Document:

EX-10.14

 Exhibit 10.14 

 
  
  

 
 SUBORDINATED CREDIT AGREEMENT 

dated as of 
 September 3,
2021 
 between 
 LOCAL BOUNTI
CORPORATION 
 and 
 CERTAIN
SUBSIDIARIES THEREOF, 
 as Borrowers, 

and 
 CARGILL FINANCIAL SERVICES
INTERNATIONAL, INC., 
 as Lender 
  

 
  

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	
	 Section 1.1
	  	 Defined Terms
	  	 	1	
	 Section 1.2
	  	 Terms Generally
	  	 	23	
	 Section 1.3
	  	 Accounting Terms; Changes in GAAP
	  	 	24	
	 Section 1.4
	  	 Time
	  	 	24	
	 Section 1.5
	  	 Divisions
	  	 	24	
		
	 ARTICLE II TERMS OF THE TERM LOAN FACILITY
	  	 	24	
	 Section 2.1
	  	 Term Loan Facility
	  	 	24	
	 Section 2.2
	  	 Interest on the Term Loans
	  	 	25	
	 Section 2.3
	  	 Payment of Principal and Interest
	  	 	25	
	 Section 2.4
	  	 Voluntary Prepayments
	  	 	26	
	 Section 2.5
	  	 Lender Discretionary Prepayment
	  	 	26	
	 Section 2.6
	  	 Fees
	  	 	27	
	 Section 2.7
	  	 Evidence of Debt
	  	 	28	
	 Section 2.8
	  	 Payments Generally
	  	 	28	
	 Section 2.9
	  	 Increased Costs
	  	 	29	
	 Section 2.10
	  	 Specified Fees
	  	 	30	
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	30	
	 Section 3.1
	  	 Existence, Qualification and Power; Subsidiaries
	  	 	31	
	 Section 3.2
	  	 Authorization; No Contravention
	  	 	31	
	 Section 3.3
	  	 Governmental Authorization; Other Consents
	  	 	31	
	 Section 3.4
	  	 Execution and Delivery; Binding Effect
	  	 	31	
	 Section 3.5
	  	 Financial Statements; No Material Adverse Effect
	  	 	31	
	 Section 3.6
	  	 Outstanding Indebtedness
	  	 	32	
	 Section 3.7
	  	 Litigation
	  	 	32	
	 Section 3.8
	  	 No Material Adverse Effect; No Default
	  	 	32	
	 Section 3.9
	  	 Property; Licenses; Margin Regulations
	  	 	32	
	 Section 3.10
	  	 Taxes
	  	 	33	
	 Section 3.11
	  	 Disclosure
	  	 	33	
	 Section 3.12
	  	 Compliance with Laws
	  	 	33	
	 Section 3.13
	  	 ERISA Compliance
	  	 	34	
	 Section 3.14
	  	 Environmental Matters; Hazardous Materials
	  	 	34	
	 Section 3.15
	  	 Investment Company Act
	  	 	34	
	 Section 3.16
	  	 Insurance
	  	 	35	
	 Section 3.17
	  	 Sanctions and Anti-Terrorism; Anti-Corruption
	  	 	35	
	 Section 3.18
	  	 Solvency
	  	 	35	
	 Section 3.19
	  	 Material Agreements
	  	 	35	
	 Section 3.20
	  	 Employee and Labor Matters
	  	 	35	
	 Section 3.21
	  	 Compliance with Food Security Act and Agricultural Lien Statutes; Agricultural Lien
Notices
	  	 	36	
	 Section 3.22
	  	 Agricultural Licenses
	  	 	36	
	 Section 3.23
	  	 The Farm Projects
	  	 	36	
		
	 ARTICLE IV CONDITIONS
	  	 	37	
	 Section 4.1
	  	 Conditions Precedent to Effectiveness
	  	 	37	
	 Section 4.2
	  	 Additional Conditions to First Post-Merger Subordinated Term Loan
	  	 	39	
	 Section 4.3
	  	 Additional Conditions to each Term Loan
	  	 	39	
	 Section 4.4
	  	 Additional Conditions to Permitted Northwest Subordinated Loan
	  	 	43	

  
 i 

							
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	44	
	 Section 5.1
	  	 Financial Statements
	  	 	44	
	 Section 5.2
	  	 Certificates; Other Information
	  	 	45	
	 Section 5.3
	  	 Notices
	  	 	46	
	 Section 5.4
	  	 Preservation of Existence, Etc.
	  	 	47	
	 Section 5.5
	  	 Maintenance of Properties
	  	 	47	
	 Section 5.6
	  	 Maintenance of Insurance
	  	 	48	
	 Section 5.7
	  	 Payment of Obligations
	  	 	48	
	 Section 5.8
	  	 Compliance with Laws
	  	 	48	
	 Section 5.9
	  	 Environmental Matters
	  	 	48	
	 Section 5.10
	  	 Books and Records
	  	 	49	
	 Section 5.11
	  	 Inspection Rights
	  	 	49	
	 Section 5.12
	  	 Use of Proceeds
	  	 	49	
	 Section 5.13
	  	 Sanctions and Anti-Terrorism Laws; Anti-Corruption Laws
	  	 	49	
	 Section 5.14
	  	 Additional Subsidiaries; Holdings as Guarantor
	  	 	49	
	 Section 5.15
	  	 Real Property
	  	 	51	
	 Section 5.16
	  	 Further Assurances
	  	 	52	
	 Section 5.17
	  	 Interest Reserve Account
	  	 	52	
	 Section 5.18
	  	 Farm Project Construction
	  	 	52	
	 Section 5.19
	  	 Post-Closing Requirements
	  	 	54	
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	54	
	 Section 6.1
	  	 Indebtedness
	  	 	54	
	 Section 6.2
	  	 Liens
	  	 	55	
	 Section 6.3
	  	 Fundamental Changes
	  	 	56	
	 Section 6.4
	  	 Dispositions
	  	 	57	
	 Section 6.5
	  	 Restricted Payments; Payments of Junior Debt
	  	 	57	
	 Section 6.6
	  	 Investments
	  	 	58	
	 Section 6.7
	  	 Transactions with Affiliates; Management Fees
	  	 	58	
	 Section 6.8
	  	 Financial Covenants
	  	 	59	
	 Section 6.9
	  	 Certain Restrictive Agreements
	  	 	59	
	 Section 6.10
	  	 Changes in Fiscal Periods; Accounting Methods
	  	 	60	
	 Section 6.11
	  	 Changes in Nature of Business
	  	 	60	
	 Section 6.12
	  	 Organizational Documents
	  	 	60	
	 Section 6.13
	  	 Material Agreements; Change Orders
	  	 	60	
	 Section 6.14
	  	 Subsidiaries, Joint Ventures
	  	 	61	
	 Section 6.15
	  	 Sanctions and Anti-Terrorism; Anti-Corruption Use of Proceeds
	  	 	61	
	 Section 6.16
	  	 ERISA
	  	 	61	
	 Section 6.17
	  	 Sale-Leasebacks
	  	 	61	
	 Section 6.18
	  	 Operating Leases
	  	 	61	
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	61	
	 Section 7.1
	  	 Events of Default
	  	 	61	
	 Section 7.2
	  	 Application of Payments
	  	 	66	
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	67	
	 Section 8.1
	  	 Notices
	  	 	67	
	 Section 8.2
	  	 Amendments; Waivers
	  	 	67	
	 Section 8.3
	  	 Expenses; Indemnity; Damage Waiver
	  	 	67	

  
 ii 

							
	 Section 8.4
	  	 Engagement of Project Consultant, Other Agents
	  	 	68	
	 Section 8.5
	  	 Successors and Assigns
	  	 	69	
	 Section 8.6
	  	 Survival
	  	 	69	
	 Section 8.7
	  	 Counterparts; Integration; Effectiveness
	  	 	69	
	 Section 8.8
	  	 Severability
	  	 	69	
	 Section 8.9
	  	 Governing Law; Jurisdiction; Etc.
	  	 	70	 
	 Section 8.10
	  	 WAIVER OF JURY TRIAL
	  	 	70	
	 Section 8.11
	  	 Headings
	  	 	71	
	 Section 8.12
	  	 PATRIOT Act
	  	 	71	
	 Section 8.13
	  	 Interest Rate Limitation
	  	 	71	
	 Section 8.14
	  	 Payments Set Aside; Reinstatement of Liens
	  	 	71	
	 Section 8.15
	  	 Joint and Several Liability
	  	 	71	
	 Section 8.16
	  	 The Company as Agent for Borrowers
	  	 	72	
	 Section 8.17
	  	 No Advisory or Fiduciary Responsibility
	  	 	72	

  

									
	 Exhibits
	  				    		  	
	 Exhibit A
	  	 	-	 	    	Form of Term Loan Note	  	
	 Exhibit B
	  	 	-	 	    	Form of Loan Request	  	
	 Exhibit C
	  	 	-	 	    	Form of Compliance Certificate	  	
	 Exhibit D
	  	 	-	 	    	Form of Officer’s Certificate (Project Costs)	  	
	 Exhibit E
	  	 	-	 	    	Form of Final Completion Certificate	  	
				
	 Schedules
	  				    		  	
	 Schedule A
	  	 	-	 	    	Closing Date Convertible Notes	  	
	 Schedule B
	  	 	-	 	    	Excluded Subsidiaries	  	
	 Schedule 3.1
	  	 	-	 	    	Subsidiaries	  	
	 Schedule 3.14(b)
	  	 	-	 	    	Environmental Disclosures	  	

  
 iii 

 SUBORDINATED CREDIT AGREEMENT 

This Agreement is entered into as of September 3, 2021 by and among LOCAL BOUNTI CORPORATION, a Delaware corporation which, as of
the Qualified SPAC Transaction Effective Date (and after giving effect to the mergers contemplated under the SPAC Merger Agreement), will be renamed Local Bounti Operating Company LLC, a Delaware limited liability company (the
“Company”), each Subsidiary of the Company identified as a “Borrower” on the signature pages hereto (each such Subsidiary, a “Subsidiary Borrower”; all Subsidiary Borrowers, together with the Company and
with any Person subsequently joining in this Agreement as a borrower pursuant to Section 5.14 hereof, collectively, the “Borrowers”), and CARGILL FINANCIAL SERVICES INTERNATIONAL, INC., a Delaware corporation (the
“Lender”). 
 The Borrowers have requested that the Lender make a multiple-advance term loan to the Borrowers, and the
Lender is willing to do so on the terms and conditions set forth herein. In consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Defined Terms. As used in this Agreement, the following terms have the meanings
specified below: 
 “Acceptable Buyer” has the meaning specified in Section 6.8(d)(i). 

“Account Control Agreement” means, with respect to any deposit, securities or commodity account of any Loan Party or any
Subsidiary, an account control agreement (including any blocked account agreement) in favor of and in form and substance acceptable to the Lender, duly executed by the parties thereto. 

“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that, except with respect to Section 6.7, the term “Affiliate” (with respect to any Loan Party) shall not include any
private equity funds owned or managed by Lion Capital LLP, an English limited liability partnership, or any unrelated portfolio companies of such funds or Lion Capital LLP (other than the Loan Parties and their Subsidiaries). 

“Agreement” means this Credit Agreement. 

“Agricultural License” means each License held (or required to be held) by a Loan Party pursuant to any Agricultural Lien
Statutes applicable to such Loan Party. 
 “Agricultural Lien Statutes” means, collectively, PACA, PASA, the Food Security
Act and all other Applicable Laws that could create or give rise to any Lien, trust, charge, encumbrance or claim, including without limitation any “agricultural lien” (as defined in the UCC), in or against (a) any portion of the
“farm products” (as defined in the UCC) or any other agricultural products purchased, stored or otherwise handled by any Loan Party, by any Person from whom any Loan Party purchases goods or by any other Person from whom such first Person
purchases or otherwise receives goods in the ordinary course of business, or (b) any products, proceeds or derivatives of any such farm product or other agricultural product (including, without limitation, any accounts receivable arising from
the sale of any such farm product, other agricultural product or any products, proceeds or derivatives thereof). 

  
 -1- 

 “Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act 2010, and any
other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which any Loan Party or any of its Subsidiaries is located or doing business. 

“Anti-Terrorism Laws” means any Laws relating to terrorism, Sanctions or other trade sanctions programs and embargoes,
import/export licensing, money laundering or bribery and corruption (including the PATRIOT Act), and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws. 

“Applicable Food and Feed Safety Law” means each Applicable Law with respect to the safety of food and feed products,
including without limitation the FDA Food Safety Modernization Act, Pub. L. No. 111-353, 124 Stat. 3885 (2011) and corresponding rules and regulations, each as amended from time to time. 

“Applicable Interest Rate” means 10.50% per annum. 

“Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to which such Person is subject.

 “Approved Budget” means, at any time, the budget most recently submitted to the Lender pursuant to Section 5.2(c),
but only so long as such budget has been approved by the Lender in its reasonable discretion in writing. 
 “Approved Long-Term
Supply Agreement” means each offtake agreement entered into by the Company with an Acceptable Buyer that satisfies the requirements set forth in subclause (i) or subclause (ii) of Section 6.8(d). 

“Approved USDA Lender” means Live Oak Banking Company or another Person approved by the Lender in writing in its reasonable
discretion. 
 “Attributable Indebtedness” means, as of any date of determination, (a) in respect of any Capitalized
Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 

“Beneficial Ownership Certification” has the meaning specified in Section 8.12. 

“Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230. 

“Bitterroot Lease Agreement” means the Lease (Single Tenant; Gross) dated as of June 12, 2020, between Grow Bitterroot,
LLC, as landlord, and Bounti Bitterroot, as tenant. 
 “Borrowers” has the meaning specified in the preamble. 

“Bounti Bitterroot” means Bounti Bitterroot LLC, a Delaware limited liability company. 

“Business Day” means any day that is not a Saturday, Sunday or other day that is a legal holiday under the laws of the State
of New York or Minnesota or is a day on which banking institutions in such state are authorized or required by Law to close. 

  
 -2- 

 “Capitalized Lease” means each lease that has been or is required to be, in
accordance with GAAP, recorded as a capital or finance lease. 
 “Cash Equivalents” means: 

(a)    direct obligations of, or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition
thereof; 
 (b)    investments in commercial paper maturing within 270 days from the date of acquisition
thereof and having, at such date of acquisition, the highest credit rating obtainable from a Credit Rating Agency; 

(c)    investments in certificates of deposit, banker’s acceptances and time deposits maturing within
180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any
state thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(d)    fully collateralized repurchase agreements with a term of not more than 30 days for securities
described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e)    money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA and Aaa (or equivalent rating) by at least two Credit Rating Agencies and (iii) have portfolio assets of at least $5,000,000,000. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any Law, rule, regulation or treaty, (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Change of Control” means any event, circumstance or occurrence that results in: 

(a)    at any time prior to the Qualified SPAC Transaction Effective Date, (i) the Closing Date
Holders failing to own and Control, directly or indirectly, 75% of the Equity Interests of the Company; (ii) the Company failing to own and Control, directly or indirectly, 100% of the Equity Interests of each Subsidiary (other than the
Northwest SPV) (it being agreed that a Change of Control shall not occur to the extent an immaterial Subsidiary no longer useful in the business of the Company dissolves or merges into a Loan Party in accordance with Section 6.3, with such Loan
Party continuing as the surviving entity), (iii) the Company failing to own and Control, directly or indirectly, at least 99% of the Equity Interests of the Northwest SPV (except pursuant to a transaction permitted by Section 6.4(f)), or
(iv) a change in the composition of the Governing Board of the Company such that Continuing Directors cease to constitute 50% or more of the Company’s Governing Board. 

  
 -3- 

 (b)    at any time after the Qualified SPAC Transaction
Effective Date, (i) Holdings failing to own and Control, directly or indirectly, 100% of the Equity Interests of the Company, free and clear of all Liens other than Liens in favor of the Lender, (ii) the Company failing to own and Control,
directly or indirectly, 100% of the Equity Interests of each other Loan Party (other than the Northwest SPV), free and clear of all Liens other than Liens in favor of the Lender (it being agreed that a Change of Control shall not occur to the extent
an immaterial Loan Party no longer useful in the business of the Company dissolves or merges into another Loan Party in accordance with Section 6.3), (iii) the Company failing to own and Control, directly or indirectly, at least 99% of the
Equity Interests of the Northwest SPV (except pursuant to a transaction permitted by Section 6.4(f)), free and clear of all Liens other than Liens in favor of the Lender, (iv) any “person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a
person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an
“option right”)), directly or indirectly, of 30% or more of the Equity Interests of Holdings entitled to vote for members of the Governing Board of Holdings on a fully diluted basis (and taking into account all such securities that
such person or group has the right to acquire pursuant to any option right), or (v) a change in the composition of the Governing Board of Holdings, the Company or any Subsidiary Borrower such that Continuing Directors cease to constitute 50% or
more of such Person’s Governing Board. 
 For the avoidance of doubt, the occurrence of the First Merger (as defined in the SPAC Merger
Agreement) shall not result in any Change of Control hereunder so long as such First Merger (i) is consummated in accordance with the terms and conditions of the SPAC Merger Agreement and (ii) occurs substantially concurrently with the
Second Merger (as defined in the SPAC Merger Agreement). 
 “Closing Date” means the date of this Agreement. 

“Closing Date Convertible Notes” means the unsecured Convertible Promissory Notes outstanding on the Closing Date and listed
on Schedule A hereto. 
 “Closing Date Holders” means, collectively, the beneficial owners of all Equity Interests
of the Company as of the Closing Date as listed in the Perfection Certificate delivered to the Lender pursuant to Section 4.1(g). 

“Closing Date Letter Agreement” means Letter Agreement dated as of the Closing Date between the Company and the Lender. 

“Closing Date Subordinated Loan” means the Term Loan made hereunder on the Closing Date, the proceeds of which must be
applied in accordance with Section 5.12(b). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means any and all assets on which a Lien is granted to the Lender to secure any or all of the Obligations. 

  
 -4- 

 “Collateral Assignment” means: 

(a)    with respect to any Material Project Document, a collateral assignment in favor of and in form and
substance reasonably acceptable to the Lender, duly executed by the applicable parties thereto and consented to and acknowledged by (x) with respect to any GC Contract, the applicable General Contractor, and (y) with respect to any other
Material Project Document, to the extent reasonably requested by the Lender, the Material Project Participant party to such Material Project Document; provided that, solely with respect to Project Licenses, the Loan Parties shall only be
required to use commercially reasonable efforts to deliver consents and acknowledgments of collateral assignments in respect of Project Licenses under this clause (a)(y); and 

(b)     with respect to any Material Agreement (other than a Material Project Document), when reasonably
requested by the Lender, (x) a collateral assignment in favor of and in form and substance reasonably acceptable to the Lender, duly executed by the applicable Loan Party or Subsidiary and (y) consented to and acknowledged by each other
Person party to or other Person who has an interest in such Material Agreement; provided that, except in the case of Third-Party Farm Lease Agreements, the Loan Parties shall only be required to use commercially reasonable efforts to deliver
consents and acknowledgments of collateral assignments from third parties under this clause (b)(y). 
 “Collateral
Documents” means, collectively, the Security Agreement, each Account Control Agreement, each Mortgage, each Collateral Assignment, each Lien Waiver Agreement and each other instrument, certificate or document pursuant to which any Borrower
or any other Loan Party has granted a Lien to the Lender to secure any or all of the Obligations. 
 “Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

“Completion” means, with respect to a Farm Project, (a) the completion of such Farm Project in accordance with the terms
of the applicable Project Documents and the Loan Documents and the requirements of all Applicable Laws and third-party and governmental consents and approvals; (b) without limiting the foregoing, construction of such Farm Project has been
certified as complete by the applicable General Contractor, the other Material Project Contractors and the Project Consultant; (c) the Borrowers have delivered to the Lender evidence that a valid notice of completion has been recorded to
establish commencement of the shortest statutory period in the filing of mechanics’ and materialmen’s Liens, if applicable; (d) full and final unconditional waivers of mechanics’ Liens from all contractors engaged in connection
with such Farm Project shall have been delivered to the Lender; (e) a final, unconditional certificate of occupancy or other applicable approval from the appropriate Governmental Authority permitting occupancy of the applicable Farm shall have
been issued as to the applicable Farm; and (f) the Company has delivered to the Lender a duly executed Final Completion Certificate. “Complete” shall have a correlative meaning. 

“Completion Deadline” means, with respect to each Farm Project, the date determined by the Borrowers and reasonably
acceptable to the Lender by which Completion of such Farm Project must occur, which date will be set forth in the Construction Budget (including the Initial Construction Budget) and Construction Schedule applicable to such Farm Project. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C attached hereto or such other form
approved by the Lender. 

  
 -5- 

 “Consolidated Adjusted EBITDA” means, with respect to the Consolidated
Group, for the applicable Covenant Computation Period, Consolidated Net Income for such period plus, without duplication and to the extent deducted in determining Consolidated Net Income for such period, the sum of (a) Consolidated
Interest Expense, (b) provision for Taxes based on income, (c) depreciation expense, (d) amortization expense, (e) unusual or non-recurring charges, expenses or losses and (f) other non-cash charges, expenses or losses (excluding any such non-cash charge to the extent it represents an accrual or reserve for potential cash charge in any future period or
amortization of a prepaid cash charge that was paid in a prior period), minus, to the extent included in determining Consolidated Net Income for such period, the sum of (i) unusual or non-recurring
gains and non-cash income, (ii) any other non-cash income or gains increasing Consolidated Net Income for such period (excluding any such non-cash gain to the extent it represents the reversal of an accrual or reserve for potential cash charge in any prior period) and (iii) any gains realized from the disposition of property outside of the
ordinary course of business, all as determined on a consolidated basis. 
 “Consolidated Group” means, prior to the
Qualified SPAC Transaction Effective Date, the Company and the other Loan Parties, and after the Qualified SPAC Transaction Effective Date, Holdings, the Company and the other Loan Parties, in each case, including, but not limited to, each Borrower.

 “Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated
Adjusted EBITDA for the most recently completed Covenant Computation Period, to (b) Consolidated Interest Expense for the most recently completed Covenant Computation Period. 

“Consolidated Interest Expense” means, with respect to the applicable Covenant Computation Period, total interest expense
(including that attributable to Capitalized Leases) net of total interest income of the Consolidated Group on a consolidated basis for such period with respect to all outstanding Indebtedness of the Consolidated Group (including all commissions,
discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Contracts to the extent that such net costs are allocable to such period). 

“Consolidated Net Income” means, with respect to the applicable Covenant Computation Period, the consolidated net income (or
loss) of the Consolidated Group on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of a Loan Party or is
merged into or consolidated with a Loan Party or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of a Loan Party) in which a Loan Party or any of its Subsidiaries has an ownership interest, except to
the extent that any such income is actually received by such Loan Party or such Subsidiary in the form of dividends or similar distributions, and (c) the undistributed earnings of any Subsidiary of a Loan Party to the extent that the
declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or requirement of Law applicable to such Subsidiary. 

“Consolidated Total Funded Indebtedness” means, as of any date of determination, the aggregate amount of Indebtedness of the
Consolidated Group outstanding on such date, determined on a consolidated basis in accordance with GAAP, consisting only of Indebtedness included in clauses (a), (b) (but with respect to earn-out obligations,
only to the extent due and payable), (c) (but with respect to letters of credit, only to the extent of any drawn and unreimbursed amounts in respect thereof), (e), (f), (g) and (k) (only with respect to guarantees of Indebtedness otherwise included
in this definition) of the definition of “Indebtedness.” 
 “Consolidated Total Net Leverage Ratio” means, as of
any date of determination, the ratio of (a) Consolidated Total Funded Indebtedness as of such date, minus Unrestricted Cash of the Loan Parties as of such date in an amount not to exceed $30,000,000, to (b) Consolidated Adjusted
EBITDA for the most recently completed Covenant Computation Period. 

  
 -6- 

 “Continuing Directors” means, as of any date, (a) those members of the
Governing Board of a Person who assumed office prior to such date, and (b) those members of the Governing Board of a Person who assumed office after such date and whose appointment or nomination for election by such Person’s members was
approved by the Governing Board of such Person in accordance with such Person’s Organizational Documents. 
 “Construction
Budget” means, with respect to a Farm Project, a budget in form and substance reasonably satisfactory to the Lender (and, in the discretion of the Lender, after consultation with the Project Consultant), which may be revised from time to
time by the Borrowers in accordance with the terms and conditions of this Agreement, and which sets forth all anticipated Project Costs, including, but not limited to, all construction and non-construction
costs, all interest, fees and other carrying costs relating to such Farm Project, and all applicable contingency reserves. Each Construction Budget shall contain a statement of sources and uses of proceeds, broken down as to separate construction
phases and components, including line item costs breakdowns for all costs by trade, job and subcontractor. 
 “Construction
Schedule” means, with respect to a Farm Project, a progress schedule in form and substance reasonably satisfactory to the Lender (and, in the discretion of the Lender, after consultation with the Project Consultant), showing the estimated
commencement and completion dates for each material phase of such Farm Project, including the construction, equipping and completion of such Farm Project, and setting forth the estimated Final Completion Date with respect to such Farm Project, as
such progress schedule may be revised from time to time by the Borrowers in accordance with the terms and conditions of this Agreement. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings analogous thereto. 

“Controlled Environment” means Controlled Environment Property Company, LLC, a Delaware limited liability company and a
wholly owned Subsidiary of the Company. 
 “Covenant Compliance Date” means the last day of each calendar quarter. 

“Covenant Computation Period” means the four consecutive calendar quarters immediately preceding and ending on a Covenant
Compliance Date. 
 “Credit Rating Agency” means a nationally recognized credit rating agency that evaluates the financial
condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments. 

“CRM” means Cargill Risk Management, a division of Cargill, Incorporated, or any Affiliate thereof. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America 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. 

  
 -7- 

 “Debt Service Coverage Ratio” means, with respect to the Consolidated
Group, for the applicable Covenant Computation Period, the ratio of (a) Consolidated Adjusted EBITDA during such period, to (b) the sum of (without duplication) (i) all scheduled principal payments on all Indebtedness for borrowed
money (other than any such Indebtedness described in clause (j) of the definition thereof) due during such period or on demand, (ii) all interest paid in cash during such period, and (iii) all rental payments under leases of real or
personal property, regardless of whether such leases are characterized as operating leases or a finance (or capital) leases, all determined in accordance with GAAP on a consolidated basis. 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means, as of any date of determination, the
following: (a) for each Term Loan, the Applicable Interest Rate plus 3.00% per annum; and (b) for all other Obligations, the Applicable Interest Rate plus 3.00%. 

“Delaware Code” means the “Delaware Code” as defined in 1 Del. C. § 101, as amended from time to time. 

“Disbursing Agent” means First American Title Insurance Company or such other title insurance company to the Lender in its
sole discretion. 
 “Disbursing Agreement” means the Disbursing Agreement of even date herewith among the Company, the
Lender and the Disbursing Agent. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or
other disposition of any property or asset by any Person, including, but not limited to, any sale and leaseback transaction, any “division” under the Delaware Code, any issuance of Equity Interests by a Subsidiary of such Person, or any
sale, discounting, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Disqualified Equity Interest” means any Equity Interest that, by its terms (or the terms of any security or other Equity
Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Equity Interests that are not Disqualified Equity
Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to
the prior Payment in Full of all Obligations), (b) is redeemable at the option of the holder thereof, in whole or in part, (c) provides for scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable
for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Maturity Date; provided that if such Equity Interests are issued in the ordinary
course of business pursuant to a plan for the benefit of employees of the Company or any of its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be
required to be repurchased by the Company or any of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Dollar”, “Dollars”, “U.S. Dollars” and “$” mean lawful money of the
United States. 
 “Environmental Indemnity” means the Environmental Indemnity Agreement of even date herewith by the
Borrowers in favor of the Lender. 

  
 -8- 

 “Environmental Laws” means any and all federal, state, local and foreign
statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions, including all common law, relating to pollution or the protection of health,
safety or the environment or the release of any materials into the environment, including those related to Hazardous Materials, air emissions, discharges to waste or public systems and health and safety matters. 

“Environmental Liability” means any liability or obligation, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), directly or indirectly, resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment,
disposal or permitting or arranging for the disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “EPA”
means the United States Environmental Protection Agency or any successor agency thereto, whether acting through a local, state, federal or other office. 

“Equity Interests” means, as to any Person, all of the shares of capital stock of (or other ownership or profit interests in)
such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable
for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrowers or
another Loan Party within the meaning of Sections 414(b), (c), (m) and (o) of the Code or Section 4001(a) of ERISA. 

“Event of Default” has the meaning specified in Article VII. 

“Excluded Accounts” has the meaning assigned to such term in the Security Agreement. 

“Excluded Contractor or Subcontractor” means each contractor or subcontractor engaged to furnish materials or services in
connection with a Farm Project pursuant to contracts, purchase orders or other agreements that in the aggregate are less than $50,000 (or such greater amount as the Disbursing Agent and the Lender may agree to in writing) with respect to each such
contractor or subcontractor. 
 “Excluded Subsidiary” means any Subsidiary that satisfies the following conditions:
(a) such Subsidiary is identified on Schedule B hereto (as such schedule may be amended or supplemented from time to time with the Lender’s prior written consent (not to be unreasonably withheld)), (b) all of the tangible assets of
such Subsidiary are located in a “qualified opportunity zone” as defined in Section 1400Z-1(a) of the Code, and (c) such Subsidiary at no time received or receives, directly or indirectly,
any proceeds of any Term Loan made hereunder. 
 “Excluded Swap Obligations” means with respect to any Guarantor, any
obligations in respect of Swap Obligations if, and to the extent that, all or a portion of the guaranty of such Guarantor of, or the 

  
 -9- 

 
grant by such Guarantor of a security interest to secure, such Swap Obligations (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the United States Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act at the time the guaranty of such Guarantor becomes effective with respect to such related Swap Obligations. For purposes of this definition, “Swap Obligations” means, with respect to any Guarantor, any
obligations to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to the Lender or required to be withheld or
deducted from a payment to the Lender: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of the Lender being organized under the laws of,
or having its principal office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of the Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of the Lender with respect to an applicable interest in the Term Loan pursuant to a Law in effect on the date on which the Lender acquires such interest in the Term Loan, and (c) any withholding Taxes imposed under
FATCA. 
 “Existing Bridge Indebtedness” means the Indebtedness under the Credit Agreement dated as of March 22, 2021
between the Company and the Lender (as defined therein). 
 “Exiting Lenders” means, as of the Closing Date, the holders of
any Indebtedness of any Loan Party (other than Permitted Indebtedness). 
 “Farm” means a greenhouse facility and
associated infrastructure. 
 “Farm Lease Agreement” means each lease agreement in respect of a Farm Project Site. 

“Farm Project” means the development, design, construction, equipping, testing and completion of a Farm in accordance with
the terms of the relevant Project Documents, including (a) all equipment, buildings, structures, improvements, fixtures, attachments, appliances, machinery and systems in connection with such Farm and (b) all Project Documents and other
contracts and agreements related thereto. 
 “Farm Project Site” means the real property in which a Loan Party has a fee
simple or leasehold interest and upon which a Farm Project or Farm is or will be located. 
 “FATCA” means Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and
implementing such Sections of the Code. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations promulgated thereunder. 
 “Fee Determination Date” means the earlier of (a) the Maturity Date,
(b) the date on which any of the Obligations (other than the Permitted Northwest Subordinated Loan) are prepaid pursuant to Section 2.4 or 2.5, and (c) the date on which any Obligations are accelerated pursuant to the Loan Documents
or Applicable Law. 

  
 -10- 

 “Fee Letter” means the Fee Letter dated as of the Closing Date among the
Borrowers and the Lender and each separate agreement entered into from time to time by and between the Borrowers or any other Loan Party and the Lender, in each case setting forth certain fees to be paid by the Borrowers or such other Loan Party to
the Lender, as more fully set forth therein. 
 “Final Completion Certificate” means a certificate of a Responsible Officer
of the Company in the form of Exhibit E attached hereto. 
 “Final Completion Date” means the date of Completion.

 “Financial Officer” means, as to any Person, the chief financial officer, principal accounting officer, treasurer or
controller of such Person. 
 “First Post-Merger Subordinated Term Loan” has the meaning specified therefor in the
definition of “Subordinated Facility Post-Merger Funding Date”. 
 “Fiscal Year” means, with respect to the
Borrowers or any Subsidiary, a calendar year ending December 31. 
 “Flood Laws” means, collectively, (a) the National
Flood Insurance Act of 1968, (b) the Flood Disaster Protection Act of 1973, (c) the National Flood Insurance Reform Act of 1994 and (d) the Biggert-Waters Flood Insurance Act of 2012, in each case, as now or hereinafter in effect, and
any successor statute thereto, and all such other Applicable Laws related thereto. 
 “Food Security Act” means 7 U.S.C.
Section 1631, and any successor statute thereto, together with each law establishing a “central filing system” (as defined in 7 U.S.C. Section 1631) that has been certified by the Secretary of the United States Department of
Agriculture. 
 “GAAP” means, subject to Section 1.3, United States generally accepted accounting principles as in
effect as of the date of determination thereof. 
 “GC Contract” means, with respect to a Farm Project, an agreement for
general contract services entered into between the General Contractor engaged for such Farm Project, on the one hand, and any Borrower or any other Loan Party or Subsidiary, on the other hand. 

“General Contractor” means, with respect to a Farm Project, a Person engaged by any Borrower or any other Loan Party or
Subsidiary to act as the general contractor for such Farm Project, which Person shall in each case be acceptable to the Lender in its reasonable discretion. 

“Governing Board” means, with respect to any corporation, limited liability company or similar Person, the board of
directors, board of governors or other body or entity that sets overall institutional direction for such Person (including, with respect to any trust, the trustees thereof). 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

  
 -11- 

 “Guarantor” means each Person guarantying the payment of the Obligations
pursuant to a Guaranty. 
 “guaranty” means, as to any Person, (a) any obligation, contingent or otherwise, of such
Person guarantying or having the economic effect of guarantying any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the
purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person securing any Indebtedness or
other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term
“guaranty” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any guaranty shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guarantying Person in good faith. The term
“guaranty” as a verb has a corresponding meaning. 
 “Guaranty” means each guaranty, in form and substance
acceptable to the Lender, guarantying the payment of the Obligations. 
 “Hazardous Materials” means all explosive or
radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes, and any other substance or wastes defined as a “hazardous waste,” “hazardous material,” “hazardous substance,” “extremely hazardous waste,” “restricted hazardous waste,” “toxic
waste” or “toxic substance” pursuant to any Environmental Law. 
 “Holdings” means, following the Qualified
SPAC Transaction Effective Date, Local Bounti Corporation, a Delaware corporation, as successor to Leo Holdings III Corp., a Cayman Islands exempted company which shall have domesticated as a Delaware corporation in accordance with the terms of the
SPAC Merger Agreement. 
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a)    all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b)    all obligations of such Person for the deferred purchase price of property, assets or services
(other than trade payables, in each case to the extent payable in the ordinary course of business); 

(c)    all direct or contingent obligations of such Person arising under (i) letters of credit
(including standby and commercial), bankers’ acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

  
 -12- 

 (d)    indebtedness (excluding prepaid interest thereon)
secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements); 

(e)    all obligations, contingent or otherwise, of such Person in connection with any securitization of
any products, receivables or other property or assets which obligations are recourse to such Person or such Person’s property or assets; 

(f)    all obligations of such Person under factoring agreements or similar arrangements; 

(g)    all Attributable Indebtedness; 

(h)    all obligations of such Person in respect of Disqualified Equity Interests; 

(i)    all other obligations of such Person which are required to be reflected in, or are reflected in,
such Person’s financial statements recorded or treated as indebtedness under GAAP; 
 (j)    net
obligations of such Person under any Swap Contract; and 
 (k)    all guaranties of such Person in
respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint
venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made
non-recourse to such Person. The amount of any Indebtedness of any Person for purposes of clause (d) that is expressly made non-recourse or limited-recourse
(limited solely to the assets securing such Indebtedness) to such Person shall be deemed to be equal to the lesser of (i) the aggregate principal amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby
as determined by such Person in good faith. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of the Obligations under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” has the meaning specified in Section 8.3(b). 

“Initial Construction Budget” means, with respect to each Farm Project, the initial Construction Budget delivered to the
Lender in respect of such Farm Project. 
 “Initial Minimum Interest Amount” means an amount equal to the greater of (a) $0
and (b) the sum of all interest payments due and payable by the Borrowers in respect of Term Loans outstanding during the period commencing on the funding date of the Closing Date Subordinated Loan (or, if no Closing Date Subordinated Loan is
made, on the funding date of the initial Term Loan hereunder), and ending on the last Business Day of the calendar quarter ending September 30, 2023; provided, to the extent the aggregate principal balance of outstanding Term Loans
during such period is at any time less than $20,000,000, the Initial Minimum Interest Amount shall be determined assuming that aggregate principal balance of outstanding Term Loans is $20,000,000. 

  
 -13- 

 “Interest Reserve Account” means a deposit account established by the
Company with a financial institution acceptable to the Lender and containing such minimum funds as required under Section 5.17. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, guaranty or assumption of debt of, or purchase or other acquisition of any other debt
or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor incurs Indebtedness of the type referred to in clause (k) of the
definition of “Indebtedness” in respect of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another
Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or
decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto. 

“IRA Shortfall” has the meaning specified in Section 5.17(b). 

“Junior Debt” means unsecured Indebtedness and any other Indebtedness that (a) is secured by Liens on Collateral that
have a priority that is junior to the Liens on Collateral that secure the Obligations, and/or (b) by its terms, is contractually subordinated in right of payment to the Obligations. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the preamble. 

“Lender Discretionary Prepayment Event” has the meaning specified in Section 2.5. 

“Licenses” means all franchises, permits, licenses and other rights, including all governmental approvals, authorizations,
consents, licenses and permits, that are necessary or required for the conduct of the businesses conducted by any Loan Party or any of its Subsidiaries, including, without limitation, the construction and operation of any Farm. 

“Lien” means any mortgage, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or
other, including, without limitation, mechanics’ liens), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement,
any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Lien Waiver Agreement” means any landlord’s waiver, bailee waiver or other lien waiver or subordination agreement, in
form and substance reasonably satisfactory to the Lender, duly executed by the parties thereto. 

  
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 “Liquidity” means, as of any date of determination, the sum, without
duplication, of (a) the amount at such time of all Unrestricted Cash of the Loan Parties, plus (b) the amount at such time of all cash held in the Interest Reserve Account. plus (without duplication) (c) the amount at such time of
all cash held in the Debt Service Reserve Account (as defined in the Senior Credit Agreement) (it being understood and agreed, for the avoidance of doubt, that the Interest Reserve Account and the Debt Service Reserve Account may both be maintained
in a single deposit account of the Company). 
 “Loan Documents” means, collectively, this Agreement, the Term Loan Note,
the Collateral Documents, the Guaranty, the Subordination Agreement, the Disbursing Agreement, the Environmental Indemnity, the Perfection Certificate, the Closing Date Letter Agreement, each Fee Letter and each other instrument, certificate or
document delivered in connection herewith or therewith. 
 “Loan Parties” means the Borrowers, any Guarantor and any other
Person that grants a Lien on any of its assets to secure the Obligations. 
 “Loan Request” means a request for a Term
Loan, in each case substantially in the form of Exhibit B hereto or any other form accepted by the Lender in its sole discretion. 

“Management Agreement” has the meaning specified in Section 6.7(b). 

“Margin Stock” means margin stock within the meaning of Regulation T, U or X of the Federal Reserve Board, as in effect from
time to time and all official rulings and interpretations thereunder or thereof. 
 “Material Adverse Effect” means
(a) a material adverse change in or a material adverse effect on the operations, business, properties or condition (financial or otherwise) of the Borrowers (taken as a whole) or of any other Loan Party (individually), or (b) a material
adverse effect on (i) the ability of any Loan Party to punctually perform any of the Obligations, (ii) the legality, validity, binding effect or enforceability of any Loan Document or (iii) the rights, remedies and benefits available
to, or conferred upon, the Lender under any Loan Documents. 
 “Material Agreement” means (a) the SPAC Merger
Agreement, (b) each Material Project Document, (c) each Farm Lease Agreement, (d) each Approved Long-Term Supply Agreement, (e) the Bitterroot Lease Agreement and each other Farm Lease Agreement, (f) the Warrant Agreement,
(g) each agreement, contract, note, bond, debenture or other instrument evidencing Indebtedness of any Loan Party or Subsidiary in an aggregate principal amount in excess of $2,000,000; and (h) without limiting the foregoing, each other
agreement, contract, License or instrument (including any supply, sales, input or offtake agreement) binding on any Loan Party or Subsidiary pursuant to which either (x) such Person shall pay or receive more than $2,000,000 per annum in the
aggregate, or (y) the cancellation, termination or suspension of which, or the failure of any party thereto to perform its obligations thereunder, could reasonably be expected to have a Material Adverse Effect. Notwithstanding the foregoing,
however, in no event will any Loan Document or any Senior Indebtedness Document constitute a Material Agreement for purposes of this Agreement. 

