Document:

EX-4.2

 Exhibit 4.2 

FORM OF CLASS A COMMON STOCK PURCHASE WARRANT 

CLARUS THERAPEUTICS HOLDINGS, INC. 
  

			
	Warrant Shares: [_]	  	Initial Exercise Date: [_], 2022

 THIS CLASS A COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value
received, [_] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to 5:00 p.m. (New York City time) on April , 2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Clarus Therapeutics Holdings, Inc. a Delaware corporation (the
“Company”), up to [_] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the sole registered
holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have
the meanings indicated in this Section 1: 
 “Affiliate” means any Person that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

“Board of Directors” means the board of directors of the Company. 

  
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 “Business Day” means any day other than Saturday, Sunday or
other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain
closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other
similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York
generally are open for use by customers on such day. 
 “Commission” means the United States Securities and
Exchange Commission. 
 “Common Stock” means the common stock of the Company, par value $0.0001 per share,
and any other class of securities into which such securities may hereafter be reclassified or changed. 
 “Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant 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. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exempt Issuance” means the issuance of (a) shares of Common Stock, restricted
stock, restricted stock units or options to employees, consultants, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors or a
majority of the members of a committee of non-employee directors established for such purpose, (b) these Warrants and the shares underlying these Warrants, and the warrants to be issued to the Underwriters pursuant to the Underwriting Agreement (and
the shares issuable upon exercise of such warrants), (c) securities upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the Initial
Exercise Date, provided that such securities have not been amended since such date to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with
stock splits or combinations) or to extend the term of such securities, and (d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities
are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibitive period set forth in Section 4.20
of the Underwriting Agreement, and 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 owner of 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. 
 “Person” means an individual or
corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Registration Statement” means the Company’s registration statement on Form S-1 (File No. 333-[ ]). 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or
indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading Day” means a day on
which the Common Stock is traded on a Trading Market. 
 “Trading Market” means any of the following markets
or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors
to any of the foregoing). 

  
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 “Transfer Agent” means Continental Stock
Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of [_] and an email address of [_], and any successor transfer agent of the Company. 

“Underwriting Agreement” means the underwriting agreement, dated as of April [_], 2022 among the Company and
Maxim Group LLC as representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms. 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or
quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such
date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

“Warrant Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise
Date, between the Company and the Warrant Agent. 
 “Warrant Agent” means the Transfer Agent and any
successor warrant agent of the Company. 
 “Warrants” means this Warrant and other Class A Common Stock
purchase warrants issued by the Company pursuant to the Registration Statement. 
 Section 2. Exercise.

 a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in
part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by
wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is 

  
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specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any
objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in
certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such
other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right
to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $[_], subject to adjustment
hereunder (the “Exercise Price”). 
 c) Cashless Exercise. If at the time of exercise hereof there is
no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder for a period in excess of fifteen (15) consecutive trading days, then this Warrant may
also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where: 
  

	 	(A)	 = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to
the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day
immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of
Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day; 

  
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	 	(B)	 = the Exercise Price of this Warrant, as adjusted hereunder; and 

 

	 	(X)	 = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the
terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c). 

d) Mechanics of Exercise. 
  

	 	i.	 Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise,
(ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder
rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the
standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with
respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver
the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. 

  
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 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall
have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to
purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

  
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 iv. Compensation for Buy-In on
Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of
Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 vi. Charges, Taxes and
Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

  
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 vii. Closing of Books. The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after
giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s
Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock
beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the
number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may
rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or
(C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and
in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon
election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

  
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 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company (each, a “Share Combination Event”, and such date thereof, the “Share Combination Event
Date”), then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the date of this Warrant and until
[            ], 2024 (the two-year anniversary of the Initial Exercise Date), the Company grants issues or sells (or enters into any agreement to grant, issue or sell), or in accordance
with this Section 3 is deemed to have granted, issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company), but excluding any Exempt Issuance, for a
consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect immediately prior to such granting, issuance or sale or deemed granting issuance or sale (such Exercise Price then in effect
is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New
Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this Section 3(b)), the following shall be applicable: 

(i) Issuance of Options. If the Company in any manner grants, issues or sells any Options (or enters into any agreement
to grant, issue or sell) and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of
any such Option or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of
such Option for such price per share. For purposes of this Section 3(b)(i), the “lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or
exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or
receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of
any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such
Option (or any other Person) upon the granting, issuance or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the
terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon
the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or
exchange of such Convertible Securities. 
 (ii) Issuance of Convertible Securities. If the Company in any manner
issues or sells (or enters into any agreement to issue or sell) any Convertible Securities and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such
agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common Stock is at any time issuable upon the
conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to
one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such 

  
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Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or
may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any
other Person) upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such
Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible
Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions
of this Section 3(b), except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale. 

(iii) Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options,
the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common
Stock increases or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or
decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased or decreased
conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Convertible Security (including, without limitation, any Option or Convertible Security
that was outstanding as of the Stock Purchase Agreement) are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then
in effect. 
 (iv) Calculation of Consideration Received. If any Option and/or Convertible Security and/or
Adjustment Right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary Security”, and such Option and/or Convertible Security and/or
Adjustment Right, the “Secondary Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such
Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time
issuable upon the exercise or conversion of the Primary Security in accordance with Sections 3(b)(i) or 3(b)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any Trading Day during the five (5) Trading Day period
(the “Adjustment Period”) immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released prior to the opening of the principal Trading Market of the
Common Stock on a Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day period and if this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of
this Warrant converted on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or
Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock,
Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly
traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If
any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be
the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holders of a majority in interest of the Warrants then outstanding. If such parties are unable to reach agreement within ten (10) days after the
occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an
independent, reputable appraiser jointly selected by the Company and the Holders of a majority in interest of the Warrants then outstanding. The determination of such appraiser shall be final and binding upon all parties absent manifest error and
the fees and expenses of such appraiser shall be borne by the Company. 

  
 10 

 (v) Defined Terms. For purposes of this Section 3(b), the
following capitalized terms shall have the following meanings: (a) “Adjustment Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed
issuance or sale in accordance with Section 3) of shares of Common Stock (other than rights of the type described in Section 3(d) and 3(e) hereof) that could result in a decrease in the net consideration received by the Company in
connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights); (b) “Convertible Securities” means any shares or other security (other
than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock and
(c) “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities. 

(vi) Notwithstanding the foregoing, this Section 3(b) shall not apply in respect of an Exempt Issuance. 

  
 11 

 c) Subsequent Rights Offerings. In addition to any adjustments
pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common
Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of
shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken
for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation). 
 d) Pro Rata Distributions. During such
time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
“Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the
Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the
Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant. 

  
 12 

 e) Fundamental Transaction. If, at any time while this Warrant is
outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below)
shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction),
purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction;
provided, however, that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or any
Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection
with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to have received
common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater
of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction,
(C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if
any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable
Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(e) and (D) a remaining option time equal to the time between the date of the public announcement of the applicable
Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within five Business Days of the Holder’s election (or, if
later, on the date of consummation of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to,
and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the
Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. 

  
 13 

 f) Calculations. All calculations under this Section 3 shall be
made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares
of Common Stock (excluding treasury shares, if any) issued and outstanding. 
 g) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts
requiring such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend
(or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the
Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the
Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is
to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of
the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the
failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or
contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein. 

  
 14 

 h) Voluntary Adjustment By Company. Subject to the rules and
regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by
the board of directors of the Company. 
 Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be
exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

  
 15 

 b) New Warrants. If this Warrant is not held in global form through
DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new
Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this
Warrant except as to the number of Warrant Shares issuable pursuant thereto. 
 c) Warrant Register. The Warrant Agent
shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

Section 5. Miscellaneous. 

a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant
Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this
Warrant. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock
certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day. 

