the Bank, or permit the creation, establishment or acquisition of any such Subsidiaries by any other Subsidiary. 

86.    Sale of Stock, Merger, or Asset Disposition. 

87.    Borrower shall not sell, transfer, pledge, assign, or otherwise dispose of, or otherwise encumber,
any of the Borrower’s stock of the Bank or the Borrower’s or the Bank’s or any other Subsidiary’s common Capital Stock in any Subsidiary nor permit the Bank or any other Subsidiary to issue additional shares of stock or rights,
options or securities convertible into Capital Stock of the Bank or any other Subsidiary. 
 88.    The
Borrower will not, nor will it permit any of its Subsidiaries to, make any Asset Disposition except in the ordinary course of business. 

89.    Dividends, Redemptions and Other Payments. Borrower shall not declare or pay any dividends on the stock of
Borrower or redeem any stock of Borrower if an Event of Default has occurred and is continuing under this Agreement or allow the payment of such a dividend that would create an Event of Default. The payment of any dividend or the redemption of any
stock not otherwise prohibited shall in all respects comply with the rules and regulations of the Federal Reserve Board. 

90.    Capital Expenditures. Borrower shall not make or become committed to make, or permit any Subsidiary to make
or to become committed to make, directly or indirectly, during any calendar year, capital expenditures which for Borrower and the Subsidiary exceed amounts deemed acceptable to applicable regulatory authorities. 

91.    Relocation. The Borrower shall not cause or permit Borrower or any Subsidiary to relocate their principal
office, principal banking office, principal registered office or approved charter location without the written consent of Lender. 

92.    Transactions with Affiliates. The Borrower shall not, nor will it permit any of its Subsidiaries to, enter
into or permit to exist any transaction or series of transactions with any officer, director, shareholder, Subsidiary or Affiliate of such person or entity other than (a) normal compensation and reimbursement of expenses of officers and
directors, (b) to the extent compliant with 6.10(c), typical tax allocation agreements among the Borrower and any of its Subsidiaries, including Bank, and (c) except as otherwise specifically limited in this Agreement, other transactions
which satisfy the applicable requirements under Section 23A of the Federal Reserve Act, 12 USC §371c and Section 23B of the Federal Reserve Act, 12 USC §371c-1. For purposes of this
Agreement, the term affiliates shall have the same meaning as set forth in applicable bank regulations. 

93.    Change in Management. Neither the Borrower nor the Bank shall make any change in its senior executive
management personnel (CEO, President, CFO, or 

  
 15 

 
other “c-level” or equivalent officers); provided, however, that if any of the foregoing officers cease to hold the applicable office described
above, the same shall not be an Event of Default provided that the Borrower or the Bank, as the case may be, replaces such individual with another officer reasonably qualified and acceptable to all applicable Bank Regulatory Authorities within one
hundred eighty (180) days of such change.
 94.    Charter or By-Law
Amendments. Neither Borrower, Bank nor any other Subsidiary shall adopt, amend or enter into, as applicable, any charter, articles of incorporation, bylaws (or any amendments thereto) or other provisions or agreements that would affect in any
way the rights, obligations and/or preferences of the Collateral. 
 95.    No Defaults. Borrower shall not
permit or suffer the occurrence of any event nor allow any Subsidiary or other Affiliate to knowingly permit or suffer the occurrence of any event which constitutes an event of default under any indenture or loan agreement or otherwise with respect
to any indebtedness of the Borrower, the Bank, or any other Subsidiary. 
 96.    DEFAULT AND REMEDIES.

 97.    Events of Default. Any one or more of the following events shall constitute an Event of Default
under the terms of this Agreement and the other Loan Documents: 
 98.    Defaults in the prompt payment
as and when due of the principal of or interest on the Loan or any fees due under this Loan Agreement within ten (10) days of the date when due, or in the prompt performance or payment when due of any other obligations of the Borrower to the
Lender, whether now existing or hereafter created or arising, direct or indirect, absolute or contingent. 

99.    Default in compliance with or in the performance or observance of any term, covenant, obligation,
condition, or agreement in this Agreement or any other Loan Document. 
 100.    If any representation,
warranty or any other statement made or deemed to be made by the Borrower herein, in any other Loan Document, or in any writing, certificate, or report or statement at any time furnished to Lender pursuant to or in connection with this Agreement
shall be false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

101.    Borrower, the Bank or any other Subsidiary shall fail to pay when due and before the expiration of
any grace period, any debt for borrowed money which it is primarily obligated to pay as borrower, or in any other capacity, whether such debt shall have become due because of acceleration of maturity or otherwise, other than debt created by this
Agreement. 