“Material Project Contractor” means, with respect to a Farm Project, the General Contractor engaged for such Farm Project and
any contractor whose work, equipment and/or supplies provided with respect to such Farm Project exceeds $500,000 in the aggregate. 

“Material Project Documents” means, with respect to a Farm Project, the applicable Project Plans, Project Licenses, GC
Contract, Construction Budget, Construction Schedule, construction payment and performance bonds, insurance certificates, and each contract or supply agreement entered into by any Borrower, any other Loan Party or Subsidiary in connection with such
Farm Project pursuant to which such Person shall pay or receive more than $500,000 per annum in the aggregate. 

  
 -15- 

 “Material Project Participants” means, collectively, any Borrower, each
other Loan Party and each other Person that is from time to time a party to a Material Project Document. 
 “Maturity Date”
means September 3, 2028. 
 “Maximum Rate” has the meaning specified in Section 8.13. 

“Minimum Interest Amount” means, as of any date of determination occurring during the periods described in the table below,
the amount set forth opposite each such applicable period: 
  

			
	 Period
	  	 Minimum Interest Amount

	The period commencing on the Closing Date and ending on September 30, 2023	  	The Initial Minimum Interest Amount (as such amount may be reduced from time to time as a result of the application of funds in the Interest Reserve Account to the payment of interest in accordance with Sections 2.3(a) and
2.3(d))
		
	The period commencing on October 1, 2023 and at all times thereafter	  	An amount equal to interest payments that would be required for two (2) calendar quarters, calculated based on the aggregate principal balance of outstanding Term Loans during such period

 “Minimum Liquidity Step-up Date” means the earlier to
occur of (a) the Qualified SPAC Transaction Effective Date and (b) December 31, 2021. 
 “Montana Property”
means the real property and related improvements leased by Bounti Bitterroot in Hamilton, Montana pursuant to the Bitterroot Lease Agreement. 

“Mortgage” means a mortgage (including a leasehold mortgage), deed of trust or similar security instrument from a Loan Party,
pursuant to which such Loan Party grants the Lender a Lien on real property and related improvements to secure payment of the Obligations. 

“Net Proceeds” means (a) with respect to any Disposition, the cash and Cash Equivalent proceeds thereof received by any
Borrower, any other Loan Party or Subsidiary, net of reasonable and documented brokerage, legal, accounting and other fees and expenses, to the extent actually paid from such gross proceeds to Persons other than Affiliates of any Loan Party,
(b) with respect to any issuance or incurrence of Indebtedness or Equity Interests, the cash and Cash Equivalent proceeds thereof, net of reasonable and documented fees, commissions, costs, underwriting discounts and other fees and expenses
incurred in connection therewith, and (c) with respect to any casualty or condemnation event, the cash and Cash Equivalent proceeds thereof received by any Loan Party or Subsidiary, net of reasonable and documented legal, accounting and other
fees and expenses, to the extent actually paid from such gross proceeds to Persons other than Affiliates of any Loan Party. If any proceeds are received in a form other than cash or Cash Equivalents and subsequently converted into cash or Cash
Equivalents, then such proceeds shall be treated as Net Proceeds for purposes of this definition at such time as they are converted into cash or Cash Equivalents. 

“Northwest SPV” Grow Bounti NorthWest, LLC, a Delaware limited liability company and a wholly owned Subsidiary of Controlled
Environment, formed solely for the purpose of developing a Farm Project in the State of Washington. 
 “Obligations” means
(a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document, and (b) all Swap Obligations, and other obligations with respect to any Swap Contract, of any Loan Party to
a Swap Party, in each case (whether under the 

  
 -16- 

 
foregoing clause (a) or clause (b)) direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against any Loan Party or Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees
are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include (x) the obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by any Loan Party or Subsidiary under
any Loan Document and (y) the obligation of each Loan Party or Subsidiary to reimburse any amount in respect of any of the foregoing that the Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the Borrowers.
Notwithstanding the foregoing or the terms of any other Loan Document, the Obligations guaranteed by any Loan Party or secured by any Lien granted by any Loan Party shall exclude any obligations constituting Excluded Swap Obligations with respect to
such Loan Party. 
 “OFAC” means the United States Department of the Treasury’s Office of Foreign Assets Control. 

“Organizational Documents” means (a) as to any corporation, the charter or certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) as to any limited liability company, the certificate or articles of formation or organization
and operating or limited liability agreement and (c) as to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to the Lender, Taxes imposed
as a result of a present or former connection between the Lender and the jurisdiction imposing such Tax (other than connections arising from the Lender having executed, delivered, become a party to, performed its obligations under, received payments
under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Term Loan or any Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 
 “PACA” means the Perishable Agricultural Commodities
Act, 1930, as amended (7 U.S.C. § 499(e)(c)(2) et. seq.), together with all rules and regulations relating thereto or promulgated thereunder by any Governmental Authority (including 7 C.F.R. § 46.1 et seq.). 

“PASA” means the Packers and Stockyards Act, 1921, as amended (7 U.S.C. § 181) et. seq.), together with all rules and
regulations relating thereto or promulgated thereunder (including 9 C.F.R. § 200 et seq.). 
 “Pasco Property” means
the real property and related improvements owned by the Northwest SPV and described in Exhibit “A” attached to the Statutory Warranty Deed made by Snake River Agriculture, LLC, as grantor, in favor of the Northwest SPV, as grantee, dated
as of June 3, 2021, recorded June 7, 2021 as document number 1940393 in the real estate records of Franklin County, Washington. 

  
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 “PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 “Payment in Full” means,
as of any date of determination, that (a) all commitments of the Lender with respect to the Term Loan Facility and all obligations of the Swap Parties in respect of Swap Contracts are terminated, and (b) the entire amount of principal of
and interest on the Term Loans, and all other amounts of fees, payments and other Obligations under this Agreement and the other Loan Documents (including, without limitation, all obligations of the Loan Parties under Swap Contracts entered into
with any Swap Party) are paid in full in cash (other than contingent indemnification obligations and reimbursement obligations in respect of which no claim for payment has yet been asserted by the Person entitled thereto). “Paid in
Full” shall have a correlative meaning. 
 “Perfection Certificate” means a certificate in form and substance
satisfactory to the Lender signed by a Responsible Officer of the Borrowers setting forth certain information with respect to the Borrowers, their Subsidiaries and their respective assets. 

“Permitted Going Concern Qualification” means, solely with respect to the audited financial statements of the Company and its
Subsidiaries (or, if delivered after the Qualified SPAC Transaction Effective Date, of the Consolidated Group) delivered to the Lender pursuant to Section 5.1(a) for the Fiscal Year ending December 31, 2021 and the Fiscal Year ending
December 31, 2022, a “going concern” or like qualification, exception or explanatory paragraph. 
 “Permitted
Indebtedness” has the meaning specified in Section 6.1. 
 “Permitted Liens” has the meaning specified in
Section 6.2. 
 “Permitted Northwest Subordinated Loan” means the Term Loan made hereunder, the principal amount of
which may not exceed $8,750,000 and the proceeds of which must be applied in accordance with Section 5.12 
 (a). 

“Person” means any natural Person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any “employee benefit plan” (as such term is
defined in Section 3(3) of ERISA) maintained for current or former employees, officers, members or directors of any Loan Party or any ERISA Affiliate, or any such plan to which any Loan Party or Subsidiary is required to contribute on behalf of
any of its current or former employees or with respect to which such Loan Party or Subsidiary has any liability. 

“Producer” means any producer, packer, processor, manufacturer, dealer, broker, agent, person engaged in farming operations,
cooperative whose members consist of any such Persons or other seller of perishable agricultural products or other agricultural goods, including, without limitation, potatoes, corn, “Meat Food Products”, “Livestock”,
“Livestock Products”, “Poultry”, “Poultry Products” (each as defined in PASA) and “Perishable Agricultural Commodities” (as defined in PACA). 

“Project Consultant” means a project consultant appointed or retained by the Lender and approved by the Company (such
approval not to be unreasonably withheld or delayed) to review, on behalf of the Lender, Construction Budgets, Construction Schedules, ongoing construction of any Farm Project, and/or other matters related to any Farm Project. To the extent a
Project Consultant has not been appointed or retained, the references in this Agreement to Project Consultant and related provisions shall have no force and effect and any required approvals, consents or other actions of the Project Consultant which
are required or to be performed shall be deemed given or performed, as the case may be. 

  
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 “Project Costs” means the following costs and expenses incurred by the
Borrowers or any other Loan Party or Subsidiary in connection with a Farm Project and set forth in the applicable Construction Budget or otherwise approved by the Lender (and, in the discretion of the Lender, after consultation with the Project
Consultant): (a) costs incurred by a Borrower or any other Loan Party or Subsidiary under any Project Documents with respect to the acquisition (including the acquisition of a Farm Project Site), site preparation, design, engineering, procurement of
equipment, construction, installation, start-up, mobilization and testing of a Farm Project (including costs associated with structural matters, piping, labor, electrical, design and management and contingency
matters); (b) fees and expenses incurred by or on behalf of a Borrower or any other Loan Party or Subsidiary in connection with any Farm Project and the consummation of the transactions contemplated by this Agreement and the other Loan Documents
with respect to financing such Farm Project, including financial, working capital, accounting, legal, surveying and consulting fees, and the costs of engineering; (c) interest and fees on the Term Loans with respect to a Farm Project;
(d) insurance premiums with respect to any Mortgages for a Farm Project and as otherwise required pursuant to this Agreement; and (e) without duplication of the foregoing, Taxes, salaries, rent and general administrative and overhead costs
that are incurred by a Borrower or any other Loan Party or Subsidiary in connection with a Farm Project. 
 “Project
Documents” means the Material Project Documents, all other contracts or subcontracts entered into in connection with a Farm Project and any other agreement, instrument or document relating to the ownership, design, development,
construction, lease, maintenance, repair, improvement, management, operation or use of a Farm. 
 “Project Licenses” means
the Licenses required for construction and operation of a Farm Project. 
 “Project Plans” means, with respect to a Farm
Project, the plans and specifications for the construction and equipping of such Farm Project, as the same may be revised from time to time in accordance with the Project Documents and the Loan Documents. 

“Project Status Report” means a reasonably detailed report signed by a Responsible Officer of the Company and setting forth
(a) the aggregate amount of all Project Costs expended during the preceding calendar quarter and through the date of each such report; (b) an assessment of the overall construction progress of each Farm Project since the date of the last
report and since the Closing Date, together with an assessment of how such progress compares to each applicable Construction Schedule; (c) the anticipated Final Completion Date of each Farm Project; (d) a detailed description of all
material problems (including actual and anticipated cost overruns, if any, in excess of $500,000 in the aggregate) encountered or anticipated in connection with the construction of each Farm Project since the date of the last report, together with
(i) an assessment of how such problems may impact the applicable Construction Schedule and the meeting of critical path dates thereunder and (ii) a detailed description of the proposed solutions to any such problems; (e) the delivery
status of material equipment and the negative effect, if any, that the anticipated delivery dates of such equipment has on each applicable Construction Schedule; (f) any proposed or pending change orders in an amount exceeding $250,000; (g) a
discussion of any material change in the status of any pending Project Licenses or, if there has been no such change in the status of such consents and approvals since the most recent report delivered pursuant to this clause, a statement that there
has been no such change; and (h) an analysis of such other material matters related to each Farm Project as the Lender may reasonably request. 

“Properties” has the meaning specified in Section 3.14(b)(i). 

  
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 “Purchase Money Security Interest” means Liens upon fixed or capital assets
or other tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such fixed or capital assets or other tangible personal property. 

“Qualified SPAC Transaction” means the transactions contemplated by that certain Agreement and Plan of Merger dated as of
June 17, 2021 (the “SPAC Merger Agreement”), by and among Holdings, Longleaf Merger Sub, Inc., a Delaware corporation, Longleaf Merger Sub II, LLC, a Delaware limited liability company, and the Company, which shall result in
minimum cash to the balance sheet of the Company, after the payment of transaction costs and expenses, of not less than $100,000,000. 

“Qualified SPAC Transaction Effective Date” means the date on which the Closing (as defined in the SPAC Merger Agreement) has
occurred in accordance with the terms and conditions of the SPAC Merger Agreement (and including, for the avoidance of doubt, the satisfaction or waiver of all conditions set forth in Article VI of the SPAC Merger Agreement). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors, representatives, successors and assigns of such Person and of such Person’s Affiliates. 

“Release” means a release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or
migration into the indoor or outdoor environment or into or out of any property, in each case, of Hazardous Materials through or in the air, soil, surface water, groundwater or property. 

“Responsible Officer” means, with respect to any Loan Party, (a) the chief executive officer, president, executive vice
president or a Financial Officer of such Person, and (b) solely for purposes of the delivery of incumbency certificates and certified Organizational Documents and resolutions, any vice president, secretary or assistant secretary of such Loan
Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership or other action on the part of such Loan Party and such
Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “Restricted Payment”
means any dividend or other distribution (including a return of capital and whether in cash, securities or other property) with respect to any Equity Interest of any Person, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to such Person’s shareholders, partners or
members (or the equivalent Persons thereof). 
 “Sanctions” means all economic or financial sanctions, sectoral sanctions,
secondary sanctions, trade embargoes and anti-terrorism laws imposed, administered or enforced from time to time by (a) the United States of America (including those administered by OFAC, the U.S. State Department, the U.S. Department of
Commerce, or through any existing or future Executive Order), (b) the United Nations Security Council, (c) the European Union, (d) the United Kingdom or (e) any other Governmental Authority in any jurisdiction in which (i) any
Loan Party is located or conducts business, (ii) in which any of the proceeds of the Term Loan will be used, or (iii) from which repayment of the Term Loan will be derived. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 

  
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 “Security Agreement” means a security agreement from one or more Loan
Parties, pursuant to which such Loan Parties grant a Lien on any or all of their assets to secure payment of the Obligations in favor of the Lender and in form and substance acceptable to the Lender, duly executed by the parties thereto. 

“Senior Credit Agreement” means the Credit Agreement of even date herewith among the Company, the Subsidiary Borrowers and
the Senior Creditor, governing a senior multi-advance term loan facility. 
 “Senior Creditor” means the lender party to
the Senior Credit Agreement. 
 “Senior Indebtedness” means all Indebtedness under the Senior Credit Agreement. 

“Senior Indebtedness Documents” means, collectively, the Senior Credit Agreement and all other “Loan Documents” (as
defined in the Senior Credit Agreement). 
 “Solvent” means, as to any Person as of any date of determination, that on such
date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property would
constitute an unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability. 
 “SPAC Merger Agreement” has the meaning specified therefor in the
definition of “Qualified SPAC Transaction”. 
 “Subordinated Facility Post-Merger Funding Date” means the date on
which the first Term Loan hereunder (such Term Loan, the “First Post-Merger Subordinated Term Loan”) is funded following satisfaction (or waiver by the Lender in its sole discretion) of all conditions set forth in Sections 4.1,
4.2 and 4.3. 
 “Subordination Agreement” means the Subordination Agreement of even date herewith among the Company, the
Senior Creditor, and the Lender. 
 “Subsidiary” of a Person means a corporation, partnership, limited liability company,
association or joint venture or other business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other Governing Board (other than securities or interests having such power only by
reason of the happening of a contingency) are at the time owned or the management of which is Controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of any Loan Party. 
 “Swap
Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options,
bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions,
currency swap 

  
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transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Obligation” means, with respect to any Person, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 “Swap
Party” means any party to a Swap Contract that is the Lender or any Affiliate of the Lender (including, without limitation, CRM). 

“Swap Termination Value” means, as to any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include the Lender or any Affiliate of the Lender). 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease or (b) an agreement for the use or possession of property creating obligations that do not appear on
the balance sheet of such Person but, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Taxes” means all present or future taxes, levies, tariffs, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan Amount” means up to $50,000,000. 

“Term Loan Commitment Termination Date” means the earlier of (a) September 30, 2023 and (b) the date on which
any Obligations are accelerated pursuant to Article VII hereof or Applicable Law. 
 “Term Loan Facility” means the term
loan facility being made available to the Borrowers by the Lender pursuant to Section 2.1. 
 “Term Loan Note” means a
promissory note of the Borrowers payable to the Lender substantially in the form of Exhibit A, as such promissory note may be amended, extended or otherwise modified from time to time, and including each other promissory note accepted from
time to time in substitution therefor or in renewal thereof. 
 “Term Loans” has the meaning specified in Section 2.1.

 “Third-Party Farm Lease Agreement” means a Farm Lease Agreement in respect of real property not owned in fee by a Loan
Party. 

  
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 “Treasury Rate” means, as of any prepayment date, shall mean the yield to
maturity at the time of computation of United States Treasury Securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519), which has become publicly available at least (2) two
Business Days prior such prepayment (or, if such Statistical Release is no longer published, any publicly available source or similar market data) most nearly equal to the period from such prepayment date to the second anniversary of the Closing
Date; provided, however, that if the period from such prepayment date to the second anniversary of the Closing Date, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the
weekly average yields of United States Treasury Securities for which such yields are given. 
 “UCC” and “Uniform
Commercial Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York (the “NY UCC”); provided, however, in the event that, by reason of mandatory
provisions of law, any or all of the perfection or priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean
the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions related to such provisions. 

“United States” and “U.S.” mean the United States of America. 

“Unrestricted Cash” means, with respect to any Person, the aggregate amount of cash and Cash Equivalents reflected on the
consolidated balance sheet of such Person and its Subsidiaries and over which the Lender has a perfected second priority security interest. 

“Unused Commitment Fee Rate” means 1.25% per annum. 

“USDA” means the United States Department of Agriculture, Office of Rural Development or any successor agency thereto,
whether acting through a local, state, federal or other office. 
 “USDA Loans” has the meaning specified in
Section 6.1(i). 
 “Warrant Agreement” means the Warrant Agreement dated as of the Closing Date made by the Company,
as company, in favor of the Lender, as holder. 
 Section 1.2    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.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, 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 Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets
and properties, including cash, securities, accounts and contract rights. All terms used in this Agreement which are defined in Article 8 or Article 9 of the NY UCC and which are not otherwise defined herein shall have the same meanings herein as
set forth therein. 

  
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 Section 1.3    Accounting Terms; Changes in GAAP. 

(a)    Accounting Terms. Except as otherwise expressly provided herein, all accounting terms not
otherwise defined herein shall be construed in conformity with GAAP. Financial statements and other information required to be delivered by the Company pursuant to Sections 5.1(a) and 5.1(b) shall be prepared in accordance with GAAP as in
effect at the time of such preparation. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Loan Parties and their
Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.
Notwithstanding anything to the contrary contained in this Agreement, any lease that was or would have been treated as an operating lease under GAAP as in effect on December 1, 2018 that would become or be treated as a Capitalized Lease solely
as a result of a change in GAAP after December 1, 2018 shall always be treated as an operating lease for purposes of determining compliance with the financial and other covenants set forth in this Agreement and the other Loan Documents. 

(b)    Changes in GAAP. If the Borrowers notify the Lender that the Borrowers request an amendment
to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Lender notifies the Borrowers that it requests an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

Section 1.4    Time. All references to times of day in this Agreement shall be references to Minnesota time
unless otherwise specifically provided. 
 Section 1.5    Divisions. For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time. 
 ARTICLE II 

TERMS OF THE TERM LOAN FACILITY 

Section 2.1    Term Loan Facility. 

(a)    Term Loans. Subject to the terms and conditions herein set forth, including specifically
satisfaction of all conditions set forth in Article IV, the Lender agrees to make one or more term loans (the “Term Loans”) to the Borrowers from time to time during the period from the Closing Date to and including the Term
Loan Commitment Termination Date in an aggregate principal amount not to exceed the Term Loan Amount. Each request by the Borrowers for a Term Loan shall be deemed to be a representation by each Borrower that it shall be in compliance with the
preceding sentence and with Article IV both before and after giving effect to the requested Term Loan. The Term Loan Facility is not a revolving credit facility; the Borrowers shall have no right to reborrow any portion of any Term Loan that has
been repaid. 

  
 -24- 

 (b)    Requests for Term Loans. The Company may
from time to time prior to the Term Loan Commitment Termination Date request that the Lender make a Term Loan by delivering to the Lender, not later than 11:00 a.m. seven (7) Business Days prior to the proposed borrowing date, a duly completed
Loan Request. No more than two (2) Loan Request for any Term Loan may be submitted each month (other than with respect to the funding of a Term Loan pursuant to Section 5.17(b)). Each Loan Request shall be irrevocable and shall specify the
amount of the proposed Term Loan, which amount shall be not less than $3,000,000. 
 Section 2.2    Interest on
the Term Loans. Interest shall accrue on the unpaid principal amount of the Term Loans for the period commencing on the Closing Date until the unpaid principal amount thereof is Paid in Full, in accordance with the following: 

(a)    Interest. Except as set forth in paragraph (b) below, the outstanding principal balance
of each Term Loan shall bear interest from the date such Term Loan is made until the Term Loan Facility is Paid in Full at the Applicable Interest Rate. 

(b)    Default Interest. Notwithstanding paragraph (a), immediately and automatically upon the
occurrence and during the continuation of an Event of Default under clauses (a), (b), (h), (i) or (j) of Section 7.1, or immediately after written notice by the Lender to the Company after the occurrence and during the continuation of any
other Event of Default (and, to the extent specified in such notice, commencing as of the date of the occurrence of such Event of Default), all outstanding and unpaid Obligations shall bear interest at the Default Rate. 

(c)    Interest Computation. All interest hereunder shall be computed on the basis of a year
of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

Section 2.3    Payment of Principal and Interest. 

(a)    The Borrowers shall pay accrued interest on the Term Loans quarterly in arrears on the last Business
Day of each calendar quarter, commencing the last Business Day of the calendar quarter ending December 31, 2021, and on the Maturity Date; provided, that during the period commencing on the Closing Date and ending on the last Business
Day of the calendar quarter ending September 30, 2023 (without limiting the Borrowers’ obligation to pay any IRA Shortfall in accordance with Section 5.17(b)), interest payments under this Section 2.3(a) may be paid by the
Borrowers from the Interest Reserve Account. 
 (b)    In addition to any prepayments made pursuant to
Sections 2.4 and 2.5, if not sooner paid, the outstanding principal balance of the Term Loans, all accrued interest thereon, any unpaid fees with respect thereto and all other Obligations shall be due and payable in full in cash on the Maturity
Date. 
 (c)    Without limiting the foregoing, interest accruing at the Default Rate hereunder shall be
due and payable upon the Lender’s demand. Likewise, interest on the principal amount of the Term Loan or other monetary Obligation shall be due and payable on demand after such principal amount or other monetary Obligation becomes due and
payable (whether on the stated Maturity Date, upon an accelerated Maturity Date or otherwise). 

  
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 (d)    At the election of the Lender, all payments of
principal, interest, fees, premiums, costs, expenses and other Obligations (including, without limitation, all fees, costs and expenses pursuant to Section 8.3), and other sums payable under the Loan Documents, may at any time be deducted by
the Lender from the Interest Reserve Account or, following an Event of Default, any other deposit account of the Borrowers subject to an Account Control Agreement in favor of the Lender. Without limiting any other provision of this Agreement
(including, but not limited to, the Borrowers’ payment obligations hereunder), the Borrowers hereby irrevocably authorize the Lender (but with absolutely no obligation) to charge the Interest Reserve Account and, following an Event of Default,
any other deposit account of the Borrowers subject to an Account Control Agreement in favor of the Lender for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents. 

Section 2.4    Voluntary Prepayments. Subject to the terms and conditions of the Subordination Agreement
(including, without limitation, Sections 2.2 and 2.3 thereof), the Borrowers may at any time upon at least five (5) days’ (or such shorter period as is acceptable to the Lender) prior written notice by the Borrowers to the Lender,
prepay the Term Loans in whole or in part (provided, that any partial prepayment shall be in an amount greater than or equal to $5,000,000) without premium except as provided in Section 2.10. A prepayment notice delivered by the
Borrowers to the Lender shall be irrevocable. An optional prepayment of the Term Loans scheduled or anticipated to occur during any month (x) shall be made and effected on the last Business Day of such month, (y) shall be accompanied by
accrued but unpaid interest on the principal amount being prepaid and any Specified Fee, and (z) to the extent such optional prepayment prepays the Term Loans in whole, shall be accompanied by payment in full of all other Obligations. 

Section 2.5    Lender Discretionary Prepayment. 

(a)    Subject to the terms and conditions of the Subordination Agreement (including, without limitation,
Sections 2.2 and 2.3 thereof), promptly (and in any event within two (2) Business Days) after the occurrence of any Lender Discretionary Prepayment Event, the Borrowers shall inform the Lender in writing of the occurrence of such Lender
Discretionary Prepayment Event and, solely to the extent requested by the Lender in writing in its sole discretion, the Borrowers shall promptly (and in any event within two (2) Business Days after such request) remit to the Lender an amount
equal to 100% of the Net Proceeds realized by any Borrower or any other Loan Party or Subsidiary from such Lender Discretionary Prepayment Event. For the purpose of this Section 2.5, a “Lender Discretionary Prepayment Event”
means the receipt by any Borrower, any other Loan Party or Subsidiary of proceeds from: 
 (i)    the
Disposition of any assets by any Borrower, any other Loan Party or Subsidiary (except for Dispositions to the extent permitted by Section 6.4); 

(ii)    any casualty or other insurance maintained by any Borrower, any other Loan Party or Subsidiary in
excess of $2,000,000 in the aggregate in any Fiscal Year (provided that such $2,000,000 minimum threshold shall not apply if any Default or Event of Default has occurred and is continuing); provided, however, that if
(A) the Company shall deliver a certificate of a Financial Officer to the Lender at the time of receipt thereof setting forth the Borrowers’ intent to reinvest such proceeds in productive assets of a kind then used or usable in the
business of the Company and its Subsidiaries (or to repair any property damaged in a casualty event) within 365 days of receipt of such proceeds and (B) no Default or Event of Default shall have occurred and shall be continuing at the time of
such certificate or at the time of the application of such proceeds, such proceeds shall not constitute Net Proceeds except to the extent not so used 

  
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at the end of such 365-day period, at which time such proceeds shall be deemed to be Net Proceeds; provided, further, if any Default or Event
of Default shall have occurred and shall be continuing at the time of delivery of the foregoing certificate or at the time of the application of proceeds contemplated thereunder, then 100% of such proceeds (without giving effect to the $2,000,000
minimum threshold set forth above) shall be applied to the Obligations in accordance with Section 2.5(b); 

(iii)    any condemnation award with respect to property owned by any Borrower, any other Loan Party or
Subsidiary in excess of $2,000,000 in the aggregate in any Fiscal Year (provided that such $2,000,000 minimum threshold shall not apply if any Default or Event of Default has occurred and is continuing); provided, however, that
if (A) the Company shall deliver a certificate of a Financial Officer to the Lender at the time of receipt thereof setting forth the Borrowers’ intent to reinvest such proceeds in productive assets of a kind then used or usable in the
business of the Company and its Subsidiaries within 365 days of receipt of such proceeds and (B) no Default or Event of Default shall have occurred and shall be continuing at the time of such certificate or at the time of the application of
such proceeds, such proceeds shall not constitute Net Proceeds except to the extent not so used at the end of such 365-day period, at which time such proceeds shall be deemed to be Net Proceeds;
provided, further, if any Default or Event of Default shall have occurred and shall be continuing at the time of delivery of the foregoing certificate or at the time of the application of proceeds contemplated thereunder, then 100% of
such proceeds (without giving effect to the $2,000,000 minimum threshold set forth above) shall be applied to the Obligations in accordance with Section 2.5(b); 

(iv)    the issuance or incurrence of Indebtedness other than Indebtedness permitted by Section 6.1;
and 
 (v)    the issuance of any Equity Interests of any Loan Party or Subsidiary except for Equity
Interests issued to the Company. 
 (b)    All amounts (if any) remitted to the Lender under this
Section 2.5 shall be applied by the Lender to the payment of the Obligations in such order of application as the Lender may in its sole discretion determine. All prepayments pursuant to this Section 2.5 shall be accompanied by accrued and
unpaid interest upon the principal amount of each such prepayment and, to the extent applicable, the Specified Fee set forth in Section 2.10. Notwithstanding anything herein to the contrary, any such prepayment shall not constitute or be deemed
to be a cure of any Default or Event of Default arising as a result of any Disposition, casualty or condemnation event or otherwise. 

Section 2.6    Fees. 

(a)    Unused Commitment Fee. Accruing from the Closing Date until the Term Loan Commitment
Termination Date, the Borrowers agree to pay to the Lender a nonrefundable unused commitment fee (the “Unused Commitment Fee”) equal to the Unused Commitment Fee Rate (computed on the basis of a year of 360 days and actual days
elapsed) multiplied by the average daily difference between (i) the Term Loan Amount and (ii) the aggregate principal amount of Term Loans actually funded under the Term Loan Facility. All Unused Commitment Fees shall be payable quarterly
in arrears on the last Business Day of each calendar quarter, commencing the last Business Day of the calendar quarter ending September 30, 2021. 

  
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 (b)    Other Fees. The Borrowers agree to pay to
the Lender such other fees as agreed in the Fee Letters. 
 Section 2.7    Evidence of Debt. The Lender
shall maintain in accordance with its usual practice records evidencing the Term Loans. The entries made in the records maintained pursuant to this Section shall be prima facie evidence absent manifest error of the existence and
amounts of the obligations recorded therein. Any failure of the Lender to maintain such records or make any entry therein or any error therein shall not in any manner affect the obligations of the Borrowers under this Agreement and the other Loan
Documents. Upon the request of the Lender at any time, the Borrowers shall prepare, execute and deliver to the Lender a Term Loan Note. 

Section 2.8    Payments Generally. 

(a)    Payments by Borrowers. All payments to be made by the Borrowers hereunder and under the other
Loan Documents shall be made on the date when due without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrowers, and without condition or deduction (except as required under
Section 2.8(c)) for any counterclaim, defense, recoupment or setoff. All payments shall be made to the Lender in U.S. Dollars in immediately available funds not later than 2:00 p.m. on the date specified herein. All amounts received by the
Lender after such time on any date shall be deemed to have been received on the next succeeding Business Day and any applicable interest or fees shall continue to accrue. If any payment to be made by the Borrowers shall fall due on a day that is not
a Business Day, payment shall be made on the next succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, if such next succeeding Business Day would fall after
the Maturity Date, payment shall be made on the immediately preceding Business Day. 

(b)    Application of Insufficient Payments. If at any time insufficient funds are received by and
available to the Lender to pay fully all amounts of principal, interest, fees and other amounts then due hereunder, such funds shall be applied in such order of application as the Lender in its sole discretion determines. 

(c)    Taxes. Any and all payments by or on account of any Obligation shall be made free and clear
of and without deduction or withholding for any Taxes, except as required by any Law. If payor shall be required by any Laws to deduct or withhold any Taxes from or in respect of any sum payable under any Obligation, (i) if the Tax in question
is an Indemnified Tax or Other Tax, then the sum payable shall be increased as necessary so that after making all required deductions or withholding (including deductions or withholding applicable to additional sums payable under this
Section 2.8(c)), each payee receives an amount equal to the sum it would have received had no such deductions or withholding been made, (ii) the payor shall make such deductions or withholding, (iii) the payor shall pay the full
amount deducted or withheld to the relevant taxation authority or other authority in accordance with Applicable Laws, and (iv) within 30 days after the date of such payment (or, if receipts or evidence are not available within 30 days, as soon
as possible thereafter), the payor shall furnish to such payee the original or a copy of a receipt evidencing payment thereof or other evidence acceptable to such payee. In addition, the Borrowers agree to pay any Other Taxes. If the Lender is
entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document, the Lender shall deliver to the Borrowers, at the time or times reasonably requested by the Borrowers, such properly completed and
executed documentation reasonably requested by the Borrowers as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, if reasonably requested by the Borrowers, the Lender shall deliver such

  
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other documentation prescribed by Applicable Law or reasonably requested by the Borrowers as will enable the Borrowers to determine whether or not the Lender is subject to backup withholding or
information reporting requirements. For purposes of this Section 2.8(c), the terms “Law” and “Applicable Law” shall include FATCA (and any amendments made thereto after the date of this Agreement). 

(d)    Tax Indemnity. The Borrowers and each Guarantor agree to indemnify the Lender for
(i) the full amount of Indemnified Taxes and Other Taxes payable by the Lender (including Indemnified Taxes and Other Taxes imposed on or attributable to amounts payable under this Section 2.8(d)) and (ii) any expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability prepared in good faith and
delivered by the Lender, accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error. 

Section 2.9    Increased Costs. 

(a)    Increased Costs Generally. If any Change in Law shall (i) impose, modify or deem
applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, the Lender, (ii) subject the Lender to any Taxes
(other than Indemnified Taxes and Excluded Taxes) on its loans, loan principal or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or (iii) impose on the Lender any other condition, cost or
expense (other than Taxes) affecting this Agreement or the Term Loans made by the Lender; and the result of any of the foregoing shall be to increase the cost to the Lender of making, continuing or maintaining the Term Loans, or to reduce the amount
of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then, upon request of the Lender, the Borrowers will pay to the Lender such additional amount or amounts as will compensate the Lender for
such additional costs incurred or reduction suffered. 
 (b)    Capital Requirements. If the
Lender determines that any Change in Law affecting the Lender regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the Lender’s capital as a consequence of this Agreement or the Term Loans
to a level below that which the Lender could have achieved but for such Change in Law (taking into consideration the Lender’s policies with respect to capital adequacy), then from time to time the Borrowers will pay to the Lender such
additional amount or amounts as will compensate the Lender for any such reduction suffered. 

(c)    Certificates for Reimbursement. A certificate of the Lender setting forth the amount or
amounts necessary to compensate the Lender as specified in this Section 2.9 and delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay the Lender the amount shown as due on any such certificate within ten
(10) days after receipt thereof. 
 (d)    Delay in Requests. Failure or delay on the part of
the Lender to demand compensation pursuant to this Section 2.9 shall not constitute a waiver of the Lender’s right to demand such compensation, provided that the Borrowers shall not be required to compensate the Lender pursuant to
this Section 2.9 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that the Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of the
Lender’s intention to claim 

  
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compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9)-month period referred to above shall be extended to
include the period of retroactive effect thereof). 
 Section 2.10    Specified Fees. The Borrowers shall
pay to the Lender: 
 (a)    with respect to any Fee Determination Date occurring prior to the Term Loan
Commitment Termination Date, a fee equal to the present value (such present value shall be computed using a discount rate equal to the Treasury Rate plus fifty (50) basis points) of the amount (to the extent positive) of interest that would
have accrued on the Term Loan Facility in accordance with this Agreement had a principal balance equal to the Term Loan Amount remained outstanding during the period commencing on such Fee Determination Date and ending on the Maturity Date, taking
into account all interest accrued and paid prior to such Fee Determination Date; 
 (b)    with respect
to any Fee Determination Date occurring on or after the Term Loan Commitment Termination Date but prior to the third (3rd) anniversary of the Closing Date, a fee equal to the present value (such
present value shall be computed using a discount rate equal to the Treasury Rate plus fifty (50) basis points) of the amount (to the extent positive) of interest that would have accrued on such principal balance of the Term Loans in accordance
with this Agreement had such principal balance remained outstanding during the period commencing on such Fee Determination Date and ending on the Maturity Date, taking into account all interest accrued and paid prior to such Fee Determination Date
and the outstanding principal balance of the Term Loans as of the Fee Determination Date; 
 (c)    with
respect to any Fee Determination Date occurring on or after the third (3rd) anniversary of the Closing Date but prior to the fourth (4th)
anniversary of the Closing Date, a fee equal to 5.00% of the aggregate principal amount of the Term Loans being prepaid as of such Fee Determination Date; and 

(d)    with respect to any Fee Determination Date occurring on or after the fourth (4th) anniversary of the Closing Date but prior to the fifth (5th) anniversary of the Closing Date, a fee equal to 3.00% of the aggregate principal
amount of the Term Loans being prepaid as of such Fee Determination Date; and 
 (e)    with respect to
any Fee Determination Date occurring on or after the fifth (5th) anniversary of the Closing Date but prior to the sixth (6th) anniversary of
the Closing Date, a fee equal to 2.00% of the aggregate principal amount of the Term Loans being prepaid as of such Fee Determination Date; 
 (the fees
described in the foregoing clauses (a), (b), (c), (d) and (e), the “Specified Fees”); provided, that no Specified Fee shall apply to prepayments of the Term Loans made on or after the sixth (6th) anniversary of the Closing Date. The Borrowers agree that each Specified Fee is a fee that, as of a Fee Determination Date, is deemed fully earned. Each Specified Fee shall be due and payable in
full in immediately available funds on the applicable Fee Determination Date. Once paid, no Specified Fee or any portion thereof shall be refundable under any circumstance. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants to the Lender that: 

  
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 Section 3.1    Existence, Qualification and Power;
Subsidiaries. Each Loan Party is a corporation or limited liability company, as applicable, duly formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization and each Loan Party and each
Subsidiary thereof is duly formed, validly existing and in good standing under the Law of its jurisdiction of its incorporation or organization as set forth on Schedule 3.1 hereto. Each Loan Party and each Subsidiary (i) has all
requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (a) own or lease its assets and carry on its business and (b) execute, deliver and perform its obligations under the Loan
Documents to which it is a party, and (ii) is duly qualified and is licensed and, if applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license, except, in the case of clause (ii), in jurisdictions where the failure to be so qualified or in good standing, individually or in the aggregate, has not had and could not reasonably be expected to result in a Material
Adverse Effect. 
 Section 3.2    Authorization; No Contravention. The execution, delivery and performance
by each Loan Party of each Loan Document to which it is party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of its Organizational Documents,
(b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under, (i) any Contractual Obligation (including, without limitation, any Material Agreement or any
Contractual Obligation relating to borrowed money) to which any Loan Party or Subsidiary is a party or affecting any Loan Party or Subsidiary or the properties of any Loan Party or any Subsidiary or (ii) any order, injunction, writ or decree of
any Governmental Authority or any arbitral award to which any Loan Party or Subsidiary or its property is subject, or (c) violate any Law other than any violation, in the case of this clause (c), that could not reasonably be expected to result
in a Material Adverse Effect. 
 Section 3.3    Governmental Authorization; Other Consents. No material
approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Agreement or the other Loan Document or is then necessary or required in connection with any Material Agreement, except for such approvals, consents, exemptions, authorizations or other actions, notices or filings
that have already been duly obtained or made and that are in full force and effect. 
 Section 3.4    Execution
and Delivery; Binding Effect. This Agreement has been, each other Loan Document, when delivered hereunder, will have been, and each Material Agreement has been, duly executed and delivered by the Loan Parties party thereto. Each Loan Document
and each Material Agreement constitutes a legal, valid and binding obligation of the Loan Parties party thereto, enforceable against such Loan Parties in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other Laws affecting creditors’ rights generally and by general principles of equity. 

Section 3.5    Financial Statements; No Material Adverse Effect. 

(a)    Financial Statements. The financial statements delivered to the Lender on or before the
Closing Date in accordance with Section 4.1 and thereafter most recently delivered in accordance with Section 5.1 (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein, (ii) fairly present in all material respects the financial condition of the Company and its Subsidiaries (or, following the Qualified SPAC Transaction Effective Date, of Holdings and its Subsidiaries) as of
the date thereof and their results of operations and cash flows for the period covered thereby in 

  
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accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and (iii) show all material Indebtedness and other liabilities,
direct or contingent, of the Company and its Subsidiaries (or, following the Qualified SPAC Transaction Effective Date, of Holdings and its Subsidiaries) as of the date thereof, including liabilities for Taxes, material commitments and Indebtedness.