  
 16 

 d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

  
 17 

 e) Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees
that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners,
members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it
under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and
other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 
 f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws. 
 g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 555 Skokie
Boulevard, Suite 340, Northbrook, Illinois 60062, Attention: Steve Bourne, email address: SBourne@clarustherapeutics.com, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and
all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service
addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on
the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30
p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the
e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K. 

  
 18 

 i) Limitation of Liability. No provision hereof, in the absence of
any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be
adequate. 
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and
obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit
of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand. 

m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Warrant. 

  
 19 

 n) Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 o) Warrant Agency
Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the
Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling. 
 ******************** 

(Signature Page Follows) 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	 CLARUS THERAPEUTICS HOLDINGS,
INC.

 
			
		
	By:	 	 
		 	Name:
		 	Title:

 NOTICE OF EXERCISE 

 

	TO:	 CLARUS THERAPEUTICS HOLDINGS, INC. 

(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2)
Payment shall take the form of (check applicable box): 
 [    ] in lawful money of the United States; or 

[    ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

_________________________________________________ 

The Warrant Shares shall be delivered to the following DWAC Account Number: 

_________________________________________________ 

_________________________________________________ 

_________________________________________________ 

[SIGNATURE OF HOLDER] 
  

	
	Name of Investing Entity: ________________________________________________________________________
	Signature of Authorized Signatory of Investing Entity: _________________________________________________
	Name of Authorized Signatory: ___________________________________________________________________
	Title of Authorized Signatory: ____________________________________________________________________
	Date: ________________________________________________________________________________________

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

			
	Name:	  	 
		  	(Please Print)
		
	Address:	  	 
		  	(Please Print)
		
	Phone Number:	  	 
		
	 Email Address:
	  	 
		
	Dated: _______________ __, ______	  	
		
	Holder’s Signature: _______________________________	  	
		
	Holder’s Address: _______________________________Document

Exhibit 4.8

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR TRANSFERRED ABSENT SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND APPLICABLE STATE LAWS.
SECURED PROMISSORY NOTE
						