  
 16 

 102.    An event occurs which constitutes an event of
default as defined in the Note or any other Loan Document; or an event occurs which constitutes an event of default (following the expiration of applicable grace, notice or cure periods) under any present or future loan agreement between Lender and
Borrower for any other loan. 
 103.    The Borrower, the Bank, or any other Subsidiary shall 

104.    be unable or admits in writing its inability to pay its debts as they become due; or 

105.    file a petition in bankruptcy or for reorganization or for the adoption of an arrangement under the
Bankruptcy Act as now or in the future amended, or file a pleading asking such relief, or have or suffer to be filed an involuntary petition in bankruptcy against it which is not contested and discharged within sixty (60) days; or 

106.    make an assignment for the benefit of creditors generally; or 

107.    consent to the appointment of a trustee, custodian, or receiver for all or a major portion of its
property; or 
 108.    be adjudicated a bankrupt or insolvent under any federal or state law; or 

109.    suffer the entry of a court order under any federal or state law appointing a receiver, custodian,
or trustee for all or a major part of its property or ordering the winding up or liquidation of its affairs, or approving a petition filed against it under the Bankruptcy Act, as now or in the future amended; or 

110.    suffer the entry of a final judgment for the payment of money in excess of $1,000,000.00 and the
same shall not be discharged or provision made for its discharge within 45 days from the date of entry thereof or an appeal or other appropriate proceeding for review thereof shall not be taken within said period and a stay of execution pending such
appeal shall not be obtained; or 
 111.    suffer a writ or warrant of attachment or any similar process
to be issued by any court against all or any substantial portion of its property. 
 112.    The issuance
of any formal Supervisory Action against the Borrower, the Bank or other Subsidiaries or the Borrower’s, the Bank’s or the other Subsidiaries’ directors, whether temporary or permanent, by or at the request of any bank regulatory
agency; provided, however, that notwithstanding anything to the contrary in this Agreement (including without limitation 

  
 17 

 
Section 5.9 hereof), Borrower shall not be required to disclose the existence of any Supervisory Action to the extent that such disclosure is
prohibited by applicable law or regulation; but further provided that (i) Section 5.9 of this Agreement shall nevertheless require Borrower to disclose to Lender the maximum amount of
information legally permissible to be disclosed regarding any such Supervisory Action and (ii) such Supervisory Action may, even if confidential, constitute an Event of Default hereunder if Lender becomes aware of such Supervisory Action
through other channels without the violation of applicable law or regulation; 
 113.    There shall
occur any change in the equity ownership of the Bank, or any change in the equity ownership of the Borrower such that a “change in control” of Borrower under applicable law or regulation shall have occurred; or 

114.    The failure of the Borrower, the Bank, or any other Subsidiary, or the Borrower’s, the
Bank’s, or any other Subsidiary’s directors to comply with the terms of any memorandum of understanding or letter agreement with any bank regulatory agency, including but not limited to any applicable state bank regulatory agency, Federal
Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System and such failure has not been fully corrected within thirty (30) business days of the Borrower’s or the
Bank’s awareness of its failure to comply. 
 115.    Cure Provisions. If any Event of Default, other than a
default in payment, is curable and if Borrower has not been given a notice of a breach in the same provision of the Note within the preceding twelve (12) months, it may be cured if Borrower, after receiving written notice from Lender demanding
cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to
cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to product compliance as soon as reasonably practical. 