 (b)    No Material Adverse Effect. Since December 31, 2020, there has been no event or
circumstance that, either individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 

Section 3.6    Outstanding Indebtedness. Except for the Obligations and the other Permitted Indebtedness, no
Loan Party nor any Subsidiary has any Indebtedness. 
 Section 3.7    Litigation. There are no actions,
suits, proceedings, claims, disputes or investigations pending or, to the knowledge of the Borrowers, threatened in writing, at Law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or Subsidiary or
against any of their properties or revenues that (a) either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect, (b) either individually or in the aggregate could reasonably be expected to result
in losses, claims, damages, expenses or liabilities exceeding $2,000,000 or (c) purport to affect or pertain to this Agreement or any other Loan Document or any of the transactions contemplated hereby. 

Section 3.8    No Material Adverse Effect; No Default. No Loan Party or Subsidiary is (a) in material
default under or with respect to any Material Agreement or (b) in default under or with respect to any other Contractual Obligation that, in the case of this clause (b), either individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

Section 3.9    Property; Licenses; Margin Regulations. 

(a)    Ownership of Properties. Each Loan Party and Subsidiary has good legal and marketable title
in fee simple (in the case of real property) and good title (in the case of personal property) to, or valid leasehold interests in, all real and personal property necessary in the ordinary conduct of its business, in each case free and clear of all
Liens other than Liens in favor of the Lender and other Permitted Liens. 
 (b)    Intellectual
Property. Each Loan Party and Subsidiary owns, licenses or possesses the right to use all of the trademarks, tradenames, service marks, trade names, copyrights, patents, franchises, licenses and other intellectual property rights that are
necessary for the operation of their respective businesses, as currently conducted, business, and the use thereof by the Loan Parties and Subsidiaries does not conflict with the rights of any other Person, except to the extent that such failure to
own, license or possess or such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The conduct of the business of the Loan Parties and Subsidiaries as currently conducted or as
contemplated to be conducted does not infringe upon or violate any rights held by any other Person, except to the extent that such infringements and violations, either individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Borrowers, threatened in writing that could reasonably be expected to have a Material Adverse Effect. 

  
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 (c)    Licenses. Each Loan Party and Subsidiary
is in compliance with, and has procured and is now in possession of, all Licenses then required by any Applicable Law for the operation of its business in each jurisdiction wherein it is now conducting or proposes to conduct business, and each such
License then required to be issued has been validly issued to the relevant Loan Party or Subsidiary. No Loan Party or Subsidiary has any knowledge of any basis upon which the renewal of any material License would be denied in the future. Each
Project License then required to be issued has been validly issued to the relevant Loan Party or Subsidiary and is in full force and effect, and no Loan Party nor any Subsidiary is in violation in any material respect of any such Project License.
Each Loan Party and Subsidiary has posted such bonds then required to be posted under its Licenses (including its Project Licenses). 

(d)    Margin Regulations. None of the assets of any Loan Party or Subsidiary will be Margin Stock,
and no part of the proceeds of the Term Loans hereunder will be used to buy or carry Margin Stock. 

Section 3.10    Taxes. Each Loan Party and Subsidiary has (a) filed all federal, state and other material
tax returns and reports required by Applicable Law to be filed by any Loan Party or Subsidiary, or extensions have been obtained, and (b) paid all Taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except to the extent that (i) Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in
accordance with GAAP, (ii) no foreclosure or similar proceedings have been commenced or notice of Liens filed with respect thereto, and (iii) the failure to pay such Taxes, either individually or in the aggregate, could not reasonably be
expected to result in liability in excess of $2,000,000. 
 Section 3.11    Disclosure. The Borrowers have
disclosed to the Lender all agreements, instruments and corporate or other restrictions to which any Loan Party or Subsidiary is subject, and all other matters known to the Borrowers that, either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect. The reports, financial statements, certificates and other written information (other than projected or pro forma financial information) furnished by or on behalf of the Loan Parties to the Lender in
connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as amended, modified or supplemented by other information so furnished), when taken as
a whole, do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading;
provided that, with respect to projected or pro forma financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation and
delivery (it being understood that such projected information may vary from the actual results and that such variances may be material). The Perfection Certificate is true, complete and correct in all material respects, and, as of the Closing Date,
the Beneficial Ownership Certification is true, complete and correct in all material respects. 

Section 3.12    Compliance with Laws. Each Loan Party and Subsidiary is in compliance with the requirements of
all Laws (including, without limitation, all Environmental Laws and all Applicable Food and Feed Safety Laws) and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to so comply, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect. Each Plan is in compliance, in all material respects, with all applicable requirements of ERISA, the Code and other Laws. 

  
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 Section 3.13    ERISA Compliance. No Loan Party or ERISA
Affiliate sponsors, maintains, contributes to, or has an obligation to, or has contributed to or been obligated to contribute to at any time during the immediately preceding seven plan year, a Plan that is covered by Title IV of ERISA or subject to
the funding standards of Section 412 of the Code. There are no pending or, to the knowledge of the Borrowers, threatened or contemplated claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that, either individually or in
the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 

Section 3.14    Environmental Matters; Hazardous Materials. 

(a)    Except with respect to any matters that, either individually or in the aggregate, could not
reasonably be expected to result in liability in excess of $2,000,000 or have a Material Adverse Effect, no Loan Party or Subsidiary (a) has failed to comply with any Environmental Law or to obtain, maintain or comply with any License or other
approval required under any Environmental Law, (b) knows of any basis for any License or other approval required under any Environmental Law to be revoked, canceled, limited, terminated, modified, appealed or otherwise challenged, (c) has
or could reasonably be expected to become subject to any Environmental Liability, (d) has received notice of any claim, complaint, proceeding, investigation or inquiry with respect to any Environmental Liability (and no such claim, complaint,
proceeding, investigation or inquiry is pending or, to the knowledge of the Borrowers, is threatened or contemplated) or (e) knows of any facts, events or circumstances that could give rise to any basis for any Environmental Liability of any
Loan Party or Subsidiary. 
 (b)    Except as disclosed on Schedule 3.14(b): 

(i)    All Farm Project Sites and the other facilities and properties currently or formerly owned, leased
or operated by any Loan Party or Subsidiary (the “Properties”) do not contain any Hazardous Materials attributable to such Loan Party’s or Subsidiary’s ownership, lease or operation of the Properties in amounts or
concentrations or stored or utilized which (A) constitute or constituted a violation of Environmental Laws, or (B) could reasonably be expected to give rise to any Environmental Liability, in each case, to the extent that such violation
could reasonably be expected to give rise, either individually or in the aggregate, to any Environmental Liability in excess of $1,000,000; and 

(ii)    Hazardous Materials have not been transported or disposed of from the Properties (A) in
violation of Environmental Law, or (B) in a manner or to a location which could reasonably be expected to give rise, either individually or in the aggregate, to any Environmental Liability in excess of $1,000,000 for the Loan Parties and
their Subsidiaries, nor have any Hazardous Materials been generated, treated, stored or disposed of by or on behalf of any Loan Party or Subsidiary at, on or under any of the Properties in violation of Environmental Laws or in a manner that could
reasonably be expected to give rise, either individually or in the aggregate, to any Environmental Liability in excess of $1,000,000. 

Section 3.15    Investment Company Act. No Loan Party or Subsidiary is or is required to be registered as an
“investment company” as defined in the Investment Company Act of 1940. 

  
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 Section 3.16    Insurance. The properties of each Loan Party
and each of its Subsidiaries are insured pursuant to policies and other bonds that are valid and in full force and effect and that provide coverage satisfying or surpassing the requirements set forth in Section 5.6. 

Section 3.17    Sanctions and Anti-Terrorism; Anti-Corruption. 

(a)    No Loan Party or Subsidiary or director, officer, employee, agent or Affiliate of any Loan Party or
Subsidiary is an individual or entity (“person”) that is, or is owned or controlled by persons that are, (i) the target of any Sanctions or Anti-Terrorism Laws, or (ii) located, organized or resident in a country or
territory that is, or whose government is, the subject of Sanctions or Anti-Terrorism Laws (including, currently, Crimea, Cuba, Iran, North Korea and Syria). 

(b)    Each Loan Party and Subsidiary and their respective directors, officers and employees and, to the
knowledge of the Borrowers, the agents of each Loan Party and Subsidiary are in compliance with all applicable Sanctions, Anti-Terrorism Laws and Anti-Corruption Laws. Each Loan Party and Subsidiary has instituted and maintains policies and
procedures designed to ensure continued compliance with applicable Sanctions, Anti-Terrorism Laws and Anti-Corruption Laws. 

Section 3.18    Solvency. The Company, individually, is, and the Loan Parties, together with their
Subsidiaries on a consolidated basis, are, Solvent. 
 Section 3.19    Material Agreements. The Borrowers
have delivered to the Lender a true, correct and complete copy of each Material Agreement. No Material Agreement has been terminated or otherwise modified except in accordance with the terms thereof, and each Material Agreement (other than those
terminated in accordance with their terms) remains in full force and effect. No material default or event of default has occurred and is continuing under any Material Agreement, and no condition or event has occurred and is continuing that would be
likely to result in a material default or event of default with the giving notice, the lapse of time or both. The terms of each Material Agreement conform, in all material respects, to all applicable governmental and third-party consents and
approvals and the requirements of Applicable Law. The Loan Parties and their Subsidiaries have all Material Agreements, material Licenses and other rights necessary to carry out their business as conducted. 

Section 3.20    Employee and Labor Matters. 

(a)    There is no unfair labor practice complaint pending or, to the knowledge of the Borrowers,
threatened against any Loan Party or its Subsidiaries before any Governmental Authority and no grievance or arbitration proceeding pending or threatened against any Loan Party or its Subsidiaries which arises out of or under any collective
bargaining agreement and that could reasonably be expected to result in liability in excess of $2,000,000. 

(b)    There exists no strike, labor dispute, slowdown, stoppage or similar action or grievance
pending or threatened in writing against any Loan Party or its Subsidiaries that could reasonably be expected to lead to an interruption of their respective operations at any location or result in liability in excess of $2,000,000. To the knowledge
of the Borrowers, no union representation question existing with respect to the employees of any Loan Party or its Subsidiaries and no union organizing activity is taking place with respect to any of the employees of any Loan Party or its
Subsidiaries. No Loan Party or any of its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or similar state law, which remains unpaid or unsatisfied. The hours worked and payments made
to employees of each Loan Party and its Subsidiaries have not been in violation of the Fair Labor 

  
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Standards Act or any other applicable legal requirements, except to the extent such violations could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. All material payments due from any Loan Party or its Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of the Borrowers. 

(c)    The Loan Parties and their Subsidiaries are in material compliance with Applicable Laws respecting
employment and employment practices (including employment insurance, employer health tax, employment standards, labor relations, occupational health and safety, human rights, workers’ compensation, employment equity and pay equity) and, to the
knowledge of the Borrowers, there are no pending or threatened proceedings before any Governmental Authority or otherwise with respect to any of the foregoing that could reasonably be expected to result in liability in excess of $2,000,000. 

Section 3.21    Compliance with Food Security Act and Agricultural Lien Statutes; Agricultural Lien Notices.

 (a)    Each Loan Party (i) is in compliance in all material respects with the Food Security Act,
as applicable to it, and has filed all appropriate notices and requests and otherwise taken all applicable steps, if any, that are required of it to register with the “Central Filing System” and subscribe to the portions of the master list
covering effective financing statements related to farm products and other agricultural products purchased by such Loan Party, in each case established, maintained and distributed by the Secretary of State (or such other similar state agency) of
each state that maintains a “Central Filing System” in accordance with the Food Security Act, and (ii) is in compliance in all material respects with all other applicable Agricultural Lien Statutes. 

(b)    (x) No Loan Party has received notice (written or otherwise) from any Producer, unpaid seller,
supplier, agent or secured party indicating such Person’s intent to claim or preserve the benefits of any trust under any Agricultural Lien Statute or of any Lien in any “farm products” (as defined in the UCC) under Applicable Law
(other than any standard boiler-plate language included on invoices or similar documentation in the ordinary course of business), and (y) no action has been commenced against any Loan Party or any Subsidiary thereof by (i) any beneficiary
of any such Lien to enforce such Lien or (ii) any Governmental Authority or any beneficiary of a trust created under any Agricultural Lien Statute to enforce payment from such trust. 

Section 3.22    Agricultural Licenses. Each Loan Party and each Subsidiary thereof maintains all necessary and
material Agricultural Licenses required to operate its business. 
 Section 3.23    The Farm Projects. 

(a)    The Borrowers have delivered to the Lender a true, correct, and complete copy of each Material
Project Document entered into on or prior to the Closing Date, will promptly deliver to the Lender a true, correct, and complete copy of each Material Project Document entered into or obtained after the Closing Date, and none of the Material Project
Documents that have been delivered to the Lender have been terminated or otherwise modified except in accordance with the terms hereof and remains in full force and effect. 

(b)    The Project Documents that have been or will be delivered to the Lender comprise substantially all
of the material services, materials and property interests required for Completion of the applicable Farm Project. 

  
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 (c)    No material default or event of default has
occurred under any Material Project Document, and no material condition or event has occurred that would result in such a default or event of default with the giving notice, the lapse of time or both. 

(d)    Each Farm Project is and will continue to be owned by a Loan Party, subject to a Lien in favor of
the Lender (subject only to Permitted Liens), and developed, constructed and maintained in accordance with the Project Documents and Applicable Law in all material respects. 

(e)    The terms of each Material Project Document conform in all material respects to the applicable
Project Licenses and any other applicable governmental and third-party consents and approvals and the requirements of Applicable Law. 

(f)    All material property interests, utility services, means of transportation, facilities and other
material necessary for Completion and operation of the applicable Farm Project are, or will be when needed, available to such Farm Project. 

(g)    Each Initial Construction Budget and each other Construction Budget is realistic and feasible for
achievement of Completion on or prior to the applicable Completion Deadline. 
 ARTICLE IV 

CONDITIONS 

Section 4.1    Conditions Precedent to Effectiveness. The obligation of the Lender to make any Term Loan
hereunder is subject to the condition precedent that, on or before the Closing Date, the Lender shall have received each of the following, each in form and substance satisfactory to the Lender: 

(a)    this Agreement, the Collateral Documents and the other Loan Documents to be entered into on the
Closing Date, each signed by a Responsible Officer of each Loan Party and a duly authorized officer of each other party thereto, together with all other original items required to be delivered pursuant to the Collateral Documents or any other Loan
Document; 
 (b)    a certificate of a Responsible Officer of each Loan Party, attaching (i) the
Organizational Documents of such Loan Party, (ii) resolutions or other action of the Governing Board of such Loan Party approving the transactions and other matters contemplated by the Loan Documents to which it is a party, and (iii) an
incumbency certificate evidencing the identity, authority and capacity of each Responsible Officer of such Loan Party authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which it is a party;

 (c)    such other documents and certificates as the Lender may request relating to the organization,
existence and good standing of each Loan Party and any other legal matters relating to the Loan Parties, the Loan Documents or the transactions contemplated thereby; 

(d)    a certificate of status, compliance or like certificate for each Loan Party and Subsidiary from the
appropriate Governmental Authority of the jurisdiction of incorporation or formation of such Person and each jurisdiction where it is required to qualify to do business, each dated not more than thirty (30) days prior to the Closing Date; 

(e)    a certificate of a Responsible Officer of the Company, dated as of the Closing Date and attaching
reasonably detailed calculations demonstrating pro forma compliance with the minimum Liquidity covenant set forth in Section 6.8(d) after giving effect to the Term Loans to be funded on the Closing Date; 

  
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 (f)    a written consent, duly executed by Holdings and
confirming that this Agreement, the other Loan Documents, the Term Loan Facility and the Liens created pursuant to any Loan Document to secure the Obligations are permitted under, and do not conflict with or contravene, the SPAC Merger Agreement;

 (g)    an appropriately completed Perfection Certificate with respect to the Borrowers and the other
Loan Parties, dated as of the Closing Date and duly executed by a Responsible Officer of the Borrowers; 

(h)    one or more opinions of counsel to the Loan Parties, addressed to the Lender and dated the Closing
Date, in form and substance satisfactory to the Lender (covering the jurisdiction of formation of each Loan Party, the jurisdiction of the governing law of each Loan Document and the jurisdiction in which any Farm Project Site is located, as
applicable); 
 (i)    with respect to the Existing Bridge Indebtedness and any other Indebtedness or
other obligations owing by the Loan Parties to any Exiting Lenders: 
 (i)    evidence that all such
Indebtedness has been, or as of the Closing Date will be, repaid in full in cash and all such obligations have been, or as of the Closing Date will be, terminated; 

(ii)    a payoff letter (accompanied by such other discharges, releases (including, without limitation,
mortgage releases), terminations or other documents as the Lender may request in its sole discretion), in each case duly executed by the Exiting Lenders or their agent, as applicable, releasing effective as of the Closing Date all Liens on any
assets of any Loan Parties or any Subsidiaries of any Loan Party granted in favor of the Exiting Lenders upon receipt of the payoff amount on the Closing Date and authorizing the Borrowers, the Lender or their respective designees to file UCC-3 termination statements and such other releases and terminations as necessary to terminate any and all such Liens; 

(j)    Lien searches with respect to the Loan Parties and any Subsidiary in scope satisfactory to the
Lender and with results showing no Liens (other than Liens in favor of the Lender, other Permitted Liens and Liens authorized to be released on the Closing Date in accordance with Section 4.1(i)) and otherwise satisfactory to the Lender; 

(k)    UCC financing statements for each jurisdiction as is necessary, in the Lender’s sole
discretion, to perfect the Lender’s security interest in the Collateral to the extent such Liens can be perfected by filing or recordation; 

(l)    an executed Account Control Agreement with respect to (i) the Interest Reserve Account and
(ii) each other deposit, securities and commodity account of the Loan Parties (other than Excluded Accounts); 

(m)    a disbursement letter, duly executed by the Borrowers and demonstrating, among other things, that
the Interest Reserve Account shall be funded with the Minimum Interest Amount required on such date in accordance with Section 5.17; 

(n)    [reserved]; 

(o)    evidence from the Borrowers that all material governmental and third-party consents required to
effectuate the transactions contemplated by the Loan Documents have been obtained; 

  
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 (p)    true, correct and complete copies of the Warrant
Agreement and all other Material Agreements then in effect (including, without limitation, to the extent not previously delivered to the Lender, all Farm Lease Agreements and Approved Long-Term Supply Agreements then in effect) of the Borrowers, the
Guarantors and any Subsidiary, each of which shall be satisfactory to the Lender, together with such Collateral Assignments of such Material Agreements and acknowledgments by such counterparties as may be reasonably requested by the Lender in its
sole discretion, duly executed by the parties thereto; 
 (q)    at least five (5) Business Days
prior to the Closing Date (or such shorter period as may be approved by the Lender in its sole discretion), completed background checks and such other documentation and information requested by (or on behalf of) the Lender, in each case satisfactory
to the Lender, including information required by Lender to satisfy any “know your customer” requirements, including, without limitation, the Beneficial Ownership Certification; 

(r)    evidence that adequate liability, property, business interruption and builder’s risk insurance
required to be maintained under this Agreement is in full force and effect, in each case together with certificates naming the Lender as additional insured, mortgagee and lender’s loss payee, as applicable, with respect to the Collateral and,
in the case of any business interruption insurance, accompanied by an assignment of such business interruption insurance in favor of the Lender signed by the Loan Parties and the applicable insurer; 

(s)    payment of (i) all fees, costs and expenses then due and payable pursuant to Section 8.3
hereof, to the extent invoiced on or prior to the date hereof and (ii) payment of such fees as are set forth in the Fee Letter; and 

(t)    such financial statements, budgets, forecasts, projections and any other information or documents as
the Lender reasonably requests. 
 Section 4.2    Additional Conditions to First Post-Merger Subordinated Term
Loan. In addition to, and without limiting, the conditions set forth in Sections 4.1 and 4.3, the obligation of the Lender to make the First Post-Merger Subordinated Term Loan is subject to the Lender’s receipt, on or prior to Subordinated
Facility Post-Merger Funding Date, of the following, each of which shall be in form and substance satisfactory to the Lender in its sole discretion: 

(a)    evidence of the consummation of the Qualified SPAC Transaction and the occurrence of the Qualified
SPAC Transaction Effective Date (including, without limitation, in the form of copies of the relevant certificates of merger certified or recorded by the appropriate Governmental Authorities); and 

(b)    a certificate of a Responsible Officer of the Company, substantially in the form delivered to the
Lender pursuant to Section 4.1(b) and, among other things, (i) certifying the Organizational Documents of the Company after giving effect to the Qualified SPAC Transaction and the occurrence of the Qualified SPAC Transaction Effective
Date, and (ii) attaching true, correct, and complete copies of the SPAC Merger Agreement and all Ancillary Agreements (as defined in the SPAC Merger Agreement); 

it being understood and agreed, for the avoidance of doubt, that the funding of the Closing Date Subordinated Loan and the Permitted Northwest Subordinated
Loan shall not be subject to this Section 4.2. 
 Section 4.3    Additional Conditions to each Term
Loan. In addition to, and without limiting, the conditions set forth in Sections 4.1, 4.2 and 4.4 (other than with respect to the funding of (i) the 

  
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Closing Date Subordinated Loan, (ii) the Permitted Northwest Subordinated Loan and (iii) a Term Loan pursuant to Section 5.17(b), which such funding shall be limited to
Section 4.1 above (and, in the case of the Permitted Northwest Subordinated Loan, Section 4.4 below) and to clauses (a), (b), (c) and (d) of this Section 4.3), the obligation of the Lender to make any Term Loan hereunder is
subject to the satisfaction (or waiver by the Lender in its sole discretion) of the following additional conditions precedent on or before the date of such Term Loan, each of which shall be in form and substance satisfactory to the Lender: 

(a)    the representations and warranties set forth in this Agreement and the other Loan Documents shall be
true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the date of such Term Loan; 

(b)    no Default or Event of Default shall have occurred and be continuing or would result from such Term
Loan or from the application of proceeds thereof; 
 (c)    the Borrowers shall have delivered to the
Lender an appropriately completed and duly executed Loan Request for each Term Loan requested to be made pursuant to this Agreement; 

(d)    the Lender shall have received evidence that, concurrently with the funding of each Term Loan
requested hereunder, (x) an equity or capital contribution is made by the Borrowers and (y) a loan is funded under the Senior Credit Agreement, in each case in accordance with Section 6.8(e); 

(e)    to the extent the proceeds of a requested Term Loan are to be used for the first payment of Project
Costs in respect of a Farm Project, the Lender shall have received, on or prior to the date of such Term Loan: 

(i)    each of the items set forth in Section 5.15 with respect to the Farm Project Site where the
Farm Project being funded by the applicable Term Loan is to be located (including, without limitation, Mortgages, insurance (including title insurance and flood insurance) documentation, surveys, appraisals and environmental assessment, in each case
complying with Section 5.15); and 
 (ii)    such financial statements, budgets, forecasts,
projections (including projected draw schedules) or other information or documents with respect to such Farm Project as the Lender reasonably requests, in each case in form and substance satisfactory to the Lender; 

(f)    the Lender and the Disbursing Agent shall have received all items required under the Disbursing
Agreement in connection with such Term Loan; 
 (g)    the Lender shall have received a copy of each
Material Project Document and each other Material Agreement then in effect (including, without limitation, each Farm Lease Agreement and each Approved Long-Term Supply Agreement) not previously delivered to the Lender, together with a Collateral
Assignment of the same (to the extent such Collateral Assignment (or any consent or acknowledgment thereof) is required or requested in accordance with the definition of “Collateral Assignment”); 

  
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 (h)    the Lender shall have received a certificate of a
Responsible Officer of the Company, in the form of Exhibit D attached hereto, certifying, as of the date of such Term Loan, that: 

(i)    after giving effect to such Term Loan, (A) such Term Loan, together with any loan under the
Senior Credit Agreement made concurrently with such Term Loan, shall constitute not more than 75% of the Project Costs in respect of which such Term Loan is requested, and (B) the Borrowers will be in compliance with the capital stacking
covenant set forth in Section 6.8(e), and attaching thereto reasonably detailed calculations demonstrating each of the foregoing; 

(ii)    each Material Project Document delivered to the Lender as of such date is a true, correct and
complete copy of the same; 
 (iii)    each Material Project Document is in full force and effect and, to
the best knowledge of the Company, no default or event of default has occurred thereunder; 
 (iv)
    all Project Licenses and any other governmental and third-party consents, permits and approvals with respect to each Farm Project that are required as of such date have been duly obtained, validly issued and are in full force
and effect, not subject to any appellate, judicial or administrative proceeding or to any unsatisfied condition that may allow material modification or revocation, and no material violation thereof shall have occurred; 

(v)    such Term Loan shall not be used to pay for materials or equipment for a Farm Project unless
(x) such materials or equipment have been incorporated into such Farm Project or have been delivered to the applicable Farm Project Site for later incorporation into such Farm Project and stored at the applicable Farm Project Site or
(y) such Term Loan shall be used to fund deposits or scheduled payments required pursuant to any Project Documents prior to work being commenced or materials or equipment being delivered to or incorporated into the such Farm Project; 

(vi)    the development of each Farm Project is substantially proceeding in the manner provided for in the
Project Documents relating thereto; 
 (vii)     the aggregate amount of the Project Costs paid (and
remaining to be paid) with respect to each Farm Project does not exceed the Initial Construction Budget applicable to such Farm Project; provided, notwithstanding the foregoing, the aggregate amount of the Project Costs paid (and remaining to
be paid) with respect to each Farm Project may exceed the Initial Construction Budget applicable to such Farm Project by an amount not to exceed 5% of such Initial Construction Budget, but only so long as, on or prior to the date of the requested
Term Loan, (A) (x) such excess amount is funded by cash contributions from the Borrowers in compliance with Section 6.8(d) or an irrevocable capital cash contribution from Holdings to the Borrowers, and (y) the Borrowers have fully
paid such excess Projects Costs from the proceeds of such contributions, and (B) the Borrowers deliver to the Lender reasonably satisfactory evidence of the foregoing; 

(viii)     as of the date of such certificate, and after giving effect to the requested Term Loan, the
unadvanced amounts under both the Term Loan Facility and the Senior Credit Agreement (determined in accordance with the capital stacking requirements set forth in Section 6.8(e)) and Unrestricted Cash of the Borrowers (including Unrestricted

  
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Cash contributed to the Borrowers by Holdings) are sufficient to pay all Project Costs required in order to achieve the Completion of each Farm Project on or prior to the Completion Deadline
applicable to such Farm Project; 
 (ix)     the Final Completion Date of each Farm Project can
reasonably be expected to occur on or prior to the Completion Deadline applicable to such Farm Project; 

(i)    the Lender shall have received an updated Project Status Report, Construction Budget and
Construction Schedule with respect to each Farm Project; 
 (j)    the Lender shall have received
(i) a current sworn construction cost statement of the Company in form reasonably acceptable to the Lender, (ii) a current sworn construction cost statement of each Material Project Contractor in form reasonably acceptable to the Lender,
and (iii) copies of invoices, bills, statements or bills of sale representing the Project Costs to be paid from proceeds of the requested Term Loan; 

(k)    to the extent permitted under Applicable Law, the Lender shall have received Lien waivers and
releases, conditioned only upon receipt of payment, duly executed by each Person (other than an Excluded Contractor or Subcontractor) being paid from the proceeds of the requested Term Loan who may have or may be entitled to have a Lien pursuant to
Applicable Law or agreement; 
 (l)    the Lender shall have received unconditional Lien waivers and
releases, duly executed by each Person (other than an Excluded Contractor or Subcontractor) paid from proceeds of all prior Term Loans who may have or may be entitled to have a Lien pursuant to Applicable Law or agreement, to the extent not
previously delivered to the Lender; 
 (m)    no stop notice with respect to any Farm Project shall have
been delivered to the Company or any other Loan Party, unless the Company has filed a release bond with respect thereto in accordance with the requirements of Law in the state where the Farm Project Site is located; 

(n)    if required by the Lender, the Lender shall have received a certificate from the Project Consultant,
duly executed by the Project Consultant and dated not earlier than five (5) Business Days prior to the date of the requested Term Loan, certifying as follows: (i) the Project Consultant has reviewed the Project Status Report, Construction
Budget, and Construction Schedule applicable to each Farm Project, (ii) the Project Consultant recommends payment of the Project Costs that the Borrowers intend to pay with proceeds of such requested Term Loan, (iii) the development of
each Farm Project is substantially proceeding in the manner provided for in the Project Documents relating thereto, (iv) the aggregate amount of the Project Costs paid (and remaining to be paid) with respect to each Farm Project does not exceed
the Initial Construction Budget applicable to such Farm Project (provided that the aggregate amount of the Project Costs paid (and remaining to be paid) with respect to each Farm Project may exceed the Initial Construction Budget applicable
to such Farm Project by an amount not to exceed 5% of such Initial Construction Budget, but only so long as, on or prior to the date of such certificate, (A) (x) such excess amount is funded by cash contributions from the Borrowers in
compliance with Section 6.8(d) or an irrevocable capital cash contribution from Holdings to the Borrowers, and (y) the Borrowers have fully paid such excess Projects Costs from the proceeds of such contributions, and (B) the Borrowers
deliver to the Lender reasonably satisfactory evidence of the foregoing), (v) as of the date of such certificate, and after giving effect to the requested Term Loan, the unadvanced amounts under both the Term Loan Facility and the Senior Credit
Agreement 

  
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(determined in accordance with the capital stacking requirements set forth in Section 6.8(e)) and Unrestricted Cash of the Borrowers (including Unrestricted Cash contributed to the Borrowers
by Holdings) are sufficient to pay all Project Costs required in order to achieve Completion of each Farm Project on or prior to the Completion Deadline applicable to such Farm Project, and (vi) the Final Completion Date of each Farm Project
can reasonably be expected to occur on or prior to the Completion Deadline applicable to such Farm Project; 

(o)    for payments to each General Contractor, the Lender shall have received payment and performance
bonds in the amount of the GC Contract with such General Contractor (which, to the extent approved by the Lender in writing in its reasonable discretion, may be in the form of payment and performance bonds issued by applicable subcontractors),
together with a dual obligee rider in favor of the Lender, in each case in form and substance acceptable to the Lender; 

(p)    to the extent not previously delivered, the Borrowers shall have delivered to the Lender evidence of
the insurance required by Section 5.18(d); 
 (q)    the Lender shall have received such bring-down
certificates, searches, an endorsement to the title insurance policy issued to the Lender covering the date of such Term Loan and increasing the amount of Lender’s insurance coverage by the amount of such Term Loan disbursed and date down the
coverage for mechanics’ liens with the ALTA 33-06 Construction Disbursement Endorsement; and 

(r)    if the requested Term Loan is for the last disbursement necessary to Complete a Farm Project, the
Lender shall have received (i) a certification from the Company and the Project Consultant that the improvements on such Farm Project will, after application of the proceeds of such Term Loan, be Complete and (ii) the applicable title
insurance company shall be committed to issue to the Lender such endorsements as the Lender may reasonably require, to be issued by such title insurance company subsequent to the expiration of the period during which any Lien for labor, services or
materials may be validly recorded against such Farm Project or such other endorsements to the Lender’s title insurance policy as the Lender may reasonably require which shall insure that such Farm Project improvements have been completed free
of all mechanics’ and materialmen’s Liens or claims and other Liens, other than Liens expressly permitted under the Mortgage applicable to such Farm Project). 

Section 4.4    Additional Conditions to Permitted Northwest Subordinated Loan. In addition to, and without
limiting, the conditions set forth in Section 4.1 and in clauses (a), (b), (c) and (to the extent occurring on or after the Subordinated Facility Post-Merger Funding Date) (d) of Section 4.3, the obligation of the Lender to make the
Permitted Northwest Subordinated Loan is subject to the satisfaction (or waiver by the Lender in its sole discretion) of the following additional conditions precedent on or before the funding date of the Permitted Northwest Subordinated Loan, each
of which shall be in form and substance satisfactory to the Lender: 
 (a)    the Lender shall have
received a certificate of a Responsible Officer of the Company, attaching true, correct, and complete copies of all agreements, instruments and other documents (i) evidencing the binding commitment of an Approved USDA Lender to make, and of the
USDA to guarantee, the USDA Loans to the Northwest SPV and (ii) to the extent such USDA Loans are secured by assets of the Northwest SPV, expressly permitting (A) each of the Lender and the Senior Creditor to have and maintain a second
priority security interest in and Lien on such assets and (B) the Northwest SPV to guarantee each of the Obligations and the Obligations (as defined in the Senior Credit Agreement), in each case subject to intercreditor terms and conditions
reasonably satisfactory to the Lender; 

  
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 (b)    the Lender shall have received each of the items
set forth in Section 5.15 with respect to Pasco Property, in each case complying with Section 5.15 and with the preceding clause (a); and 

(c)    the Senior Credit Agreement shall have become effective in accordance with its terms prior to, or
substantially concurrently with, the funding date of the Closing Date Subordinated Loan. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 
 The
Borrowers covenant and agree with the Lender that, until all Obligations shall have been Paid in Full: 

Section 5.1    Financial Statements. The Borrowers will furnish to the Lender, each in form, detail and
substance satisfactory to the Lender: 
 (a)    as soon as available, and in any event within 120 days
after the end of each Fiscal Year, audited financial statements of the Company and its Subsidiaries consisting of a consolidated (and, with respect to each Subsidiary of the Company, consolidating) balance sheet of the Company and its Subsidiaries
as at the end of such Fiscal Year and the related consolidated (and, with respect to each Subsidiary of the Company, consolidating) statements of income or operations, shareholders’ equity and cash flows for such Fiscal Year, setting forth in
each case in comparative form the figures for the previous Fiscal Year, prepared by independent public accountants of nationally or regionally recognized standing (or other firm of independent public accountants reasonably acceptable to the Lender,
it being agreed and acknowledged that RSM US LLP is acceptable to the Lender) in accordance with generally accepted auditing standards (and, except for the Permitted Going Concern Qualification (if any), shall not be subject to any “going
concern” or like qualification, exception or explanatory paragraph), certified by a Financial Officer of the Company as fairly presenting in all material respects the financial condition, results of operations, shareholders’ equity and
cash flows of the Company and its Subsidiaries in accordance with GAAP consistently applied, together with a management discussion and analysis of such financial statements; and 

(b)    as soon as available, but in any event within 60 days after the end of each calendar quarter,
commencing with the calendar quarter ending September 30, 2021, a consolidated (and, with respect to each Subsidiary of the Company, consolidating) balance sheet of the Company and its Subsidiaries as at the end of such calendar quarter, the
related consolidated (and, with respect to each Subsidiary of the Company, consolidating) statements of income or operations, shareholders’ equity and cash flows for such calendar quarter and for the portion of the Company’s Fiscal Year
then ended, in each case setting forth in comparative form the year-to-date period of the current Fiscal Year as compared to the corresponding portion of the previous
Fiscal Year, certified by a Financial Officer of the Company as fairly presenting in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of the Company and its Subsidiaries in accordance
with GAAP consistently applied, subject only to normal year-end adjustments and the absence of footnotes. 

(c)    Notwithstanding anything in this Section 5.1 to the contrary, commencing after the Qualified
SPAC Transaction Effective Date, (i) any financial statements required to be delivered pursuant to this Section 5.1 shall be financial statements of the Consolidated Group and (ii) the obligations in clauses (a) and (b) of this
Section 5.1 may be satisfied with respect to financial information of the Consolidated Group by furnishing (A) the applicable financial 

  
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statements of the Consolidated Group to the Lender or (B) the Form 10-K, 10-Q or 8-K, as applicable, of the Consolidated Group, filed with the SEC. Documents required to be delivered pursuant to Sections 5.1(a) and (b) and Section 5.2(d) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the earliest date on which (x) Holdings or the Company provides a link thereto on Holdings’ or the Company’s website on the Internet; (y) such documents are posted on
Holdings’ or the Company’s behalf on IntraLinks/IntraAgency or another website, if any, to which the Lender has access (whether a commercial, third-party website or whether sponsored by the Lender), or (z) such financial statements
and/or other documents are posted on the SEC’s website on the Internet at www.sec.gov. 

Section 5.2    Certificates; Other Information. The Borrowers will deliver, or cause to be delivered, to the
Lender, each in form, detail and substance satisfactory to the Lender: 
 (a)    concurrently with the
delivery of the financial statements referred to in Sections 5.1(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the Company (i) certifying as to whether a Default or Event of Default has
occurred and, if a Default or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably detailed calculations demonstrating compliance with
the covenants set forth in Section 6.8; 
 (b)    promptly following request therefor, copies of any
detailed audit reports, management letters or recommendations submitted to the Governing Board (or the audit committee of the Governing Board) of any Loan Party or Subsidiary by independent accountants in connection with the accounts or books of
such Loan Party or Subsidiary, or any audit of any of them as the Lender may from time to time reasonably request; 

(c)    as soon as practicable and in any event before the beginning of each Fiscal Year, the projected
balance sheets, income statements, capital expenditures budget and cash flow statements for the Consolidated Group, on a consolidated and consolidating basis, for each month of the next Fiscal Year, each in reasonable detail, representing the good
faith projections of the Consolidated Group for each such month, and certified by a Financial Officer of the Company as being the projections upon which the Consolidated Group relies, together with such supporting schedules and information as the
Lender from time to time may reasonably request; 
 (d)    promptly after receipt or furnishing thereof,
copies of each annual report, proxy or financial statement or other report or communication sent to the shareholders of any Loan Party or Subsidiary, and copies of all annual, regular, periodic and special reports and registration statements that
such Loan Party or Subsidiary may file or be required to file with the SEC or with any national securities exchange, and not otherwise required to be delivered pursuant hereto; 

(e)    promptly after receipt thereof by any Loan Party or Subsidiary, copies of each notice or other
correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other similar inquiry by such agency regarding
financial or other operational results of such Loan Party or Subsidiary thereof; 
 (f)    promptly after
the occurrence thereof, notice of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in such certification; provided, that following the
Qualified SPAC Transaction Effective Date, such notice shall only be required to the extent Holdings or any other Loan Party is a “legal entity customer” under the Beneficial Ownership Regulation; 

  
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 (g)    promptly upon execution thereof, a true, correct
and complete copy of each Material Agreement, or any amendment thereto, entered into after the Closing Date; 

(h)    promptly after the furnishing thereof, copies of any material request, report or notice received by
any Loan Party or any Subsidiary, or any material statement or report furnished by any Loan Party or any Subsidiary pursuant to the terms of any Material Agreement (including, without limitation, the SPAC Merger Agreement); 

(i)    with respect to each Farm Project: 

(i)    as soon as available and in any event within thirty (30) days after the end of each fiscal
month of the Company, a Project Status Report and Construction Budget with respect to such Farm Project, in each case certified by the Project Consultant; 

(ii)    promptly upon receipt, a copy of any Farm Project Site visit report or other reviews or notices
issued by any Governmental Authority, including, without limitation, EPA or USDA; 
 (iii)    promptly
upon receipt, a copy of each material report delivered to a Loan Party by any Person pursuant to a Material Project Document; 

(iv)    copies of all material notices sent or received by any Loan Party with respect to such Farm
Project; and 
 (v)    promptly after any officer of any Loan Party has knowledge of any material delays
in the construction of such Farm Project or if the Project Costs applicable to such Farm Project at any time exceed the Initial Construction Budget applicable to such Farm Project, a certificate signed by a Responsible Officer of the Company setting
forth the details with respect thereto and the action that the Company proposes to take with respect thereto; and 

(j)    promptly following any request therefor, such other information, notices, meeting minutes, consents
and other materials regarding the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of any Loan Party or Subsidiary, or compliance with the terms of the Loan Documents, as the
Lender may from time to time reasonably request. 
 Section 5.3    Notices. The Borrowers will promptly
notify the Lender of: 
 (a)    in any event within two (2) Business Days thereof, the occurrence of
any Default or Event of Default; 
 (b)    the consummation of the Qualified SPAC Transaction and the
occurrence of the Qualified SPAC Transaction Effective Date; 
 (c)    the filing or commencement of any
action, claim, suit, injunction, arbitration, settlement, investigation or proceeding by or before any arbitrator or Governmental Authority against or affecting any Loan Party, any Subsidiary or any Affiliate thereof, which, if adversely determined,
could reasonably be expected to give rise to liability in excess of $2,000,000; 
 (d)    any labor
dispute or any noncompliance by any Loan Party or Subsidiary with Applicable Law (other than Environmental Law) or any permit, approval, license or other authorization, which, if adversely determined, could reasonably be expected to give rise to
liability in excess of $2,000,000; 

  
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 (e)    any action arising under any Environmental Law or
any noncompliance by any Loan Party or Subsidiary with any Environmental Law, which, if adversely determined, could reasonably be expected to give rise to liability in excess of $1,000,000; 

(f)    the discovery of any Hazardous Materials or of any Release from or upon any Farm Project Site, the
Montana Property or any other land or property owned (either individually or jointly), operated or controlled by any Loan Party or Subsidiary, which, individually or in the aggregate, could reasonably be expected to give rise to liability in excess
of $1,000,000; 
 (g)    any damage to or destruction of any property of the Loan Parties (or any of
their Subsidiaries) which, either individually or in the aggregate, could reasonably be expected to give rise to a claim for insurance monies in excess of $2,000,000; 

(h)    any material change in accounting or financial reporting practices by any Loan Party or any
Subsidiary; 
 (i)    any material breach or non-performance of,
or any material default under, any Material Agreement; 
 (j)    any cessation or material delay in the
construction of any Farm Project, in each case accompanied by a reasonably detailed report or certificate of the Borrowers explaining whether or not such cessation or delay is expected to have a Material Adverse Effect; and 

(k)    any matter or development that has had or could reasonably be expected to have a Material Adverse
Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer of the Company setting forth the details of
the occurrence requiring such notice and stating what action the Company has taken and proposes to take with respect thereto. 