	Up to $20,000,000	March 4, 2022

FOR VALUE RECEIVED, KALERA A.S., a private limited liability company organized under the laws of Norway (the “Issuer”), together with its successors and assigns arising pursuant to the Transaction, hereby promises to pay to the order of the Payees named on Schedule 1 attached hereto (each a “Payee” and collectively without differentiation, the “Payees”), the aggregate principal sum of up to Twenty Million United States dollars ($20,000,000) (the “Loan”) together with interest, in each case in the manner described herein. Certain terms used herein are defined in Annex A and all accounting terms herein shall be determined in accordance with GAAP. Any amounts repaid or prepaid under this Secured Promissory Note (this “Secured Promissory Note”) shall not be reborrowed. The Loans held by each Payee as of the date hereof in the aggregate amount of $10,000,000 are as specified on Schedule 1 hereto. Schedule 1 may be modified from time to time as set forth herein to reflect increases in the loan amount of any existing Payee and/or the addition of new Payees as provided hereinbelow. The terms Payee and Payees include each of the entities listed on Schedule 1 from time to time. In the event that any consent, approval, waiver, remedies enforcement or similar action is required from Payees, the consent, approval, waiver, remedies enforcement or similar action by all Payees holding Loans on the date thereof shall constitute the consent, approval, waiver, remedies enforcement or similar action of Payees. No Payee acting alone may grant any consent, approval, waiver, or take any remedies enforcement or similar action. Payees shall not have any obligation to make the Loan to Issuer hereunder until Issuer has delivered to the Payees a Management Support Letter in form and substance acceptable to the Payees.
1.Payments of Principal.    Subject to the acceleration provisions of Section 8, all unpaid principal, fees and accrued and unpaid interest and all other amounts shall be due and payable in full on the date that is one year from the relevant Loan Funding Date set forth on Schedule I hereto (the “Maturity Date”).
2.Interest.    The unpaid principal amount of this Secured Promissory Note shall accrue interest daily on the basis of a 360-day year at eight percent (8.0%) per annum, provided that upon the occurrence and during the continuance of an Event of Default, the outstanding principal amount of this Secured Promissory Note and any accrued and unpaid interest and all other overdue amounts shall each bear interest until paid at the stated rate plus two percent (2.00%) per annum. Accrued interest shall be payable (a) upon the payment or prepayment of any principal outstanding under this Secured Promissory Note (but if paid prior to the Maturity Date, only on the principal amount so paid or prepaid), (b) on the Maturity Date and (c) following any Event of Default, including, without limitation, failure to pay all Obligations in full in cash on the Maturity Date, in which case interest shall continue to accrue and be payable upon demand until all Obligations hereunder are paid in full in cash.
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3.Prepayments.
(a)Prepayment Prior to Transaction. Subject to Section 3(d), the Issuer may at any time prior to the consummation of the Transaction prepay any principal amount on this Secured Promissory Note in whole or in part accompanied by all accrued and unpaid interest on the principal amount so prepaid and a prepayment premium equal to ten percent (10%) of the principal amount so prepaid (such 10% premium the “Prepayment Premium”).
(b)Prepayment After Transaction. Subject to Section 3(d), the Issuer may at any time after the consummation of the Transaction give the Payees 30 day prior written notice (a “Prepayment Notice”) of Issuer’s intention to prepay any principal amount on this Secured Promissory Note in whole or in part accompanied by all accrued and unpaid interest on the principal amount so prepaid and the Prepayment Premium. Upon receipt of a Prepayment Notice each Payee may within fifteen days thereafter elect to accept the proposed prepayment of principal, interest and Prepayment Premium or refuse the proposed prepayment and instead deliver a Conversion Notice to Issuer for the conversion of the notices payment amount into equity pursuant to Section 9 of this Secured Promissory Note. If a Payee delivers a Conversion Notice to Issuer following delivery to it of a Prepayment Notice, then Issuer shall not pay to such Payee its ratable share of such noticed payment and in lieu thereof shall deliver the Conversion Shares to such Payee as provided in Section 9.
(c)Mandatory Prepayments. (i) Issuer shall, no later than the Tenth (10th) Business Day following the date of receipt by Issuer or any subsidiary of Issuer of any net cash proceeds from the transfer of all or substantially all of the assets of the Issuer and its subsidiaries, prepay the Loan as set forth in Section 3(d) in an aggregate amount equal to such net cash proceeds, together with accrued and unpaid interest thereon; (ii) Issuer shall, no later than the Tenth (10th) Business Day following the date of a Change of Control of Issuer, prepay the Loan in full as set forth in Section 3(d) in an aggregate amount equal to the outstanding principal balance of the Loan, together with accrued and unpaid interest thereon; and (iii) upon the occurrence of an Event of Default described in Section 7(e), Issuer shall, no later than the tenth Business Day following the date of the occurrence of an Event of Default described in Section 7(e) prepay the Loan in full as set forth in Section 3(d) in an aggregate amount equal to the outstanding principal balance of the Loan, together with accrued and unpaid interest thereon.
(d)Application of Payments. Payments and prepayments made to each Payee by the Issuer hereunder shall be applied (i) first, to expenses recoverable under Section 13, (ii) second, to accrued and unpaid interest, and (iii) last, to principal.
(e)Except as provided in this Section 3(e), each voluntary prepayment that is made in cash pursuant to Section 3(a) or 3(b) hereinabove, and each payment that becomes due as a result of acceleration of the Maturity Date pursuant to Section 8 (for avoidance of doubt including the occurrence of an Event of Default under Section 7(e) or otherwise (including, for the avoidance of doubt and without limitation, as a result of applicable law), in each case with respect to payments of Loan principal (each, an “Early Prepayment”) shall be accompanied by the Prepayment Premium in respect of such Early Prepayment. The Issuer hereby agrees to pay the Prepayment Premium to the Payees ratably, as and when required in this Agreement, with respect to each Early Prepayment of the Loan made under Section 3, or any other acceleration of 
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the Loan pursuant to Section 8 or otherwise (including, for the avoidance of doubt and without limitation, as a result of Section 7(e) or as a result of applicable law)), in each case, with respect to the amount of the Early Prepayment of the Loan repaid, prepaid, terminated, reduced, paid, redeemed, satisfied, distributed, discharged or accelerated (whether or not paid), concurrently with such repayment, prepayment, redemption, satisfaction, discharge or acceleration (whether or not paid). Any Prepayment Premium payable pursuant to this Section 3(e) constitutes liquidated damages sustained by each Payee as the result of the early repayment, prepayment, distribution, termination, reduction, payment, redemption, satisfaction, discharge or acceleration (whether or not paid) of its Loan and Issuer agrees that it is reasonable under the circumstances in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Payee’s losses as a result thereof. Any prepayment, repayment, payment, satisfaction (whether in whole or in part), distribution, termination, reduction or discharge of the Loan (including, without limitation, by foreclosure (whether by power of sale or judicial proceeding) or by any other means), irrespective of whether such prepayment, repayment, payment, satisfaction, distribution, discharge, termination or reduction occurs following any earlier maturity of the Loan, including, without limitation, pursuant to any voluntary or involuntary acceleration of the Loan pursuant to Section 8 or otherwise (including, for the avoidance of doubt and without limitation, as a result of Section 7(e) or as a result of applicable law), or the commencement of any insolvency proceeding or other proceeding pursuant to any debtor relief laws, or pursuant to a plan of reorganization, and including, without limitation, any prepayment, repayment, payment, termination, reduction, satisfaction, distribution or discharge of the Loan (x) pursuant to this Section 3, (y) after acceleration thereof, including, without limitation, pursuant to Section 8 (including, for the avoidance of doubt and without limitation, as a result of Section 7(e) or as a result of applicable law) or such amount otherwise becoming or being declared immediately due and payable pursuant to the terms hereof and (z) whether before or after any acceleration of the Loan pursuant to Section 8 (including, for the avoidance of doubt and without limitation, as a result of Section 7(e) or as a result of applicable law), shall, in each case be accompanied by, and there shall become due and payable automatically on the date of any of the foregoing, the Prepayment Premium, payable in United States dollars the principal amount so prepaid or on the principal amount that has become or is declared to be immediately due and payable pursuant to Section 8 or otherwise (including, for the avoidance of doubt and without limitation, as a result of Section 7(e) or as a result of applicable law), or in respect of which such claim in any bankruptcy, insolvency, reorganization, liquidation, judicial management or similar proceeding has arisen, or otherwise constituting the principal amount of the Loan prepaid, repaid, paid, satisfied, distributed, discharged, terminated, reduced or accelerated, as applicable. The Issuer acknowledges that Payee would not have extended the Loan without the inducement of the payment of the Prepayment Premium. THE ISSUER EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE PREPAYMENT PREMIUM. Issuer expressly agrees (to the fullest extent it may lawfully do so) that: (A) the Prepayment Premium is the product of a transaction on arm’s length terms between sophisticated business people, ably represented by counsel; (B) the Prepayment Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between the Payees and the Issuer giving specific consideration in the transactions contemplated by the Loan Documents for such 
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agreement to pay the Prepayment Premium; and (D) Issuer shall be estopped hereafter from claiming differently than as agreed to herein, including in this Section 3(e). If the Obligations are accelerated for any reason, including, without limitation, because of default, sale, transfer or encumbrance (including that by operation of law or otherwise (including, for the avoidance of doubt and without limitation, as a result of Section 7(e) or as a result of applicable law), the Prepayment Premium on the Loan will also automatically and concurrently with such acceleration become due and payable as though said indebtedness was voluntarily prepaid and shall constitute part of the Obligations. The Prepayment Premium on the Loan shall also be payable in the event the Obligations are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE ISSUER EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW WHICH PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREPAYMENT PREMIUM ON THE LOAN IN CONNECTION WITH ANY SUCH ACCELERATION.
4.Payment Terms.    All payments of principal of, and interest upon, this Secured Promissory Note shall be made by the Issuer to each Payee in Cash in immediately available funds in lawful money of the United States of America, by wire transfer to the bank account designated by each Payee in writing from time to time. All payments under this Secured Promissory Note shall be made to each Payee without withholding, defense, set-off, counterclaim or deduction. If the due date of any payment under this Secured Promissory Note would otherwise fall on a day that is not a business day, such due date shall be extended to the next succeeding business day, and interest shall be payable on any principal so extended for the period of such extension. In the event that any payment, prepayment, collection or proceeds of collateral shall be insufficient to pay all obligations of Issuer hereunder in full, then such payment, prepayment, collection or proceeds of Collateral shall be ratably shared by the Payees.
5.Withholding of Taxes.    All sums payable by Issuer hereunder shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any tax payable by any payee. If Issuer is required by law to make any deduction or withholding on account of any tax from any sum paid or payable by the Issuer to any Payee: (1) Issuer shall notify the Payees of any such requirement or any change in any such requirement as soon as Issuer becomes aware of it; (2) Issuer shall endeavor to pay such tax before the date on which penalties attach thereto, such payment to be made (if the liability to pay is imposed on Issuer) for its own account or (if that liability is imposed on any Payee, as the case may be) on behalf of and in the name of such Payee; (3) the sum payable by Issuer shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment (including such deductions, withholdings or payments with respect to additional amounts payable pursuant to this Section 5), such Payee receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made; and (4) as soon as practicable after paying any sum from which it is required by law to make any deduction or withholding, Issuer shall deliver to the Payees evidence reasonably satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance thereof to the relevant governmental authorities.
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6.Security Grant; Transaction Reaffirmations; Subsidiary Guaranty.
(a)As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of all Obligations, Issuer, in its capacity as a Grantor, hereby pledges and grants to each Payee a ratable and pari passu lien on and security interest in and to all of the Issuer’s right, title and interest in the following property, assets and revenues, whether now owned by the Issuer or hereafter acquired and whether now existing or hereafter coming into existence (all of the following described in this Section 6(a) being collectively referred to herein as the “Pledged Collateral”):
(i)All Capital Stock issued by Kalera Inc., a Delaware corporation, Vindara Inc., a Delaware corporation and Kalera GmbH, a German limited liability company (each a direct, wholly owned subsidiary of the Issuer, and collectively, the “Pledged Subsidiaries”)) and the certificates or other securities representing such Capital Stock, including, without limitation, all options, warrants, rights, agreements and additional Capital Stock of whatever class issued by any Pledged Subsidiary and acquired by Issuer (including by issuance) on account of its ownership of Capital Stock issued by such Pledged Subsidiary;
(ii)all rights, privileges, authority and powers of Issuer relating to such Capital Stock issued by any Pledged Subsidiary or under the Organizational Documents of Issuer, including, without limitation, all rights to dividends, distributions, liquidation proceeds, profits or income of Issuer evidenced by such Capital Stock and all rights as a holder of Capital Stock under any operating agreement for the Issuer;
(iii)all rights to the capital account of the Pledgor in Issuer evidenced by such Capital Stock or the Organizational Documents of Issuer; and
(iv)all dividends and distributions in respect of, and proceeds and profits of, each of the foregoing.
(b)As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of all Obligations, each of Vindara Inc., a Delaware corporation and Kalera GmbH, a German limited liability company, as a Grantor signatory hereto hereby pledges and grants to each Payee a ratable and pari passu lien on and security interest in and to all of such Grantor’s right, title and interest in the following property, assets and revenues, whether now owned by a Grantor or hereafter acquired and whether now existing or hereafter coming into existence (all of the following described in this Section 6(b) being collectively referred to herein as the “Subsidiary Collateral” and together with the Pledged Collateral, the “Collateral”):
(i)all accounts, as-extracted collateral, chattel paper (whether tangible or electronic), commercial tort claims, deposit accounts, securities accounts, documents, equipment, financial assets, fixtures, general intangibles, goods, instruments (including promissory notes), insurance, intellectual property (including patents, patent licenses, copyrights, copyright licenses, trademarks,
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trademark licenses, trade secrets, processes, formulas, know how, contracts and other similar agreements), fee or leasehold interests in real property, inventory, investment property, software, payment intangibles, letter of credit rights, payment intangibles, Capital Stock, receivables and receivables records, securities, securities accounts, security entitlements and software (as each such term is defined in the UCC if so defined therein);
(ii)to the extent not covered by the preceding clauses of this Section 6(b), all other tangible and intangible personal property of Vindara Inc. and Kalera GmbH (whether or not subject to the UCC), including, without limitation, all bank and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the property of Vindara Inc. and Kalera GmbH described in the preceding clauses of this Section 6 hereof (including, without limitation, any proceeds of insurance thereon and all causes of action, claims and warranties now or hereafter held by Vindara Inc. or Kalera GmbH in respect of any of the items listed above), and all books, correspondence, files and other records, including, without limitation, all tapes, disks, cards, software, data and computer programs in the possession or under the control of Vindara Inc. or Kalera GmbH or any other Person from time to time acting for Vindara Inc. or Kalera GmbH that at any time evidence or contain information relating to any of the property described in the preceding clauses of this Section 6(b) hereof or are otherwise necessary or helpful in the collection or realization thereof; and
(iii)to the extent not otherwise included above, all proceeds, products, accessions, rents and profits of or in respect of any of the foregoing.
(c)If such Capital Stock owned by any Grantor is certificated, such Grantor will deliver to the Payees the certificates for the Capital Stock, together with instruments of assignment duly governing the Capital Stock. If such Capital Stock owned by any Grantor is uncertificated, Grantors and each issuer of such Capital Stock shall enter into an Uncertificated Securities Control Agreement in respect of such uncertificated Capital Stock. Issuer shall cause each such issuer’s books and any transfer agent to reflect the pledge of such Capital Stock. Unless an Event of Default shall have occurred and be continuing, each Grantor shall be entitled to exercise any voting rights with respect to such Capital Stock and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Secured Promissory Note or which would constitute or create any violation of any of such terms. All such rights of any Grantor to vote and give consents, waivers and ratifications in respect of or pursuant to the Collateral shall terminate and upon such termination shall automatically vest in the Payees, collectively upon the occurrence and during the continuance of an Event of Default.
(d)Issuer and each other Grantors authorizes each Payee to file such financing statements, and take such other actions, as such Payee determines from time to time may be necessary or appropriate to perfect the security interests granted by Issuer and such other Grantor hereunder. As of the date hereof, the address of Issuer and each other Grantor’s place of 
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business, or if more than one place of business the Issuer and each other Grantor’s chief executive office, is: 7455 Emerald Dunes Dr., Suite 2100, Orlando, FL, 32822.
(e)Pursuant to the Transaction, Issuer is expected to undergo one or more corporate transitions by merger, assignment, change of name, change of place of business, change of chief executive office and/or place of registration. Upon the occurrence of each such transition arising in furtherance of the Transaction, the Issuer shall give written notice thereof to the Payees within 30 days after the occurrence of such transition, and shall provide updated information for the Issuer and each successor to the Issuer. If a transition results in a change in legal identity of the Issuer by acquisition, merger or the like, (i) such successor shall be obligated under this Secured Promissory Note as an Issuer and the Collateral shall remain subject to the lien of this Secured Promissory Note and (ii) such notice shall be accompanied by a customary joinder agreement in form and substance reasonably acceptable to the Payees pursuant to which such successor joins the Secured Promissory Note and any Uncertificated Securities Control Agreement as an Issuer and assumes all obligations of the Issuer under the Secured Promissory Note, such joinder agreement shall also be acknowledged by the Pledged Subsidiaries. Following any such transition, Payees are authorized to cause UCC-1 financing statements (and other similar instruments) to be filed to provide for the continuing perfection of the security interest in the Collateral in favor of the Payees. Each Grantor hereby consents to all of the foregoing and affirms that its obligations hereunder and the Liens granted by it will not be disturbed by the occurrence of such transitions, and will cooperate with the Payees to maintain perfection of Liens as provided hereinabove.
(f)The Guarantors signatory hereto hereby jointly and severally guarantee to the Payees and their successors and assigns the prompt payment in full in cash when due (whether at the Maturity Date, by acceleration or otherwise, including amounts that would become due but for the operation of the automatic stay under the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law) of the Obligations. The Guarantors signatory hereto hereby further jointly and severally agree that if the Issuer shall fail to pay in full when due (whether at the Maturity Date, by acceleration or otherwise, including amounts that would become due but for the operation of the automatic stay under the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law) any of the Obligations strictly in accordance with the terms of any document or agreement evidencing any such Obligations, including in the amounts and at the place expressly agreed to thereunder, irrespective of and without giving effect to any law, order, decree or regulation in effect from time to time of the jurisdiction where the Issuer, any Guarantor or any other person obligated on any such Obligations is located, the Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. The obligations of the Guarantors under this guarantee are primary, absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Issuer under this Secured Promissory Note, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this guarantee that the obligations of the Guarantors hereunder shall be absolute and unconditional, joint and 
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several, under any and all circumstances and shall apply to any and all Obligations now existing or in the future arising. This guarantee is a continuing guarantee and is a guaranty of payment and not merely of collection, and shall apply to all Obligations whenever arising.
7.Events of Default. An “Event of Default” shall exist hereunder if any one or more of the following events shall occur:
(a)the Issuer shall fail (i) to pay any principal or any portion thereof when due, or (ii) to pay any interest or any portion thereof or any other amount hereunder when due; or
(b)(x) the Issuer or any other Grantor shall fail to perform or observe any term, covenant or agreement to be performed or observed by it contained in Annex B Sections 11(a), (b) or (i) or (y) the Issuer or any other Grantor shall fail to perform or observe any term, covenant or agreement to be performed or observed by it within fifteen (15) days of the date such performance or observance is due by it contained in Annex B Sections 11(c) to (h); or
(c)Issuer or any other Grantor (i) institutes or consents to any proceeding under any bankruptcy laws relating to it or to all or any part of its property, (ii) is unable, or admits in writing its inability, to pay its debts as they mature, (iii) makes an assignment for the benefit of creditors or (iv) applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Issuer or any other Grantor, as applicable; or any proceeding under a Debtor Relief Law relating to the Issuer or any other Grantor or to all or any part of its property is instituted without its consent; or
(d)any judgment, writ, warrant of attachment or execution or similar process is issued or levied against all or any material part of Issuer or any other Grantor’s property and is not released, vacated, stayed or fully bonded within ten (10) calendar days after its issue or levy; or
(e)the Issuer or any other Grantor shall contest the validity or enforceability of any part of this Secured Promissory Note; or
(f)the occurrence of a Change of Control.
8.Remedies. Upon the occurrence of any Event of Default specified in Section 7(c) above (other than clause (ii) thereof), the principal amount of this Secured Promissory Note together with any interest thereon, all fees and all other Obligations shall become immediately and automatically due and payable, without presentment, demand, notice, protest or other requirements of any kind (all of which are hereby expressly waived by the Issuer). Upon the occurrence and during the continuance of any other Event of Default, the Payees may by written notice to the Issuer or any other Grantor, declare the principal amount of this Secured Promissory Note together with any interest thereon to be due and payable, and the principal amount of this Secured Promissory Note together with any such interest shall thereupon immediately become 
8