116.    Remedies on Default. Upon the occurrence of an Event of Default, Lender may (i) terminate all
obligations of Lender to Borrower, the Bank, or any other Subsidiary including, without limitation, all obligations to lend money to Borrower under this Agreement, (ii) declare the Note immediately due and payable, without presentment, demand,
protest, notice of intent to accelerate and notice of acceleration of the maturity date of the Note, or any other notice of any kind, all of which are expressly waived, (iii) declare immediately due and payable from Borrower the expenses set
forth in Section 8.14 hereof, and (iv) pursue any remedy available to it under this Agreement, the Note, the Pledge Agreement or any other Loan Document, or available at law or in equity, concurrently or subsequently,
in such order as the Lender may elect, all of which remedies shall be cumulative. 
 117.    Liens; Setoff by
Lender. Borrower hereby grants to Lender a continuing lien for all indebtedness of Borrower, the Bank, or the other Subsidiaries to Lender 

  
 18 

 
upon any and all of its monies, securities and other property and the proceeds thereof, now or hereafter held or received by or in transit to Lender from or for Borrower, and also upon any and
all deposits (general or special, matured or unmatured) and credits of Borrower against Lender at any time existing. Upon the occurrence of any Event of Default as specified above, Lender is hereby authorized at any time and from time to time,
without notice to Borrower, the Bank, or the other Subsidiaries, to set off, appropriate, and apply any and all items hereinabove referred to against any or all indebtedness of Borrower to Lender, whether under this Agreement, or otherwise, whether
now existing or hereafter arising. Lender shall give written notice to Borrower of such setoff appropriation or application after such setoff, appropriation or application occurs. 

118.    MISCELLANEOUS. 

119.    No Waiver. No delay or failure on the part of Lender or on the part of any holder of the Note in the
exercise of any right, power or privilege granted under this Agreement, or under any other Loan Document, or available at law or in equity, shall impair any such right, power or privilege or be construed as a waiver of any Event of Default or any
acquiescence therein. No single or partial exercise of any such right, power or privilege shall preclude the further exercise of such right, power or privilege. No waiver shall be valid against Lender unless made in writing and signed by Lender, and
then only to the extent expressly specified therein. 
 120.    Notices. All notices and communications provided
for hereunder shall be in writing, delivered by hand or sent by first-class, registered or certified mail, postage prepaid, or express courier to the following addresses: 

 

							
		 	(1)	  	If to Lender:	  	First Horizon Bank
	 	 	 	  	 	  	165 Madison Avenue, 11th Floor
	 	 	 	  	 	  	Memphis, Tennessee 38103
	 	 	 	  	 	  	Attention: Correspondent Banking
				
		 	(2)	  	If to Borrower:	  	          Citizens Holding Company
	 	 	 	  	 	  	521 Main Street
	 	 	 	  	 	  	Philadelphia, Mississippi 39350
	 	 	 	  	 	  	Attention: Gregory L. McKee, President and CEO

 Any party hereto may change its address for notice purposes by notice to the other parties in the manner provided herein.
Notice shall be deemed given when hand delivered or first class, certified or registered mail, postage prepaid, or when delivered by express courier. 

121.    Governing Law. This Agreement and all other Loan Documents shall be governed by and interpreted in
accordance with the laws of the State of Tennessee except with respect to interest which shall be governed by and construed in accordance with applicable Federal laws in effect from time to time. 

  
 19 

 122.    Survival of Representations and Warranties. All
representations, warranties and covenants contained herein or made by or furnished on behalf of Borrower, the Bank, or the other Subsidiaries in connection herewith shall survive the execution and delivery of this Agreement and all other Loan
Documents and the extension or funding of the loan hereunder. 
 123.    Descriptive Headings. The descriptive
headings of the several sections of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 

124.    Severability. If any part of any provision contained in this Agreement or in any other Loan Document shall
be invalid or unenforceable under applicable law, said part shall be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of said provision or the remaining provisions. 

125.    Time is of the Essence. Time is of the essence in interpreting and performing this Agreement and all other
Loan Documents. 
 126.    Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which, taken together, shall constitute one and the same instrument. 

127.    Payment of Costs. Borrower shall pay, promptly following demand by Lender, all reasonable costs, expenses,
taxes and fees incurred by Lender in connection with the preparation, execution and delivery of this Agreement and all other Loan Documents and the recording and filing and rerecording and refiling thereof, including, without limitation, the
reasonable costs and professional fees of counsel for Lender, any and all transfer, mortgage or other taxes and all recording costs that may be payable. In the future, Borrower shall pay promptly following written demand by the Lender, all such
costs and expenses determined to be payable, in connection therewith. 
 128.    Successors and Assigns. This
Agreement shall bind and inure to the benefit of Borrower and Lender, and their respective successors and assigns; provided, however, Borrower, the Bank, and the other Subsidiaries shall not have any right to assign their rights or obligations
hereunder to any person. Notwithstanding anything in this Agreement to the contrary, Lender shall have the right, but shall not be obligated, to sell participation in the loan made pursuant hereto to other banks, financial institutions and
investors. 
 129.    Amendments; No Implied Waiver. This Agreement may be amended or modified, and Borrower, the
Bank, and the other Subsidiaries may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if Borrower shall obtain the prior written consent of Lender to that specific amendment, modification,
action or omission to act, and no course of dealing between Borrower, the Bank, or the other Subsidiaries and Lender shall operate as a waiver of any right, power or privilege granted to Lender under this Agreement or under any other Loan Document,
or available to Lender at law or in equity. 