Section 5.4    Preservation of Existence, Etc. Each Borrower will, and will cause each other Loan Party and
Subsidiary to, (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization and under the Laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification or license; (b) take all reasonable action to maintain all material rights, licenses, permits, bonding arrangements, privileges and franchises necessary in the
normal conduct of its business; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which, in the case of this clause (c), could
reasonably be expected to have a Material Adverse Effect. 
 Section 5.5    Maintenance of Properties. 

(a)    Each Borrower will, and will cause each other Loan Party and Subsidiary to, (i) maintain,
preserve and protect all of its properties and equipment material to the operation of its business (including, without limitation, each Farm) in good working order and condition (ordinary wear and tear excepted), and operate each Farm, in each case
in accordance in all material respects with prudent industry practice and applicable Contractual Obligations and (ii) make all necessary repairs thereto and renewals and replacements thereof. 

  
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 (b)    The sole owner of all assets with respect to each
Farm Project (including, without limitation, each Farm and all Project Documents and Project Licenses relating to such Farm Project, whether now existing or hereafter arising), is, and at all times will continue to be, a Loan Party. 

Section 5.6    Maintenance of Insurance. The Borrowers will, and will cause each other Loan Party and
Subsidiary to, maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business (including fire, extended coverage, workers’ compensation, public liability, property damage, business interruption and, with respect to each Farm Project, builder’s risk insurance) and against other risks (including errors and
omissions) and in such amounts as are customarily carried under similar circumstances by such Persons. Such insurance policies shall contain (a) with respect to any general liability insurance policy, an additional insured special endorsement
and (b) with respect to any property insurance policy, a mortgagee and a lender’s loss payee special endorsement, in each case in form and substance satisfactory to the Lender naming the Lender as additional insured, mortgagee and
lender’s loss payee, as applicable, on a primary, non-contributory basis, waiving subrogation, and providing the Lender with notice of cancellation acceptable to the Lender. Without limiting the
foregoing, the Borrowers will, and will cause each other Loan Party to, to the extent required under Flood Laws, obtain and maintain flood insurance for such structures and contents constituting Collateral located in a flood hazard zone, in such
amounts as similar structures and contents are insured by prudent companies in similar circumstances carrying on similar businesses and otherwise satisfactory to the Lender. 

Section 5.7    Payment of Obligations. The Borrowers will, and will cause each other Loan Party and Subsidiary
to, pay, discharge or otherwise satisfy as the same shall become due and payable (i) all of its material Tax liabilities and remittances and other obligations owing to any Governmental Authority and (ii) all of its material other
obligations, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings diligently conducted and the Borrowers or such Loan Party or Subsidiary has set aside on its books adequate reserves with
respect thereto to the extent required by GAAP, and (b) no foreclosure or similar proceedings have been commenced or notice of Liens filed with respect thereto. 

Section 5.8    Compliance with Laws. The Borrowers will, and will cause each other Loan Party and Subsidiary
to, comply with the requirements of all Laws (including, without limitation, all Applicable Food and Feed Safety Laws) and all orders, writs, injunctions and decrees applicable to it or to its business or property, except where the failure to do so,
either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrowers shall, and, where applicable, shall cause each of their Affiliates (including any ERISA Affiliates) to, maintain each
Plan in compliance with all applicable requirements of Law ERISA and the Code, except where the failure to do so could not be reasonably expected to result in a Material Adverse Effect. 

Section 5.9    Environmental Matters. Except to the extent that the failure to do so could not reasonably be
expected to have, individually or in the aggregate, liability (including any Environmental Liability) in excess of $2,000,000 or a Material Adverse Effect, the Borrowers will, and will cause each other Loan Party and Subsidiary to, (a) comply
with all Environmental Laws, (b) obtain, maintain in full force and effect and comply with any Licenses or other approvals (including any Project Licenses) required for the facilities or operations of the Borrowers, any other Loan Party or
Subsidiary, and (c) conduct and complete any investigation, study, sampling or testing, and undertake any corrective, cleanup, removal, response, remedial or other action necessary to identify, report, remove and clean up all Hazardous
Materials present or released at, on, in, under or from any of the facilities or real properties of the Borrowers, any other Loan Party or Subsidiary. 

  
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 Section 5.10    Books and Records. Each Borrower will, and
will cause each other Loan Party and Subsidiary to, maintain proper books of record and account, in which entries shall be made of all financial transactions and matters involving the assets and business of such Borrower, other Loan Party or
Subsidiary, as the case may be, that are true, complete and correct in all material respects and prepared in conformity with GAAP in all material respects. 

Section 5.11    Inspection Rights. Each Borrower will, and will cause each other Loan Party and Subsidiary to,
permit representatives and independent contractors of the Lender and the Project Consultant to visit and inspect any of its properties (including, but not limited to, examination and inspection of any Farm Project Site and the Montana Property), to
examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its owners, directors, officers, and independent public accountants, all at the reasonable
expense of the Borrowers; provided that, if no Event of Default has occurred and is continuing, (x) the Lender shall not request, and shall not be permitted to receive, reimbursement from the Borrowers for more than one visit and
inspection in any Fiscal Year and (y) the Lender will provide the Borrowers with at least five (5) days’ prior notice of each visit and inspection (or such shorter period acceptable to the Borrowers in their sole discretion). 

Section 5.12    Use of Proceeds. The Borrowers will, and will cause each other Loan Party and Subsidiary to,
use the proceeds of: 
 (a)    the Permitted Northwest Subordinated Loan to invest in the Northwest SPV
for the purpose of developing a Farm Project in the State of Washington; 
 (b)    the Closing Date
Subordinated Loan (i) to fund or otherwise remit cash to the Interest Reserve Account in accordance with Section 5.17, (ii) to pay the reasonable costs and expenses of the Loan Parties with respect to the closing of the transactions
effected by this Agreement and by the Senior Credit Agreement, (iii) to pay the fees set forth in the Fee Letter dated as of the Closing Date among the Borrowers and the Lender, and (iv) to repay the Existing Bridge Indebtedness; and 

(c)    any other Term Loan (i) to fund the Interest Reserve Account as a result of an IRA Shortfall in
accordance with Section 5.17, (ii) to pay Project Costs applicable to a Farm Project, and (iii) for working capital related to the operation of a Farm Project or Farm, 

in each case not in contravention of any Law or of any Loan Document. Notwithstanding the foregoing or anything herein to the contrary, however, no Term Loan
will be used to finance (1) dual use goods (i.e. products and technologies which may have military applications), (2) tobacco products, (3) extraction of thermal coal, and/or (4) business activities which are not aligned with
the principles of the New York Declaration on Forests (2014) (https://forestdeclaration.org/about). 

Section 5.13    Sanctions and Anti-Terrorism Laws; Anti-Corruption Laws. The Borrowers will, and will cause
each other Loan Party and Subsidiary to, maintain in effect policies and procedures designed to promote compliance by the Loan Parties and Subsidiaries, and their respective directors, officers, employees, and agents with applicable Sanctions and
Anti-Terrorism Laws and applicable Anti-Corruption Laws. 
 Section 5.14    Additional Subsidiaries; Holdings as
Guarantor. 
 (a)    Promptly after (i) the creation or acquisition of any Subsidiary of
Holdings or any other Loan Party (including, without limitation, any Subsidiary formed by merger, amalgamation, consolidation, division under the Delaware Code or otherwise), in each case other 

  
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than an Excluded Subsidiary, or (ii) any existing Excluded Subsidiary ceases to be an Excluded Subsidiary (and, in any event, within ten (10) days after each event described in the
preceding clauses (i) or (ii) and without limiting Section 6.14 hereof (or such later date as may be agreed by the Lender in writing)), the Borrowers will (unless otherwise waived in writing by the Lender in its sole discretion) cause such
Person to (A) become a Borrower hereunder by delivering to the Lender a duly executed joinder agreement or such other documents as the Lender shall deem appropriate for such purpose, (B) grant a Lien on substantially all of the real and
personal property of such Person by delivering to the Lender such deeds of trust, security agreements and other agreements as the Lender shall deem appropriate for such purpose, (C) deliver to the Lender such original certificated Equity
Interests or other certificates and stock or other transfer powers evidencing the Equity Interests of such Person as the Lender may require, (D) deliver to the Lender such opinions, documents and certificates as the Lender requests and
(E) deliver to the Lender such updated Schedules to the Loan Documents as requested by the Lender with respect to such Person and Collateral; in each case, in form, content and scope satisfactory to the Lender. 

(b)    Notwithstanding anything to the contrary contained herein or in any other Loan Document: 

(i)    the minority equityholders of the Northwest SPV (which minority equityholders, for the avoidance of
doubt, shall hold not more than 1% of all Equity Interests of the Northwest SPV) shall not be required to pledge their Equity Interests of the Northwest SPV to the Lender; and 

(ii)    in connection with a Disposition of the Northwest SPV permitted under Section 6.4(f), upon the
request of the Borrowers, the Lender shall, in each case at the sole cost and expense of the Loan Parties, (A) execute and deliver to the Loan Parties such UCC terminations, intellectual property releases, deposit account control agreement
termination letters, releases, reconveyances and other documentation reasonably requested by the Loan Parties and appropriate to effectuate the termination of any Liens on the assets and property of the Northwest SPV in favor of the Lender;
(B) deliver to the Loan Parties any original certificated Equity Interests or other certificates and stock or other transfer powers evidencing the Equity Interests of the Northwest SPV in the Lender’s possession; and (C) take such
further action as the Loan Parties may reasonably request from time to time in order to effectuate the provisions of this clause (ii). 

(c)    Promptly, and in any event not later than ten (10) Business Days after the Qualified SPAC
Transaction Effective Date, the Borrowers shall cause Holdings to (i) become a Guarantor by delivering to the Lender a duly executed Guaranty or such other documents as the Lender shall deem appropriate for such purpose, (ii) grant a Lien
on substantially all of the real and personal property of Holdings by delivering to the Lender such deeds of trust, security agreements and other agreements as the Lender shall deem appropriate for such purpose, (iii) deliver to the Lender such
original certificated Equity Interests or other certificates and stock or other transfer powers evidencing the Equity Interests owned or held by Holdings as the Lender may require, (iv) deliver to the Lender such opinions, documents and
certificates as the Lender requests, and (v) deliver to the Lender such updated Schedules to the Loan Documents as requested by the Lender with respect to Holdings and its Collateral; in each case, in form, content and scope satisfactory to the
Lender. 

  
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 Section 5.15    Real Property. 

(a)    Fee-Owned Real Property. Not more than sixty
(60) days (or such later date as may be agreed by the Lender in writing) following the acquisition by the Borrowers, any other Loan Party or any Subsidiary of any fee interest in any real property (including the acquisition of any Subsidiary
that has a fee interest in real property), the Borrowers shall (unless otherwise waived in writing by the Lender in its sole discretion) deliver to the Lender each of the following, each in form and substance satisfactory to the Lender: 

(i)    a Mortgage covering such property, properly executed on behalf of the applicable Loan Party or
Subsidiary; 
 (ii)    if requested by the Lender or the Disbursing Agent, an amendment to the Disbursing
Agreement (or a new Disbursing Agreement), a priority agreement or other similar agreements or documents, in each case duly executed by the parties thereto and incorporating jurisdiction-specific updates or other modifications; 

(iii)    an ALTA title insurance policy or policies in favor of the Lender, insuring such Mortgage as a
valid second priority Lien upon such parcel subject only to such exceptions as are acceptable to the Lender (including such endorsements as the Lender may require); 

(iv)    a survey meeting such minimum survey standards as the Lender may require, such survey to be
certified in favor of (and to permit reliance by) the Lender as to such parcel; 
 (v)    if requested by
the Lender, a final “as built” appraisal with respect to any Farm or Farm Project to be located on such real property, in form and containing assumptions and appraisal methods reasonably satisfactory to the Lender, conducted by an
appraiser acceptable to the Lender, addressed to the Lender and on which the Lender is expressly permitted to rely; 

(vi)    if requested by the Lender, a Phase I environmental audit or such other environmental due diligence
report as the Lender may approve (and permitting reliance by the Lender), together with such other environmental information as the Lender may request; 

(vii)    evidence that the Loan Parties have taken all actions required under the Flood Laws and/or
requested by the Lender to ensure that the Lender is in compliance with the Flood Laws applicable to each parcel of real property constituting Collateral; and 

(viii)    such evidence as the Lender may require that such Mortgage has been duly authorized by all
appropriate action of and is enforceable against the applicable Loan Party, together with such opinions of counsel covering such authorization and enforceability and other matters as the Lender may require. 

Notwithstanding the foregoing, however (but without limiting Section 4.4), this Section 5.15(a) will not apply to the
Pasco Property if, and solely to the extent, that the Pasco Property is subject to a Lien securing the USDA Loans in compliance with Section 6.2(l). 

(b)    Leased Real Property, Warehouses, Etc.. (i) In the case of any headquarters location of the
Loan Parties or any leased premises, warehouse or other third party-owned or -operated storage facility where tangible Collateral with a value in excess of $1,000,000 is located, 

  
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the Loan Parties shall obtain Lien Waiver Agreements after entering into any lease following the Closing Date or after the tangible Collateral valued at any such location exceeds $1,000,000, and
(ii) in the case of any Third-Party Farm Lease Agreement, the Loan Parties shall deliver, or cause to be delivered, to the Lender a Mortgage in respect of the real property subject to such Third-Party Farm Lease Agreement, together with
(x) a corresponding lender’s title insurance policy (and accompanying endorsements) in favor of the Lender (up to an amount reasonably determined by the Lender in consultation with the Borrowers), (y) a ground lease recognition and
estoppel agreement, duly executed by the lessor under such Third-Party Farm Lease Agreement, and (z) opinions of counsel with respect to such Mortgage, each of the foregoing to be in form and substance reasonably satisfactory to the Lender.

 Section 5.16    Further Assurances. The Borrowers shall, and shall cause each other Loan Party and
Subsidiary to, from time to time, at the Borrowers’ expense, preserve and protect the Lender’s Lien on the Collateral (first in priority subject only to Permitted Liens) and shall do such other acts and things as the Lender in its sole
discretion may deem necessary or advisable from time to time in order to preserve, perfect and protect the Liens granted or purported to be granted under the Collateral Documents and to exercise and enforce its rights and remedies thereunder with
respect to the Collateral. Without limiting the generality of the foregoing or Sections 4.1(l) or 5.17 hereof, concurrently with the opening of any deposit account, commodity account or securities account (other than Excluded Accounts) by any
Borrower, any other Loan Party or Subsidiary after the Closing Date, the Borrowers shall deliver a notice of the opening of such account to the Lender and an executed Account Control Agreement in respect of such account. In addition the Borrowers
shall deliver, or cause to be delivered, to the Lender a Collateral Assignment with respect to any Material Agreement entered into by the Borrowers or the other Loan Parties. 

Section 5.17    Interest Reserve Account. 

(a)    Commencing on the funding date of the Closing Date Subordinated Loan, the Borrowers will, or will
cause, the Interest Reserve Account to be funded with proceeds of Term Loans or with cash of the Loan Parties in an amount equal to or greater than the Minimum Interest Amount. 

(b)    If at any time (whether as a result of fluctuations in applicable interest rates or otherwise) the
funds in the Interest Reserve Account are determined by the Lender in its reasonable discretion to be less than the Minimum Interest Amount (each such shortfall, an “IRA Shortfall”), the Borrowers shall promptly (and in any event
not later than two (2) Business Days after an IRA Shortfall has been identified) fund or otherwise remit cash (including, at the Borrowers’ election, any proceeds of a Term Loan) to the Interest Reserve Account in an amount equal to or
greater than such IRA Shortfall. For the avoidance of doubt, the Borrowers shall cause the Interest Reserve Account to be subject to a blocked Account Control Agreement in favor of the Lender at all times. 

Section 5.18    Farm Project Construction. 

(a)    The Borrowers will, and will cause each other Loan Party and Subsidiary to, continuously, diligently
and with reasonable dispatch proceed with the design, development and construction of each Farm Project in a good workmanlike manner in material accordance with the Project Documents applicable to such Farm Project, the Loan Documents and all
Applicable Laws so that the Final Completion Date applicable to such Farm Project will be reasonably expected to occur on or prior to the Completion Deadline applicable to such Farm Project. 

  
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 (b)    The Borrowers will, and will cause each other
Loan Party and Subsidiary to, comply in all material respects with each Material Agreement to which they are a party and enforce all of their respective material rights under the Project Documents, including all material indemnification rights
thereunder, and pursue all material remedies available to any Loan Party or Subsidiary with diligence and in good faith. 

(c)    Not later than sixty (60) after the Final Completion Date of a Farm Project, the Borrowers will
deliver or cause to be delivered to the Lender: 
 (i)    if requested by the Lender in its sole
discretion, a date down endorsement to the applicable title insurance policy insuring the priority of Mortgage in respect of the applicable Farm Project Site and which deletes from such title insurance policy any mechanic’s Lien, survey or
other standard exception, and includes the following endorsements, to the extent not previously delivered to the Lender: ALTA 3.1 zoning endorsement; ALTA 9.3 conditions, covenants and restrictions endorsement; ALTA 9.6 private rights; ALTA 17
access and entry endorsement; ALTA 17.2 utility access endorsement; ALTA 18 single tax parcel or ALTA 18.1 multiple tax parcels (as applicable); and ALTA 28 easement endorsement (as applicable); 

(ii)    copies of the as-built final plans and specifications for
such Farm Project; and 
 (iii)    such additional items as the Lender may reasonably request, including,
without limitation, copies of final appraisals, final as-built appraisals, surveys and final unconditional Lien waivers. 

(d)    The Borrowers will cause: 

(i)    the design professionals who prepare the Project Plans applicable to a Farm Project to maintain
professional liability insurance written on a claims made basis, with coverage limits in amounts reasonably acceptable to the Lender, insuring each such design professional and its sub-consultants against any
and all liabilities arising out of or in connection with the negligent acts, errors, or omissions of the foregoing in connection with the carrying out of their professional responsibilities for the applicable Farm Project; 

(ii)    each Material Project Contractor to maintain such insurance as will protect such Material Project
Contractor from claims set forth below which may arise out of or result from such Material Project Contractor’s operations and completed operations in connection with the applicable Farm Project, whether such operations be by such Material
Project Contractor or by its subcontractors or by anyone directly or indirectly employed by any of them, or by anyone for whose acts any of them may be liable: (A) claims under workers’ compensation, disability benefit and other similar
employee benefit acts that are applicable to the work to be performed; (B) claims for damages because of bodily injury, occupational sickness or disease, or death of such Material Project Contractor’s employees; (C) claims for damages
because of bodily injury, sickness or disease, or death of any person other than such Material Project Contractor’s employees; (D) claims for damages insured by usual personal injury liability coverage; (E) claims for damages because
of injury to or destruction of tangible property, including loss of use resulting therefrom; (F) claims for damages because of bodily injury, death of a person or property damage arising out of ownership, maintenance or use of a motor vehicle;
and (G) claims for bodily injury or property damage arising out of completed operations; 

  
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 (iii)    each Material Project Contractor referenced in
subsection (ii) above to name the Lender as an additional insured for claims caused in whole or in part by such Material Project Contractor’s negligent acts or omissions during such Material Project Contractor’s ongoing operations and
completed operations, with such insurance afforded to the Lender as an additional insured being primary insurance and not excess over, or contributing with, any insurance purchased or maintained by the Lender; and 

(iv)    each Material Project Contractor that has commenced any work with respect to a Farm Plant to obtain
payment and performance bonds of such Material Project Contractor (which, to the extent approved by the Lender in writing in its reasonable discretion, may be in the form of payment and performance bonds issued by applicable subcontractors) and dual
obligee riders in favor of the Lender, in form and substance acceptable to the Lender in its sole discretion. 

Section 5.19    Post-Closing Requirements. 

(a)    Promptly, and in any event not later than the earlier of (i) the Subordinated Facility
Post-Merger Funding Date and (ii) sixty (60) days after the Closing Date (or such later date as the Lender may agree to in writing in its sole discretion), the Borrowers will deliver, or cause to be delivered, to the Lender a Mortgage in
respect of the Montana Property, together with (x) a corresponding lender’s title insurance policy (and accompanying endorsements) in favor of the Lender, (y) a ground lease recognition and estoppel agreement, duly executed by the
lessor of the Montana Property, and (z) opinions of counsel with respect to such Mortgage, each of the foregoing to be in form and substance reasonably satisfactory to the Lender; provided, notwithstanding Section 5.15(b)(ii), the
lender’s title insurance policy in favor of the Lender delivered pursuant to this Section 5.19 will be in an amount equal to $5,000,000. 

(b)    Promptly, and in any event not later than the earlier of (i) the Subordinated Facility
Post-Merger Funding Date and (ii) sixty (60) days after the Closing Date (or such later date as the Lender may agree to in writing in its sole discretion), but subject to the last paragraph of Section 5.15(a), the Borrowers will deliver,
or cause to be delivered, to the Lender each of the items set forth in Section 5.15 with respect to Pasco Property, in each case complying with Section 5.15. 

ARTICLE VI 
 NEGATIVE
COVENANTS 
 The Borrowers covenant and agree with the Lender that, until all Obligations have been Paid in Full: 

Section 6.1    Indebtedness. The Borrowers will not, nor will it permit any Loan Party or Subsidiary to,
create, incur, assume or suffer to exist any Indebtedness, except (collectively, the “Permitted Indebtedness”): 

(a)    Indebtedness under the Loan Documents; 

(b)    Senior Indebtedness; 

(c)    Indebtedness (contingent or otherwise) of any Loan Party arising under (i) any Swap Contract
with a Swap Party or (ii) to the extent approved by the Lender in advance in writing, any other Swap Contract; provided that such obligations are entered into by a Loan Party 

  
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in the ordinary course of business for the purpose of mitigating risks associated with liabilities, commitments, investments, assets or property held or reasonably anticipated by such Person, or
changes in the value of securities issued by such Person, and not for speculative purposes; 

(d)    Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar
obligations not in connection with money borrowed, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business, and in an aggregate
amount issued not to exceed $2,000,000 (or such higher amount as may be approved by the Lender in writing); 

(e)    Indebtedness resulting from a bank or other financial institution honoring a check, draft or similar
instrument in the ordinary course of business or arising under or in connection with cash management services in the ordinary course of business; 

(f)    Indebtedness arising from or incurred with respect to Capitalized Leases, Purchase Money Security
Interests or other title retention agreements and leases that are in the nature of title retention agreements in an amount not to exceed (i) if such Indebtedness is reflected in the then-current Approved Budget, the amount set forth in such
Approved Budget, and (ii) in all other cases, an aggregate principal amount not to exceed $2,500,000 at any time; 

(g)    prior to the Subordinated Facility Post-Merger Funding Date, unsecured Indebtedness under the
Closing Date Convertible Notes; provided, that no Indebtedness under this clause (g) will be permitted at any time on or after the Subordinated Facility Post-Merger Funding Date; 

(h)    Indebtedness arising under guaranties made in the ordinary course of business of obligations of any
Loan Party (and only so long as such Person is and remains a Loan Party) which obligations are otherwise permitted hereunder; 

(i)    Indebtedness of the Northwest SPV to an Approved USDA Lender, guaranteed by the USDA, in an
aggregate principal amount under this Section 6.1(i) not to exceed $25,000,000 at any time (the “USDA Loans”); 

(j)    Investments permitted under Section 6.6(d) to the extent such Investments are in the form of
unsecured loans or advances incurred by the Northwest SPV from the Company; and 
 (k)    other
Indebtedness, but only so long as, immediately following the incurrence thereof, the aggregate principal amount of all such Indebtedness permitted under this clause (k) does not exceed $2,000,000. 

Section 6.2    Liens. The Borrowers will not, nor will it permit any Loan Party or Subsidiary to, create,
incur, assume or suffer to exist any Lien upon any of their property, assets or revenues, whether now existing or owned or hereafter arising or acquired, other than the following (collectively, the “Permitted Liens”): 

(a)    Liens created pursuant to any Loan Document to secure the Obligations; 

(b)    subject to the terms of the Subordination Agreement, Liens securing payment of the Senior
Indebtedness; 
 (c)    pledges or deposits in the ordinary course of business in connection with
(i) workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA or other applicable pension and employment Law, and (ii) public utility services provided to the Borrowers,
any other Loan Party or Subsidiary; 

  
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 (d)    deposits to secure the performance of bids,
surety and appeal bonds, performance bonds and similar obligations not in connection with money borrowed incurred in the ordinary course of business, in each case to the extent permitted under Section 6.1(d); 

(e)    Liens for Taxes, assessments or other governmental charges the payment of which is not yet due or
the payment of which is not at the time required by Section 5.7, so long as no filing of a Lien has been made in connection therewith; 

(f)    easements,
rights-of-way, restrictions and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount, and that do not in any case
materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person, and any zoning or similar law or right reserved to or vested in any Governmental Authority
to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrowers, any other Loan Party or Subsidiary; 

(g)    Liens of warehouses, carriers, workers, repairmen, employees or other like Liens, securing
obligations incurred in the ordinary course of business that are not yet due and payable or for amounts being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained in accordance with GAAP; 

(h)    Liens in favor of a banking institution arising as a matter of Law encumbering deposits (including
the right of setoff) that are customary in the banking industry; 
 (i)    any interest or title of a
lessor or sublessor under any lease incurred in the ordinary course of business and not prohibited by the Loan Documents; 

(j)    Liens in favor of collecting banks arising by operation of law under
Section 4-210 of the UCC or, with respect to collecting banks located in the State of New York, under Section 4-208 of the UCC; 

(k)    Liens securing Indebtedness permitted by Section 6.1(f); provided that such Liens do not
at any time encumber any property other than the property financed by such Indebtedness; 
 (l)    Liens
securing Indebtedness permitted by Section 6.1(i); provided that such Liens do not at any time encumber any assets other than the assets and property of the Northwest SPV; 

(m)    mineral rights the use and enjoyment of which do not materially detract from the value of the
property subject thereto or materially interfere with the use and enjoyment of the Farm Project or the Farm Project Site; and 

(n)    involuntary Liens (including a Lien of an attachment, judgment or execution) securing a charge or
obligation, on the Company’s property, either real or personal, related to the Farm Project, whether now or hereafter owned, in the aggregate sum of less than $500,000. 

Section 6.3    Fundamental Changes. The Borrowers will not, nor will it permit any Loan Party or Subsidiary
to, in each case without the prior written consent of the Lender, (i) dissolve, liquidate or wind-up its affairs, (ii) become a party to, or suffer to exist, any merger, amalgamation, consolidation
or 

  
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division (under the Delaware Code or otherwise), (iii) Dispose of (whether in one transaction or in a series of transactions) any of its assets (whether now existing or owned or hereafter
arising or acquired) to or in favor of any Person, or (iv) acquire by purchase, lease or otherwise all or substantially all of the assets or Equity Interests of any other Person or group of related Persons or any division, line of business or
other business unit of any other Person; except that, so long as no Default or Event of Default exists or would result therefrom, (A) the Borrowers and their Subsidiaries may make Dispositions permitted by Section 6.4 and Investments
permitted by Section 6.6, and (B) following reasonable prior written notice to the Lender, any immaterial Loan Party or immaterial Subsidiary no longer useful in the business of the Company may dissolve or merge into another Loan Party
(such other Loan Party, the “Surviving Loan Party”), in each case with the Surviving Loan Party continuing as the surviving entity. 

Section 6.4    Dispositions. The Borrowers will not, and will not permit any Loan Party or Subsidiary to, make
any Disposition or enter into any agreement to make any Disposition, except: 
 (a)    Dispositions of
inventory in the ordinary course of business; 
 (b)    transactions and Investments permitted by
Sections 6.2, 6.3, 6.6 and 6.17; 
 (c)    conversions of Cash Equivalents into cash or other Cash
Equivalents; 
 (d)    the transfer of property by a Loan Party to a Loan Party (except that no transfers
may be made to the Northwest SPV except to the extent set forth in Sections 6.1(j) and 6.6(d)); 

(e)    Dispositions of tangible assets that are obsolete, worn out or no longer used or useful in the
business of a Loan Party, provided that the fair market value of assets subject to such Dispositions does not exceed $2,000,000 in the aggregate for all such Dispositions during any Fiscal Year; 

(f)    the Disposition of the Northwest SPV and/or its assets into a “qualified opportunity fund”
as defined in Section 1400Z-2(d)(1) of the Code (it being understood and agreed, for the avoidance of doubt, that on the effective date of such Disposition, the Northwest SPV shall immediately cease to be
a Loan Party for the purposes of this Agreement), but only so long as (i) no Default or Event of Default has occurred and is continuing and (ii) prior to or concurrently with such Disposition, the Permitted Northwest Subordinated Loan, and
all accrued and unpaid interest and fees with respect thereto, are paid in full in cash; and 

(g)    the Disposition of minority Equity Interests not owned by the Loan Parties of the Northwest SPV
(which minority Equity Interests, for the avoidance of doubt, shall constitute not more than 1% of all Equity Interests of the Northwest SPV) to a director or manager of the Company or other persons reasonably acceptable to the Lender. 

Section 6.5    Restricted Payments; Payments of Junior Debt. 

(a)    The Borrowers will not, and will not permit any Loan Party or Subsidiary to, declare or make,
directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or permit, commence or consummate any issuance of Equity Interests; provided that the foregoing shall not prohibit (a) any
Restricted Payment from a Loan Party to another Loan Party, (b) to the extent the Northwest SPV is a Subsidiary of a Loan Party but not a Loan Party itself, any Restricted Payment from the Northwest SPV to a Loan Party, (c) any Restricted
Payment and the issuance of Equity Interests from the Company to its equityholders pursuant to the Warrant Agreement or any warrant issued thereunder, or (d) the conversion of any Closing Date Convertible Notes into Equity Interests of the
Company in accordance with the terms of such Closing Date Convertible Notes and this Agreement (including, without limitation, the terms set forth in the definitions of “Change of Control”). 

  
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 (b)    Unless expressly provided otherwise in the
intercreditor agreement or subordination agreement applicable thereto, the Borrowers will not, and will not permit any other Loan Party or Subsidiary to, make any payment on, or redeem, repurchase, defease or otherwise acquire or retire for value,
in each case, any Junior Debt. 
 Section 6.6    Investments. The Borrowers will not, and will not permit
any Loan Party or Subsidiary to, make any Investments, except: 
 (a)    Investments in the form of cash
or Cash Equivalents; 
 (b)    Investments consisting of the indorsement of negotiable instruments
payable to such Person for deposit or collection in the ordinary course of business; 

(c)    Investments by a Loan Party in another Loan Party (other than the Northwest SPV); 

(d)    so long as the Northwest SPV is a Subsidiary of the Company, Investments by the Company in the
Northwest SPV in the form of cash or loans from the Company in an aggregate amount not to exceed $11,000,000, but only to the extent that such Investments from the Company were made from proceeds of the Closing Date Convertible Notes or the equity
capital of the Company; 
 (e)    guarantees of Indebtedness permitted under Section 6.1; and 

(f)    Dispositions permitted by Sections 6.4(f) and (g). 

Section 6.7    Transactions with Affiliates; Management Fees. The Borrowers will not, and will not permit any
Loan Party or Subsidiary to, enter into any transaction of any kind with any Affiliate of the Borrowers, whether or not in the ordinary course of business, other than: 

(a)    on fair and reasonable terms substantially as favorable to the Borrowers or such Loan Party or
Subsidiary as would be obtainable by the Borrowers or such Loan Party or Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate; 

(b)    the payment of management fees to a manager of the Company pursuant to a management services
agreement or similar agreement (a “Management Agreement”), but only so long as (i) such Management Agreement is in form and substance satisfactory to the Lender in its sole discretion, and subject to subordination arrangements
satisfactory to the Lender in its sole discretion, and (ii) both at the time of and after giving effect to each such payment, no Default or Event of Default shall have occurred and be continuing; and 

(c)    transactions among the Loan Parties (and if the transaction is with the Northwest SPV, then
(x) the Northwest SPV must be a Subsidiary at the effective time of such transaction and (y) such transaction must also be subject to the terms and conditions of this Agreement (including, without limitation, Sections 6.1(j) and 6.6(d)).

  
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 Section 6.8    Financial Covenants. 

(a)    Minimum Debt Service Coverage Ratio. Commencing March 31, 2025, and as of the last day
of each calendar quarter thereafter, the Borrowers will not permit the Debt Service Coverage Ratio to be less than 1.25 to 1.00. 

(b)    Maximum Consolidated Total Net Leverage Ratio. Commencing March 31, 2025, and as of the
last day of each calendar quarter thereafter, the Borrowers will not permit the Consolidated Total Net Leverage Ratio to be greater than 4.75 to 1.00. 

(c)    Minimum Consolidated Interest Coverage Ratio. Commencing March 31, 2025, and as of the
last day of each calendar quarter thereafter, the Borrowers will not permit the Consolidated Interest Coverage Ratio to be less than 2.50 to 1.00. 

(d)    Minimum Liquidity. The Borrowers will not permit Liquidity to be less than (I) at any
time during the period commencing on the Closing Date and ending on the Minimum Liquidity Step-up Date, $5,000,000, and (II) at any time thereafter, $30,000,000; provided, notwithstanding the
foregoing, if at any time after the Minimum Liquidity Step-up Date: 

(i)    the Company enters into (and maintains in effect at all times) an offtake agreement that (x) is
with a customer or buyer that is reasonably acceptable to the Lender (an “Acceptable Buyer”), (y) obligates such Acceptable Buyer to purchase at least 75% of all inventory and products produced by the Consolidated Group, and
(z) has a tenor of not less than three (3) years, then the minimum Liquidity that must be maintained pursuant to Section 6.8(d) will be $15,000,000; 

(ii)    the Company enters into (and maintains in effect at all times) an offtake agreement that
(x) is with an Acceptable Buyer, (y) obligates such Acceptable Buyer to purchase at least 75% of all inventory and products produced by the Consolidated Group, and (z) has a tenor ending on or after the Maturity Date, then the minimum
Liquidity that must be maintained pursuant to Section 6.8(d) will be $5,000,000; and 

(iii)    [reserved]. 

(e)    Capital Stacking Requirement. Commencing on the Closing Date and at all times thereafter, the
Borrowers will ensure that the proceeds of Term Loans made hereunder will constitute not more than 15% of all amounts used by the Borrowers in respect of Farms and Farm Projects or in any way related to Farms or Farm Projects, including, without
limitation, working capital in connection therewith (collectively, the “Total Farm Financing Amounts”), with all remaining Total Farm Financing Amounts funded solely from Senior Indebtedness or from equity or capital contributions
of the Borrowers. 
 Section 6.9    Certain Restrictive Agreements. The Borrowers will not, and will not
permit any Loan Party or Subsidiary to, enter into any Contractual Obligation (other than this Agreement, any other Loan Document, the Senior Indebtedness Documents, or the documentation governing the Indebtedness permitted under Sections 6.1(f) and
(i)) that, directly or indirectly, (a) limits the ability of (i) Holdings or any Subsidiary to make Restricted Payments to any Borrower or to otherwise transfer property to any Borrower, (ii) Holdings or any Subsidiary to guaranty
Indebtedness of any Borrower or (iii) any Borrower, any Loan Party or any Subsidiary to create, incur, assume or suffer to exist Liens (other than Permitted Liens) on property of such Person to secure the Obligations; or (b) requires the
grant of a Lien to secure an obligation of such Person if a Lien (other than a Permitted Lien) is granted to secure another obligation of such Person. 

  
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 Section 6.10    Changes in Fiscal Periods; Accounting
Methods. No Borrower will, and no Borrower will permit any Loan Party or Subsidiary to, change its method of determining its fiscal year, fiscal months or other accounting periods. In addition, no Borrower will, and no Borrower will permit any
Loan Party or Subsidiary to, change its method of accounting (other than as may be required to conform to GAAP, in which case the Borrowers shall disclose such changes to the Lender). 

Section 6.11    Changes in Nature of Business. The Borrowers will not, and will not permit any Loan Party or
Subsidiary to, engage in any material extent in any business other than those businesses conducted by the Borrowers, such Loan Party or Subsidiary on the date hereof or any business reasonably related or incidental thereto or representing a
reasonable expansion thereof. 
 Section 6.12    Organizational Documents. The Borrowers will not, and will
not permit any Loan Party or Subsidiary to, amend its Organizational Documents unless, in each case, the Borrowers have provided not less than fifteen (15) Business Days’ prior written notice thereof to the Lender and, if such amendment
could reasonably be expected to have an adverse effect on the Lender, obtained the prior written consent of the Lender. 

Section 6.13    Material Agreements; Change Orders. 

(a)    The Borrowers will not, and will not permit any Loan Party or Subsidiary to, without the prior
written consent of the Lender, cause or permit to occur any amendment, restatement, supplement, termination, cancellation or revocation of, or any waiver or forbearance in respect of the exercise of any rights or remedies of the Borrowers or any
other Loan Party or Subsidiary under, any GC Contract, except to the extent that such amendment, restatement, supplement, termination, cancellation, revocation or waiver (i) is not adverse to the Lender (as determined by the Lender in its
reasonable discretion) and (ii) complies with clause (d) below. 
 (b)    With respect to any
Material Agreement (other than a GC Contract), the Borrowers will not, and will not permit any Loan Party or Subsidiary to, without the prior written consent of the Lender, cause or permit to occur any amendment, restatement, supplement,
termination, cancellation or revocation of, or any waiver or forbearance in respect of the exercise of any rights or remedies of the Borrowers or any other Loan Party or Subsidiary under, any such Material Agreement, except to the extent that such
amendment, restatement, supplement, termination, cancellation, revocation or waiver (i) is not materially adverse to the Lender (as determined by the Lender in its reasonable discretion) and (ii) complies with clause (d) below. 

(c)    The Borrowers will not permit any Material Project Participant to commence any work with respect to
a Farm Project unless and until the Borrowers have received and delivered to the Lender, each in form and substance satisfactory to the Lender, (i) if requested by Lender, a consent and acknowledgment of such Material Project Participant to the
Collateral Assignment of the applicable Project Document, (ii) if such Material Project Participant is a Material Project Contractor, payment and performance bonds of such Material Project Contractor (which, to the extent approved by the Lender
in writing in its reasonable discretion, may be in the form of payment and performance bonds issued by applicable subcontractors) and dual obligee riders in favor of the Lender as required by Section 5.18(d)(iv), and (iii) if such Material
Project Participant is a Material Project Contractor, evidence of insurance of such Material Project Contractor as required by Sections 5.18(d)(ii) and 5.18(d)(iii). 

(d)    The Borrowers will not, and will not permit any Loan Party or Subsidiary to, without the prior
written consent of the Lender, sign or permit to exist any change orders to a Material Project Document that are, individually, in excess of $250,000 or, with respect to all change orders relating to any one contractor, are in excess of $500,000 in
the aggregate. 