due and payable, without presentment, further notice, protest or other requirements of any kind (all of which are hereby expressly waived by the Issuer). Following any such demand, the Issuer shall immediately pay to each Payee such Payee’s share of all amounts due and payable with respect to this Secured Promissory Note. If an Event of Default shall have occurred and is continuing, each Payee shall have all of the rights and remedies with respect to the Collateral of a secured party under the UCC (whether or not the UCC is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if such Payee were the sole and absolute owner thereof (and the Issuer and each Grantor agrees to take all such action as may be appropriate to give effect to such right). Issuer and each Grantor agrees that it would not be commercially unreasonable for the Payees to dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Each Payee agrees that it will only exercise remedies in the Collateral in concert with all other Payees on a coordinated basis and in particular no Payee shall purport to foreclose the security interest on any of the Collateral except in coordination with all other Payees.
9.Right to Convert Obligations to Capital Stock of Issuer. Each Payee may, at such
Payee’s option at any time and from time to time, after consummation of the Transaction, convert any amount of the then-outstanding unpaid principal and accrued interest (the “Conversion Amount”), into the number of fully paid and non-assessable ordinary shares of the Issuer’s successor and assign arising pursuant to the Transaction (the “Conversion Shares”) determined by dividing the Conversion Amount by the Conversion Price then in effect. Any Payee may exercise the right to convert any Conversion Amount by delivering to the Issuer an executed and completed notice of conversion in the form attached to this Secured Promissory Note as Exhibit A (the “Notice of Conversion”) to the Issuer. The business day on which a Notice of Conversion and this Secured Promissory Note are delivered to the Issuer in accordance with the provisions hereof shall be deemed a “Conversion Date.” No fractional shares shall be issued upon conversion of this Secured Promissory Note. The amount of any of the Conversion Amount which is less than a whole ordinary share of the Issuer’s successor and assign arising pursuant to the Transaction shall be paid to the Payee in cash. Any delay due to such circumstance shall not be an event of default under this Secured Promissory Note.
(a)The principal amount of any portion of this Secured Promissory Note, and any accrued interest thereon, shall be extinguished upon the proper receipt by a Payee of the Conversion Shares due upon such Notice of Conversion.
(b)The Conversion Price shall initially be US$10.00 per ordinary share. The Conversion Price shall be adjusted as follows:
(c)If the Issuer’s successor and assign arising pursuant to the Transaction shall at any time after the consummation of the Transaction subdivide its outstanding shares into a greater number of ordinary shares, the Conversion Price in effect immediately prior to such subdivision shall be proportionately decreased, and conversely, in case the
9