  
 20 

 130.    Rights Cumulative. All rights, powers and privileges
granted hereunder shall be cumulative to and shall not be exclusive of any other rights, powers and privileges granted by any other Loan Document or available at law or in equity. 

131.    Indemnity. Borrower agrees to protect, indemnify and save harmless Lender, and all directors, officers,
employees and agents of Lender, from and against any and all (i) claims, demands and causes of action of any nature whatsoever brought by any Person not a party to this Agreement and arising from or related or incident to this Agreement or any
other Loan Document, including, without limitation, any liability under federal or state securities laws arising out of Lender’s disposition of all or part of the Collateral, (ii) costs and expenses incident to the defense of such claims,
demands and causes of action, including, without limitation, reasonable attorneys’ fees, and (iii) liabilities, judgments, settlements, penalties and assessments arising from such claims, demands and causes of action; provided, however,
that Borrower does not agree to indemnify Lender against Lender’s own willful misconduct. The indemnity contained in this section shall survive the termination of this Agreement. 

132.    Expenses. Borrower agrees to promptly reimburse Lender for (i) all costs and expenses of collection of
the Note, including reasonable attorneys’ fees, and (ii) all expenses incurred by Lender in enforcing this Agreement or any other Loan Document or of acting on behalf of Borrower, the Bank or the other Subsidiaries in accordance with the
terms of this Agreement or to maintain or preserve the value of the Collateral, or Lender’s interest therein pursuant to the Pledge Agreement, or any other Loan Document. Such sums shall include interest at the maximum rate allowed by law
accruing from the date Lender requests such reimbursement. 
 133.    Usury. It is the intent of the parties
hereto not to violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and Borrower, the Bank, and the other Subsidiaries, and Lender agree that, should any
provision of this Agreement, or of the Note, or of any other Loan Document or any act performed hereunder or thereunder, violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum
lawful rate of interest shall be applied to the outstanding principal indebtedness due to Lender by Borrower under this Agreement, and if the principal indebtedness has been paid in full, any remaining excess shall forthwith be paid to Borrower.

 134.    Jurisdiction and Venue. Borrower, the Bank, and the other Subsidiaries, and Lender agree, without
power of revocation, that any civil suit or action brought against them as a result of , or which relates to, any of their obligations under this Agreement or under any other Loan Document may be brought against them, jointly or singly, in the
United States District Court for the Western District of Tennessee, and Borrower, the Bank, the other Subsidiaries, and Lender irrevocably submit to the jurisdiction of such court and irrevocably waive, to the fullest extent permitted by law, any
objections that they may now or hereafter have to the laying of the venue of such civil suit or action and any claim that such civil suit or action has been brought in an inconvenient forum, and Borrower, the Bank, and the other Subsidiaries, and
Lender 

  
 21 

 
agree that final judgment in any such civil suit or action shall be conclusive and binding upon them and shall be enforceable against them by suit upon such judgment in any court of competent
jurisdiction. 
 135.    Construction. Should any provision of this Agreement require judicial interpretation,
the parties hereto agree that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of construction that a document is to be more
strictly construed against the party who itself or through its agents prepared the same, it being agreed that Borrower, Lender and their respective agents have participated in the preparation hereof. 

136.    Holidays. In any case where the date for any action required to be performed under this Agreement or under
any other Loan Document shall be, in the city where the performance is to be made, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized by law to close, then such performance may be made on the next succeeding
business day not a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized by law to close. 