  
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 Section 6.14    Subsidiaries, Joint Ventures. The Borrowers
will not, and will not permit any Loan Party or Subsidiary to, own or create directly or indirectly any Subsidiaries (other than any Excluded Subsidiary) without the prior written consent of the Lender unless such new Subsidiary is a Loan Party
hereunder. The Borrowers will not, and will not permit any Loan Party or Subsidiary to, become or agree to become a party to any partnership or joint venture without the prior written consent of the Lender. 

Section 6.15    Sanctions and Anti-Terrorism; Anti-Corruption Use of Proceeds. The Borrowers will not,
directly or indirectly, use the proceeds of any Term Loan, or lend, contribute or otherwise make available such proceeds to any other Loan Party, Subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other Anti-Corruption Law, or (ii) (A) to fund any activities or business of or with any Person,
or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions or Anti-Terrorism Laws, or (B) in any other manner that would result in a violation of Sanctions, Anti-Terrorism Laws or
Anti-Corruption Laws by any Person. 
 Section 6.16    ERISA. The Borrowers will not, and will not permit
any ERISA Affiliate, Loan Party or Subsidiary to, establish, maintain, contribute to, or become obligated to contribute to any employee benefit plan or other plan that is covered by Title IV of ERISA or subject to the funding standards of
Section 412 of the Code; or become an ERISA Affiliate of any Person that sponsors, maintains, contributes to or is obligated to contribute to (or in the immediately preceding seven plan years has contributed to or been obligated to contribute
to) any employee benefit plan or other plan that is covered by Title IV or ERISA or subject to the funding standards of Section 412 of the Code. 

Section 6.17    Sale-Leasebacks. The Borrowers will not, and will not permit any Loan Party or Subsidiary
(other than the Northwest SPV) to, directly or indirectly, sell or otherwise transfer, in one or more related transactions, any property (whether real, personal or mixed) and thereafter rent or lease such transferred property or substantially
similar property. 
 Section 6.18    Operating Leases. The Borrowers will not, and will not permit any Loan
Party to Subsidiary to, become a party to or suffer to exist any operating lease, other than (a) Farm Lease Agreements, but only so long as (i) the Borrowers provide the Lender with not less than thirty (30) days’ prior written
notice before entering into any Farm Lease Agreement, (ii) if such Farm Lease Agreement is a Third-Party Farm Lease Agreement, the Borrowers will comply with the requirements set forth in Section 5.15(b)(ii) (provided, that if such
Farm Lease Agreement is not a Third-Party Farm Lease Agreement, the Borrowers will comply with the requirements set forth in Section 5.15(b)(i)), (iii) each Farm Lease Agreement is non-cancellable and has
a tenor ending no earlier than the later of (x) the seventh (7th)-year anniversary of such Farm Lease Agreement and (y) the Maturity Date, and (iv) each Farm Lease Agreement is
otherwise in form and substance reasonably acceptable to the Lender, and (b) subject to Section 6.1(k), other operating leases. 

ARTICLE VII 
 EVENTS OF
DEFAULT 
 Section 7.1    Events of Default. If any of the following events (each, an “Event of
Default”) shall occur: 
 (a)    the Borrowers or any other Loan Party shall fail to pay any
principal or interest hereunder when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; or 

  
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 (b)    the Borrowers or any other Loan Party shall fail
to pay any fee or any other amount (other than an amount referred to in clause (a) of this Section) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of two (2) Business Days; or 
 (c)    any representation or
warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or any waiver hereunder or thereunder, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or any waiver hereunder or thereunder, shall prove to have
been incorrect in any material respect (or, in the case of any such representation or warranty under this Agreement or any other Loan Document already qualified by materiality, such representation or warranty shall prove to have been incorrect) when
made or deemed made; or 
 (d)    any of the Loan Parties shall fail to observe or perform any covenant,
condition or agreement contained in Section 5.3, 5.4, 5.5(b), 5.6, 5.8, 5.9, 5.12 through 5.19 or in Article VI; or 

(e)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in
this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (d) of this Section) and such failure shall continue unremedied for a period of thirty (30) or more days (or such earlier period as may be
specified in any other Loan Document); or 
 (f)    (i) a material default shall occur under the SPAC
Merger Agreement or the Warrant Agreement (or any warrant issued thereunder), and such material default shall remain in effect after any grace period applicable thereto, (ii) a default shall occur under a Swap Contract with a Swap Party, and
such default shall remain in effect after any grace period applicable thereto, if any, or (iii) with respect to any Material Agreement other than (x) a Material Agreement specified in the foregoing clause (i) or (y) a Material Project
Document, any Loan Party or any Subsidiary of a Loan Party fails to perform or observe any material term, covenant or agreement contained in such Material Agreement or otherwise breaches any such Material Agreement in any material respect, or any
such Material Agreement is terminated or revoked or permitted to lapse, or any party to any such Material Agreement delivers a notice of termination or revocation in respect of such Material Agreement; or 

(g)    (i) any Loan Party or Subsidiary shall fail to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness under the Loan Documents) of more than $500,000 (including, without limitation, undrawn committed or available amounts and
including amounts owing to all creditors under any combined or syndicated credit arrangement), in each case beyond the applicable grace or cure periods with respect thereto, if any; or (ii) any Loan Party or Subsidiary shall fail to observe or
perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to
permit the holder or holders or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, in each case, beyond the applicable grace or cure periods with respect

  
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thereto; provided that this clause (g)(ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness, if (x) such Indebtedness and repayment is permitted under the Loan Documents and (y) the sale or transfer is permitted hereunder and under the documents providing for such Indebtedness and such Indebtedness is repaid
when required under the documents providing for such documents; or 
 (h)    an involuntary proceeding
shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party or Subsidiary or any of its Subsidiaries or its debts, or of a substantial part of its assets,
under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or Subsidiary or any of its Subsidiaries or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of thirty (30) or more days or an order or decree approving or ordering any of the actions sought in such proceeding shall be
entered; or 
 (i)    any Loan Party or Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief, including any stay of proceeding under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for
the purpose of effecting any of the foregoing; or 
 (j)    any Loan Party or Subsidiary shall become
unable, admit in writing its inability or fail generally to pay its debts as they become due; or 

(k)    there is entered against any Loan Party or Subsidiary a judgment, award, decree or order, which is
either (i) for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $2,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or
order and has not denied or failed to acknowledge coverage), or (ii) a non-monetary judgment, award, decree or order that, either individually or in the aggregate, has or could reasonably be expected to
have a Material Adverse Effect, in each case, that has remained unsatisfied, unvacated, undischarged and unstayed pending appeal for a period of thirty (30) days after the entry thereof; or 

(l)    a Change of Control shall occur; or 

(m)    the Chief Executive Officer of the Company as of the Closing Date resigns or is terminated and the
Company has not retained a replacement Chief Executive Officer acceptable to the Lender in its reasonable discretion within ten (10) Business Days (or such longer time as the Lender may agree in its reasonable discretion) following such
resignation or termination; or 
 (n)    any material License (including any Agricultural License) of any
Loan Party or any Subsidiary thereof shall terminate or otherwise cease to be in full force and effect and the conditions causing the termination or cessation of such License are not cured within 15 days of such termination or cessation; or 

(o)    any material provision of any Loan Document or the Warrant Agreement (or any warrant issued
thereunder), at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or Payment in Full of all Obligations, ceases 

  
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to be in full force and effect; or any Loan Party or other Person contests in writing the validity or enforceability of any provision of any Loan Document or the Warrant Agreement (or any warrant
issued thereunder); or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document or the Warrant Agreement (or any warrant issued thereunder), or purports in writing to revoke, terminate or rescind
any Loan Document or the Warrant Agreement (or any warrant issued thereunder); or 
 (p)    any Lien
purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid, perfected or second-priority Lien on any portion of the Collateral (subject only to Permitted Liens and except to the
extent not required to be perfected or second priority under the terms of the Collateral Documents); or 

(q)    (i) any inventory or products of any Loan Party or any Subsidiary thereof shall be subject to any
seizure, administrative detention or mandatory recall by any Governmental Authority; (ii) any Loan Party or any Subsidiary thereof shall voluntarily recall any of its inventory or products having a fair market value in excess of $1,000,000; or
(iii) any Loan Party or any Subsidiary thereof receives a warning letter from any Governmental Authority in connection with such Loan Party’s or Subsidiary’s failure to adequately address any Form 483 observations or any other
Governmental Authority findings relating to the conditions, procedures or products in any such Loan Party’s or Subsidiary’s facilities; or 

(r)    there shall occur any uninsured damage to or loss, condemnation, theft or destruction of any portion
of the Loan Parties’ or any of their Subsidiaries’ assets with a fair market value in excess of $2,000,000; or such assets with a fair market value in excess of $2,000,000 are attached, seized, levied upon or subjected to a writ of
attachment, garnishment, levy or similar process; or any assets of the Loan Parties or any of their Subsidiaries with a fair market value in excess of $2,000,000 come within the possession of any receiver, trustee, custodian or assignee for the
benefit of creditors; or 
 (s)    any Loan Party or any Subsidiary of a Loan Party incurs any
Environmental Liability which will require expenditures, individually or in the aggregate, in excess of $1,000,000 during any Fiscal Year; or 

(t)    any act of expropriation, nationalization or similar event or circumstance occurs affecting the
properties and assets of the Loan Parties; or 
 (u)    any Loan Party or any Subsidiary of a Loan Party
shall, or shall propose to, suspend or discontinue its business or any material line thereof; or 

(v)    [reserved]; or 

(w)    any development, event or circumstance shall occur or exist that results in or could result in a
Material Adverse Effect; or 
 (x)    (i) any Material Project Participant fails to perform or observe
any material term or obligation contained in any Material Project Document and within the later of (x) the cure period provided therefor in such Material Project Document or (y) thirty (30) days thereafter (or such longer period as
expressly permitted under the applicable Material Project Document), either (A) such default has not been cured on terms reasonably acceptable to the Lender, or (B) the applicable Material Project Participant has not been replaced by a
replacement Material Project Participant pursuant to a replacement Material Project Document that is, in each case, reasonably acceptable to the Lender and subject to a Collateral Assignment; or 

  
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 (ii)    (A) any Material Project Document for any reason
ceases to be legal, valid and binding and in full force and effect with respect to each Material Project Participant that is a party thereto or any such Material Project Participant shall so assert in writing; (B) any Material Project Document
is terminated for any reason whatsoever prior to the later of (x) its scheduled expiration date and (y) sixty (60) days after the Final Completion Date applicable to the Farm Project to which such Material Project Document relates, in each
case without the prior consent of the Lender; or (C) any material provision of any Material Project Document shall be declared to be null and void (unless such declaration is expressly permitted pursuant to the terms of such Material Project
Document and does not result in any Default or Event of Default); provided, that any such event described in this Section 7.1(x)(ii) shall not be an Event of Default if, within thirty (30) days of the occurrence thereof, the
applicable Material Project Participant has been replaced pursuant to a replacement Material Project Document that, in each case, is reasonably acceptable to the Lender and subject to a Collateral Assignment; provided, however, that if
(I) such breach or default cannot be cured within such thirty (30)-day period, (II) such breach or default is susceptible to cure within sixty (60) days, (III) such breach or default has not
resulted, and could not, with the additional cure time contemplated by this proviso, be reasonably expected to result, in a Material Adverse Effect with respect to the Borrowers or any other Loan Party, and (IV) the Borrowers are proceeding
with all requisite diligence and in good faith to cure such failure, then the time within which such failure may be cured shall be extended to such date, not to exceed a total of thirty (30) days after the end of the initial thirty (30)-day period, as shall be necessary for such party diligently to cure such failure; or 

(y)    (i) the Project Costs applicable to a Farm Project at any time exceed the Initial Construction
Budget applicable to such Farm Project (including the contingency reserves set forth therein) or (ii) the Lender shall at any time reasonably determine that the unadvanced amounts under both the Term Loan Facility and the Senior Credit
Agreement (determined in accordance with the capital stacking requirements set forth in Section 6.8(e)) and Unrestricted Cash of the Borrowers (including Unrestricted Cash contributed to the Borrowers by Holdings) are insufficient to pay all
costs and expenses that are reasonably anticipated in connection with the Completion of all Farm Projects; provided, that any such event described in this Section 7.1(y) shall not be an Event of Default if (A) in the case of the
preceding clauses (i) and (ii), the Borrowers have, within thirty (30) days after notice or knowledge thereof, deposited in escrow or otherwise posted security or evidence of funds reasonably acceptable to the Lender, and (B) in the
case of the preceding clause (i), such excess amount does not exceed 5% of the applicable Initial Construction Budget; or 

(z)    any cessation in the construction of any Farm Project shall have occurred for more than thirty
(30) days, regardless of the cause, except to the extent such cessation could not reasonably be expected to have a Material Adverse Effect with respect to the Borrowers or any other Loan Party; or 

(aa)    any material portion of any Farm Project is destroyed, condemned or seized, or the Borrowers suffer
a total loss with respect to any Farm Project; or 
 (bb)    the Final Completion Date applicable to a
Farm Project shall not have occurred on prior to the Completion Deadline applicable to such Farm Project; provided, that any such event described in this Section 7.1(bb)(bb)(bb) shall not be an Event of Default so long as (i) such
failure to meet the applicable Completion Deadline could not reasonably be expected to have a Material Adverse Effect with respect to the Borrowers or any other Loan Party, (ii) the Borrowers 

  
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are proceeding with all requisite diligence and in good faith to Complete the applicable Farm Project, and (iii) such Farm Project is Completed not later than sixty (60) days after the
applicable Completion Deadline; 
 then, and in every such event and at any time thereafter during the continuance of such event, the Lender shall have no
further obligation to offer any credit accommodations and the Lender may, by notice to the Borrowers, take any or all of the following actions, at the same or different times, in each case in the Lender’s sole discretion: 

(i)    declare the Term Loans then outstanding to be due and payable in whole (or in part, in which case
any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Term Loans so declared to be due and payable, together with accrued interest thereon and all fees (including,
without limitation, any Specified Fees set forth in Section 2.10) and other Obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrowers; 
 (ii)    apply for the appointment of, or taking possession by, a
trustee, receiver, liquidator or other similar official of the Borrowers with respect to the operations of any Loan Party or to hold or liquidate all or any substantial part of the properties or assets of any Loan Party (and each Loan Party hereby
consents to such appointment and agrees to execute and deliver any and all documents requested by the Lender relating to the appointment of such trustee, receiver, liquidator or other similar official, whether by joining in a petition for the
appointment of such an official, by entering no contest to a petition for the appointment of such an official, or otherwise, as appropriate under Applicable Law); 

(iii)    setoff and apply any and all obligations at any time owing by the Lender or any of its Affiliates
to the Borrowers or any other Loan Party (including, if applicable, any obligations owing by CRM to any Borrower under a Swap Contract) against any or all of the Obligations, irrespective of whether or not the Lender shall have made any demand under
this Agreement or any other Loan Document and although such obligations of the Borrowers or such other Loan Party may be contingent or unmatured; and 

(iv)    exercise all rights and remedies available to it under the Loan Documents and Applicable Law; 

provided that, in case of any event with respect to the Borrowers described in clause (h), (i) or (j) of this Section, the principal of the
Term Loan then outstanding, together with accrued interest thereon and all fees (including, without limitation, any Specified Fees set forth in Section 2.10) and other Obligations accrued hereunder, shall automatically become due and payable,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. 

Section 7.2    Application of Payments. Notwithstanding anything herein to the contrary, following the
occurrence and during the continuance of an Event of Default, all payments received on account of the Obligations shall be applied in such order as the Lender shall, in its sole discretion, determine. 

  
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 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1    Notices. All notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email as follows: 

(a)    if to any Borrower or any other Loan Party or Subsidiary, delivered to the Company at 490 Foley
Lane, Hamilton, MT 59840, Attention: Kathleen Valiasek; Email: kathy@localbounti.com; with a copy to: King & Spalding LLP at 1185 Avenue of the Americas, New York, NY, Attention: Jonathan M.A. Melmed; Telephone No. (212) 556-2344; Email: jmelmed@kslaw.com and King & Spalding LLP at 110 N. Wacker Drive, Suite 3800, Chicago, IL 60606, Attention: Evan Palenschat; Email: epalenschat@kslaw.com; Telephone: (312) 764-6915; and 
 (b)    if to the Lender, delivered to Cargill
Financial Services International, Inc., 9320 Excelsior Boulevard, MS 142, Hopkins, MN 55343, Attention: Erik Haugen; Telephone No.: (952) 984-0574; Fax No.: (952)
249-4416; Email: erik_haugen@cargill.com. 
 Notices sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile or email shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Any party hereto may change its address, facsimile number or email address for notices and other communications hereunder by notice to the other
parties hereto. 
 Section 8.2    Amendments; Waivers. No amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the Borrowers therefrom, shall be effective unless in writing executed by the Borrowers and the Lender, and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No failure or delay by the Lender in exercising any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such a right remedy, power or privilege, preclude any other or further exercise thereof or the exercise of any other right
remedy, power or privilege. The rights, remedies, powers and privileges of the Lender are cumulative and are not exclusive of any rights, remedies, powers or privileges that the Lender would otherwise have. 

Section 8.3    Expenses; Indemnity; Damage Waiver. 

(a)    Costs and Expenses. The Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Lender and its Affiliates (including the reasonable and documented fees, charges and disbursements of the Project Consultant and of
outside counsel for the Lender) in connection with the preparation, negotiation, execution, delivery and administration of this Agreement, the other Loan Documents and the Warrant Agreement (including any warrant issued thereunder), or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all
out-of-pocket expenses incurred by the Lender (including the fees, charges and disbursements of the Project Consultant and of outside counsel for the Lender) in
connection with (A) the enforcement or protection of its rights, including, without limitation, any expenses incurred in connection with the hiring of consultants or advisors, (I) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (II) in 

  
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connection with the Term Loans, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of the Term Loans, and (B) any bankruptcy or other insolvency proceeding with respect to any Loan Party or any Subsidiary of any Loan Party. 

(b)    Indemnification. The Borrowers shall indemnify the Lender, the Project Consultant, each Swap
Party and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all actual costs and expenses, losses, claims, damages,
liabilities and related expenses (including the out-of-pocket costs, expenses, fees, charges and disbursements of outside counsel for any Indemnitee), incurred by any
Indemnitee or asserted against any Indemnitee by any Person (including any Borrower) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) the Term Loans or the use or proposed use
of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrowers, the other Loan Parties or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by the Borrowers, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the
Borrowers against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrowers has obtained a final and nonappealable judgment in its favor on such claim as determined by a
court of competent jurisdiction. 
 (c)    Waiver of Consequential Damages, Etc. To the fullest
extent permitted by Applicable Law, no party to this Agreement shall assert, and each such party hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, the Term Loans
or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(d)    Payments. All amounts due under this Section shall be payable not later than three
(3) days after demand therefor. 
 (e)    Survival. Each party’s obligations under this
Section shall survive the termination of the Loan Documents and payment of the Obligations hereunder. 

Section 8.4    Engagement of Project Consultant, Other Agents. In addition to, and not in limitation of
Sections 5.1, 5.11 and 8.3 of this Agreement, the Borrowers acknowledges that the Lender may from time to time engage the Project Consultant and other agents on terms and conditions acceptable to the Lender. The Borrowers shall at all times
cooperate with reasonable requests for information from 

  
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the Project Consultant and each such agent, and the Borrowers acknowledge and agree that the Borrowers shall, promptly after demand therefor, reimburse the Lender for all costs, fees, charges and
disbursements of the Project Consultant each such agent; provided, notwithstanding the foregoing, that the Borrowers’ reimbursement obligations under this Section in respect of all costs, fees, charges and disbursements of the Project
Consultant shall not exceed $200,000 in the aggregate. 
 Section 8.5    Successors and Assigns. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations
hereunder or under any other Loan Document without the prior written consent of the Lender. The Lender may at any time assign to one or more assignees all or a portion of its rights or obligations under this Agreement (including all or a portion of
the Term Loans or commitments of the Lender under the Term Loan Facility), provided that such assignment shall be subject to the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) unless an Event of Default has
occurred and is continuing. Notwithstanding the foregoing, the Lender may participate all or a portion of its rights and obligations under this Agreement (including all or a portion of the Term Loans) without the prior written consent of the
Borrowers. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the
Related Parties of the Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 8.6    Survival. All covenants, agreements, representations and warranties made by the Borrowers
herein and in any Loan Document or other documents delivered in connection herewith or therewith or pursuant hereto or thereto shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery
hereof and thereof and the making of the Term Loans hereunder, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default or Event of Default at
the time of the Term Loans, and shall continue in full force and effect until Payment in Full. The provisions of Sections 8.3 and 8.14 shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, Payment in Full or the termination of this Agreement or any provision hereof. 

Section 8.7    Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 8.8    Severability. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 Section 8.9    Governing Law; Jurisdiction; Etc. 

(a)    Governing Law. This Agreement and the other Loan Documents and any claims, controversy,
dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions
contemplated hereby and thereby shall be governed by, and construed in accordance with, the internal law of the State of New York (without giving effect to the conflict of laws principles thereof other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law, which shall apply to this Agreement and all documentation hereunder). 

(b)    Jurisdiction. Each Borrower irrevocably and unconditionally agrees that it will not commence
any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any Related Party of the foregoing in any way relating to this Agreement or any other Loan
Document or the transactions relating hereto or thereto, in any forum other than a state court located in the County of New York, State of New York or a federal court located in the Southern District of New York, and any appellate court from any
thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York state
court or, to the fullest extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement or any
other Loan Document against any Loan Party or its properties in the courts of any jurisdiction. 

(c)    Waiver of Venue. Each Borrower irrevocably and unconditionally waives, to the fullest extent
permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of
this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d)    Service of Process. Each party hereto irrevocably consents to service of process in the
manner provided for notices in Section 8.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. 

Section 8.10    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION. 

  
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 Section 8.11    Headings. Article and Section headings and
the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 8.12    PATRIOT Act. The Lender hereby notifies the Loan Parties that, pursuant to the requirements of
the PATRIOT Act, it may be required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow the Lender to identify the Loan
Parties in accordance with the PATRIOT Act. The Borrowers will, promptly following a request by the Lender, provide all documentation and other information, including, without limitation, the certification regarding beneficial ownership of legal
entity customers (the “Beneficial Ownership Certification”), that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the PATRIOT Act. 
 Section 8.13    Interest Rate Limitation. Notwithstanding anything herein to
the contrary, if at any time the interest rate applicable to the Term Loans, together with all fees, charges and other amounts that are treated as interest on the Term Loans under Applicable Law (collectively, “charges”), shall
exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender in accordance with Applicable Law, the rate of interest payable in respect of the Term Loans
hereunder, together with all charges payable in respect thereof, shall be limited to the Maximum Rate. Any amount collected by the Lender that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the
principal balance of the Term Loans or refunded to the Borrowers so that at no time shall the interest and charges paid or payable in respect of the Term Loans exceed the maximum amount collectible at the Maximum Rate. 

Section 8.14    Payments Set Aside; Reinstatement of Liens. To the extent that any payment by or on behalf of
the Borrowers is made to the Lender and such payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceedings under any Debtor Relief Law or otherwise, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred. In addition, in the event that the Lender is required to return funds received after Payment in Full and release of the
Liens to any Loan Parties or estates thereof or Persons claiming through the foregoing, in connection with a proceeding under Debtor Relief Laws or otherwise, then the Liens granted pursuant to the Loan Documents shall automatically be reinstated
without further action of the Loan Parties. This Section 8.14 shall survive termination of this Agreement and the other Loan Documents. 

Section 8.15    Joint and Several Liability. EACH BORROWER AGREES THAT IT IS LIABLE, JOINTLY AND SEVERALLY,
WITH EACH OTHER BORROWER FOR THE PAYMENT AND PERFORMANCE OF ALL OBLIGATIONS OF THE BORROWERS UNDER THIS AGREEMENT, AND THAT THE LENDER CAN ENFORCE SUCH OBLIGATIONS AGAINST ANY OR ALL BORROWERS, IN THE LENDER’S SOLE AND UNLIMITED DISCRETION.
Each Borrower represents and warrants to the Lender that it has established adequate means of obtaining from every other Borrower on a continuing basis financial and other information relating to the financial condition of such other Borrower, and
each Borrower agrees to keep adequately informed by such means of any facts, events or circumstances which might in any way affect its risks hereunder. Each Borrower further agrees that the Lender shall have no obligation to disclose to it any
information or material about any other Borrower which is acquired by the Lender in any manner. Until Payment in Full has occurred, each Borrower waives any right to enforce any remedy which the Lender now has or may hereafter have against any other
Borrower or any other Person, and waives any benefit of, or any right to participate in, any security now or hereafter held by the Lender. 

  
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 Section 8.16    The Company as Agent for Borrowers. Each
Borrower hereby irrevocably appoints the Company as the borrowing agent and attorney-in-fact for all Borrowers (the “Administrative Borrower”) which
appointment shall remain in full force and effect unless and until the Lender shall have received prior written notice signed by each Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative
Borrower. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (a) to provide the Lender with all notices with respect to Term Loans obtained for the benefit of any Borrower and all other notices and instructions
under this Agreement and the other Loan Documents (and any notice or instruction provided by Administrative Borrower shall be deemed to be given by all Borrowers hereunder and shall bind each Borrower), (b) to receive notices and instructions from
the Lender (and any notice or instruction provided by the Lender to the Administrative Borrower in accordance with the terms hereof shall be deemed to have been given to each Borrower), (c) to execute, deliver and perform any Loan Document on behalf
of such Borrower (it being understood and agreed that any Loan Document that is binding on the Administrative Borrower will be deemed binding on all Borrowers), and (d) to take such action as the Administrative Borrower deems appropriate on its
behalf to obtain Term Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. Each Borrower agrees that any action taken by the Administrative Borrower in
accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Administrative Borrower of its powers set forth herein or therein, together with such other powers that are reasonably incidental thereto, shall be
binding upon all of the Borrowers. Each Borrower hereby jointly and severally agrees to indemnify the Lender and hold the Lender harmless against any and all liability, expense, loss or claim of damage or injury, made against the Lender by any
Borrower or by any third party whosoever, arising from or incurred by reason of (x) the handling of any Collateral of the Borrowers as provided in this Section 8.16, or (y) the Lender relying on any instructions of the Administrative
Borrower. 
 Section 8.17    No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that
(a) no fiduciary, advisory or agency relationship between such Borrower and its Subsidiaries and the Lender is intended to be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of
whether the Lender has advised or is advising such Borrower or any Subsidiary on other matters and irrespective of any Equity Interest of such Borrower held by the Lender (if any), (b) the services regarding this Agreement provided by the
Lender are arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Lender, on the other hand, (c) such Borrower has consulted its own legal,
accounting, regulatory and tax advisors to the extent that it has deemed appropriate, (d) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents, (e) the Lender has no obligation to such Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(f) the Lender and its Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of such Borrower and its Affiliates, and the Lender has no
obligation to disclose any of such interests to such Borrower or its Affiliates. To the fullest extent permitted by Law, each Borrower hereby waives and releases any claims that it may have against the Lender with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 Signature page follows.

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

			
	LOCAL BOUNTI CORPORATION, as Borrower

 
			
		
	By	 	  

 
			
	Name:	 	  

	Title:	 	  

 
			
	
	BOUNTI BITTEROOT LLC, as Borrower

 
			
		
	By	 	  

 
			
	Name:	 	  

	Title:	 	  

 
			
	
	CONTROLLED ENVIRONMENT PROPERTY COMPANY, LLC, as Borrower

 
			
		
	By	 	  

 
			
	Name:	 	  

	Title:	 	  

 
			
	
	GROW BOUNTI NORTHWEST, LLC, as Borrower

 
			
		
	By	 	  

 
			
	Name:	 	  

	Title:	 	  

 Signature Page to Credit Agreement 

 
			
	CARGILL FINANCIAL SERVICES INTERNATIONAL, INC., as Lender

 
			
		
	By	 	  

 
			
	Name:	 	  

	Title:	 	  

 Signature Page to Credit AgreementExhibit 4.1

 

 

 

Spok
Holdings, Inc.

 

and

 

Computershare
Trust Company, N.A.

 

as
Rights Agent

 

Rights
Agreement

 

Dated
as of September 2, 2021

 

 

 

     

     

    

 

RIGHTS
AGREEMENT

 

Rights Agreement, dated as of
September 2, 2021 (this “Agreement”), between Spok Holdings, Inc., a Delaware corporation (the “Company”),
and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the “Rights Agent”).

 

RECITALS

 

WHEREAS, on September 2,
2021, the Board of Directors (the “Board”) of the Company adopted this Agreement, and has authorized and declared a
dividend of one preferred stock purchase right (a “Right”) for each share of Common Stock (as defined in Section 1.6)
of the Company outstanding at the close of business on September 17, 2021 (the “Record Date”) and has authorized
and directed the issuance of one Right (subject to adjustment as provided herein) with respect to each share of Common Stock that shall
become outstanding between the Record Date and the earliest of the Distribution Date and the Expiration Date (as such terms are defined
in Sections 3.1 and 7.1, respectively), each Right initially representing the right to purchase one tenth (subject to adjustment)
of a share of Series A Junior Participating Preferred Stock, par value $0.0001 per share (the “Series A Preferred”),
of the Company having the rights, powers and preferences set forth in the form of Certificate of Designations of Series A Junior
Participating Preferred Stock attached hereto as Exhibit A (as amended from time to time), upon the terms and
subject to the conditions hereinafter set forth; provided, however, that Rights may be issued with respect to Common Stock that
shall become outstanding after the Distribution Date and prior to the Expiration Date in accordance with Section 22.

 

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

 

Section 1.                Certain
Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

1.1.           “Acquiring
Person” shall mean any Person who or which, together with all Related Persons of such Person, shall be the
Beneficial Owner of 10% or more of the Common Stock then outstanding, but shall not include (i) an Exempt Person, (ii) any
Existing Holder, unless and until such time as such Existing Holder shall, after the first public announcement of this Agreement, become
the Beneficial Owner of one or more additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made
by the Company on the outstanding Common Stock in Common Stock or pursuant to a split or subdivision of the outstanding Common Stock),
unless upon acquiring such Beneficial Ownership, such Existing Holder does not Beneficially Own 10% (20% in the case of a Passive Institutional
Investor) or more of the Common Stock then outstanding or (iii) a Passive Institutional Investor, so long as such Person is not
the Beneficial Owner of 20% or more of the shares of Common Stock of the Company then outstanding, provided that if a formerly Passive
Institutional Investor should report or become required to report Beneficial Ownership of shares of Common Stock of the Company on Schedule
13D under the Exchange Act (or any comparable or successor report), such formerly Passive Institutional Investor will not be deemed to
be or to have become an Acquiring Person if (i) it is an Existing Holder, (ii) at the time it reports or becomes required to
report Beneficial Ownership of shares of Common Stock of the Company on Schedule 13D, such formerly Passive Institutional Investor has
Beneficial Ownership of less than 10% of the Common Stock then outstanding, or (iii) (A) such formerly Passive Institutional
Investor divests as promptly as practicable (as determined, in good faith, by the Board) Beneficial Ownership of a sufficient number
of shares of Common Stock of the Company so that it would no longer be an ‘Acquiring Person,’ as defined herein, and (B) prior
to reducing its Beneficial Ownership to below 10%, such formerly Passive Institutional Investor does not become the Beneficial Owner
of one or more additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the
outstanding Common Stock in Common Stock or pursuant to a split or subdivision of the outstanding Common Stock). Notwithstanding the
foregoing, no Person shall become an “Acquiring Person” as the result of an acquisition of Common Stock by the Company which,
by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 10% (20%
in the case of a Passive Institutional Investor) or more of the Common Stock then outstanding; provided, however, that if a Person
shall become the Beneficial Owner of 10% (20% in the case of a Passive Institutional Investor) or more of the Common Stock then outstanding
solely by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner
of one or more additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the
outstanding Common Stock in Common Stock or pursuant to a split or subdivision of the outstanding Common Stock), then such Person shall
be deemed to be an “Acquiring Person” unless, upon becoming the Beneficial Owner of such additional Common Stock, such Person
does not Beneficially Own 10% (20% in the case of a Passive Institutional Investor) or more of the Common Stock then outstanding.
Notwithstanding the foregoing, if the Board determines in good faith that a Person who would otherwise be an “Acquiring Person,”
as defined pursuant to the foregoing provisions of this Section 1.1, has become such inadvertently (including, without limitation,
because (A) such Person was unaware that it Beneficially Owned a percentage of Common Stock that would otherwise cause such Person
to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of Common Stock but
had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement) and had no intention of changing or influencing
control of the Company, then such Person shall not be deemed to be or have become an “Acquiring Person” at any time for any
purposes of this Agreement unless and until such Person shall have failed to divest as promptly as practicable (as determined, in good
faith, by the Board) a sufficient number of shares of Common Stock so that such Person would no longer be an Acquiring Person, as defined
pursuant to the foregoing provisions of this Section 1.1. For all purposes of this Agreement, any calculation of the number
of shares of Common Stock outstanding at any particular time, including for purposes of determining the particular percentage of such
outstanding Common Stock of which any Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding
at the time of such calculation that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement. The number of
shares of Common Stock not outstanding that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement shall
be deemed to be outstanding for the purpose of computing the percentage of the outstanding number of shares of Common Stock owned by
such Person but shall not be deemed to be outstanding for the purpose of computing the percentage of outstanding Common Stock owned by
any other Person. Notwithstanding the foregoing, if any Person satisfying the requirements of Rule 13d-1(b)(1) (other than
a Person that so satisfies Rule 13d-1(b)(1) solely by reason of Rule 13d-1(b)(1)(ii)(E)) who would otherwise be an “Acquiring
Person” has become so as a result of its actions in the ordinary course of such Person’s business as a derivatives dealer,
then such Person shall not be deemed to be or have become an “Acquiring Person” at any time for any purposes of this Agreement
unless and until the Board determines, in good faith, that such actions were taken with the intent or effect of evading or assisting
any other Person to evade the purposes and intent of this Agreement.

 

    2

     

    

 

1.2.           “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect on the date of
this Agreement.

 

1.3.           A
Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own” or have
“Beneficial Ownership” of any securities:

 

1.3.1.        which
such Person or any of such Person’s Related Persons, directly or indirectly, through any contract, arrangement, understanding, relationship,
or otherwise has or shares: (A) voting power, which includes the power to vote, or to direct the voting of, such security (except
that a Person shall not be deemed to be the Beneficial Owner of any security under this clause (A) if such voting power
arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant
to, and in accordance with, Section 14(a) of the Exchange Act by means of a solicitation statement filed on Schedule 14A), and/or
(B) investment power, which includes the power to dispose, or to direct the disposition of, such security;

 

1.3.2.        which
such Person or any of such Person’s Related Persons, directly or indirectly, has the Right to Acquire; provided, however,
that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, (x) securities tendered pursuant to a tender or
exchange offer made by or on behalf of such Person or any of such Person’s Related Persons, until such tendered securities are accepted
for purchase or exchange, (y) securities which such Person or any of such Person’s Related Persons, has a Right to Acquire
upon the exercise of Rights at any time prior to the time that any Person becomes an Acquiring Person, or (z) securities issuable
upon the exercise of Rights from and after the time that any Person becomes an Acquiring Person if such Rights were acquired by such Person
or any of such Person’s Related Persons prior to the Distribution Date or pursuant to Section 3.1 or Section 22
(“Original Rights”) or pursuant to Section 11.9 or Section 11.15 with respect to an adjustment
to Original Rights;

 

1.3.3.        which
are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with whom such Person or any
of such Person’s Related Persons, has an agreement, arrangement or understanding to act together for the purpose of acquiring, holding,
voting or disposing of any securities of the Company (except that a Person shall not be deemed to be the Beneficial Owner of any security
under this Section 1.3.3 if such voting power arises solely from a revocable proxy or consent given to such Person in response
to a public proxy or consent solicitation made pursuant to, and in accordance with, Section 14(a) of the Exchange Act by means
of a solicitation statement filed on Schedule 14A);

 

1.3.4.        which
such Person would otherwise be deemed to be the beneficial owner pursuant to Rule 13d-3 or 13d-5 under the Exchange Act; or

 

    3

     

    

 

1.3.5.        which
are “Beneficially Owned” (within the meaning of Sections 1.3.1 through 1.3.4 hereof), directly or indirectly,
by a Counterparty (as such term is defined in the immediately following paragraph) (or any of such Counterparty’s Affiliates or
Associates) that has any Synthetic Equity Position (as such term is defined in the immediately following paragraph) (without regard to
any short or similar position under the same or any other Synthetic Equity Position) to which such Person or any of such Person’s
Affiliates or Associates is a Receiving Party (as such term is defined in the immediately following paragraph) and that is not otherwise
included in the definition of Beneficial Ownership (within the meaning of Sections 1.3.1 through 1.3.4 hereof); provided,
however, that the number of shares of Common Stock of the Company that a Person is deemed to “Beneficially Own” pursuant
to this Section 1.3.5 in connection with a particular Synthetic Equity Position shall not exceed the number of Notional Common
Shares (as such term is defined in the immediately following paragraph) with respect to such Synthetic Equity Position; provided further,
that the number of securities Beneficially Owned by each Counterparty (including its Affiliates and Associates) under a Synthetic Equity
Position shall for purposes of this clause Section 1.3.5 be deemed to include all securities that are Beneficially Owned,
directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Synthetic
Equity Position to which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving
Party, with this proviso being applied to successive Counterparties as appropriate.

 

A
 “Synthetic Equity Position” is a “derivative security” (as such term is defined in Rule 16a-1(c) under
the Exchange Act) between two parties (the “Receiving Party” and the “Counterparty”) that constitutes
a “call equivalent position” (as such term is defined in Rule 16a-1(b) under the Exchange Act); provided
that, for the purposes of the definition of “Synthetic Equity Position,” the term “derivative security” shall
also include any security or instrument that would not otherwise constitute a “derivative security” as a result of any feature
that would make any conversion, exercise or similar right or privilege of such security or instrument become determinable only at some
future date or upon the happening of a future occurrence, in which case the determination of the amount of securities into which such
security or instrument would be convertible or exercisable shall be made assuming that such security or instrument is immediately convertible
or exercisable at the time of such determination . The number of shares of Common Stock of the Company specified or referenced in such
derivative security contract (as determined by the Board in good faith) is the number of “Notional Common Shares.”
For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market
baskets of stocks approved for trading by the appropriate federal governmental authority shall not be deemed to be Synthetic Equity Positions.

 

No Person shall be deemed to
be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities
which such Person or any of such Person’s Related Persons would otherwise be deemed to “Beneficially Own” pursuant
to this Section 1.3 solely as a result of any merger or other acquisition agreement between the Company and such Person (or
one or more of such Person’s Related Persons) or the consummation of any transactions contemplated thereby, or any tender, voting
or support agreement entered into by such Person (or one or more of such Person’s Related Persons) in connection therewith or the
consummation of any transactions contemplated thereby, if, prior to such Person becoming an Acquiring Person, the Board has approved
such merger or other acquisition agreement, or such tender, voting or support agreement.

 

    4

     

    

 

No Person who is an officer,
director or employee of an Exempt Person shall be deemed, solely by reason of such Person’s status or authority as such, to be
the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities
that are “Beneficially Owned” (as defined in this Section 1.3), including, without limitation, in a fiduciary
capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person.

 

1.4.            “Business
Day” shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in the State of New York are
authorized or obligated by law or executive order to close.

 

1.5.            “close
of business” on any given date shall mean 5:00 p.m., New York time, on such date; provided, however, that if such date
is not a Business Day it shall mean 5:00 p.m., New York time, on the next succeeding Business Day.

 

1.6.            “Common
Stock” when used with reference to the Company shall mean the Common Stock, par value $0.0001 per share, of the Company. “Common
Stock” when used with reference to any Person other than the Company shall mean the capital stock with the greatest voting power,
or the equity securities or other equity interest having power to control or direct the management of, such other Person or, if such
Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person, and which has issued
and outstanding such capital stock, equity securities or equity interest.