outstanding ordinary shares shall be combined into a smaller number of ordinary shares, the Conversion Price in effect immediately prior to such combination shall be proportionately increased.
(d)If the Issuer or its successor and assign arising pursuant to the Transaction shall at any time or from time to time after the consummation of the Transaction make, or fix a record date for the determination of ordinary shareholders entitled to receive, a dividend or other distribution payable in additional ordinary shares, then and in each such event the Conversion Price shall be proportionately reduced; provided, however, that if such record date is fixed and such dividend is not fully paid, or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed to reflect that such dividend was not fully paid or that such distribution was not fully made.
(e)If Issuer or its successor and assign arising pursuant to the Transaction at any time or from time to time after the consummation of the Transaction makes, or fixes a record date for the determination of ordinary shareholders entitled to receive, a dividend or other distribution payable in securities of the Issuer or its successor and assign arising pursuant to the Transaction other than ordinary shares, then and in each such event provision shall be made so that Payee shall receive upon exercise of the conversion right of this Secured Promissory Note, in addition to the number of ordinary shares receivable thereupon, the amount of securities of the Issuer or its successor and assign arising pursuant to the Transaction which the Payee would have received had the Conversion Amount of this Secured Promissory Note been exercised on the date of such event and had it thereafter, during the period from the date of such event to and including the date of conversion or purchase, retained such securities receivable during such period.
(f)If the ordinary shares issuable upon the conversion of any portion of this Secured Promissory Note or option to purchase is changed into the same or a different number of shares of any class or classes of stock, whether by recapitalization, reclassification or otherwise (other than a transaction described elsewhere in this Section 9), then, and in any such event, each Payee shall have the right thereafter, upon conversion of all or any portion of this Secured Promissory Note or purchase pursuant to option to receive the kind and amount of stock and other securities and property receivable upon such reorganization or other change, in an amount equal to the amount that the Payee would have been entitled to had it immediately prior to such reorganization, reclassification or change converted this Secured Promissory Note, but only to the extent that all or a portion of this Secured Promissory Note is actually converted, all subject to further adjustment as provided herein.
(g)The Issuer agrees with each Payee to provide such Payee with registration rights with respect to all Conversion Shares issuable pursuant to this Section 9 equivalent to the registration rights that such Payee would receive in connection with ordinary shares of the Issuer’s successor and assign arising pursuant to the Transaction to be received in connection with the Transaction in exchange for the Payee’s ownership of the Issuer’s ordinary shares.
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10.Issuer’s Representations and Warranties.
(a)General Representations. The Issuer represents and warrants to each Payee as follows: It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has full power and authority to execute, deliver and perform its obligations under this Secured Promissory Note. It has duly authorized and taken all other appropriate action for the execution, delivery and performance of this Secured Promissory Note and any other document or instrument delivered pursuant hereto or in connection herewith and the consummation of the transactions provided for in this Secured Promissory Note. It has duly executed and delivered this Secured Promissory Note, and this Secured Promissory Note constitutes its legal, valid and binding obligation, enforceable in accordance with its terms except as enforceability thereof may be limited by bankruptcy, insolvency, moratorium and similar laws and by equitable principles, whether considered at law or in equity. Its execution and delivery of this Secured Promissory Note, the performance of the transactions contemplated by this Secured Promissory Note and the fulfilment of the terms of this Secured Promissory Note will not (i) conflict with or violate any of its organizational documents or its contractual obligations, (ii) conflict with or violate any order, judgment or decree of governmental authority binding on it, (iii) require any approval of its equityholders or any approval or consent of any Person under any contractual obligation of the Issuer, except for such approvals or consents which will be obtained on or before the date hereof (or, in respect of a Person that becomes the Issuer after the date hereof, the date such person becomes the Issuer), (iv) conflict with or violate any applicable laws, or (v) result in or require the creation or imposition of any Lien upon any of its properties or assets (other than any Liens created hereunder). It has duly obtained, effected or given all authorizations, consents, licenses, orders or approvals of or registrations or declarations with any governmental authority or any other Person required in connection with the execution and delivery of this Secured Promissory Note and the performance of the transactions contemplated by this Secured Promissory Note, and such authorizations, consents, licenses, orders or approvals of or registrations or declarations are in full force and effect. There are no actions, suits or proceedings by or before any arbitrator or governmental authority pending against or, to the knowledge of the Issuer, threatened against or affecting the Issuer (A) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (B) that involve this Secured Promissory Note or the transactions contemplated hereby. It is not an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Issuer in connection with this Secured Promissory Note 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.
(b)Collateral Representations. The Issuer and each other Grantor represents and warrants to each Payee as follows: It owns the Collateral purported to be owned by it or otherwise has rights or the power to transfer rights in the Collateral in which it purports to grant a security interest hereunder and no Lien exists upon the Collateral. The full and correct legal name, type of organization, jurisdiction of organization and mailing address of the Issuer and each Pledged Subsidiary of the Issuer are correctly set forth in Schedule 2. The Issuer and each other Grantor shall not have been known by or used any other legal or fictitious name or been a 
11