137.    Entire Agreement. This Agreement and the other Loan Documents executed and delivered contemporaneously
herewith, together with the exhibits attached hereto and thereto, constitute the entire understanding of the parties with respect to the subject matter hereof, and any other prior or contemporaneous agreements, whether written or oral, with respect
thereto are expressly superseded hereby. The execution of this Agreement and the other Loan Documents by Borrower, the Bank, and the other Subsidiaries was not based upon any facts or materials provided by Lender, nor was Borrower, the Bank, and the
other Subsidiaries induced to execute this Agreement or any other Loan Document by any representation, statement or analysis made by Lender. In the event that the provisions of this Loan Agreement shall conflict with provisions of any of the other
Loan Documents, the provisions of this Agreement shall control. This written Loan Agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the
parties. There are no unwritten oral agreements between the parties. 
 138.    Consent. Borrower hereby
represents and warrants that to the best of Borrower’s knowledge there is no consent from any lender or creditor needed to prevent Borrower, the Bank, or the other Subsidiaries from being in default by Borrower executing the Note or Borrower,
the Bank, and the other Subsidiaries executing, this Loan Agreement or any other loan document associated with this Loan. 

139.    Waiver Of Right To Trial By Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL
BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (b) 

  
 22 

 
IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR
DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY. 
 140.    Further Assurances. Borrower agrees to furnish a current financial statement upon the request of
Lender from time to time, and further agrees to execute and deliver all other instruments and take such other actions as Lender may from time to time reasonably request in order to carry out the provisions and intent hereof. 

141.    Execution by Bank. The undersigned Bank is joining this Agreement for the sole purpose of acknowledging the
pledge of its Capital Stock pursuant to the Pledge Agreement. 

142.    Non-Control. In no event shall the Lender’s rights hereunder
be deemed to indicate that the Lender is in control of the business, management or properties of the Borrower or the Bank or has power over the daily management functions and operating decisions made by the Borrower and the Bank, all such rights and
powers being hereby expressly reserved to the Borrower and the Bank. 
 143.    Assignments and Participations.
Lender may sell or offer to sell the Loan or interests therein to one or more assignees or participants. Borrower shall execute, acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the
extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights and benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender hereunder.
Lender may disseminate any information it now has or hereafter obtains pertaining to the Loan, including any security for the Loan, Borrower, Bank, any other Subsidiary, any of Borrower’s, Bank’s, or any other Subsidiary’s principals,
or any guarantor, if any, to any actual or prospective assignee or participant, to Lender’s affiliates, to any regulatory body having jurisdiction over Lender, to any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to Lender and the Loan, or to any other party as necessary or appropriate in Lender’s reasonable judgment. 

144.    Electronic Transmission of Data. Lender and Borrower agree that certain data related to the Loan (including
confidential information, documents, applications and reports) may be transmitted electronically, including transmission over the internet to the parties, the parties’ affiliates, agents and representatives, and other

  
 23 

 
Persons involved with the subject matter of this Agreement. Borrower acknowledges and agrees that (a) there are risks associated with the use of electronic transmission and that Lender does
not control the method of transmittal or service providers, (b) Lender has no obligation or responsibility whatsoever and assumes no duty or obligation for the security, receipt or third party interception of any such transmission, and
(c) Borrower and Bank will release, hold harmless and indemnify Lender from any claim, damage or loss, including that arising in whole or part from Lender’s strict liability or sole, comparative or contributory negligence, which is related
to the electronic transmission of data. 
 145.    USA PATRIOT Act. The Lender hereby notifies the Borrower and
any guarantor that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower and any guarantors, which information includes the name and address of the Borrower and any
guarantors and other information that will allow Lender to identify the Borrower and any guarantors in accordance with the PATRIOT Act. 

146.    No Inference of Extension Past Maturity Date. Notwithstanding any other provision herein, the terms,
conditions, and requirements provided for herein that would, by their express terms, be applicable to time periods after the Maturity Date of the Note, are not to be interpreted as an inference that the Lender has agreed to any extension, automatic
or otherwise, to the extension of the Maturity Date. The Lender has not agreed and is under no obligation to extend the Maturity Date of the Note. 

[Signature page follows] 

  
 24 

 WITNESS the hand and seal of the parties hereto through their duly authorized officers as of
the date first above written. 
  