 

1.7.            “Definitive
Acquisition Agreement” shall mean any definitive written agreement entered into by the Company that is conditioned on the approval
by the holders of not less than a majority of the outstanding shares of Common Stock at a meeting of the stockholders of the Company
with respect to (i) a merger, consolidation, recapitalization, reorganization, share exchange, business combination or similar transaction
involving the Company or (ii) the acquisition in any manner, directly or indirectly, of more than 50% of the consolidated total
assets (including, without limitation, equity securities of its subsidiaries) of the Company and its Subsidiaries.

 

1.8.            “Exempt
Person” shall mean the Company, any Subsidiary of the Company, in each case including, without limitation, the officers and
members of the board of directors thereof acting in their fiduciary capacities, or any employee benefit plan of the Company or of any
Subsidiary of the Company or any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of capital stock
of the Company for or pursuant to the terms of any such plan, or for the purpose of funding other employee benefits for employees of
the Company or any Subsidiary of the Company.

 

1.9.            “Existing
Holder” shall mean any Person who, immediately prior to the first public announcement of the adoption of this Agreement, is
the Beneficial Owner of 10% or more of the Common Stock then outstanding, together with any Affiliates and Associates of such Person.

 

1.10.          “Passive
Institutional Investor” shall mean any Person who or which has reported or is required to report Beneficial Ownership of shares
of Common Stock of the Company on Schedule 13G under the Exchange Act (or any comparable or successor report), but only so long as (x) such
Person is eligible to report such ownership on Schedule 13G under the Exchange Act (or any comparable or successor report), and (y) such
Person has not reported and is not required to report such ownership on Schedule 13D under the Exchange Act (or any comparable or successor
report) and such Person does not hold shares of Common Stock of the Company on behalf of any other Person who has reported or is required
to report Beneficial Ownership of shares of Common Stock of the Company on such Schedule 13D.

 

    5

     

    

 

1.11.         “Person”
shall mean any individual, partnership, joint venture, limited liability company, firm, corporation, unincorporated association or organization,
trust or other entity, and shall include any successor (by merger or otherwise) of any such Person.

 

1.12.         “Qualifying
Offer” shall mean an offer determined by the Board to have, to the extent required for the type of offer specified, each of
the following characteristics:

 

1.12.1.           a
fully financed all-cash tender offer or an exchange offer offering shares of common stock of the offeror, or a combination thereof, in
each such case for any and all of the outstanding shares of Common Stock at the same per-share consideration;

 

1.12.2.           an
offer that has commenced within the meaning of Rule 14d-2(a) under the Exchange Act;

 

1.12.3.           an
offer whose offer price per share of Common Stock is greater than the highest reported market price for the Common Stock in the twenty-four
(24) months immediately preceding the commencement of such offer within the meaning of Rule 14d-2(a) under the Exchange Act,
with, in the case of an offer that includes shares of common stock of the offeror, such offer price per share of Common Stock being determined
using the lowest reported market price for common stock of the offeror during the five trading days immediately preceding and the five
trading days immediately following the commencement of such offer within the meaning of Rule 14d-2(a) under the Exchange Act;

 

1.12.4.           an
offer that, within twenty (20) Business Days after the commencement date of the offer (or within ten (10) Business Days after any
increase in the offer consideration), does not result in a nationally recognized investment banking firm retained by the Board rendering
an opinion to the Board that the consideration being offered to the stockholders of the Company is either unfair or inadequate;

 

1.12.5.            if
the offer includes shares of common stock of the offeror, an offer pursuant to which (i) the offeror shall permit representatives
of the Company (including a nationally-recognized investment banking firm retained by the Board and legal counsel and an accounting firm
designated by the Company) to have access to such offeror’s books, records, management, accountants, financial advisors, counsel
and other appropriate outside advisors for the purposes of permitting such representatives to conduct a due diligence review of the offeror
in order to permit the Board to evaluate the offer and make an informed decision and, if requested by the Board, to permit such investment
banking firm (relying as appropriate on the advice of such legal counsel) to be able to render an opinion to the Board with respect to
whether the consideration being offered to the stockholders of the Company is fair from a financial point of view, and (ii) within
ten (10) Business Days after such representatives of the Company (including a nationally-recognized investment banking firm retained
by the Board and legal counsel and an accounting firm designated by the Company) shall have notified the Company and the offeror that
it had completed the due diligence review to its satisfaction (or following completion of such due diligence review within ten (10) Business
Days after any increase in the consideration being offered), such investment banking firm does not render an opinion to the Board that
the consideration being offered to the stockholders of the Company is either unfair or inadequate and such investment banking firm does
not, after the expiration of such ten (10) Business Day period, render an opinion to the Board that the consideration being offered
to the stockholders of the Company has become either unfair or inadequate based on a subsequent disclosure or discovery of a development
or developments that have had or would reasonably be expected to have a material adverse affect on the value of the common stock of the
offeror;

 

    6

     

    

 

1.12.6.            an
offer that is subject only to the minimum tender condition described below in Section 1.11.9 of this definition and other
customary terms and conditions, which conditions shall not include any financing, funding or similar conditions or any requirements with
respect to the offeror or its agents being permitted any due diligence with respect to the books, records, management, accountants or
other outside advisers of the Company;

 

1.12.7.            an
offer pursuant to which the Company has received an irrevocable, legally binding written commitment of the offeror that the offer will
remain open until at least the later of (i) the date the Board redeems the outstanding Rights or exempts such offer from the terms
of this Agreement, (ii) if Special Meeting Demands are not received from the holders of a Requisite Percentage with respect to such
offer, ten (10) Business days after the end of the Board Evaluation Period and (iii) if a Special Meeting is duly requested
in accordance with Section 23.3, ten (10) Business Days after the date of the Special Meeting or, if no Special Meeting
is held within the Special Meeting Period, ten (10) Business Days following the last day of such Special Meeting Period;

 

1.12.8.            an
offer pursuant to which the Company has received an irrevocable, legally binding written commitment of the offeror that, in addition
to the minimum time periods specified in Section 1.11.7 of this definition, the offer, if it is otherwise to expire prior
thereto, will be extended for at least twenty Business Days after (i) any increase in the consideration being offered or (ii) any
bona fide alternative offer is commenced within the meaning of Rule 14d-2(a) under the Exchange Act; provided, however,
that such offer need not remain open, as a result of Section 1.11.7 and this Section 1.11.8, beyond (1) the
time that any other offer satisfying the criteria for a Qualifying Offer is then required to be kept open under Section 1.11.7
and this Section 1.11.8, (2) the expiration date, as such date may be extended by public announcement (with prompt
written notice to the Rights Agent) in compliance with Rule 14e-1 under the Exchange Act, of any other tender offer for the Common
Stock with respect to which the Board has agreed to redeem the Rights immediately prior to acceptance for payment of Common Stock thereunder
(unless such other offer is terminated prior to its expiration without any Common Stock having been purchased thereunder) or (3) three
(3) Business Days after the stockholder vote with respect to approval of a Definitive Acquisition Agreement with another offeror
has been officially determined and certified by the inspectors of elections;

 

    7

     

    

 

1.12.9.            an
offer that is conditioned on a minimum of at least a majority of (i) the shares of the Common Stock outstanding on a fully-diluted
basis and (ii) the outstanding shares of the Common Stock not held by the Person making such offer (or such Person’s Related
Persons) being tendered and not withdrawn as of the offer’s expiration date, which condition shall not be waivable;

 

1.12.10.          an
offer pursuant to which the Company has received an irrevocable, legally binding written commitment of the offeror to consummate, as
promptly as practicable upon successful completion of the offer, a second step transaction whereby all shares of the Common Stock not
tendered into the offer will be acquired at the same consideration per share of Common Stock actually paid pursuant to the offer, subject
to stockholders’ statutory appraisal rights, if any;

 

1.12.11.          an
offer pursuant to which the Company has received an irrevocable, legally binding written commitment of the offeror that no amendments
will be made to the offer to reduce the consideration being offered or to otherwise change the terms of the offer in a way that is adverse
to a tendering stockholder (other than extensions of the offer consistent with the terms thereof);

 

1.12.12.          an
offer (other than an offer consisting solely of cash consideration) pursuant to which the Company has received the written representation
and certification of the offeror and the written representations and certifications of the offeror’s Chief Executive Officer and
Chief Financial Officer, acting in such capacities, that (i) all facts about the offeror that would be material to making an investor’s
decision to accept the offer have been fully and accurately disclosed as of the date of the commencement of the offer within the meaning
of Rule 14d-2(a) of the Exchange Act, (ii) all such new facts will be fully and accurately disclosed on a prompt basis
during the entire period during which the offer remains open, and (iii) all required Exchange Act reports will be filed by the offeror
in a timely manner during such period; and

 

1.12.13.          if
the offer includes shares of common stock of the offeror, (i) the offeror is a publicly owned United States corporation and its
common stock is freely tradable and is listed or admitted to trading on either the NASDAQ Global Select Market, the NASDAQ Global Market
(“NASDAQ”) or the New York Stock Exchange (“NYSE”), (ii) no stockholder approval of the offeror
is required to issue such common stock, or, if required, such approval has already been obtained, (iii) no Person (including such
Person’s Related Persons) beneficially owns more than 20% of the voting stock of the offeror at the time of commencement of the
offer or at any time during the term of the offer, (iv) no other class of voting stock of the offeror is outstanding and (v) the
offeror meets the registrant eligibility requirements for use of Form S-3 for registering securities under the Securities Act, including,
without limitation, the filing of all required Exchange Act reports in a timely manner during the twelve calendar months prior to the
date of commencement of such offer.

 

For the purposes of the definition of Qualifying Offer,
 ‘fully financed’ shall mean that the offeror has sufficient funds for the offer and related expenses which shall be evidenced
by (i) firm, unqualified, written commitments from responsible financial institutions having the necessary financial capacity, accepted
by the offeror, to provide funds for such offer subject only to customary terms and conditions, (ii) cash or cash equivalents then
available to the offeror, set apart and maintained solely for the purpose of funding the offer with an irrevocable, legally binding written
commitment being provided by the offeror to the Board to maintain such availability until the offer is consummated or withdrawn or (iii) a
combination of the foregoing; which evidence has been provided to the Company prior to, or upon, commencement of the offer. If an offer
becomes a Qualifying Offer in accordance with this definition, but subsequently ceases to be a Qualifying Offer as a result of the failure
at a later date to continue to satisfy any of the requirements of this definition, such offer shall cease to be a Qualifying Offer and
the provisions of Section 23.3 shall no longer be applicable to such offer.

 

    8

     

    

 

1.13.         “Related
Person” shall mean, as to any Person, any Affiliates or Associates of such Person.

 

1.14.         “Right
to Acquire” shall mean a legal, equitable or contractual right to acquire (whether directly or indirectly and whether exercisable
immediately, or only after the passage of time, compliance with regulatory requirements, fulfillment of a condition or otherwise), pursuant
to any agreement, arrangement or understanding, whether or not in writing (excluding customary agreements entered into in good faith
with and between an underwriter and selling group members in connection with a firm commitment underwriting registered under the Securities
Act of 1933, as amended (the “Securities Act”)), or upon the exercise of any option, warrant or right, through conversion
of a security, pursuant to the power to revoke a trust, discretionary account or similar arrangement, pursuant to the power to terminate
a repurchase or similar so-called “stock borrowing” agreement or arrangement, or pursuant to the automatic termination of
a trust, discretionary account or similar arrangement.

 

1.15.         “Stock
Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition, shall include,
without limitation, the filing of a report pursuant to Section 13(d) of the Exchange Act or pursuant to a comparable successor
statute) by the Company or an Acquiring Person that an Acquiring Person has become such or that discloses information which reveals the
existence of an Acquiring Person or such earlier date as a majority of the Board shall become aware of the existence of an Acquiring
Person.

 

1.16.         “Subsidiary”
of any Person shall mean any partnership, joint venture, limited liability company, firm, corporation, unincorporated association, trust
or other entity of which a majority of the voting power of the voting equity securities or equity interests is owned, of record or beneficially,
directly or indirectly, by such Person.

 

1.17.         A
 “Trigger Event” shall be deemed to have occurred upon any Person becoming an Acquiring Person.

 

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1.18.            The
following terms shall have the meanings defined for such terms in the Sections set forth below:

 

	Term	Section
	 	 
	Adjustment Shares	11.1.2
	Agreement	Preamble
	Board	Recitals
	Board Evaluation Period	23.3.1
	Book Entry Shares	3.1
	call equivalent position	1.3.5
	common stock equivalent	11.1.3
	Company	Preamble
	Counterparty	1.3.5
	current per share market price	11.4.1
	Current Value	11.1.3
	derivative security	1.3.5
	Distribution Date	3.1
	equivalent preferred stock	11.2
	Exchange Act	1.2
	Exchange Consideration	27.1
	Exemption Date	23.3.3
	Expiration Date	7.1
	Final Expiration Date	7.1
	Notional Common Shares	1.3.5
	NASDAQ	9
	Original Rights	1.3.2
	Outside Meeting Date 	23.3.3
	Principal Party	13.2
	Purchase Price	4
	Qualifying Offer Resolution 	23.3.1
	Receiving Party	1.3.5
	Record Date	Recitals
	Redemption Date	7.1
	Redemption Price	23.1
	Requisite Percentage	23.3.1
	Right	Recitals
	Right Certificate	3.1
	Rights Agent	Preamble
	Securities Act	1.12
	Security	11.4.1
	Series A Preferred	Recitals
	Special Meeting	23.3.1
	Special Meeting Demand	23.3.1
	Special Meeting Period	23.3.2
	Spread	11.1.3
	Substitution Period	11.1.3
	Summary of Rights	3.2
	Synthetic Equity Position	1.3.5
	Trading Day	11.4.1
	Trust	27.1
	Trust Agreement	27.1

 

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Section 2.     Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express
terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts such appointment. The Company may
from time to time appoint such co-Rights Agents as it may deem necessary or desirable (the term “Rights Agent” being used
herein to refer, collectively, to the Rights Agent together with any such co-Rights Agent) upon ten (10) calendar days’ prior
written notice to the Rights Agent. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or
omissions of any such co-Rights Agent. In the event the Company appoints one or more co-Rights Agents, the respective duties of the Rights
Agent and any co-Rights Agent shall be as the Company shall reasonably determine, provided that such duties and determination are consistent
with the terms and provisions of this Agreement and that contemporaneously with such appointment, if any, the Company shall notify the
Rights Agent in writing of any such duties.

 

Section 3.      Issuance
of Right Certificates.

 

3.1.      Rights
Evidenced by Stock Certificates. Until the earlier of (i) the close of business on the tenth (10th) Business Day after
the Stock Acquisition Date or (ii) the close of business on the tenth (10th) Business Day after the date of the commencement
of, or first public announcement of the intent of any Person (other than an Exempt Person) to commence, a tender or exchange offer the
consummation of which would result in any Person becoming an Acquiring Person (the earlier of (i) and (ii) being herein referred
to as the “Distribution Date”), (x) the Rights (unless earlier expired, redeemed or terminated) will be evidenced
(subject to the provisions of Section 3.2) by the certificates representing the Common Stock registered in the names of the
holders thereof or, in the case of uncertificated shares of Common Stock registered in book entry form (“Book Entry Shares”),
by notation in book entry (which certificates for Common Stock and Book Entry Shares shall also be deemed to be Right Certificates) and
not by separate certificates, and (y) the Rights (and the right to receive certificates therefor) will be transferable only in connection
with the transfer of the underlying Common Stock. The preceding sentence notwithstanding, prior to the occurrence of a Distribution Date
specified as a result of an event described in clause (ii) (or such later Distribution Date as the Board may select pursuant to this
sentence), the Board may postpone, one or more times, the Distribution Date which would occur as a result of an event described in clause
(ii) beyond the date set forth in such clause (ii); provided, that the Company shall provide prompt written notice of any postponement
under this sentence to the Rights Agent. As soon as practicable after the Distribution Date, the Company will prepare and execute, the
Rights Agent will countersign and the Company (or, if requested, the Rights Agent at the expense of the Company and upon receipt of all
relevant information) will send, by first-class, postage-prepaid mail, to each record holder of Common Stock as of the close of business
on the Distribution Date (other than any Acquiring Person or any Related Person of an Acquiring Person), at the address of such holder
shown on the records of the Company or the transfer agent or registrar for the Common Stock, one or more certificates for Rights, in substantially
the form of Exhibit B hereto (a “Right Certificate”), evidencing one Right (subject to adjustment as provided
herein) for each share of Common Stock so held. As of and after the Distribution Date, the Rights will be evidenced solely by such Right
Certificates. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date. Until such notice
is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred.

 

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3.2.            Summary
of Rights. On the Record Date or as soon as practicable thereafter, the Company will send or cause to be sent a copy of a Summary
of Rights to Purchase Series A Preferred, in substantially the form attached hereto as Exhibit C (the “Summary
of Rights”), by first-class, postage-prepaid mail, to each record holder of Common Stock as of the close of business on the
Record Date (other than any Acquiring Person or any Related Person of any Acquiring Person) at the address of such holder shown on the
records of the Company or the transfer agent or registrar for the Common Stock. Any failure to send a copy of the Summary of Rights shall
not invalidate the Rights or affect their transfer with the Common Stock. With respect to certificates representing Common Stock and Book
Entry Shares outstanding as of the close of business on the Record Date, until the Distribution Date (or the earlier Expiration Date),
the Rights will be evidenced by such certificates for Common Stock registered in the names of the holders thereof or Book Entry Shares,
as applicable, together with a copy of the Summary of Rights and the registered holders of the Common Stock shall also be registered holders
of the associated Rights. Until the Distribution Date (or the earlier Expiration Date), the surrender for transfer of any certificate
for Common Stock or Book Entry Shares outstanding at the close of business on the Record Date, with or without a copy of the Summary of
Rights, shall also constitute the transfer of the Rights associated with the Common Stock represented thereby and the Book Entry Shares,
as applicable.

 

3.3.            New
Certificates and Uncertificated Shares After Record Date. Certificates for Common Stock that become outstanding (whether upon issuance
out of authorized but unissued Common Stock, disposition out of treasury or transfer or exchange of outstanding Common Stock or otherwise)
after the Record Date but prior to the earliest of the Distribution Date or the Expiration Date, or in certain circumstances provided
in Section 22 hereof, after the Distribution Date, shall have impressed, printed, stamped, written or otherwise affixed onto
them a legend in substantially the following form:

 

This certificate also evidences and entitles
the holder hereof to certain rights as set forth in a Rights Agreement between Spok Holdings, Inc. (the “Company”)
and Computershare Trust Company, N.A., or any successor rights agent, as Rights Agent, dated as of September 2, 2021, as the same
may be amended from time to time (the “Agreement”), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Agreement,
such Rights (as defined in the Agreement) will be evidenced by separate certificates and will no longer be evidenced by this certificate.
The Company will mail to the holder of this certificate a copy of the Agreement without charge after receipt of a written request therefor.
As described in the Agreement, Rights which are owned by, transferred to or have been owned by Acquiring Persons (as defined in
the Agreement) or any Related Person (as defined in the Agreement) of any Acquiring Person shall become null and void and will no longer
be transferable.

 

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With respect to any Book Entry Shares, such legend
shall be included in a notice to the record holder of such shares in accordance with applicable law. Until the Distribution Date (or the
earlier Expiration Date), the Rights associated with the Common Stock represented by such certificates and such Book Entry Shares shall
be evidenced solely by such certificates or the Book Entry Shares alone, and the surrender for transfer of any such certificates or Book
Entry Shares, except as otherwise provided herein, shall also constitute the transfer of the Rights associated with the Common Stock represented
thereby. In the event that the Company purchases or otherwise acquires any Common Stock after the Record Date but prior to the Distribution
Date, any Rights associated with such Common Stock shall be deemed canceled and retired so that the Company shall not be entitled to exercise
any Rights associated with the Common Stock that are no longer outstanding.

 

Notwithstanding this Section 3.3,
neither the omission of the legend required hereby, nor the failure to provide the notice thereof, shall affect the enforceability of
any part of this Agreement or the rights of any holder of the Rights.

 

Section 4.     Form of
Right Certificates. The Right Certificates (and the forms of election to purchase shares and assignment, including the certifications
therein, to be printed on the reverse thereof) shall each be substantially in the form set forth in Exhibit B hereto and may
have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate
and as are not inconsistent with the provisions of this Agreement (but which do not affect the rights, duties, liabilities or responsibilities
of the Rights Agent), or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any stock exchange or trading system on which the Rights may from time to time be listed or quoted,
or to conform to usage. Subject to the terms and conditions hereof, the Right Certificates, whenever issued, shall be dated as of the
Record Date, and shall show the date of countersignature by the Rights Agent, and on their face shall entitle the holders thereof to purchase
such number of tenths of a share of Series A Preferred as shall be set forth therein at the price per one tenth of a share of Series A
Preferred set forth therein (the “Purchase Price”), but the number of such tenths of a share of Series A Preferred
and the Purchase Price shall be subject to adjustment as provided herein.

 

Section 5.     Countersignature
and Registration. The Right Certificates shall be executed on behalf of the Company by the President and Chief Executive Officer,
the Chief Operating Officer and Chief Financial Officer and the Corporate Secretary and Treasurer of the Company, either manually or by
facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary
or any Assistant Secretary of the Company or by such officers as the Board may designate, either manually or by facsimile signature. The
Right Certificates shall be countersigned, either manually or by facsimile or other electronic signature, by an authorized signatory of
the Rights Agent. No Right Certificate shall be valid for any purpose unless so countersigned. In case any officer of the Company who
shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent
and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent, and issued
and delivered by the Company with the same force and effect as though the Person who signed such Right Certificates had not ceased to
be such officer of the Company; and any Right Certificate may be signed on behalf of the Company by any Person who, at the actual date
of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date
of the execution of this Agreement any such Person was not such an officer.

 

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Following the Distribution Date
and receipt by the Rights Agent of written notice to that effect and all other relevant information referred to in this Agreement, the
Rights Agent will keep or cause to be kept, at its office or offices designated for such purposes, books for registration and transfer
of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates,
the number of Rights evidenced on its face by each of the Right Certificates, the certificate number of each of the Right Certificates
and the date of each of the Right Certificates.

 

Section 6.     Transfer,
Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. Subject to the
provisions of this Agreement, including but not limited to Section 11.1.2 and Section 14, at any time after the
close of business on the Distribution Date, and at or prior to the close of business on the Expiration Date, any Right Certificate or
Right Certificates (other than Right Certificates representing Rights that have become void pursuant to Section 11.1.2 or
that have been exchanged pursuant to Section 27) may be transferred, split up, combined or exchanged for another Right Certificate
or Right Certificates, entitling the registered holder to purchase a like number of tenths of a share of Series A Preferred as the
Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer,
split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights Agent, and shall surrender,
together with any required form of assignment and certificate duly executed and properly completed, the Right Certificate or Right Certificates
to be transferred, split up or combined or exchanged at the office of the Rights Agent designated for such purpose accompanied by signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association,
and any other reasonable evidence of authority that may be reasonably required by the Rights Agent. Neither the Rights Agent nor the Company
shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate or Right Certificates
until the registered holder shall have properly completed and duly executed the certificate contained in the form of assignment on the
reverse side of such Right Certificate or Right Certificates and shall have provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) thereof or any Related Person of such registered holder or such Beneficial Owner (or such former Beneficial
Owner), in each case, as the Company and/or Rights Agent shall reasonably request. Thereupon, the Rights Agent shall countersign and deliver
to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company or the Rights
Agent may require payment from the holders of Right Certificates of a sum sufficient to cover any tax or governmental charge that may
be imposed in connection with any transfer, split up or combination or exchange of such Right Certificates. If and to the extent the Company
does require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof. The Rights Agent
shall not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or
charges unless and until it is reasonably satisfied that all such payments have been or will be made.

 

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Subject to the provisions of
Section 11.1.2, at any time after the Distribution Date and prior to the Expiration Date, upon receipt by the Company and
the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and,
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s request,
reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent
and cancellation of the Right Certificate if mutilated, the Company will make and deliver a new Right Certificate of like tenor to the
Rights Agent for countersignature and delivery to the registered owner in lieu of the Right Certificate so lost, stolen, destroyed or
mutilated.

 

Section 7.         Exercise
of Rights; Purchase Price; Expiration Date of Rights.

 

7.1.         Exercise
of Rights. Subject to Section 11.1.2 and except as otherwise provided herein, the registered holder of any Right Certificate
may exercise the Rights evidenced thereby in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate,
with the form of election to purchase and certification on the reverse side thereof properly completed and duly executed, to the Rights
Agent at the office of the Rights Agent designated for such purpose accompanied by a signature guarantee and such other documentation
as the Rights Agent may reasonably request, together with payment of the aggregate Purchase Price for the total number of tenths of a
share of Series A Preferred (or other securities, cash or other assets) as to which the Rights are exercised, at or prior to the
time (the “Expiration Date”) that is the earliest of (i) the close of business on August 31, 2022 (the “Final
Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 (the “Redemption
Date”), (iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement
of the type described in Section 13.3 at which time the Rights are deemed terminated, or (iv) the time at which the Rights
are exchanged as provided in Section 27.

 

7.2.         Purchase.
The Purchase Price for each one tenth of a share of Series A Preferred pursuant to the exercise of a Right shall be initially $50.95,
shall be subject to adjustment from time to time as provided in Sections 11, 13 and 26 and shall be payable in lawful money
of the United States of America in accordance with Section 7.3.

 

7.3.         Payment
Procedures. Except as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form
of election to purchase and certification properly completed and duly executed, accompanied by payment of the aggregate Purchase Price
for the total number of tenths of a share of Series A Preferred to be purchased and an amount equal to any applicable tax or charge
required to be paid by the holder of such Right Certificate in accordance with Section 9, in cash or by certified or cashier’s
check or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i)(A) requisition from any
transfer agent of the Series A Preferred (or make available, if the Rights Agent is the transfer agent) certificates for the number
of shares of Series A Preferred to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with
all such requests, or (B) if the Company shall have elected to deposit the total number of shares of Series A Preferred issuable
upon exercise of the Rights hereunder with a depositary agent, requisition from such depositary agent depositary receipts representing
interests in such number of tenths of a share of Series A Preferred as are to be purchased (in which case certificates for the Series A
Preferred represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company hereby directs
such depositary agent to comply with all such requests; (ii) when appropriate, requisition from the Company the amount of cash to
be paid in lieu of the issuance of fractional shares in accordance with Section 14 or otherwise in accordance with Section 11.1.3;
(iii) promptly after receipt of such certificates or depositary receipts, cause the same to be delivered to the registered holder
of such Right Certificate, or upon the order of the registered holder of such Right Certificate, registered in such name or names as
may be designated by such holder and (iv) when appropriate, after receipt, promptly deliver such cash to the registered holder of
such Right Certificate, or upon the order of the registered holder of such Right Certificate, to such other Person as designated by such
holder. In the event that the Company is obligated to issue other securities of the Company, pay cash and/or distribute other property
pursuant to Section 11.1.3, the Company will make all arrangements necessary so that such other securities, cash and/or other
property are available for distribution by the Rights Agent, if and when appropriate, and until so received, the Rights Agent shall have
no duties or obligations with respect to such securities, cash and/or property.

 

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7.4.            Partial
Exercise. In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new
Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to
the registered holder of such Right Certificate or to his or her duly authorized assigns, subject to the provisions of Section 14.

 

7.5.            Full
Information Concerning Ownership. Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company
shall be obligated to undertake any action with respect to a registered holder of Rights upon the occurrence of any purported transfer
or exercise of Rights pursuant to Section 6 or as set forth in this Section 7 unless the certification contained
in the form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise shall have been
properly completed and duly executed by the registered holder thereof and the Company shall have been provided with such additional evidence
of the identity of the Beneficial Owner (or former Beneficial Owner) thereof or any Related Person of such registered holder or such Beneficial
Owner (or such former Beneficial Owner), in each case, as the Company or the Rights Agent shall reasonably request.

 

Section 8.           Cancellation
and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split up, combination
or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled
form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except
as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and
retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise
than upon the exercise thereof. Subject to applicable law and regulation, the Rights Agent shall maintain in a retrievable database electronic
records or physical records of all cancelled or destroyed Rights Certificates which have been cancelled or destroyed by the Rights Agent.
The Rights Agent shall maintain such electronic records or physical records for the time period required by applicable law and regulation.
Upon written request of the Company (and at the expense of the Company), the Rights Agent shall provide to the Company or its designee
copies of such electronic records or physical records relating to Rights Certificates cancelled or destroyed by the Rights Agent.

 

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Section 9.          Reservation
and Availability of Capital Stock. The Company covenants and agrees that, from and after the Distribution Date, it will cause to be
reserved and kept available out of its authorized and unissued Series A Preferred (and, following the occurrence of a Trigger Event,
out of its authorized and unissued Common Stock or other securities or out of its shares held in its treasury) the number of shares of
Series A Preferred (and, following the occurrence of a Trigger Event, Common Stock and/or other securities) that will be sufficient
to permit the exercise in full of all outstanding Rights.

 

So long as the Series A
Preferred (and, following the occurrence of a Trigger Event, Common Stock and/or other securities) issuable upon the exercise of Rights
may be listed on the NASDAQ Global Select Market (“NASDAQ”) or any other national securities exchange or traded in
the over-the-counter market, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable,
all shares reserved for such issuance to be listed or admitted to trading on the NASDAQ or such other exchange or market upon official
notice of issuance upon such exercise.

 

The Company covenants and agrees
that it will take all such action as may be necessary to ensure that all Series A Preferred (and, following the occurrence of a Trigger
Event, Common Stock and/or other securities) delivered upon exercise of Rights shall, at the time of delivery of the certificates for
such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable shares.

 

From and after such time as
the Rights become exercisable, the Company shall use its best efforts, if then necessary, to permit the issuance of Series A Preferred
upon the exercise of Rights, to register and qualify such Series A Preferred under the Securities Act and any applicable state securities
or “Blue Sky” laws (to the extent exemptions therefrom are not available), cause such registration statement and qualifications
to become effective as soon as possible after such filing and keep such registration and qualifications effective until the earlier of
the date as of which the Rights are no longer exercisable for such securities and the Expiration Date. The Company may temporarily suspend,
from time to time for a period of time not to exceed one hundred twenty (120) days in any particular instance, the exercisability of the
Rights in order to prepare and file a registration statement under the Securities Act and permit it to become effective or in order to
prepare and file any supplement or amendment to such registration statement that the Board determines to be necessary and appropriate
under applicable law. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights
has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect. Notwithstanding
any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless the requisite qualification
or exemption in such jurisdiction shall have been obtained and until a registration statement under the Securities Act (if required) shall
have been declared effective. The Company shall promptly notify the Rights Agent in writing whenever it makes a public announcement pursuant
to this paragraph of Section 9 and give the Rights Agent a copy of such announcement.

 

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The Company further covenants
and agrees that it will pay when due and payable any and all taxes and charges which may be payable in respect of the issuance or delivery
of the Right Certificates or of any Series A Preferred (or Common Stock and/or other securities, as the case may be) upon the exercise
of Rights. The Company shall not, however, be required to pay any tax or charge which may be payable in respect of any transfer or delivery
of Right Certificates to a Person other than, or the issuance or delivery of certificates for the Series A Preferred (or Common Stock
and/or other securities, as the case may be) in a name other than that of, the registered holder of the Right Certificate evidencing Rights
surrendered for exercise or to issue or deliver any certificates for Series A Preferred (or Common Stock and/or other securities,
as the case may be) in a name other than that of the registered holder upon the exercise of any Rights until any such tax or charge shall
have been paid (any such tax or charge being payable by the registered holder of such Right Certificate at the time of surrender) or until
it has been established to the Company’s and the Rights Agent’s satisfaction that no such tax or charge is due.

 

Section 10.         Series A
Preferred Record Date. Each Person in whose name any certificate for Series A Preferred (or Common Stock and/or other securities,
as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the
Series A Preferred (or Common Stock and/or other securities, as the case may be) represented thereby on, and such certificate shall
be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and
any applicable taxes or charges) was made; provided, however, that if the date of such surrender and payment is a date upon which
the Series A Preferred (or Common Stock and/or other securities, as the case may be) transfer books of the Company are closed, such
Person shall be deemed to have become the record holder of such shares (fractional or otherwise) on, and such certificate shall be dated,
the next succeeding Business Day on which the Series A Preferred (or Common Stock and/or other securities, as the case may be) transfer
books of the Company are open. Prior to the exercise of the Rights evidenced thereby (or an exchange pursuant to Section 27),
the holder of a Right Certificate shall not be entitled to any rights of a holder of Series A Preferred (or Common Stock or other
securities, as the case may be) for which the Rights shall be exercisable, including, without limitation, the right to vote or to receive
dividends or other distributions, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided
herein.

 

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Section 11.         Adjustment
of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number of shares of Series A Preferred or other
securities or property purchasable upon exercise of each Right and the number of Rights outstanding are subject to adjustment from time
to time as provided in this Section 11.

 

11.1.         Post-Execution
Events.

 

11.1.1.            Corporate
Dividends, Reclassifications, Etc. In the event the Company shall, at any time after the date of this Agreement, (A) declare
and pay a dividend on the Series A Preferred payable in Series A Preferred, (B) subdivide the outstanding Series A
Preferred, (C) combine the outstanding Series A Preferred into a smaller number of shares of Series A Preferred or (D) issue
any shares of its capital stock in a reclassification of the Series A Preferred (including any such reclassification in connection
with a consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in this
Section 11.1.1, the Purchase Price in effect at the time of the record date for such dividend or of the effective date of
such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date, shall be
proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and
kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the Series A
Preferred transfer books of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue
of such dividend, subdivision, combination or reclassification; provided, however, that in no event shall the consideration to
be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon
exercise of one Right. If an event occurs which would require an adjustment under both Section 11.1.1 and Section 11.1.2,
the adjustment provided for in this Section 11.1.1 shall be in addition to, and shall be made prior to, the adjustment required
pursuant to, Section 11.1.2.

 

11.1.2.            Acquiring
Person Events; Triggering Events. Subject to Section 27, in the event that a Trigger Event occurs, then, from and after
the first occurrence of such event, each holder of a Right, except as provided below, shall thereafter have a right to receive, upon exercise
thereof at a price per Right equal to the then current Purchase Price multiplied by the number of tenths of a share of Series A Preferred
for which a Right is then exercisable (without giving effect to this Section 11.1.2), in accordance with the terms of this
Agreement and in lieu of Series A Preferred, such number of shares of Common Stock as shall equal the result obtained by (x) multiplying
the then current Purchase Price by the number of tenths of a share of Series A Preferred for which a Right is then exercisable (without
giving effect to this Section 11.1.2) and (y) dividing that product by 50% of the current per share market price of the
Common Stock (determined pursuant to Section 11.4) on the first of the date of the occurrence of, or the date of the first
public announcement of, a Trigger Event (the “Adjustment Shares”); provided that the Purchase Price and the
number of Adjustment Shares shall thereafter be subject to further adjustment as appropriate in accordance with Section 11.6.
Notwithstanding the foregoing, upon and after the occurrence of a Trigger Event, any Rights that are or were acquired or Beneficially
Owned by (1) any Acquiring Person or any Related Person of such Acquiring Person, (2) a transferee of any Acquiring Person (or
of any Related Person of such Acquiring Person) who becomes a transferee after the Acquiring Person becomes such, or (3) a transferee
of any Acquiring Person (or of any Related Person of such Acquiring Person) who becomes a transferee prior to or concurrently with the
Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from
the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing
agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Board has determined is part
of a plan, arrangement or understanding which has as a primary purpose or effect avoidance of this Section 11.1.2, and subsequent
transferees, shall become void without any further action, and any holder (whether or not such holder is an Acquiring Person or a Related
Person of an Acquiring Person) of such Rights shall thereafter have no right to exercise such Rights under any provision of this Agreement
or otherwise. From and after the Trigger Event, no Right Certificate shall be issued pursuant to Section 3 or Section 6
that represents Rights that are or have become void pursuant to the provisions of this paragraph, and any Right Certificate delivered
to the Rights Agent that represents Rights that are or have become void pursuant to the provisions of this paragraph shall be canceled.

 

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The Company shall use all reasonable
efforts to ensure that the provisions of this Section 11.1.2 are complied with, but shall have no liability to any holder
of Right Certificates or any other Person as a result of its failure to make any determinations with respect to any Acquiring Person or
its Related Persons or transferees hereunder.

 

From and after the occurrence
of an event specified in Section 13.1, any Rights that theretofore have not been exercised pursuant to this Section 11.1.2
shall thereafter be exercisable only in accordance with Section 13 and not pursuant to this Section 11.1.2.

 

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11.1.3.   Insufficient
Shares. The Company may at its option substitute for Common Stock issuable upon the exercise of Rights in accordance with the foregoing
Section 11.1.2 a number of shares of Series A Preferred or fraction thereof such that the then current per share market
price of one share of Series A Preferred multiplied by such number or fraction is equal to the then current per share market price
of one share of Common Stock. In the event that upon the occurrence of a Trigger Event there shall not be sufficient Common Stock authorized
but unissued, or held by the Company as treasury shares, to permit the exercise in full of the Rights in accordance with the foregoing
Section 11.1.2, the Company shall take all such action as may be necessary to authorize additional Common Stock for issuance
upon exercise of the Rights, provided, however, that if the Company determines that it is unable to cause the authorization of
a sufficient number of additional shares of Common Stock, then, in the event the Rights become exercisable, the Company, with respect
to each Right and to the extent necessary and permitted by applicable law and any agreements or instruments in effect on the date hereof
to which it is a party, shall: (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise
of a Right (the “Current Value”), over (2) the Purchase Price (such excess, the “Spread”) and
(B) with respect to each Right (other than Rights which have become void pursuant to Section 11.1.2), make adequate provision
to substitute for the Adjustment Shares, upon payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase
Price, (3) Series A Preferred, (4) other equity securities of the Company (including, without limitation, shares, or fractions
of shares, of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially comparable to those of
the Common Stock, the Board has deemed in good faith to have substantially the same value as the Common Stock) (each such share of preferred
stock or fractions of shares of preferred stock constituting a “common stock equivalent”), (5) debt securities
of the Company, (6) other assets or (7) any combination of the foregoing having an aggregate value equal to the Current Value,
where such aggregate value has been determined by the Board based upon the advice of a nationally recognized investment banking firm selected
in good faith by the Board; provided, however, that if the Company shall not have made adequate provision to deliver value pursuant
to clause (B) above within thirty (30) days following the occurrence of a Trigger Event, then the Company shall be obligated to deliver,
to the extent necessary and permitted by applicable law and any agreements or instruments in effect on the date hereof to which it is
a party, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, Common Stock (to the extent available)
and then, if necessary, such number or fractions of Series A Preferred (to the extent available) and then, if necessary, cash, which
shares and/or cash have an aggregate value equal to the Spread. The Company shall provide the Rights Agent with prompt reasonably detailed
written notice of any determination under the previous sentence. If, upon the occurrence of a Trigger Event, the Board shall determine
in good faith that it is likely that sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full
of the Rights, then, if the Board so elects, the thirty (30) day period set forth above, may be extended to the extent necessary, but
not more than one hundred twenty (120) days following the occurrence of a Trigger Event, in order that the Company may seek stockholder
approval for the authorization of such additional shares (such thirty (30) day period, as it may be extended, is herein called the “Substitution
Period”). To the extent that the Company determines that some actions need be taken pursuant to the second and/or third sentences
of this Section 11.1.3, the Company (x) shall provide that such action shall apply uniformly to all outstanding Rights,
and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization
of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine
the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability
of the Rights has been temporarily suspended as well as a public announcement at such time as the suspension is no longer in effect. The
Company shall promptly notify the Rights Agent in writing whenever it temporarily suspends the exercisability of the Rights or when any
such suspension is no longer in effect, and shall give the Rights Agent a copy of any public announcement under this Section 11.1.3.
For purposes of this Section 11.1.3, the value of a share of Common Stock shall be the then current per share market price
(as determined pursuant to Section 11.4) on the date of the occurrence of a Trigger Event and the value of any “common
stock equivalent” shall be deemed to have the same value as the Common Stock on such date. The Board may, but shall not be required
to, establish procedures to allocate the right to receive Common Stock upon the exercise of the Rights among holders of Rights pursuant
to this Section 11.1.3.