party to any merger or consolidation, or acquired all of the assets of any Person, or acquired any of its property or assets out of the Issuer’s or each other Grantor’s ordinary course of business. The Issuer and each other Grantor has not (A) within the period of four months prior to the date hereof, changed its location (as defined in Section 9-307 of the UCC), (B) heretofore changed its name, (C) heretofore become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC) with respect to a currently effective security agreement previously entered into by any other Person, who is not the Issuer or each other Grantor, or (D) changed its identity or corporate structure.
11.Covenants. The Issuer covenants and agrees as provided in Annex B, which Annex B is incorporated herein by reference as if set forth herein at length. For avoidance of doubt, Kalera Inc. shall not be bound by any of the terms of this Secured Promissory Note and is neither a Grantor nor a Guarantor hereunder. Neither the incurrence of Indebtedness nor the granting of Liens by Kalera, Inc., shall result in a breach of any covenant of the Issuer under this Secured Promissory Note.
12.Governing Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc. This Secured Promissory Note shall be governed by, and construed in accordance with, the law of the State of New York. The Issuer and each Payee hereby submit to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York state court sitting in New York City, borough of Manhattan for the purposes of all legal proceedings arising out of or relating to this Secured Promissory Note or the transactions contemplated hereby. This Secured Promissory Note may be executed in any number of counterparts, each of which, when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the same Secured Promissory Note. Delivery of an executed counterpart of a signature page to this Secured Promissory Note by electronic transmission shall be as effective as delivery of an original executed counterpart of this Secured Promissory Note. This Section 12 shall survive the termination of this Secured Promissory Note. EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS SECURED PROMISSORY NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.
13.Expenses; Amendments; Notices. The Issuer shall pay on demand all reasonable and documented out-of-pocket costs and expenses of each Payee (including any reasonable attorneys’ fees and costs incurred by each Payee) (i) in connection with the negotiation, preparation, administration, execution and delivery of this Secured Promissory Note and any other agreement in connection herewith, including filing fees, taxes, assessments, attorney’s fees and expenses, (ii) in connection with each amendment, forbearance, waiver, consent, refinancing, restructuring, reorganization (including any fees (including attorneys’ fees) and costs incurred by each Payee for any reason in respect of the bankruptcy of the Issuer), enforcement or attempted enforcement, and any matter related thereto, and in each case including all out of pocket expenses of each Payee or such Payee’s attorneys that are related thereto. This Secured Promissory Note may not be changed, modified or terminated orally, but only by an agreement in writing signed by the Issuer, each other Grantor and each Payee. All 
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notices and other communications in respect of this Secured Promissory Note shall be given or made in writing at the address as shall be designated by such party in a notice to the other party. Except as otherwise provided in this Secured Promissory Note, all such communications shall be deemed to have been duly given when transmitted by electronic transmission or personally delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.
14.Right of Setoff. If an Event of Default shall have occurred and be continuing, each Payee and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Payee or any such Affiliate to or for the credit or the account of the Issuer against any and all of the obligations of the Issuer now or hereafter existing hereunder to such Payee or, irrespective of whether or not such Payee shall have made any demand hereunder and although such obligations of the Issuer may be contingent or unmatured or are owed to a branch or office of such Payee different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Payee and its Affiliates hereunder are in addition to other rights and remedies (including other rights of setoff) that such Payee or its Affiliates may have.
15.Assignments. Except to the extent contemplated under the Transaction, the Issuer may not assign any of its rights or obligations under this Secured Promissory Note without the consent of each Payee. Each Payee may at any time assign all or a portion of its rights and obligations under this Secured Promissory Note without the prior written consent of the Issuer, but subject to the prior written approval of such proposed assignee by each other then existing Payee, pursuant to a customary assignment and assumption agreement which shall be consistent with the applicable provisions of this Secured Promissory Note and otherwise satisfactory to the parties thereto and pursuant to which the assignee agrees to be bound by all provisions of this Secured Promissory Note as a “Payee” hereunder, accompanied by an updated Schedule 1 reflecting such assignment. From and after the effective date specified in each assignment and assumption, the assignee thereunder shall be a party to this Secured Promissory Note and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of the applicable Payee under this Secured Promissory Note, and such assigning Payee shall, to the extent of the interest assigned by such assignment and assumption, be released from its obligations under this Secured Promissory Note (and, in the case of an assignment and assumption covering all of such Payee’s rights and obligations under this Secured Promissory Note, such Payee shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 13 with respect to facts and circumstances occurring prior to the effective date of such assignment.
16.Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. All references in this Secured Promissory Note to “$” shall mean United States dollars. Unless the context clearly requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
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instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be construed to include such person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Secured Promissory Note in its entirety and not to any particular provision hereof, (d) all references herein to Sections, subsections and clauses shall be construed to refer to Sections, subsections and clauses of this Secured Promissory Note and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, supplemented or otherwise modified from time to time.
17.Intercreditor Provisions.
(a)This Section 17 shall continue in full force and effect notwithstanding the commencement of any insolvency or liquidation proceeding by or against Issuer or any of its Subsidiaries. The parties hereto acknowledge that the provisions of this Section 17 are intended to be and shall be enforceable as contemplated by Section 510(a) of the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law.
(b)If the Issuer or any other Grantor shall become subject to an insolvency or liquidation Proceeding under any applicable bankruptcy law and shall, as debtor(s)-in- possession, seek from the Payees financing (the “DIP Financing”) to be provided by one or more Payees under Section 364 of the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law and/or the use of cash collateral under Section 363 of the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law (“Cash Collateral Use”) and/or “exit financing” for a plan of reorganization under Section 1123 of the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law (“Exit Financing”), each of the Payees agrees and confirms that no Payee (or any of its Affiliates) (the “Offering Claimholder”) shall offer to Issuer and/or other Grantors, provide or seek to offer or provide directly or indirectly any DIP Financing, Cash Collateral Use or Exit Financing secured by the Collateral or allow such Cash Collateral Use, in each case, without first offering each other Payee the right to participate in providing such DIP Financing or Exit Financing, or Cash Collateral Use, on a pro rata basis (each an “Offer”). Any Offer shall be made to the other Payees as promptly as reasonably practicable, but in any event, at least two (2) days prior to a term sheet of such DIP Financing or Exit Financing being sent to Issuer or any other Grantor, or their respective representatives. The Payees agree that no Offering Claimholder shall proceed with any proposed DIP Financing, Exit Financing or Cash Collateral Use unless the non-offering Payees either (x) agree to participate in such DIP Financing, Exit Financing or Cash Collateral Use or (y) consent in writing in their sole and absolute discretion to the making of such DIP Financing, Exit Financing or Cash Collateral Use without the participation of the non-offering Payees.
(c)No provision of this Secured Promissory Note may be amended, modified or supplemented other than by an instrument in writing signed by the Issuer, each other Grantor and each Payee.
(d)The Payees hereby agree among themselves that, if any of them shall, whether by voluntary payment, mandatory payment, through the exercise of any right of set off or banker's lien, by counterclaim or cross action or by the enforcement of any right under this
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Secured Promissory Note or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code or equivalent provisions of other applicable Debtor Relief Law, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Payee hereunder (collectively, the "Aggregate Amounts Due") to such Payee which is greater than the proportion received by any other Payee in respect of the Aggregate Amounts Due to such other Payee, then the Payee receiving such proportionately greater payment shall (a) notify each other Payee of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Payees so that all such recoveries of Aggregate Amounts Due shall be shared by all Payees in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater payment received by such purchasing Payee is thereafter recovered from such Payee upon the bankruptcy or reorganization of an Issuer or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Payee ratably to the extent of such recovery, but without interest. Each Issuer expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker's lien, set off or counterclaim with respect to any and all monies owing by such Issuer to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder.
18.Incremental Loans.
(a)Upon written notice to each existing Payee, at any time after the date of original funding of Loans, the Issuer may request additional Loans from one or more of the existing Payees; provided that (i) each Payee shall be entitled to agree or decline to participate in such additional Loan in its sole discretion (and any Payee that has failed to respond to any such notice shall be deemed to have declined to participate). Any additional Loan shall be made with the same terms (including pricing and fees) as the Loans then outstanding, in which case such additional Loans shall constitute Loans and Obligations for all purposes hereunder and under the other loan documents, including any security agreements or instruments and shall be secured by the Liens granted in the Collateral on a ratable and pari passu basis. The proceeds of the additional Loans shall be used for any purpose agreed to in this Secured Promissory Note. If existing Payees do not agree to provide all of the requested additional Loans, then Issuer may obtain additional Loans on the terms provided in this Secured Promissory Note from any person subject to the prior written approval of such proposed new Payee by each other then existing Payee.
(b)It shall be a condition precedent to the incurrence of the additional Loans that (i) the terms of such additional Loans thereunder shall comply with clause (c) below, (ii) no Default or Event of Default shall have occurred and be continuing immediately after giving effect to the incurrence of such additional Loan and (iii) after giving effect, on a pro forma basis, to the incurrence of an additional Loan, the aggregate principal balance of all additional Loans shall not exceed $10,000,000 in the aggregate.
(c)The making of any additional Loan shall be subject to the concurrent execution and delivery by the Payee or new Payee providing such additional Loan of an
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Additional Loan Amendment, which shall provide, among other things, that the new Payee is a party to this Secured Promissory Note and, to the extent of is pro rata share of the Loans, has the rights and obligations of a Payee under this Secured Promissory Note. The additional Loans shall be subject to and the Additional Loan Amendment shall provide the following terms and conditions: (i) the maturity date of any additional Loan shall be the Maturity Date, (ii) the additional Loans will rank pari passu in right of payment and with respect to security with the existing Loans, (iii) none of the obligors or guarantors with respect thereto shall be a Person that is not an Issuer or Grantor hereunder and such additional Loans shall not be secured by any property or assets of the Grantors other than the Collateral, (iv) the additional Loans shall not share more than ratably with the existing Loans in any mandatory prepayments of the Loans and (v) Upon the funding of any additional Loans, an updated Schedule 1 to this Secured Promissory Note reflecting such additional Loan and information with respect to any new Payee shall be attached to the original of this Note and provided to all existing Payees.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the Issuer have caused this Secured Promissory Note to be executed and delivered by their duly authorized officers, as of the date and year and at a place first above written.
						