			
	LENDER:	 	BORROWER:
		
	FIRST HORIZON BANK	 	CITIZENS HOLDING COMPANY
		
	By: /s/ Robert A. Rhodes
III                                        
	 	By: /s/ Greg
McKee                                        

	Printed Name: Robert A. Rhodes III	 	Printed Name: Greg McKee
	Title: Senior Vice President	 	Title: Chief Executive Officer
		
		 	The undersigned Bank executes this Loan Agreement for the sole purpose of acknowledging the pledge of its Capital Stock under the Pledge Agreement.
		
		 	BANK:
		
		 	THE CITIZENS BANK OF PHILADELPHIA
		
		 	By: /s/ Greg
McKee                                        

		 	Printed Name: Greg McKee
		 	Title: Chief Executive Officer

  
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 APPENDIX A 

DEFINITIONS 
 “Adjusted
Texas Ratio” shall mean a fraction, expressed as a percentage, where the numerator is Non-Performing Assets, and where the denominator is the sum of Bank’s Tier 1 Capital plus the entire balance
of Bank’s loan loss reserve, all determined on a basis satisfactory to Lender. 
 “Affiliate” shall have the same
meaning assigned to it in applicable bank regulations. 
 “Asset Disposition” shall mean the disposition (including the
sale, lease or transfer) of any or all of the assets (including without limitation any common or preferred stock of the Bank or any other Subsidiary) of the Borrower or any of its Subsidiaries whether by sale, lease, transfer or otherwise. 

“Average Assets” shall mean the
year-to-date average of total assets of Bank. 

“Bank Regulatory Authority” shall mean the Board of Governors of the Federal Reserve System, the Comptroller of the Currency,
the Federal Deposit Insurance Corporation, and all other relevant bank regulatory authorities (including, without limitation, relevant state bank regulatory authorities). 

“Call Report” shall mean the Bank’s Quarterly Report of Condition and Income. 

“Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital
stock or equity, whether now outstanding or issued after the date hereof, including all common stock, preferred stock, partnership interests and limited liability company member interests. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Entity or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Entity; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, regulations, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking 

  
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Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued. 
 “Collateral” shall mean 114 shares of the common stock
of the Bank. 
 “Confidential Supervisory Information” shall mean information that may be confidential under Federal or
state law since it is or was created or obtained in furtherance of the supervisory, investigatory, or enforcement activities of the Borrower’s or Bank’s regulatory authorities. 

“Covenant Compliance Date” shall mean the last day of each fiscal quarter of the Borrower or the Bank, as the case may be.

 “Environmental Laws” shall mean all federal, state, and local laws, including statutes, regulations, ordinances, codes,
rules, and other governmental restrictions and requirements, relating to the discharge of air pollutants, water pollutants, or process waste water or otherwise relating to the environment or hazardous substances or the treatment, processing,
storage, disposal, release, transport, or other handling thereof, including, but not limited to, the federal Solid Waste Disposal Act, the federal Clean Air Act, the federal Clean Water Act, the federal Resource Conservation and Recovery Act, the
federal Hazardous Materials Transportation Act, the federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the federal Toxic Substances Control Act, regulations of the Nuclear Regulatory Agency, and regulations of any
state department of natural resources or state environmental protection agency, in each case as now or at any time hereafter in effect. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as
interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections. 

“ERISA Affiliate” means an entity which is under common control with the Borrower within the meaning of
Section 4001(a)(14) of ERISA, or is a member of a group which includes the Borrower and which is treated as a single employer under Sections 414(b) or (c) of the Code. 

“ERISA Event” means (i) with respect to any Plan, the occurrence of a Reportable Event or the substantial cessation of
operations (within the meaning of Section 4062(e) of ERISA); (ii) the withdrawal by the Borrower, the Bank, or any other Subsidiary or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a substantial employer
(as such term is defined in Section 4001(a)(2) of 

  
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ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to terminate or the actual termination of a Plan pursuant to Section 4041(a)(2) or
4041A of ERISA; (iv) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC under Section 4042 of ERISA; (v) any event or condition which might constitute grounds under Section 4042 of ERISA
for the termination of, or the appointment of a trustee to administer, any plan; (vi) the complete or partial withdrawal of the Borrower or any of its Subsidiaries or any ERISA Affiliate from a Multiemployer Plan; (vii) the conditions for
imposition of a lien under Section 302(f) of ERISA exist with respect to any Plan; or (viii) the adoption of an amendment to any Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA. 