 

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11.2.            Dilutive
Rights Offering. In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Series A
Preferred entitling them (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase
Series A Preferred (or securities having the same rights, privileges and preferences as the Series A Preferred (“equivalent
preferred stock”)) or securities convertible into Series A Preferred or equivalent preferred stock at a price per share
of Series A Preferred or per share of equivalent preferred stock (or having a conversion or exercise price per share, if a security
convertible into or exercisable for Series A Preferred or equivalent preferred stock) less than the then current per share market
price of the Series A Preferred (as determined pursuant to Section 11.4) on such record date, the Purchase Price to be
in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the number of shares of Series A Preferred and shares of equivalent preferred stock
outstanding on such record date plus the number of shares of Series A Preferred and shares of equivalent preferred stock which the
aggregate offering price of the total number of shares of Series A Preferred and/or shares of equivalent preferred stock to be offered
(and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such current per share
market price and the denominator of which shall be the number of shares of Series A Preferred and shares of equivalent preferred
stock outstanding on such record date plus the number of additional Series A Preferred and/or shares of equivalent preferred stock
to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided,
however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of
the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a consideration
part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board,
whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders
of the Rights. Series A Preferred and shares of equivalent preferred stock owned by or held for the account of the Company or any
Subsidiary of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustments shall be made successively
whenever such a record date is fixed; and in the event that such rights or warrants are not so issued, the Purchase Price shall be adjusted
to be the Purchase Price which would then be in effect if such record date had not been fixed.

 

11.3.            Distributions.
In case the Company shall fix a record date for the making of a distribution to all holders of the Series A Preferred (including
any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation)
of evidences of indebtedness, cash, securities or assets (other than a regular periodic cash dividend at a rate not in excess of 125%
of the rate of the last regular periodic cash dividend theretofore paid or, in case regular periodic cash dividends have not theretofore
been paid, at a rate not in excess of 50% of the average net income per share of the Company for the four quarters ended immediately prior
to the payment of such dividend, or a dividend payable in Series A Preferred (which dividend, for purposes of this Agreement, shall
be subject to the provisions of Section 11.1.1(A))) or convertible securities, or subscription rights or warrants (excluding
those referred to in Section 11.2), the Purchase Price to be in effect after such record date shall be determined by multiplying
the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the then current per
share market price of the Series A Preferred (as determined pursuant to Section 11.4) on such record date, less the fair
market value (as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent
and shall be binding on the Rights Agent) of the portion of the cash, assets, securities or evidences of indebtedness so to be distributed
or of such subscription rights or warrants applicable to one share of Series A Preferred and the denominator of which shall be such
current per share market price of the Series A Preferred (as determined pursuant to Section 11.4); provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares
of capital stock of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively whenever such a record
date is fixed; and in the event that such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price
that would then be in effect if such record date had not been fixed.

 

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11.4.            Current
Per Share Market Value.

 

11.4.1.   General.
For the purpose of any computation hereunder, the “current per share market price” of any security (a “Security”
for the purpose of this Section 11.4.1) on any date shall be deemed to be the average of the daily closing prices per share
of such Security for the thirty (30) consecutive Trading Days (as such term is hereinafter defined) immediately prior to, but not including,
such date; provided, however, that in the event that the then current per share market price of the Security is determined during
any period following the announcement by the issuer of such Security of (i) a dividend or distribution on such Security payable in
shares of such Security or securities convertible into such shares or (ii) any subdivision, combination or reclassification of such
Security, and prior to the expiration of thirty (30) Trading Days after the ex-dividend date for such dividend or distribution, or the
record date for such subdivision, combination or reclassification, then, and in each such case, the “current per share market price”
shall be appropriately adjusted to reflect the then current market price per share equivalent of such Security. The closing price for
each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and
asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the NASDAQ or, if the Security is not listed or admitted to trading on the NASDAQ, as reported in the
principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on
which the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities
exchange, the last quoted price or, if on such date the Security is not so quoted, the average of the high bid and low asked prices in
the over-the-counter market, as reported thereby or such other system then in use, or, if on any such date the Security is not quoted
by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market
in the Security selected by the Board. If on any such date no such market maker is making a market in the Security, the fair value of
the Security on such date as determined in good faith by the Board shall be used. The term “Trading Day” shall mean
a day on which the principal national securities exchange on which the Security is listed or admitted to trading is open for the transaction
of business or, if the Security is not listed or admitted to trading on any national securities exchange, a Business Day. If the Security
is not publicly held or not so listed or traded, or if on any such date the Security is not so quoted and no such market maker is making
a market in the Security, “current per share market price” shall mean the fair value per share as determined in good faith
by the Board or, if at the time of such determination there is an Acquiring Person, by a nationally recognized investment banking firm
selected by the Board, which shall have the duty to make such determination in a reasonable and objective manner, whose determination
shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

 

11.4.2.   Series A
Preferred. Notwithstanding Section 11.4.1, for the purpose of any computation hereunder, the “current per share
market price” of the Series A Preferred shall be determined in the same manner as set forth above in Section 11.4.1
(other than the last sentence thereof). If the current per share market price of the Series A Preferred cannot be determined in the
manner described in Section 11.4.1, the “current per share market price” of the Series A Preferred shall
be conclusively deemed to be an amount equal to 10 (as such number may be appropriately adjusted for such events as stock splits, stock
dividends and recapitalizations with respect to the Common Stock occurring after the date of this Agreement) multiplied by the current
per share market price of the Common Stock (as determined pursuant to Section 11.4.1). If neither the Common Stock nor the
Series A Preferred are publicly held or so listed or traded, or if on any such date neither the Common Stock nor the Series A
Preferred are so quoted and no such market maker is making a market in either the Common Stock or the Series A Preferred, “current
per share market price” of the Series A Preferred shall mean the fair value per share as determined in good faith by the Board,
or, if at the time of such determination there is an Acquiring Person, by a nationally recognized investment banking firm selected by
the Board, which shall have the duty to make such determination in a reasonable and objective manner, which determination shall be described
in a statement filed with the Rights Agent and shall be conclusive for all purposes. For purposes of this Agreement, the “current
per share market price” of one tenth of a share of Series A Preferred shall be equal to the “current per share market
price” of one share of Series A Preferred divided by 10.

 

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11.5.            Insignificant
Changes. No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at
least 1% in the Purchase Price. Any adjustments which by reason of this Section 11.5 are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made
to the nearest cent or to the nearest one-hundred thousandth of a share of Series A Preferred or the nearest ten-thousandth of a
share of Common Stock or other share or security, as the case may be.

 

11.6.            Shares
Other Than Series A Preferred. If as a result of an adjustment made pursuant to Section 11.1, the holder of any Right
thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Series A Preferred, thereafter
the number of such other shares so receivable upon exercise of any Right shall be subject to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with respect to the Series A Preferred contained in Sections
11.1, 11.2, 11.3, 11.5, 11.8, 11.9 and 11.13, and the provisions of Sections 7, 9, 10, 13 and 14 with respect
to the Series A Preferred shall apply on like terms to any such other shares.

 

11.7.            Rights
Issued Subsequent to Adjustment. All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price
hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of tenths of a share of Series A Preferred
and shares of other capital stock or other securities, assets or cash of the Company, if any, purchasable from time to time hereunder
upon exercise of the Rights, all subject to further adjustment as provided herein.

 

11.8.            Effect
of Adjustments on Existing Rights. Unless the Company shall have exercised its election as provided in Section 11.9, upon
each adjustment of the Purchase Price as a result of the calculations made in Sections 11.2 and 11.3, each Right outstanding
immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that
number of tenths of a share of Series A Preferred (calculated to the nearest one-hundred thousandth of a share of Series A Preferred)
obtained by (i) multiplying (x) the number of tenths of a share of Series A Preferred covered by a Right immediately prior
to this adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing
the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

 

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11.9.            Adjustment
in Number of Rights. The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights,
in substitution for any adjustment in the number of tenths of a share of Series A Preferred issuable upon the exercise of a Right.
Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of tenths of a share
of Series A Preferred for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to
such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest ten-thousandth) obtained by dividing
the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment
of the Purchase Price. The Company shall make a public announcement (with prompt written notice thereof to the Rights Agent) of its election
to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment
to be made. This record date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates
have been issued, shall be at least ten (10) days later than the date of the public announcement. If Right Certificates have been
issued, upon each adjustment of the number of Rights pursuant to this Section 11.9, the Company may, as promptly as practicable,
cause to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing, subject to Section 14,
the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall
cause to be distributed to such holders of record in substitution and replacement for the Right Certificates held by such holders prior
to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to
which such holders shall be entitled after such adjustment. Right Certificates so to be distributed shall be issued, executed and countersigned
in the manner provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and shall be registered in
the names of the holders of record of Right Certificates on the record date specified in the public announcement.

 

11.10.          Right
Certificates Unchanged. Irrespective of any adjustment or change in the Purchase Price or the number of tenths of a share of Series A
Preferred issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the
Purchase Price per share and the number of tenths of a share of Series A Preferred which were expressed in the initial Right Certificates
issued hereunder.

 

11.11.          Par
Value Limitations. Before taking any action that would cause an adjustment reducing the Purchase Price below one tenth of the then
par value, if any, of the Series A Preferred or other shares of capital stock issuable upon exercise of the Rights, the Company shall
take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue
fully paid and nonassessable Series A Preferred or other such shares at such adjusted Purchase Price.

 

11.12.          Deferred
Issuance. In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective
as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the holder
of any Right exercised after such record date of that number of shares of Series A Preferred and shares of other capital stock or
securities of the Company, if any, issuable upon such exercise over and above the Series A Preferred and shares of other capital
stock or other securities, assets or cash of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect
prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment.

 

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11.13.          Reduction
in Purchase Price. Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make
such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the
extent that it in its sole discretion shall determine to be advisable in order that any consolidation or subdivision of the Series A
Preferred, issuance wholly for cash of any of the Series A Preferred at less than the current market price, issuance wholly for cash
of Series A Preferred or securities which by their terms are convertible into or exchangeable for Series A Preferred, dividends
on Series A Preferred payable in Series A Preferred or issuance of rights, options or warrants referred to hereinabove in this
Section 11, hereafter made by the Company to holders of its Series A Preferred shall not be taxable to such stockholders.

 

11.14.          Company
Not to Diminish Benefits of Rights. The Company covenants and agrees that after the earlier of the Stock Acquisition Date or Distribution
Date it will not, except as permitted by Section 23, Section 26 or Section 27, take (or permit any
Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will substantially diminish
or otherwise eliminate the benefits intended to be afforded by the Rights.

 

11.15.          Adjustment
of Rights Associated with Common Stock. Notwithstanding anything contained in this Agreement to the contrary, in the event that the
Company shall at any time after the date hereof and prior to the Distribution Date (i) declare or pay any dividend on the outstanding
Common Stock payable in shares of Common Stock, (ii) effect a subdivision or consolidation of the outstanding Common Stock (by reclassification
or otherwise than by the payment of dividends payable in shares of Common Stock), or (iii) combine the outstanding Common Stock into
a greater or lesser number of shares of Common Stock, then in any such case, the number of Rights associated with each share of Common
Stock then outstanding, or issued or delivered thereafter but prior to the Distribution Date or in accordance with Section 22
shall be proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock following any such
event shall equal the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior
to such event by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior
to the occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately
following the occurrence of such event. The adjustments provided for in this Section 11.15 shall be made successively whenever
such a dividend is declared or paid or such a subdivision, combination or consolidation is effected.

 

Section 12.          Certificate
of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Sections 11 or 13, the
Company shall (a) promptly prepare a certificate setting forth such adjustment, and a brief, reasonably detailed statement of the
facts and computations accounting for such adjustment, (b) promptly file with the Rights Agent and with each transfer agent for the
Common Stock or the Series A Preferred a copy of such certificate and (c) mail a brief summary thereof to each holder of a Right
Certificate (or if before the Distribution Date, to each holder of a certificate representing shares of Common Stock or Book Entry Shares
in respect thereof) in accordance with Section 25. The Rights Agent shall be fully protected in relying on any such certificate
and on any adjustment or statement therein contained and shall have no duty or liability with respect to and shall not be deemed to have
knowledge of any such adjustment unless and until it shall have received such certificate.

 

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Section 13.          Consolidation,
Merger or Sale or Transfer of Assets or Earning Power.

 

13.1.            Certain
Transactions. In the event that, from and after the first occurrence of a Trigger Event, directly or indirectly, (A) the Company
shall consolidate with, or merge with and into, any other Person and the Company shall not be the continuing or surviving corporation,
(B) any Person shall consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or
surviving corporation of such merger and, in connection with such merger, all or part of the Common Stock shall be changed into or exchanged
for stock or other securities of the Company or any other Person or cash or any other property, or (C) the Company shall sell, exchange,
mortgage or otherwise transfer (or one or more of its Subsidiaries shall sell, exchange, mortgage or otherwise transfer), in one or more
transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken
as a whole) to any other Person or Persons (other than the Company or one or more wholly-owned Subsidiaries of the Company in one or more
transactions each of which complies with Section 11.14), then, and in each such case, proper provision shall be made so that
(i) each holder of a Right (other than Rights which have become void pursuant to Section 11.1.2) shall thereafter have
the right to receive, upon the exercise thereof at a price per Right equal to the then current Purchase Price multiplied by the number
of tenths of a share of Series A Preferred for which a Right was exercisable immediately prior to the first occurrence of a Trigger
Event (as subsequently adjusted pursuant to Sections 11.1.1, 11.2, 11.3, 11.8, 11.9 and 11.12),
in accordance with the terms of this Agreement and in lieu of Series A Preferred or Common Stock, such number of validly authorized
and issued, fully paid, non-assessable and freely tradable Common Stock of the Principal Party (as such term is hereinafter defined) not
subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by (x) multiplying
the then current Purchase Price by the number of tenths of a share of Series A Preferred for which a Right was exercisable immediately
prior to the first occurrence of a Trigger Event (as subsequently adjusted pursuant to Sections 11.1.1, 11.2, 11.3,
11.8, 11.9 and 11.12) and (y) dividing that product by 50% of the then current per share market price of the
Common Stock of such Principal Party (determined pursuant to Section 11.4) on the date of consummation of such consolidation,
merger, sale or transfer; provided that the price per Right so payable and the number of shares of Common Stock of such Principal
Party so receivable upon exercise of a Right shall thereafter be subject to further adjustment as appropriate in accordance with Section 11.6
to reflect any events covered thereby occurring in respect of the Common Stock of such Principal Party after the occurrence of such consolidation,
merger, sale or transfer; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such consolidation,
merger, sale or transfer, all of the obligations and duties of the Company pursuant to this Agreement; (iii) the term “Company”
shall thereafter be deemed to refer to such Principal Party; and (iv) such Principal Party shall take such steps (including, but
not limited to, the reservation of a sufficient number of shares of its Common Stock in accordance with Section 9) in connection
with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably
may be, in relation to its Common Stock thereafter deliverable upon the exercise of the Rights; provided that, upon the subsequent
occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such Principal Party,
each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Purchase Price as provided
in this Section 13.1, such cash, shares, rights, warrants and other property which such holder would have been entitled to
receive had such holder, at the time of such transaction, owned the Common Stock of the Principal Party receivable upon the exercise of
a Right pursuant to this Section 13.1, and such Principal Party shall take such steps (including, but not limited to, reservation
of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof for such cash,
shares, rights, warrants and other property. The Company shall not consummate any such consolidation, merger, sale or transfer unless
prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement confirming
that the requirements of this Section 13.1 and Section 13.2 shall promptly be performed in accordance with their
terms and that such consolidation, merger, sale or transfer of assets shall not result in a default by the Principal Party under this
Agreement as the same shall have been assumed by the Principal Party pursuant to this Section 13.1 and Section 13.2
and providing that, as soon as practicable after executing such agreement pursuant to this Section 13, the Principal Party,
at its own expense, shall:

 

(1)            prepare
and file a registration statement under the Securities Act, if necessary, with respect to the Rights and the securities purchasable upon
exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become effective as soon as
practicable after such filing and use its best efforts to cause such registration statement to remain effective (with a prospectus at
all times meeting the requirements of the Securities Act) until the Expiration Date and similarly comply with applicable state securities
laws;

 

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(2)           use
its best efforts, if the Common Stock of the Principal Party shall be listed or admitted to trading on the NASDAQ or on another
national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities purchasable upon
exercise of the Rights on the NASDAQ or such securities exchange;

 

(3)           deliver
to holders of the Rights historical financial statements for the Principal Party which comply in all respects with the requirements for
registration on Form 10 (or any successor form) under the Exchange Act; and

 

(4)           obtain
waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject to purchase
upon exercise of outstanding Rights.

 

In case the Principal Party
has a provision in any of its authorized securities or in its articles or certificate of incorporation or by-laws or other instrument
governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than to
holders of Rights pursuant to this Section 13), in connection with, or as a consequence of, the consummation of a transaction
referred to in this Section 13, Common Stock or common stock equivalents of such Principal Party at less than the then current
market price per share thereof (determined pursuant to Section 11.4) or securities exercisable for, or convertible into, Common
Stock or common stock equivalents of such Principal Party at less than such then current market price (other than to holders of Rights
pursuant to this Section 13), or (ii) providing for any special payment, taxes, charges or similar provision in connection
with the issuance of the Common Stock of such Principal Party pursuant to the provision of Section 13, then, in such event,
the Company hereby agrees with each holder of Rights that it shall not consummate any such transaction unless prior thereto the Company
and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in
question of such Principal Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so
that the applicable provision will have no effect in connection with, or as a consequence of, the consummation of the proposed transaction.

 

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The Company covenants and agrees
that it shall not, at any time after the Trigger Event, enter into any transaction of the type described in clauses (A) through (C) of
this Section 13.1 if (i) at the time of or immediately after such consolidation, merger, sale, transfer or other transaction
there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially diminish
or otherwise eliminate the benefits intended to be afforded by the Rights, (ii) prior to, simultaneously with or immediately after
such consolidation, merger, sale, transfer or other transaction, the stockholders of the Person who constitutes, or would constitute,
the Principal Party for purposes of Section 13.2 shall have received a distribution of Rights previously owned by such Person
or any of its Related Persons or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability
of the Rights. The provisions of this Section 13 shall similarly apply to successive transactions of the type described in
clauses (A) through (C) of this Section 13.1.

 

13.2.            Principal
Party. “Principal Party” shall mean:

 

(i)              in
the case of any transaction described in clauses (A) or (B) of the first sentence of Section 13.1: (i) the
Person that is the issuer of the securities into which the Common Stock is converted in such merger or consolidation, or, if there is
more than one such issuer, the issuer the Common Stock of which has the greatest aggregate market value of shares outstanding, or (ii) if
no securities are so issued, (x) the Person that is the other party to the merger, if such Person survives said merger, or, if there
is more than one such Person, the Person the Common Stock of which has the greatest aggregate market value of shares outstanding or (y) if
the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger (including the Company
if it survives) or (z) the Person resulting from the consolidation; and

 

(ii)             in
the case of any transaction described in clause (C) of the first sentence in Section 13.1, the Person that is the party
receiving the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person
that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred or if the
Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the issuer of
Common Stock having the greatest aggregate market value of shares outstanding; provided, however, that in any such case described
in the foregoing clause (i) or (ii) of this Section 13.2, if the shares of Common Stock of such Person are not at
such time or have not been continuously over the preceding twelve (12) month period registered under Section 12 of the Exchange Act,
then (1) if such Person is a direct or indirect Subsidiary of another Person the shares of Common Stock of which are and have been
so registered, the term “Principal Party” shall refer to such other Person, or (2) if such Person is a Subsidiary, directly
or indirectly, of more than one Person, the shares of Common Stock of all of which are and have been so registered, the term “Principal
Party” shall refer to whichever of such Persons is the issuer of Common Stock having the greatest aggregate market value of shares
outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not
owned, directly or indirectly, by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each
of the owners having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint
venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio
as its interest in such Person bears to the total of such interests.

 

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13.3.            Approved
Acquisitions. Notwithstanding anything contained herein to the contrary, upon the consummation of any merger or other acquisition
transaction of the type described in clause (A), (B) or (C) of Section 13.1 involving the Company pursuant to a
merger or other acquisition agreement between the Company and any Person (or one or more of such Person’s Affiliates or Associates)
which agreement has been approved by the Board prior to any Person becoming an Acquiring Person, this Agreement and the rights of holders
of Rights hereunder shall be terminated in accordance with Section 7.1.

 

Section 14.          Fractional
Rights and Fractional Shares.

 

14.1.            Cash
in Lieu of Fractional Rights. The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which
evidence fractional Rights (except prior to the Distribution Date in accordance with Section 11.15). In lieu of such fractional
Rights, there shall be paid to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise
be issuable an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14.1,
the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on
which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the last sale price, regular way,
or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported
in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NASDAQ or,
if the Rights are not listed or admitted to trading on the NASDAQ, as reported in the principal consolidated transaction reporting system
with respect to securities listed on the principal national securities exchange on which the Rights are listed or admitted to trading
or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted,
the average of the high bid and low asked prices in the over-the-counter market, as reported by the NASDAQ or such other system then in
use or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished
by a professional market maker making a market in the Rights selected by the Board. If on any such date no such market maker is making
a market in the Rights, the current market value of the Rights on such date shall be the fair value of the Rights as determined in good
faith by the Board, or, if at the time of such determination there is an Acquiring Person, by a nationally recognized investment banking
firm selected by the Board, which shall have the duty to make such determination in a reasonable and objective manner, which determination
shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

 

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14.2.            Cash
in Lieu of Fractional Shares of Series A Preferred. The Company shall not be required to issue fractions of shares of Series A
Preferred (other than fractions which are integral multiples of one tenth of a share of Series A Preferred) upon exercise or exchange
of the Rights or to distribute certificates which evidence fractional shares of Series A Preferred (other than fractions which are
integral multiples of one tenth of a share of Series A Preferred). Interests in fractions of shares of Series A Preferred in
integral multiples of one tenth of a share of Series A Preferred may, at the election of the Company, be evidenced by depositary
receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it; provided, that such agreement
shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled
as Beneficial Owners of the Series A Preferred represented by such depositary receipts. In lieu of fractional shares of Series A
Preferred that are not integral multiples of one tenth of a share of Series A Preferred, the Company shall pay to the registered
holders of Right Certificates at the time such Rights are exercised or exchanged as herein provided an amount in cash equal to the same
fraction of the current per share market price of one share of Series A Preferred (as determined in accordance with Section 14.1)
for the Trading Day immediately prior to the date of such exercise or exchange.

 

14.3.            Cash
in Lieu of Fractional Shares of Common Stock. The Company shall not be required to issue fractions of shares of Common Stock or to
distribute certificates which evidence fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional
shares of Common Stock, the Company shall pay to the registered holders of the Right Certificates with regard to which such fractional
shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole
share of Common Stock (as determined in accordance with Section 14.1) for the Trading Day immediately prior to the date of
such exercise or exchange.

 

14.4.            Waiver
of Right to Receive Fractional Rights or Shares. The holder of a Right by the acceptance of the Rights expressly waives his right
to receive any fractional Rights or any fractional shares upon exercise or exchange of a Right, except as permitted by this Section 14.

 

14.5.            Reliance
by Rights Agent. Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under any section
of this Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable
detail the facts related to such payments and the prices and formulas utilized in calculating such payments, and (ii) provide sufficient
monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying
upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional
Rights or fractional shares under any section of this Agreement relating to the payment of fractional Rights or fractional shares unless
and until the Rights Agent shall have received such a certificate and sufficient monies.

 

Section 15.          Rights
of Action. All rights of action in respect of this Agreement, except the rights of action given to the Rights Agent under Section 18,
are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders
of the Common Stock); and any registered holder of any Right Certificate (or, prior to the Distribution Date, of the Common Stock), without
the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Stock),
may, in his own behalf and for his own benefit, enforce this Agreement, and may institute and maintain any suit, action or proceeding
against the Company to enforce this Agreement, or otherwise enforce or act in respect of his right to exercise the Rights evidenced by
such Right Certificate (or, prior to the Distribution Date, such Common Stock) in the manner provided in such Right Certificate and in
this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that
the holders of Rights would not have an adequate remedy at law for any breach of this Agreement by the Company and shall be entitled to
specific performance of the obligations hereunder, and injunctive relief against actual or threatened violations of, the obligations of
the Company under this Agreement.

 

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Section 16.          Agreement
of Right Holders. Every holder of a Right by accepting the same consents and agrees with the Company and the Rights Agent and with
every other holder of a Right that:

 

(a)             prior
to the Distribution Date, the Rights will not be evidenced by a Right Certificate and will be transferable only in connection with the
transfer of the Common Stock;

 

(b)             as
of and after the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered
at the office of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer with all
required certifications properly completed and duly executed, accompanied by a signature guarantee and such other documentation as the
Rights Agent may reasonably request;

 

(c)             the
Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the
associated Common Stock certificate or Book Entry Share) is registered as the absolute owner thereof and of the Rights evidenced thereby
(notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Stock certificate or Book Entry
Share made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent
shall be affected by any notice to the contrary; and

 

(d)             notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right
or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent
injunction or other order, decree, judgment or ruling (whether interlocutory or final) issued by a court of competent jurisdiction or
by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order
promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however,
the Company shall use commercially reasonable efforts to have any such injunction, order, decree, judgment or ruling lifted or otherwise
overturned as promptly as practicable.

 

Section 17.          Right
Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote, receive dividends
or be deemed for any purpose the holder of the Series A Preferred or any other securities of the Company which may at any time be
issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate be construed
to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 24), or to
receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been
exercised in accordance with the provisions hereof.

 

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Section 18.          Concerning
the Rights Agent.

 

18.1.            The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with a fee schedule
to be mutually agreed upon and, from time to time, on demand of the Rights Agent, to reimburse the Rights Agent for all of its reasonable
expenses and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution
of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights
Agent for, and to hold it harmless against, any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost
or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by
it, or which it may become subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross
negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction)
for any action taken, suffered, or omitted to be taken by the Rights Agent in connection with the execution, acceptance, administration,
exercise and performance of its duties under this Agreement, including the costs and expenses of defending against any claim of liability
arising therefrom, directly or indirectly or enforcing its rights hereunder. The provisions under this Section 18 and Section 20
below shall survive the expiration of the Rights and the termination of this Agreement and the resignation, replacement or removal of
the Rights Agent. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.

 

18.2.            The
Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection
with its acceptance and administration of this Agreement and the exercise and performance of its duties hereunder, in reliance upon any
Right Certificate or certificate for the Series A Preferred or the Common Stock or for other securities of the Company, instrument
of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction, consent, certificate, statement,
or other paper or document believed by it to be genuine and to be duly signed, executed and, where necessary, guaranteed, verified or
acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20. The Rights
Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights
Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith, unless and until it has
received such notice in writing.

 

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Section 19.          Merger
or Consolidation or Change of Name of Rights Agent.

 

19.1.            Any
corporation or limited liability company or other entity into which the Rights Agent or any successor Rights Agent may be merged or with
which it may be consolidated, or any corporation or limited liability company or other entity resulting from any merger or consolidation
to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation or limited liability company succeeding to
the corporate trust or stock transfer business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights
Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided
that such corporation or limited liability company or other entity would be eligible for appointment as a successor Rights Agent under
the provisions of Section 21. The purchase of all or substantially all of the Rights Agent’s assets employed in the
performance of the transfer agent activities shall be deemed a merger or consolidation for purposes of this Section 19. In
case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates shall
have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent
and deliver such Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned,
any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of
the successor Rights Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates
and in this Agreement.

 

19.2.            In
case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right
Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force
provided in the Right Certificates and in this Agreement.

 

Section 20.          Duties
of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following express terms
and conditions (and no implied terms and conditions), by all of which the Company and the holders of Right Certificates, or, prior to
the Distribution Date, Common Stock by their acceptance thereof, shall be bound:

 

20.1.            Legal
Counsel. The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Company), and the opinion
or advice of such counsel shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent shall have
no liability in respect of any action taken or omitted by it in the absence of bad faith and in accordance with such advice or opinion.

 

20.2.            Certificates
as to Facts or Matters. Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or
desirable that any fact or matter (including the identity of any Acquiring Person and the determination of the current market price) be
proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in
respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by
any one of the President and Chief Executive Officer, the Chief Operating Officer and Chief Financial Officer or the Corporate Secretary
and Treasurer of the Company and delivered to the Rights Agent; and such certificate shall be full authorization and protection to the
Rights Agent, and the Rights Agent shall incur no liability for or in respect of any action taken or suffered in absence of bad faith
by it under the provisions of this Agreement in reliance upon such certificate. The Rights Agent shall have no duty to act without such
certificate as set forth in this Section 20.2.

 

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20.3.            Standard
of Care. The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross
negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
Notwithstanding anything in this Agreement to the contrary, any liability of the Rights Agent under this Agreement will be limited to
the amount of annual fees (not including reimbursed expenses and charges) paid by the Company to the Rights Agent during the term of this
Agreement and the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought. Anything
to the contrary notwithstanding, in no event will the Rights Agent be liable for special, punitive, indirect, incidental or consequential
loss or damages of any kind whatsoever (including, without limitation, lost profits), even if the Rights Agent has been advised of the
likelihood of such loss or damages, and regardless of the form of action.

 

20.4.            Reliance
on Agreement and Right Certificates. The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals
contained in this Agreement or in the Right Certificates (except as to its countersignature thereof) or be required to verify the same,
but all such statements and recitals are and shall be deemed to have been made by the Company only.

 

20.5.            No
Responsibility as to Certain Matters. The Rights Agent shall have any liability for or not be under any responsibility in respect
of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect
of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach
by the Company of any covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any
change in the exercisability of the Rights (including the Rights becoming void pursuant to Section 11.1.2) or any adjustment
required under the provisions of Sections 3, 11, 13, 23 or 27 or responsible for the manner, method or amount of any such
adjustment or the ascertaining of the existence of facts that would require any such adjustment or calculation (except with respect to
the exercise of Rights evidenced by Right Certificates after actual notice of any such change or adjustment upon which the Rights Agent
may rely); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of
any Series A Preferred or other securities to be issued pursuant to this Agreement or any Right Certificate or as to whether any
Series A Preferred or other securities will, when so issued, be validly authorized and issued, fully paid and nonassessable.

 

20.6.            Further
Assurance by Company. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent
for the carrying out or performing by the Rights Agent of the provisions of this Agreement.

 

20.7.            Authorized
Company Officers. The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its
duties hereunder from any person reasonably believed by the Rights Agent to be the President and Chief Executive Officer, the Chief Operating
Officer and Chief Financial Officer or the Corporate Secretary and Treasurer of the Company, and to apply to such officers for advice
or instructions in connection with its duties under this Agreement, and such advice or instructions shall provide full authorization
and protection to the Rights Agent and the Rights Agent, and it shall not be liable for any action taken, suffered or omitted to be taken
by it in accordance with the written advice or instructions of any such officer or for any delay in acting while waiting for these instructions.
The Rights Agent shall be fully authorized and protected in relying upon the most recent advice or instructions received by any such
officer. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth
in writing any action proposed to be taken or omitted by the Rights Agent with respect to its duties or obligations under this Agreement
and the date on and/or after which such action shall be taken or such omission shall be effective. The Rights Agent shall not be liable
for any action taken, suffered or omitted to be taken by, the Rights Agent in accordance with a proposal included in any such application
on or after the date specified therein (which date shall not be less than three (3) Business Days after the date any such officer
actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking,
suffering or omitting to take of any such action (or the effective date in the case of omission), the Rights Agent shall have received
written instructions in response to such application specifying the action to be taken, suffered or omitted to be taken.

 

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20.8.            Freedom
to Trade in Company Securities. The Rights Agent and any stockholder, director, officer, Affiliate or employee of the Rights Agent
may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which
the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not
Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or
for any other legal entity.

 

20.9.            Reliance
on Attorneys and Agents. The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any
duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for
any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting
from any such act, omission, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment
thereof (which gross negligence or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

20.10.          No
Risk of Own Funds. No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder or in the exercise any of its rights or powers if it believes
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

20.11.          Incomplete
Certificate. If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained
in the form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been completed
to certify the holder is not an Acquiring Person (or a Related Person of an Acquiring Person), the Rights Agent shall not take any further
action with respect to such requested exercise or transfer without first consulting with the Company; provided, however
that the Rights Agent shall not be liable for any delays arising from the duties under this Section 20.11.

 

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20.12.          Rights
Holders List. At any time and from time to time after the Distribution Date, upon the request of the Company, the Rights Agent shall
promptly deliver to the Company a list, as of the most recent practicable date (or as of such earlier date as may be specified by the
Company), of the holders of record of Rights.

 

20.13.          No
Interest. The Rights Agent shall have no responsibility to the Company, any holders of Rights, any holders of shares of Common Stock
or any other Person for interest or earnings on any moneys held by the Rights Agent pursuant to this Agreement.

 

20.14.          No
Notice. The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder,
including any event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in
writing of such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to
the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in Section 25 hereof, and in
the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.

 

20.15.          Miscellaneous.

 

20.15.1.       In
the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Rights Agent hereunder, the Rights Agent, may, in its sole discretion, refrain
from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder of any Rights Certificate
or Book-Entry Shares or any other Person for refraining from taking such action, unless the Rights Agent receives written instructions
signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Rights Agent.

 

20.15.2.       The
Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration
statement filed with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable
regulation or law.

 

20.15.3.       The
Rights Agent shall act hereunder solely as agent for the Company. The Rights Agent shall not assume any obligations or relationship of
agency or trust with any of the owners or holders of the Rights or Common Stock.

 

20.15.4.       The
Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by
an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or
other comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing;
or (b) any related law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter
have been altered, changed, amended or repealed.

 

20.15.5.       The
Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Rights with
respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility
to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

 

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Section 21.         Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement
upon thirty (30) days’ prior notice in writing mailed to the Company and to each transfer agent of the Common Stock and/or Series A
Preferred (if the Rights Agent is not also the transfer agent), as applicable, by registered or certified mail. Following the Distribution
Date, the Company shall promptly notify the holders of the Right Certificates by first-class mail of any such resignation. In the event
the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have
resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the Company
shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights Agent upon thirty
(30) days’ prior notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer
agent of the Common Stock and/or Series A Preferred, as applicable, by registered or certified mail, and to the holders of the Right
Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the resigning,
removed, or incapacitated Rights Agent shall remit to the Company, or to any successor Rights Agent designated by the Company, all books,
records, funds, certificates or other documents or instruments of any kind then in its possession which were acquired by such resigning,
removed or incapacitated Rights Agent in connection with its services as Rights Agent hereunder, and shall thereafter be discharged from
all duties and obligations hereunder but such predecessor Rights Agent shall not be required to make any additional expenditure or assume
any additional liability in connection with the foregoing. Following notice of such removal, resignation or incapacity, the Company shall
appoint a successor to such Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the
Company), then the registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of
a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be a Person (other than a natural
Person) organized and doing business under the laws of the State of New York or the State of Delaware (or any other state of the United
States so long as such corporation is authorized to do business as a banking institution in the State of New York or the State of Delaware)
in good standing, having an office in the State of New York or the State of Delaware, which is authorized under such laws to exercise
stock transfer or corporate trust powers and is subject to supervision or examination by Federal or state authority and which has at the
time of its appointment as Rights Agent a combined capital and surplus of at least $50 million. After appointment, the successor Rights
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time
held by it hereunder, and execute and deliver any further reasonable assurance, conveyance, act or deed necessary for the purpose, but
such predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in connection
with the foregoing. Not later than the effective date of any such appointment the Company shall file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Common Stock and/or Series A Preferred, as applicable, and, following the
Distribution Date, mail a notice thereof in writing to the registered holders of the Right Certificates. Failure to give any notice provided
for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal
of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

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Section 22.          Issuance
of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may,
at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its Board to reflect any adjustment or
change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable under the Right Certificates
made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Common Stock following
the Distribution Date and prior to the Expiration Date, the Company shall, with respect to Common Stock so issued or sold pursuant to
the exercise of stock options or under any employee plan or arrangement, granted or awarded, or upon exercise, conversion or exchange
of securities heretofore or hereinafter issued by the Company, in each case existing prior to the Distribution Date, issue Right Certificates
representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such
Right Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create
a significant risk of material adverse tax consequences to the Company or the Person to whom such Right Certificate would be issued and
(ii) no such Right Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made
in lieu of the issuance thereof.

 

Section 23.         Redemption
and Exemption.

 

23.1.            Right
to Redeem. The Board may, at its option, at any time prior to a Trigger Event, redeem all but not less than all of the then outstanding
Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend, recapitalization or
similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”),
and the Company may, at its option, pay the Redemption Price in Common Stock (based on the “current per share market price,”
determined pursuant to Section 11.4, of the Common Stock at the time of redemption), cash or any other form of consideration
deemed appropriate by the Board. The redemption of the Rights by the Board may be made effective at such time, on such basis and subject
to such conditions as the Board in its sole discretion may establish.

 

23.2.            Redemption
Procedures. Immediately upon the action of the Board ordering the redemption of the Rights (or at such later time as the Board may
establish for the effectiveness of such redemption), and without any further action and without any notice, the right to exercise the
Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price for each Right so
held. The Company shall promptly give public notice of such redemption (with prompt written notice of same to the Rights Agent); provided,
however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. The Company
shall promptly give, or cause the Rights Agent to give, notice of such redemption to the holders of the then outstanding Rights by mailing
such notice to all such holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution
Date, on the registry books of the transfer agent for the Common Stock. Any notice which is mailed in the manner herein provided shall
be deemed given, whether or not the holder receives the notice. Each such notice of redemption shall state the method by which the payment
of the Redemption Price will be made. The failure to give notice required by this Section 23.2 or any defect therein shall
not affect the validity of the action taken by the Company. Neither the Company nor any of its Affiliates or Associates may redeem, acquire
or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in
Section 27, and other than in connection with the purchase, acquisition or redemption of Common Stock prior to the Distribution
Date.

 

    39

     

    

 

23.3.            Stockholder
Referendum for Qualifying Offers.

 

23.3.1.         Stockholders
May Request Special Meeting. In the event the Company receives a Qualifying Offer and the Board has not redeemed the outstanding
Rights or exempted such Qualifying Offer from the terms of this Agreement or called a special meeting of stockholders for the purpose
of voting on whether or not to exempt such Qualifying Offer from the terms of this Agreement, in each case, by the end of ninety (90)
Business Days following the commencement of such Qualifying Offer within the meaning of Rule 14d-2(a) under the Exchange Act
(the “Board Evaluation Period”), the holders of record (or their duly authorized proxy) of at least ten percent (10%)
or more of the shares of Common Stock then outstanding (excluding shares of Common Stock that are Beneficially Owned by the Person making
the Qualifying Offer) (the “Requisite Percentage”) may submit to the Board, not earlier than seventy (70) Business
Days nor later than ninety (90) Business Days following the commencement of such Qualifying Offer within the meaning of Rule 14d-2(a) under
the Exchange Act, a written demand complying with the terms of this Section 23.3 (the “Special Meeting Demand”)
directing the Board to submit to a vote of stockholders at a special meeting of the stockholders of the Company (a “Special Meeting”)
a resolution exempting such Qualifying Offer from the provisions of this Agreement (the “Qualifying Offer Resolution”).
For purposes of a Special Meeting Demand, the record date for determining eligible holders of record shall be the sixtieth (60th) Business
Day following the commencement of such Qualifying Offer within the meaning of Rule 14d-2(a) under the Exchange Act. Any Special
Meeting Demand must be delivered to the Secretary of the Company at the principal executive offices of the Company and must set forth
as to the stockholders of record executing the request (i) the name and address of such stockholders, as they appear on the Company’s
books and records, (ii) the class and number of shares of Common Stock which are owned of record by each of such stockholders and
(iii) in the case of Common Stock that is owned beneficially by another Person, an executed certification by the holder of record
that such holder has executed such Special Meeting Notice only after obtaining instructions to do so from such beneficial owner.