	ISSUER AND A GRANTOR:
		
	KALERA A.S., a private limited liability company formed under the laws of Norway

	
		
	By:	/s/ Curtis B. McWilliams
	Name:	Curtis B. McWilliams
	Title:	Interim CEO

[Signature Page to Secured Promissory Note]

						
	SOLEY AS GRANTORS AND GUARANTORS:

		
		
	VINDARA INC., a Delaware corporation
		
		
	By:	/s/ J. A. Stinson
		Name:  Jade A. Stinson
		Title:  President & Cofounder
		

						
	KALERA GmbH, a German limited liability company
	
		
		
	By:	
		Name:
		Title:

18

						
	SOLEY AS GRANTORS AND GUARANTORS:

		
		
	VINDARA INC., a Delaware corporation
		
		
	By:	
		Name:
		Title:

									
	KALERA GmbH, a German limited liability company
			
			
	By:	/s/ Schwarz
		Name:	Dr. Sebastian Henner Schwarz
		Title:	Managing Director

19

						
	ACKNOWLEDGED AND AGREED BY THE PAYEES AS TO SECTIONS 5 AND 17.
	
		
		
	LIGHTROCK GROWTH FUND I S.A., SICAV- RAIF, for the account of its sub-fund Lightrock Global Fund, by its alternative investment fund manager LGT Capital Partners (Ireland) Limited

	
	
		
		
	By:	/s/ Brian Goonan / /s/Paul Garvey
	Name:	Brian Goonan / Paul Garvey
	Title:	Director / Alternate Director
		
		
	CANICA AS
		
		
	By:	
	Name:	
	Title:	
		
		
	NOX CULINARY GENERAL TRADING COMPANY LLC
	
		
	By:	
	Name:	
	Title:	

20

						
	ACKNOWLEDGED AND AGREED BY THE PAYEES AS TO SECTIONS 5 AND 17.
	
		
		
	LIGHTROCK GROWTH FUND I S.A., SICAV- RAIF, for the account of its sub-fund Lightrock Global Fund, by its alternative investment fund manager LGT Capital Partners (Ireland) Limited

	
	
		
		
	By:	
	Name:	
	Title:	
		
		
	CANICA AS
		
		
	By:	/s/ Nils Secte
	Name:	Nils Secte
	Title:	CEO
		
		
	NOX CULINARY GENERAL TRADING COMPANY LLC
	
		
	By:	
	Name:	
	Title:	

21

						
	ACKNOWLEDGED AND AGREED BY THE PAYEES AS TO SECTIONS 5 AND 17.
	
		
		
	LIGHTROCK GROWTH FUND I S.A., SICAV- RAIF, for the account of its sub-fund Lightrock Global Fund, by its alternative investment fund manager LGT Capital Partners (Ireland) Limited

	
	
		
		
	By:	
	Name:	
	Title:	
		
		
	CANICA AS
		
		
	By:	
	Name:	
	Title:	
		
		
	NOX CULINARY GENERAL TRADING COMPANY LLC
	
		
	By:	/s/ Faisal Aimeshal
	Name:	Faisal Aimeshal
	Title:	Director, Authorized Signatory
		03/04/2022

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ANNEX A

Definitions.The following capitalized terms, when used in this Secured Promissory Note, shall have the following meanings:
"Additional Credit Amendment" shall mean a joinder amendment to this Secured Promissory Note (which may be in the form of an amendment and restatement of this Secured Promissory Note) providing for any additional Loans pursuant to Section 18, which shall be consistent with the applicable provisions of this Secured Promissory Note and otherwise satisfactory to the parties thereto and pursuant to which the person providing the additional Loans agrees to be bound by all provisions of the Secured Promissory Note as a “Payee” thereunder. Each Additional Credit Amendment shall be executed by the Issuer, each other Grantor and the joining Payee, and acknowledged and agreed by each then existing Payee. An updated Schedule 1 to this Secured Promissory Note reflecting such additional Loan and information with respect to any new Payee shall be attached to the Additional Credit Amendment.
“Affiliate” means any Person directly or indirectly Controlling, Controlled by or under common Control with such other Person. For purposes of the foregoing, “Control” means the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through ownership or voting of securities, by contract or otherwise.
“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.
“Cash” means money, currency or a credit balance in any demand or deposit account.
“Change of Control” means, at any time, except as may occur as a component of the Transaction, (a) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, in a single transaction or in a related series of transactions, including by way of merger, amalgamation, consolidation or other business combination or purchase, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Capital Stock representing directly or indirectly more than 50% of the total voting power of all of the outstanding voting stock of Issuer, or (b) the sale, lease or transfer, in a single transaction or in a related series of transactions, of all or substantially all of the assets of Issuer or any of the Pledged Subsidiaries, taken as a whole, to any Person. For avoidance of doubt, no transfer that is a contemplated component of the Transaction shall constitute a Change of Control.
“Control” shall have the meaning set forth in the definition of “Affiliate”.
“Debtor Relief Law” means the Bankruptcy Reform Act of 1978, codified as 11 U.S.C. §§101 et seq, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor 

relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“GAAP” means, alternatively, International Financial Reporting Standards or United States generally accepted accounting principles, in either case as in effect from time to time.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all guarantees by such Person of Indebtedness of others, (h) all capital lease obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.
“Lien” means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing and (ii) in the case of Capital Stock, any purchase option, call or similar right of a third party with respect to such Capital Stock.
“Management Support Letter” means a certificate of the chief financial officer of Issuer that provides a forward-looking estimate with supporting analysis of the date upon which the Issuer and its subsidiaries will have inadequate available cash to conduct operations in the ordinary course of business, after giving effect to the Loan and without taking into account any additional debt or equity capital raising events.
“Material Adverse Effect” means a material adverse effect on and/or material adverse developments with respect to (i) the business, operations, properties, assets or condition (financial or otherwise) of the Issuer and its Subsidiaries taken as a whole, (ii) the ability of the Issuer to fully and timely perform its Obligations, (iii) the legality, validity, binding effect or enforceability against the Issuer of this Secured Promissory Note, or (iv) the rights, remedies and benefits available to, or conferred upon, the Payees under this Secured Promissory Note.
“Obligations” means, collectively, all obligations of the Issuer under this Secured Promissory Note to pay principal, fees and interest (including default interest) and other amounts

whatsoever, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing by the Issuer to the Payees, and all interest thereon and expenses related thereto, including any interest or expenses accruing or arising after the commencement of any case under any Debtor Relief Law (whether or not such interest or expenses are enforceable, allowed or allowable as a claim in whole or in part in such case).
“Organizational Documents” means (a) with respect to any corporation, its certificate or articles of incorporation or organization, as amended, and its by-laws, as amended, (b) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (c) with respect to any general partnership, its partnership agreement, as amended, and (d) with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended.
“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governmental authorities.
“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof.
“Transaction” means the proposed merger of Issuer with Agrico Acquisition Corp., a special purpose acquisition company, as publicly announced on January 31, 2022 and the resulting listing on the NASDAQ stock exchange of the Issuer’s successor and assign arising pursuant to such proposed merger, as well as all anticipatory transactions completed in anticipation of such merger as contemplated in the Business Combination Agreement dated January 30, 2022, by and among Agrico Acquisition Corp., Figgreen Limited, Kalera Cayman Merger Sub, Kalera Luxembourg Merger Sub SARL, and the Issuer.
“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.

ANNEX B

The Issuer and each Grantor (as applicable) hereby covenants and agrees as follows:
(a)Liens. Without the prior written consent of each Payee, except as contemplated by the Transaction, the Issuer shall not, and shall not permit any Grantor to, create, incur, assume, suffer or permit to exist any Lien (other than Liens securing this Senior Promissory Note) on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof not in existence on the date first set forth above.
(b)Changes to Certain Agreements and Organizational Documents. Without the prior written consent of each Payee, except as contemplated by the Transaction, the Issuer shall not, and shall not permit any Grantor or other any Subsidiary to, through any manner or means or through any other Person to, directly or indirectly amend, waive, modify, restate, supplement or replace, or suffer or permit any waiver, amendments, modifications, restatements, supplements or replacements to the Issuer’s or any Grantor’s or other organizational documents or material contracts.
(c)Further Assurances. If an Event of Default shall have occurred and be continuing, all dividends and other distributions on any pledged shares shall be paid directly to each Payee and retained by it as part of the Collateral. The Issuer and each other Grantor hereby expressly authorizes and instructs the issuer of any pledged shares pledged hereunder to (A) comply with any instruction received by it from the Payees that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Secured Promissory Note, without any other or further instructions from the Issuer or any other Grantor, and (B) pay any dividend or other payment with respect to any pledged shares directly to each Payee. Without limiting any rights or powers granted by this Secured Promissory Note to the Payees while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event of Default the Payees are hereby appointed the attorney-in-fact of the Issuer and each other Grantor for the purpose of carrying out the provisions of this Secured Promissory Note and taking any action and executing any instruments that the Payees may deem necessary or advisable to accomplish the purposes, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, so long as the Payees shall be entitled under this Secured Promissory Note to make collections in respect of the Collateral, the Payees shall have the right and power to receive, endorse and collect all checks made payable to the order of the Issuer representing any dividend, payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same.
(d)Books and Records; Inspections. The Issuer and each other Grantor will, and will cause each of its Subsidiaries to, keep proper books of record and accounts in which full, true and correct entries in conformity in all material respects with GAAP shall be made of all dealings and transactions in relation to its business and activities. The Issuer and each other Grantor will, and will cause each of its Subsidiaries to, permit any authorized representatives designated by the Payees to visit and inspect any of the properties of the Issuer, and each other Grantor and any of their Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances and accounts with

its and their officers and independent public accountants, in each case, upon reasonable notice and as often as may reasonably be requested.
(e)Compliance with Laws. The Issuer and each other Grantor will, and will cause each of its Subsidiaries to, comply in all material respects with the requirements of all applicable laws, rules, regulations and orders of any governmental authority and all contractual obligations of the applicable Issuer or Subsidiary.
(f)Maintenance of Properties. The Issuer and each other Grantor will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition (ordinary wear and tear and casualty and condemnation excepted) all material properties used or useful in the business of the Issuer and its Subsidiaries.
(g)Insurance. The Issuer and each other Grantor will maintain or cause to be maintained in effect such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as was in place on the date first set forth above.
(h)Financial Reporting. The issuer shall cause its chief financial officer to deliver (i) within five (5) Business days following the execution of this Secured Promissory Note, cumulative weekly customary cash flow statement for the Issuer and its subsidiaries in respect of the period beginning on January 1, 2022 and ending with most recent prior week ended prior to the date of execution of this Secured Promissory Note, and (ii) following the date of execution of this Secured Promissory Note and continuing until and including the week ending May 27, 2022, on Wednesday of each week a customary cash flow statement in respect of the most recent prior week then ended. In the case of each of (i) and (ii) hereinabove for the Issuer and its subsidiaries in form and substance acceptable to the Payees.
(i)Perfection of Liens. The Issuer and each other Grantor hereby covenants and agrees to take all steps necessary to perfect the Liens granted pursuant to Section 6 above within fifteen (15) days of the date hereof, including, for the avoidance of doubt, by (i) executing and delivering control agreements in customary form for deposit accounts and securities accounts, (ii) pledging and delivering all certificated Capital Stock owned by the Issuer and each other Grantor. In addition to (and in furtherance of) the foregoing, the Issuer and each other Grantor covenants and agrees to take such other actions as Payees may reasonably require to cause the attachment and perfection of Liens on the assets of the Issuer, each other Grantor and their respective Subsidiaries.

Exhibit A

EXHIBIT A
NOTICE OF CONVERSION
Reference is made to that Secured Promissory Note dated                            , 2022 (the “Secured Promissory Note”) in the original principal amount of $                             issued to the undersigned by Kalera AS (the “Issuer”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Secured Promissory Note.
Pursuant to Section 9 of the Secured Promissory Note, the undersigned hereby irrevocably elects to convert $[                    ] in principal amount and accrued interest of the Loan outstanding on the date hereof into ordinary shares of the Issuer’s successor and assign arising pursuant to the Transaction (“Conversion Shares”) at the Conversion Price in effect on the date hereof and on the terms and subject to the conditions set forth in Section 9 of the Secured Promissory Note.
If the Conversion Shares are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. No fee will be charged to undersigned for any conversion except as provided herein.
												
	Name:	
	Signature:	
			Date:	
				
			Exact name in which Conversion Shares should be issued:
				
			
				
			Address to which certificates representing Conversion Shares should be delivered:
			

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