“Event of Default” shall have the meaning assigned to such term in Section 7.1 of this Agreement.

 “GAAP” shall mean generally accepted accounting principles applied on a consistent basis, maintained throughout the
period involved. 
 “Governmental Entity” means the United States, any State, and/or any political subdivision, department,
agency or instrumentality of any of the foregoing. 
 “Interest Rate Swap” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations
or liabilities under any Master Agreement, together with any related schedule and confirmation, as amended, supplemented, superseded or replaced from time to time. 

  
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 “Lien(s)” means any charge, claim, equitable interest, lien, encumbrance,
pledge, security interest, mortgage, encroachment, easement or restriction of any kind, including, without limitation, those liens identified on Exhibit E attached hereto. 

“Loan Documents” shall mean the Note, the Agreement, the Pledge Agreement, stock certificates issued to Borrower evidencing
the shares pledged pursuant to the Pledge Agreement, stock powers with respect to such shares pledged as Collateral and any and all other documents, instruments or agreements evidencing, securing, guaranteeing or otherwise related to or delivered in
connection with the Loan. 
 “Loan-to-Value
Ratio” shall mean the fraction, expressed as a percentage, of (a) the then-outstanding balance of the Loan at the time of measurement bears to (b) the Bank’s tangible common equity tier 1 capital at the time of measurement.

 “Local Authorities” means individually and collectively the state and local governmental authorities which govern the
business and operations owned or conducted by the Borrower or its Subsidiaries. 
 “Maturity Date” shall mean June 9,
2023. 
 “Multiple Employer Plan” shall mean a Plan which is a multiemployer plan as defined in Sections 3(37) or 4001(a)(3)
of ERISA. 
 “Net Income” shall mean the net income after taxes including the Borrower’s equity in undistributed
earnings of its Subsidiaries as determined under GAAP. 
 “Non-Performing Assets”
shall mean the sum of (1) all Non-Performing Loans and (2) Other Real Estate Owned listed in Call Reports and other such assets acquired through foreclosure or other realization upon collateral or
rearrangement or satisfaction of Indebtedness. 
 “Non-Performing Loans” shall mean
the sum of (1) all loans classified internally or by a Bank Regulatory Authority as non-accrual plus (2) loans past due by 90 days or more plus (3) loans for which the obligee has reduced the
agreed interest rate, reduced the principal or interest obligation, extend the maturity, applied interest payments to reduce principal, capitalized interest, or otherwise renegotiated the terms of the obligation based upon the actual or asserted
inability of the obligor(s) of such loans to perform their obligations pursuant to the agreements with the obligee prior to such modification or renegotiation; provided, however, that (a) loans for which the Borrower or the Bank
has taken additional collateral satisfactory to it and therefore is prepared to make additional loan advances or any other loans which have been restructured and are performing in a manner satisfactory to the Borrower and (b) any portion of a Non-Performing Loan that is guaranteed by the United States 

  
 29 

 
government or an agency thereof in a manner acceptable to Lender shall not be included in the definition of Non-Performing Loans (but any un-guaranteed portion of a Non-Performing Loan covered by item (b) above shall be included as a Non-Performing Loan); provided
further, however, that any loan that would otherwise be classified as a troubled debt restructuring but is not so classified, because of a regulatory exemption from classification as a troubled debt restructuring by a Bank Regulatory Authority or
statutory exemption from classification as a troubled debt restructuring by applicable statute, shall not be included in the definition of Non-Performing Loans, so long as (x) such regulatory or statutory
exemption remains in place, and (y) such loan continues to meet all qualifications for such regulatory or statutory exemption.                 

“Note” shall have the meaning assigned to such term in Section 1.2 of this Agreement, together with
any and all renewals, modifications, extensions and replacements thereof. 
 “Obligations” shall have the meaning given in
the Pledge Agreement. 
 “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)), as amended. 
 “Permitted
Acquisition” means an acquisition in which the Borrower acquires a bank or bank holding company no more than once during any four (4) consecutive calendar quarters with total consolidated assets acquired not to exceed Four Hundred
Million Dollars ($400,000,000.00) and (a) the Borrower and/or the Bank, as the case may be, is the surviving entity from such acquisition; (b) such acquisition is financed with funds provided by the Bank (via dividend or distribution) and
not a loan from another lender or an equity injection at the Borrower or Bank level; (c) no Event of Default, or event which would, with the passage of time, giving of notice, or both, constitute and Event of Default, has occurred and is
continuing at the time of such acquisition or would result from such acquisition; (d) Borrower’s reasonable, good faith projections and pro forma financials show that it will remain in compliance with all financial and other covenants
under this Agreement upon completion of such acquisition; (e) Borrower shall have provided Lender, at or before the closing of such acquisition, evidence acceptable to Lender that Borrower and all other parties to the proposed acquisition have
obtained all consents and approvals (governmental, shareholder, or otherwise) required in connection with the completion of such acquisition; (f) the business to be acquired in such acquisition is in the same line of business as the
Borrower’s or a line of business incidental thereto; (g) Lender must have received a copy of all material transaction documents related to 

  
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such acquisition and the terms and conditions of the acquisition and the documentation executed in connection therewith must be acceptable to Lender; and (h) Borrower gives Lender written
notice of such proposed acquisition at least thirty (30) days prior to consummation of the acquisition and provides Lender with such evidence as Lender reasonably requests to confirm such acquisition’s compliance with the foregoing
requirements. 
 “Permitted Encumbrances” shall mean and include: (a) liens for taxes, assessments or similar
governmental charges not in default or being contested in good faith by appropriate proceedings; (b) workmen’s, vendors’, mechanics’ and materialmen’s liens and other liens imposed by law incurred in the ordinary course of
business, and easements and encumbrances which are not substantial in character or amount and do not materially detract from the value or interfere with the intended use of the properties subject thereto and affected thereby; (c) liens in
respect of pledges or deposits under social security laws, workmen’s compensation laws, unemployment insurance or similar legislation and in respect of pledges or deposits to secure bids, tenders, contracts (other than contracts for the payment
of money), leases or statutory operations; (d) any Liens reflected on Exhibit E; and (e) such other liens and encumbrances to which Lender shall consent in writing, if any. 

“Person” means an individual, partnership, corporation, limited liability company, trust, unincorporated organization,
association, joint venture or a government or agency or political subdivision thereof, joint stock company, or non-incorporated organization, or any other entity of any kind whatsoever. 

“Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by ERISA and with respect
to which the Borrower, the Bank, or any other Subsidiary or any ERISA affiliate is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” within the meaning of
Section 3(5) of ERISA. 
 “Pledge Agreement” shall mean that certain Pledge and Security Agreement executed by Borrower
for the benefit of Lender dated of even date herewith pledging the Collateral, as the same may be amended, restated, or modified from time to time. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the
notice requirement has been waived by regulation. 

  
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 “Sanctioned Country” means a country subject to a sanctions program
identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time. 

“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked
Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (b) (i) an agency of the
government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by the U.S. Department of
Treasury’s Office of Foreign Assets Control. 
 “Subsidiaries” or individually “Subsidiary” shall mean
any partnership, corporation, limited liability company, trust, unincorporated organization, association, joint venture, or other entity other than Borrower in an unbroken chain of entities beginning with the Borrower with each of the entities or
the Bank other than the last entity in the unbroken chain owning fifty percent (50%) or more of the total combined voting power of all classes of stock or other form of equity in one of the other entities or the Bank and are more specifically listed
in Exhibit D attached hereto. 
 “Supervisory Action” shall mean and include the issuance by or at the behest
of any bank regulatory authority of a letter agreement, memorandum of understanding (regardless of whether consented or agreed to by the party to whom it is addressed), cease and desist order, injunction, directive, restraining order, formal
agreement, notice of charges, or civil money penalties, against Borrower, the Bank, or any other Subsidiary or the directors or officers of any of them, whether temporary or permanent. A formal Supervisory Action is a Supervisory Action that is not
a letter agreement or memorandum of understanding. 
 “Tier 1 Capital” shall have the meaning included in Appendix A to
Title 12, Code of Federal Regulations, Part 225, Capital Adequacy Guidelines for Bank Holding Companies. 
 “Tier 1 Leverage
Ratio” shall have the meaning and be calculated as set forth in Appendix D to Title 12, Code of Federal Regulations, Part 225, Capital Adequacy Guidelines for Bank Holding Companies. 

  
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 “United States” means the government of the United States of America or any
department, agency, division or instrumentality thereof. 

  
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