 

23.3.2.         Special
Meeting. After receipt of Special Meeting Demands in proper form and in accordance with this Section 23.3 from a stockholder
or stockholders holding the Requisite Percentage, the Board shall take such actions as are necessary or desirable to cause the Qualifying
Offer Resolution to be so submitted to a vote of stockholders at a Special Meeting to be convened within ninety (90) Business Days following
the last day of the Board Evaluation Period (the “Special Meeting Period”) by including a proposal relating to adoption
of the Qualifying Offer Resolution in the proxy materials of the Company for the Special Meeting; provided, however, that
if the Company at any time during the Special Meeting Period and prior to a vote on the Qualifying Offer Resolution enters into a Definitive
Acquisition Agreement, the Special Meeting Period may be extended (and any Special Meeting called in connection therewith may be cancelled)
if the Qualifying Offer Resolution will be separately submitted to a vote at the same meeting as the Definitive Acquisition Agreement.
Subject to the requirements of applicable law, the Board may take a position in favor of or opposed to the adoption of the Qualifying
Offer Resolution, or no position with respect to the Qualifying Offer Resolution, as it determines to be appropriate in the exercise of
its fiduciary duties.

 

    40

     

    

 

23.3.3.         Exemption
for Qualifying Offer. In the event that no Person has become an Acquiring Person prior to the Exemption Date and the Qualifying Offer
continues to be a Qualifying Offer and either (i) the Special Meeting is not convened on or prior to the last day of the Special
Meeting Period (the “Outside Meeting Date”), or (ii) if, at the Special Meeting at which a quorum is present,
a majority of the shares of Common Stock outstanding as of the record date for the Special Meeting selected by the Board (excluding shares
of Common Stock beneficially owned by the Person making the Qualified Offer and such Person’s Related Persons) shall vote in favor
of the Qualifying Offer Resolution, then the Qualifying Offer shall be deemed exempt from the application of this Agreement in all respects
to such Qualifying Offer so long as it remains a Qualifying Offer, such exemption to be effective on the close of business on (i) the
Outside Meeting Date or (ii) the date on which the results of the vote on the Qualifying Offer Resolution at the Special Meeting
are certified as official by the appointed inspectors of election for the Special Meeting, as the case may be (the “Exemption
Date”). Notwithstanding anything herein to the contrary, no action or vote by stockholders not in compliance with the provisions
of this Section 23.3 shall serve to exempt any offer from the terms of this Agreement. Immediately upon the close of business
on the Exemption Date, and without any further action and without any notice, the right to exercise the Rights with respect to the Qualifying
Offer will terminate and, notwithstanding anything in this Agreement to the contrary, the consummation of the Qualifying Offer shall not
cause the offeror (or its Related Persons) to become an Acquiring Person; and the Rights shall immediately expire and have no further
force and effect upon such consummation.

 

Section 24.     Notice
of Certain Events. In case the Company shall propose at any time after the earlier of the Stock Acquisition Date and the Distribution
Date (a) to pay any dividend payable in stock of any class to the holders of Series A Preferred or to make any other distribution
to the holders of Series A Preferred (other than a regular periodic cash dividend at a rate not in excess of 125% of the rate of
the last regular periodic cash dividend theretofore paid or, in case regular periodic cash dividends have not theretofore been paid, at
a rate not in excess of 50% of the average net income per share of the Company for the four quarters ended immediately prior to the payment
of such dividends, or a stock dividend on, or a subdivision, combination or reclassification of the Common Stock), or (b) to offer
to the holders of Series A Preferred rights or warrants to subscribe for or to purchase any additional Series A Preferred or
shares of stock of any class or any other securities, rights or options, or (c) to effect any reclassification of its Series A
Preferred (other than a reclassification involving only the subdivision of outstanding Series A Preferred), or (d) to effect
any consolidation or merger into or with, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect
any sale or other transfer), in one or more transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries
(taken as a whole) to, any other Person (other than pursuant to a merger or other acquisition agreement of the type excluded from the
definition of “Beneficial Ownership” in Section 1.3), or (e) to effect the liquidation, dissolution or winding
up of the Company, or (f) to declare or pay any dividend on the Common Stock payable in Common Stock or to effect a subdivision,
combination or consolidation of the Common Stock (by reclassification or otherwise than by payment of dividends in Common Stock), then,
in each such case, the Company shall give to the Rights Agent and to each holder of a Right Certificate, in accordance with Section 25,
a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, distribution of rights
or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up
is to take place and the date of participation therein by the holders of the Series A Preferred and/or Common Stock, if any such
date is to be fixed, and such notice shall be so given in the case of any action covered by clause (a) or (b) above at least
ten (10) days prior to the record date for determining holders of the Series A Preferred for purposes of such action, and in
the case of any such other action, at least ten (10) days prior to the date of the taking of such proposed action or the date of
participation therein by the holders of the Series A Preferred and/or Common Stock, whichever shall be the earlier.

 

    41

     

    

 

In case any event set forth
in Section 11.1.2 or Section 13 shall occur, then, in any such case, (i) the Company shall as soon as practicable
thereafter give to the Rights Agent and to each holder of a Right Certificate, in accordance with Section 25, a notice of
the occurrence of such event, which notice shall describe the event and the consequences of the event to holders of Rights under Section 11.1.2
and Section 13, and (ii) all references in this Section 24 to Series A Preferred shall be deemed thereafter
to refer to Common Stock and/or, if appropriate, other securities.

 

Section 25.     Notices.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or
on the Company shall be sufficiently given or made if in writing and sent by overnight delivery service or first-class mail, postage prepaid,
addressed (until another address is filed in writing with the Rights Agent) or by facsimile transmission (with receipt confirmation) as
follows:

 

Spok Holdings, Inc. 

6850 Versar Center, Suite 420 

Springfield, VA 22151 

Attention: Corporate Secretary and Treasurer

 

Subject to the provisions of Section 21
and Section 24, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any
Right Certificate to or on the Rights Agent shall be sufficiently given or made if in writing and sent by overnight delivery service or
first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) or by facsimile transmission
(with receipt confirmation) as follows:

 

Computershare Trust Company, N.A. 

150 Royall Street 

Canton, MA 02021 

Attention: Client Services

Facsimile: (781) 575-4210

 

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Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to the holder of any Right Certificate (or, prior to the Distribution Date, to
the holder of any certificate representing Common Stock or of any Book Entry Shares) shall be sufficiently given or made if sent by first-class
mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company or the transfer
agent or registrar for the Common Stock; provided that prior to the Distribution Date a filing by the Company with the Securities and
Exchange Commission shall constitute sufficient notice to the holders of securities of the Company, including the Rights, for purposes
of this Agreement and no other notice need be given.

 

Section 26.     Supplements
and Amendments. For so long as the Rights are then redeemable, the Company may in its sole and absolute discretion, and the Rights
Agent shall, if the Company so directs (subject to the terms of this Section 26), supplement or amend any provision of this
Agreement in any respect without the approval of any holders of Rights or Common Stock. From and after the time that the Rights are no
longer redeemable, the Company may, and the Rights Agent shall, if the Company so directs, from time to time supplement or amend this
Agreement without the approval of any holders of Rights (i) to cure any ambiguity or to correct or supplement any provision contained
herein which may be defective or inconsistent with any other provisions herein or (ii) to make any other changes or provisions in
regard to matters or questions arising hereunder which the Company may deem necessary or desirable, including but not limited to extending
the Final Expiration Date; provided, however, that no such supplement or amendment shall adversely affect the interests of the
holders of Rights as such (other than an Acquiring Person or a Related Person of an Acquiring Person), and no such supplement or amendment
may cause the Rights again to become redeemable or cause this Agreement again to become amendable as to an Acquiring Person or a Related
Person of an Acquiring Person, other than in accordance with this sentence; provided further, that the right of the Board to extend
the Distribution Date shall not require any amendment or supplement hereunder. Upon the delivery of a certificate from an appropriate
officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 26,
the Rights Agent shall execute such supplement or amendment. Notwithstanding anything in this Agreement to the contrary, the Rights Agent
shall not be required to execute any supplement or amendment to this Agreement that it has determined would adversely affect its own rights,
duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly executed
by the Rights Agent and the Company.

 

Section 27.     Exchange.

 

27.1.            Exchange
of Common Stock for Rights. The Board may, at its option, at any time after the occurrence of a Trigger Event, exchange Common Stock
for all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions
of Section 11.1.2) by exchanging at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect
any stock split, stock dividend or similar transaction occurring after the date hereof (such amount per Right being hereinafter referred
to as the “Exchange Consideration”). Notwithstanding the foregoing, the Board shall not be empowered to effect such
exchange at any time after any Acquiring Person shall have become the Beneficial Owner of 50% or more of the Common Stock then outstanding.
From and after the occurrence of an event specified in Section 13.1, any Rights that theretofore have not been exchanged pursuant
to this Section 27.1 shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged
pursuant to this Section 27.1. The exchange of the Rights by the Board may be made effective at such time, on such basis and
with such conditions as the Board in its sole discretion may establish. Without limiting the foregoing, prior to effecting an exchange
pursuant to this Section 27, the Board may direct the Company to enter into a Trust Agreement in such form and with such terms
as the Board shall then approve (the “Trust Agreement”). If the Board so directs, the Company shall enter into the
Trust Agreement and shall issue to the trust created by such agreement (the “Trust”) all of the Common Stock issuable
pursuant to the exchange (or any portion thereof that has not theretofore been issued in connection with the exchange). From and after
the time at which such shares are issued to the Trust, all stockholders then entitled to receive shares pursuant to the exchange shall
be entitled to receive such shares (and any dividends or distributions made thereon after the date on which such shares are deposited
in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement. Any Common
Stock or Series A Preferred issued at the direction of the Board in connection herewith shall be validly issued, fully paid and nonassessable
Common Stock or Series A Preferred (as the case may be), and the Company shall be deemed to have received as consideration for such
issuance a benefit having a value that is at least equal to the aggregate par value of the shares so issued.

 

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27.2.            Exchange
Procedures. Immediately upon the effectiveness of the action of the Board ordering the exchange for any Rights pursuant to Section 27.1
and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter
of a holder of such Rights shall be to receive the Exchange Consideration. The Company shall promptly give public notice of any such exchange;
provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The
Company promptly shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear
upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or
not the holder receives the notice. Each such notice of exchange shall state the method by which the exchange of the Common Stock for
Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange
shall be effected pro rata based on the number of Rights (other than the Rights that have become void pursuant to the provisions of Section 11.1.2)
held by each holder of Rights.

 

27.3.            Insufficient
Shares. The Company may at its option substitute, for each share of Common Stock that would otherwise be issuable upon exchange of
a Right, (i) a number of shares of Series A Preferred or fraction thereof (or equivalent preferred stock, as such term is defined
in Section 11.2), (ii) cash, (iii) other equity securities of the Company or common stock equivalents, as such term
is defined in Section 11.1.3), (iv) debt securities of the Company, (v) other assets or (vi) any combination
of the foregoing, in each case having an aggregate value equal to the current per share market price of one share of Common Stock (determined
pursuant to Section 11.4) as of the date of such exchange. In the event that there shall not be sufficient shares of Common
Stock issued but not outstanding or authorized but unissued and otherwise available for issuance to permit an exchange of Rights for Common
Stock as contemplated in accordance with this Section 27, the Company shall substitute to the extent of such insufficiency,
for each share of Common Stock that would otherwise be issuable upon exchange of a Right, consideration of any type described in Section 11.1.3(B)(1)-(7),
which consideration shall have an aggregate current per share market price (determined pursuant to Section 11.4 hereof) equal
to the current per share market price of one share of Common Stock (determined pursuant to Section 11.4 hereof) as of the
date of such exchange.

 

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Section 28.     Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

 

Section 29.     Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person or corporation other than the Company, the Rights
Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock) any legal or equitable
right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights
Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock).

 

Section 30.     Determination
and Actions by the Board or Committee Thereof. Without limiting the rights and immunities of the Rights Agent under this Agreement,
the Board, or a duly authorized committee thereof, shall have the exclusive power and authority to administer this Agreement and to exercise
the rights and powers specifically granted to the Board or to the Company, or as may be necessary or advisable in the administration of
this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make
all determinations deemed necessary or advisable for the administration of this Agreement (including, without limitation, a determination
to redeem or not redeem the Rights or amend this Agreement). In administering this Agreement and exercising the rights and powers specifically
granted to the Board and to the Company hereunder, and in interpreting this Agreement and making any determination hereunder, the Board,
or a duly authorized committee thereof, may consider any and all facts, circumstances or information it deems to be necessary, useful
or appropriate. Without limiting the rights and immunities of the Rights Agent under this Agreement, all such actions, calculations, interpretations
and determinations that are done or made by the Board, or a duly authorized committee thereof, in good faith shall be final, conclusive
and binding on the Company, the Rights Agent, the holders of the Rights, as such, and all other parties to the fullest extent permitted
by applicable law. The Rights Agent is entitled always to assume the Company’s Board of Directors acted in good faith and shall
be fully protected and incur no liability in reliance thereon. Without limiting the foregoing, nothing contained herein shall be construed
to suggest or imply that the Board shall not be entitled to reject any Qualifying Offer or any other tender offer or other acquisition
proposal, or to recommend that holders of Common Stock reject any Qualifying Offer or any other tender offer or other acquisition proposal,
or to take any other action (including, without limitation, the commencement, prosecution, defense or settlement of any litigation and
the submission of additional or alternative offers or other proposals) with respect to any Qualifying Offer or any other tender offer
or other acquisition proposal that the Board believes is necessary or appropriate in the exercise of such fiduciary duty.

 

Section 31.     Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated; provided, however, that if such excluded provision
shall affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign
immediately upon written notice to the Company.

 

    45

     

    

 

Section 32.     Governing
Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the internal laws of the
State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts
to be made and performed entirely within such State.

 

Section 33.     Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically
shall have the same authority, effect and enforceability as an original signature.

 

Section 34.     Force
Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures
in performance resulting from acts beyond its reasonable control including, without limitation, acts of God (including, but not limited,
natural disasters, catastrophic events, epidemics and pandemics), terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions
or malfunctions of any utilities, communications, or computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, civil unrest, or any act or provision of any present or future
law or regulation or governmental authority, military disobedience or disorder, riot, rebellion, insurrection, fire, earthquake, storm,
flood, strike, or work stoppage.

 

Section 35.     Descriptive
Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control or
affect the meaning or construction of any of the provisions hereof.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed, as of the day and year first above written.

 

	 	SPOK HOLDINGS, INC.

 

	 	By	/s/ Sharon Woods Keisling
	 	 	Name: Sharon Woods Keisling
	 	 	Title: Corporate Secretary &  Treasurer

 

	 	Computershare Trust
    Company, N.A.

 

	 	By	/s/ Kathleen Whelply
	 	 	Name: Kathleen Whelply
	 	 	Title: Manager, Client Management

 

     

     

    

 

EXHIBIT A

 

FORM OF

CERTIFICATE
OF DESIGNATIONS

 

of

 

SERIES A
JUNIOR PARTICIPATING PREFERRED STOCK

 

of

 

Spok Holdings, Inc.

 

(Pursuant to Section 151 of the

Delaware General Corporation Law)

 

 

 

Spok Holdings, Inc., a
corporation organized and existing under the General Corporation Law of the State of Delaware (hereinafter called the “Corporation”),
hereby certifies that the following resolution was adopted by the Board of Directors of the Corporation (hereinafter called the “Board
of Directors” or the “Board”) as required by Section 151 of the General Corporation Law at a meeting
duly called and held on September 2, 2021.

 

RESOLVED, that pursuant to the
authority expressly granted to and vested in the Board in accordance with the provisions of the Amended and Restated Certificate of Incorporation
of the Corporation, the Board hereby creates a series of Preferred Stock, par value $0.0001 per share (the “Preferred Stock”),
of the Corporation and hereby states the designation and number of shares, and fixes the relative rights, powers and preferences, and
qualifications, limitations and restrictions thereof as follows:

 

Section 1.            Designation
and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock” (the
 “Series A Preferred”) and the number of shares constituting the Series A Preferred shall be 7,500,000. Such
number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall
reduce the number of shares of Series A Preferred to a number less than the number of shares then outstanding plus the number of
shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities
issued by the Corporation convertible into Series A Preferred.

 

    A-1

     

    

 

Section 2.               Dividends
and Distributions.

 

(A)          Subject
to the prior and superior rights of the holders of any shares of any class or series of stock of this Corporation ranking prior and superior
to the Series A Preferred with respect to dividends, the holders of shares of Series A Preferred, in preference to the holders
of Common Stock, par value $0.0001 per share (the “Common Stock”), of the Corporation, and of any other stock ranking
junior to the Series A Preferred, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally
available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in each
year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly
Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred, in an amount per share (rounded
to the nearest cent) equal to the greater of (a) $1.00 or (b) subject to the provision for adjustment hereinafter set forth,
10 times the aggregate per share amount of all cash dividends, and 10 times the aggregate per share amount (payable in kind) of all non-cash
dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of
Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment
Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A
Preferred. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise
than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such
case the amount to which holders of shares of Series A Preferred were entitled immediately prior to such event under clause (b) of
the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.

 

(B)           The
Corporation shall declare a dividend or distribution on the Series A Preferred as provided in paragraph (A) of this Section 2
immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock);
provided that, in the event no dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly
Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series A Preferred
shall nevertheless be payable when, as and if declared by the Board of Directors, in accordance with paragraph (A) above on such
subsequent Quarterly Dividend Payment Date.

 

(C)           Dividends
shall begin to accrue and be cumulative on outstanding shares of Series A Preferred from the Quarterly Dividend Payment Date next
preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly
Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless
the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares
of Series A Preferred entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which
events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends
shall not bear interest. Dividends paid on the shares of Series A Preferred in an amount less than the total amount of such dividends
at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time
outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series A Preferred entitled
to receive payment of a dividend or distribution declared thereon, which record date shall be not more than sixty (60) days prior to
the date fixed for the payment thereof.

 

    A-2

     

    

 

Section 3.               Voting
Rights. The holders of shares of Series A Preferred shall have the following voting rights:

 

(A)          Subject
to the provision for adjustment hereinafter set forth, each share of Series A Preferred shall entitle the holder thereof to 10 votes
on all matters submitted to a vote of the shareholders of the Corporation. In the event the Corporation shall at any time declare or
pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of
Series A Preferred were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the
numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

 

(B)           Except
as otherwise provided herein, in any other Certificate of Designations creating a series of Preferred Stock or any similar stock, or by
law, the holders of shares of Series A Preferred and the holders of shares of Common Stock and any other capital stock of the Corporation
having general voting rights shall vote together as one class on all matters submitted to a vote of shareholders of the Corporation.

 

(C)           Except
as set forth herein, or as otherwise provided by law, holders of Series A Preferred shall have no special voting rights and their
consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking
any corporate action.

 

(D)           If,
at the time of any annual meeting of stockholders for the election of directors, the equivalent of six quarterly dividends (whether or
not consecutive) payable on any share or shares of Series A Preferred are in default, the number of directors constituting the Board
of Directors of the Corporation shall be increased by two. In addition to voting together with the holders of Common Stock for the election
of other directors of the Corporation, the holders of record of the Series A Preferred, voting separately as a class to the exclusion
of the holders of Common Stock, shall be entitled at such meeting of stockholders (and at each subsequent annual meeting of stockholders),
unless all dividends in arrears on the Series A Preferred have been paid or declared and set apart for payment prior thereto, to
vote for the election of two directors of the Corporation, the holders of any Series A Preferred being entitled to cast a number
of votes per share of Series A Preferred as is specified in paragraph (A) of this Section 3. Each such additional
director shall serve until the next annual meeting of stockholders for the election of directors, or until his successor shall be elected
and shall qualify, or until his right to hold such office terminates pursuant to the provisions of this Section 3(D). Until
the default in payments of all dividends which permitted the election of said directors shall cease to exist, any director who shall
have been so elected pursuant to the provisions of this Section 3(D) may be removed at any time, without cause, only
by the affirmative vote of the holders of the shares of Series A Preferred at the time entitled to cast a majority of the votes
entitled to be cast for the election of any such director at a special meeting of such holders called for that purpose, and any vacancy
thereby created may be filled by the vote of such holders. If and when such default shall cease to exist, the holders of the Series A
Preferred shall be divested of the foregoing special voting rights, subject to revesting in the event of each and every subsequent like
default in payments of dividends. Upon the termination of the foregoing special voting rights, the terms of office of all persons who
may have been elected directors pursuant to said special voting rights shall forthwith terminate, and the number of directors constituting
the Board of Directors shall be reduced by two. The voting rights granted by this Section 3(D) shall be in addition
to any other voting rights granted to the holders of the Series A Preferred in this Section 3.

 

    A-3

     

    

 

Section 4.               Certain
Restrictions.

 

(A)          Whenever
quarterly dividends or other dividends or distributions payable on the Series A Preferred as provided in Section 2 are
in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A
Preferred outstanding shall have been paid in full, the Corporation shall not:

 

(i)             declare
or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Preferred;

 

(ii)            declare
or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series A Preferred, except dividends paid ratably on the Series A Preferred and all such
parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares
are then entitled;

 

(iii)           redeem
or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series A Preferred, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares
of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (both as to dividends and upon dissolution,
liquidation or winding up) to the Series A Preferred; or

 

(iv)           redeem
or purchase or otherwise acquire for consideration any shares of Series A Preferred, or any shares of stock ranking on a parity
with the Series A Preferred, except in accordance with a purchase offer made in writing or by publication (as determined by the
Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual
dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result
in fair and equitable treatment among the respective series or classes.

 

    A-4

     

    

 

(B)           The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire
such shares at such time and in such manner.

 

Section 5.               Reacquired
Shares. Any shares of Series A Preferred purchased or otherwise acquired by the Corporation in any manner whatsoever shall be
retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued
shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on
issuance set forth herein, in the Amended and Restated Certificate of Incorporation of the Corporation or in any other Certificate of
Designations creating a series of Preferred Stock or any similar stock or as otherwise required by law.

 

Section 6.               Liquidation,
Dissolution or Winding Up.

 

(A)          Upon
any liquidation, dissolution or winding up of the Corporation, voluntary or otherwise no distribution shall be made (i) to the holders
of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred
unless, prior thereto, the holders of Series A Preferred shall have received an amount per share (the “Series A Preferred
Liquidation Preference”) equal to $10 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon,
whether or not declared, to the date of such payment, provided that the holders of shares of Series A Preferred shall be entitled
to receive an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 10 times the aggregate
amount to be distributed per share to holders of Common Stock, or (ii) to the holders of shares of stock ranking on a parity (either
as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred, except distributions made ratably on
the Series A Preferred and all such parity stock in proportion to the total amounts to which the holders of all such shares are
entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time declare or pay any dividend
on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares
of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number
of shares of Common Stock, then in each such case the aggregate amount to which holders of Series A Preferred were entitled immediately
prior to such event under the proviso in clause (i) of the preceding sentence shall be adjusted by multiplying such amount by a
fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator
of which is the number of shares of Common Stock that are outstanding immediately prior to such event.

 

    A-5

     

    

 

(B)           In
the event, however, that there are not sufficient assets available to permit payment in full of the Series A Preferred Liquidation
Preference and the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity
with the Series A Preferred in respect thereof, then the assets available for such distribution shall be distributed ratably to
the holders of the Series A Preferred and the holders of such parity shares in proportion to their respective liquidation preferences.

 

(C)           Neither
the merger or consolidation of the Corporation into or with another corporation nor the merger or consolidation of any other corporation
into or with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of
this Section 6.

 

Section 7.               Consolidation,
Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the
shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case
each share of Series A Preferred shall at the same time be similarly exchanged or changed into an amount per share, subject to the
provision for adjustment hereinafter set forth, equal to 10 times the aggregate amount of stock, securities, cash and/or any other property
(payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Corporation
shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination
or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of
Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding
sentence with respect to the exchange or change of shares of Series A Preferred shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator
of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

 

Section 8.               No
Redemption. The Series A Preferred shall not be redeemable by the Corporation.

 

Section 9.               Rank.
The Series A Preferred shall rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution
or winding up, junior to all series of any other class of the Corporation’s Preferred Stock, except to the extent that any such
other series specifically provides that it shall rank on a parity with or junior to the Series A Preferred.

 

Section 10.             Amendment.
At any time any shares of Series A Preferred are outstanding, the Amended and Restated Certificate of Incorporation of the Corporation
shall not be further amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A
Preferred so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares
of Series A Preferred, voting separately as a single class.

 

Section 11.             Fractional
Shares. Series A Preferred may be issued in fractions of a share that shall entitle the holder, in proportion to such holder’s
fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights
of holders of Series A Preferred.

 

*          *          *

 

    A-6

     

    

 

EXHIBIT B

 

[Form of Right Certificate]

 

	Certificate No. R-	 	             Rights

 

NOT EXERCISABLE AFTER AUGUST 31, 2022
OR EARLIER IF NOTICE OF REDEMPTION OR EXCHANGE IS GIVEN OR IF THE COMPANY IS MERGED OR ACQUIRED PURSUANT TO AN AGREEMENT OF THE TYPE DESCRIBED
IN SECTION 13.3 OF THE AGREEMENT. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.01 PER RIGHT, AND TO EXCHANGE ON THE TERMS SET FORTH
IN THE AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN SECTION 11.1.2 OF THE AGREEMENT), RIGHTS BENEFICIALLY OWNED BY OR
TRANSFERRED TO AN ACQUIRING PERSON (AS DEFINED IN THE AGREEMENT), OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS, WILL BECOME NULL AND VOID AND
WILL NO LONGER BE TRANSFERABLE.

 

Right Certificate

 

Spok
Holdings, Inc.

 

This certifies that ________________,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject
to the terms, provisions and conditions of the Rights Agreement, dated as of September 2, 2021, as the same may be amended from time
to time (the “Agreement”), between Spok Holdings, Inc., a Delaware corporation (the “Company”),
and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (and any successor rights agent thereto the
 “Rights Agent”), to purchase from the Company at any time after the Distribution Date and prior to 5:00 P.M. (New
York time) on August 31, 2022, at the offices of the Rights Agent, or its successors as Rights Agent, designated for such purpose,
one tenth of a fully paid, nonassessable share of Series A Junior Participating Preferred Stock, par value $0.0001 per share (the
 “Series A Preferred”), of the Company, at a purchase price of $50.95 per one tenth of a share of Series A
Preferred, subject to adjustment (the “Purchase Price”), upon presentation and surrender of this Right Certificate
with the Form of Election to Purchase and certification duly executed. The number of Rights evidenced by this Right Certificate (and
the number of tenths of a share of Series A Preferred which may be purchased upon exercise thereof) set forth above, and the Purchase
Price set forth above, are the number and Purchase Price as of September 2, 2021, based on the Series A Preferred as constituted
at such date. Capitalized terms used in this Right Certificate without definition shall have the meanings ascribed to them in the Agreement.
As provided in the Agreement, the Purchase Price and the number of shares of Series A Preferred which may be purchased upon the exercise
of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events.

 

This Right Certificate is subject
to all of the terms, provisions and conditions of the Agreement, which terms, provisions and conditions are hereby incorporated herein
by reference and made a part hereof and to which Agreement reference is hereby made for a full description of the rights, limitations
of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates. Copies
of the Agreement are on file at the principal offices of the Company and the offices of the Rights Agent designated for such purposes.

 

    B-1

     

    

 

This Right Certificate, with
or without other Right Certificates, upon surrender at the offices of the Rights Agent designated for such purpose, may be exchanged for
another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate
number of tenths of a share of Series A Preferred as the Rights evidenced by the Right Certificate or Right Certificates surrendered
shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised.

 

Subject to the provisions of
the Agreement, the Board may, at its option, (i) redeem the Rights evidenced by this Right Certificate at a redemption price of $0.01
per Right or (ii) exchange Common Stock for the Rights evidenced by this Certificate, in whole or in part.

 

No fractional Series A
Preferred will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions of Series A Preferred which
are integral multiples of one tenth of a share of Series A Preferred, which may, at the election of the Company, be evidenced by
depository receipts), but in lieu thereof a cash payment will be made, as provided in the Agreement.

 

No holder of this Right Certificate,
as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Series A Preferred or of any
other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Agreement
or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote
for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Agreement), or to
receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been
exercised as provided in the Agreement.

 

This Right Certificate shall
not be valid or binding for any purpose until it shall have been countersigned by the Rights Agent.

 

    B-2

     

    

 

WITNESS the facsimile signature
of the proper officers of the Company and its corporate seal.

 

Dated as of __________, 20__.

 

Attest: SPOK HOLDINGS, INC.

 

	By	 	 	By	 
	 	Title:	 	 	Title:

 

Countersigned:

 

COMPUTERSHARE
TRUST COMPANY, N.A.,

as Rights Agent

 

	By	 	 
	 	Authorized Signature	 

 

    B-3

     

    

 

Form of Reverse Side of Right Certificate

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder if such
holder 

desires to transfer the Right Certificate.)

 

	FOR VALUE RECEIVED	 

	hereby sells, assigns and transfers unto	 

 

  

 

(Please print name and address 

of transferee)

 

Rights
evidenced by this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and
appoint                  Attorney, to transfer
the within Right Certificate on the books of the within-named Company, with full power of substitution.

 

	Dated:	 	 

 

	 	Signature

 

	Signature Medallion Guaranteed:	 
	 	 
	 	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” as defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934,
as amended, which is a member of a recognized Medallion Signature Guarantee Program.

 

    B-4

     

    

 

The undersigned
hereby certifies that:

 

(1)           the
Rights evidenced by this Right Certificate are not Beneficially Owned by and are not being assigned to an Acquiring Person or a Related
Person of an Acquiring Person; and

 

(2)           after
due inquiry and to the best knowledge of the undersigned, the undersigned did not acquire the Rights evidenced by this Right Certificate
from any Person who is, was or subsequently became an Acquiring Person or a Related Person of an Acquiring Person.

 

	Dated:	 	 

 

	 	Signature

 

    B-5

     

    

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to

exercise the Right Certificate.)

 

To: Spok Holdings, Inc.

 

The undersigned hereby irrevocably
elects to exercise __________________ Rights represented by this Right Certificate to purchase the Series A Preferred issuable upon
the exercise of such Rights (or such other securities or property of the Company or of any other Person which may be issuable upon the
exercise of the Rights) and requests that certificates for such stock (or such other securities or property of the Company or of any other
Person which may be issuable upon the exercise of the Rights) be issued in the name of (or to, as the case may be):

 

	 	 
	(Please print name and address)	 

 

	 	 

 

If such number of Rights shall not be all the
Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the
name of and delivered to:

 

	Please insert social security	 
	or other identifying number	 	 

 

	 	 
	(Please print name and address)	 

 

	 	 

 

 

	 	Signature

 

	Signature Medallion Guaranteed:	 
	 	 
	 	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” as defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934,
as amended, which is a member of a recognized Medallion Signature Guarantee Program.

 

    B-6

     

    

 

The undersigned hereby certifies that:

 

(1)           the
Rights evidenced by this Right Certificate are not Beneficially Owned by and are not being assigned to an Acquiring Person or a Related
Person of an Acquiring Person; and

 

(2)           after
due inquiry and to the best knowledge of the undersigned, the undersigned did not acquire the Rights evidenced by this Right Certificate
from any Person who is, was or subsequently became an Acquiring Person or a Related Person of an Acquiring Person.

 

	Dated:	 	 

 

	 	Signature

 

 

NOTICE

 

The signature in the foregoing
Form of Assignment and Form of Election to Purchase must conform to the name as written upon the face of this Right Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

In the event the certification
set forth above in the Form of Assignment or Form of Election to Purchase is not completed, the Company will deem the Beneficial
Owner of the Rights evidenced by this Right Certificate to be an Acquiring Person or a Related Person of an Acquiring Person and such
Assignment or Election to Purchase will not be honored.

 

    B-7

     

    

 

 

EXHIBIT C

 

As described in the Rights Agreement, Rights
which are

held
by or have been held by an Acquiring Person or any Related Persons of an Acquiring

 Person (as such terms are defined in the Rights Agreement)
and certain transferees thereof shall 

become null and void and will no longer be transferable.

 

SUMMARY OF RIGHTS TO PURCHASE

PREFERRED STOCK

 

On September 2, 2021 the
Board of Directors of Spok Holdings, Inc. (the “Company”) declared a dividend of one preferred stock purchase
right (a “Right”) for each share of Common Stock, par value $0.0001 (the “Common Stock”), of the
Company outstanding at the close of business on September 17, 2021 (the “Record Date”). As long as the Rights
are attached to the Common Stock, the Company will issue one Right (subject to adjustment) with each new share of Common Stock so that
all such shares will have attached Rights. When exercisable, each Right will entitle the registered holder to purchase from the Company
one tenth of a share of Series A Junior Participating Preferred Stock (the “Series A Preferred”) of the Company
at a price of $50.95 per one tenth of a share of Series A Preferred, subject to certain anti-dilution adjustments (the “Purchase
Price”). The description and terms of the Rights are set forth in a Rights Agreement, dated as of September 2, 2021, as
the same may be amended from time to time (the “Agreement”), between the Company and Computershare Trust Company, N.A.,
as Rights Agent (the “Rights Agent”).

 

Until
the earlier to occur of (i) the close of business on the tenth (10th) business day following a public announcement that
a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 10% (20%
in the case of a Passive Institutional Investor) or more of the Common Stock (including certain synthetic equity positions created by
derivative securities, which are treated as beneficial ownership of the number of shares of Common Stock equivalent to the economic exposure
created by the synthetic equity position, to the extent actual shares of Common Stock are directly or indirectly beneficially owned by
a counterparty to the synthetic equity position) (an “Acquiring Person”) or (ii) the close of business
on the tenth (10th) business day (or such later date as may be determined by action of the Board of Directors prior to such
time as any person or group of affiliated persons becomes an Acquiring Person) following the commencement or announcement of an intention
to make a tender offer or exchange offer the consummation of which would result in a person or group becoming an Acquiring Person (the
earlier of (i) and (ii) being called the “Distribution Date”), the Rights will be evidenced, with respect
to any of the Common Stock certificates outstanding as of the Record Date, by such Common Stock certificates or, with respect to any uncertificated
Common Stock registered in book entry form, by notation in book entry, in either case together with a copy of this Summary of Rights.
The Agreement provides that any person who beneficially owned 10% or more of the Common Stock immediately prior to the first public announcement
of the adoption of the Agreement, together with any affiliates and associates of that person (each an “Existing Holder”),
shall not be deemed to be an “Acquiring Person” for purposes of the Agreement unless the Existing Holder becomes the beneficial
owner of one or more additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company
on the outstanding Common Stock in Common Stock or pursuant to a split or subdivision of the outstanding Common Stock). However, if upon
acquiring beneficial ownership of one or more additional shares of Common Stock, the Existing Holder does not beneficially own 10% or
more (20% or more in the case of a passive institutional investor) of the Common Stock then outstanding, the Existing Holder shall not
be deemed to be an “Acquiring Person” for purposes of the Agreement.

 

    C-1 

     

    

 

The Agreement provides that
until the Distribution Date (or earlier redemption, exchange, termination or expiration of the Rights), the Rights will be transferred
with and only with the Common Stock. Until the Distribution Date (or earlier redemption, exchange, termination or expiration of the Rights),
new Common Stock certificates issued after the close of business on the Record Date upon transfer or new issuance of the Common Stock
will contain a notation incorporating the Agreement by reference, and the Company will deliver a notice to that effect upon the transfer
or new issuance of book entry shares. Until the Distribution Date (or earlier redemption, exchange, termination or expiration of the Rights),
the surrender for transfer of any certificates for Common Stock or any book entry shares, with or without such notation, notice or a copy
of this Summary of Rights, will also constitute the transfer of the Rights associated with the Common Stock represented by such certificate
or the book entry shares. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (“Right
Certificates”) will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date
and such separate Right Certificates alone will evidence the Rights.

 

The Rights are not exercisable
until the Distribution Date. The Rights will expire on August 31, 2022, subject to the Company’s right to extend such date
(the “Final Expiration Date”), unless earlier redeemed or exchanged by the Company or terminated.

 

Each share of Series A
Preferred purchasable upon exercise of the Rights will be entitled, when, as and if declared, to a minimum preferential quarterly dividend
payment of $1.00 per share or, if greater, an aggregate dividend of 10 times the dividend, if any, declared per share of Common Stock.
In the event of liquidation, dissolution or winding up of the Company, the holders of the Series A Preferred will be entitled to
a minimum preferential liquidation payment of $10 per share (plus any accrued but unpaid dividends), provided that such holders of the
Series A Preferred will be entitled to an aggregate payment of 10 times the payment made per share of Common Stock. Each share of
Series A Preferred will have 10 votes and will vote together with the Common Stock. Finally, in the event of any merger, consolidation
or other transaction in which shares of Common Stock are exchanged, each share of Series A Preferred will be entitled to receive
10 times the amount received per share of Common Stock. Series A Preferred will not be redeemable. These rights are protected by
customary antidilution provisions. Because of the nature of the Series A Preferred’s dividend, liquidation and voting rights,
the value of one tenth of a share of Series A Preferred purchasable upon exercise of each Right should approximate the value of one
share of Common Stock.

 

The Purchase Price payable,
and the number of shares of Series A Preferred or other securities or property issuable, upon exercise of the Rights are subject
to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification
of the Series A Preferred, (ii) upon the grant to holders of the Series A Preferred of certain rights or warrants to subscribe
for or purchase Series A Preferred or convertible securities at less than the current market price of the Series A Preferred
or (iii) upon the distribution to holders of the Series A Preferred of evidences of indebtedness, cash, securities or assets
(excluding regular periodic cash dividends at a rate not in excess of 125% of the rate of the last regular periodic cash dividend theretofore
paid or, in case regular periodic cash dividends have not theretofore been paid, at a rate not in excess of 50% of the average net income
per share of the Company for the four quarters ended immediately prior to the payment of such dividend, or dividends payable in Series A
Preferred (which dividends will be subject to the adjustment described in clause (i) above)) or of subscription rights or warrants
(other than those referred to above).

 

    C-2 

     

    

 

In the event that a Person becomes
an Acquiring Person or if the Company were the surviving corporation in a merger with an Acquiring Person or any affiliate or associate
of an Acquiring Person and shares of the Common Stock were not changed or exchanged, each holder of a Right, other than Rights that are
or were acquired or beneficially owned by the Acquiring Person (which Rights will thereafter be void), will thereafter have the right
to receive upon exercise that number of shares of Common Stock having a market value of two times the then current Purchase Price of the
Right. In the event that, after a Person has become an Acquiring Person, the Company were acquired in a merger or other business combination
transaction or more than 50% of its assets or earning power were sold, proper provision shall be made so that each holder of a Right shall
thereafter have the right to receive, upon the exercise thereof at the then current Purchase Price of the Right, that number of shares
of common stock of the acquiring company which at the time of such transaction would have a market value of two times the then current
Purchase Price of the Right.

 

At any time after a Person becomes
an Acquiring Person and prior to the earlier of one of the events described in the last sentence of the previous paragraph or the acquisition
by such Acquiring Person of 50% or more of the then outstanding Common Stock, the Board of Directors may cause the Company to exchange
the Rights (other than Rights owned by an Acquiring Person which will have become void), in whole or in part, for shares of Common Stock
at an exchange rate of one share of Common Stock per Right (subject to adjustment).

 

In the event that the Company receives a Qualifying
Offer, the right to exercise the Rights with respect to the Qualifying Offer may be terminated by way of a stockholder action taken at
a special meeting of the stockholders called by the Board of Directors for the purpose of voting on a resolution exempting the Qualifying
Offer from the provisions of the Agreement. The holders of record of at least ten percent (10%) or more of the shares of Common Stock
then outstanding (excluding shares of Common Stock that are beneficially owned by the person making the Qualifying Offer) may submit to
the Board of Directors a written demand requesting that the Board of Directors call such a special meeting of the stockholders. The special
meeting may be requested not earlier than ninety (90) nor later than 120 business days following the commencement of a Qualifying Offer.
The special meeting shall be convened within ninety (90) business days following the Board of Director’s receipt of a request for
such special meeting that is proper and timely pursuant to the Agreement. If, at such special meeting, holders of a majority of the shares
of Common Stock entitled to vote thereon vote in favor of exempting the Rights, then the Qualifying Offer shall be deemed exempt from
the Agreement as of the tenth (10th) business day after the results are certified. If such a special meeting is not held on
or prior to the ninetieth (90th) day after a qualifying request is received (or later if the Company enters into a definitive
acquisition agreement), then the Qualifying Offer shall be deemed exempt from the Agreement after ten (10) business days. However,
the Company is not required to hold such a meeting unless the Qualifying Offer at issue has an expiration date which is at least ten (10) business
days after such special meeting, and any obligations of the Company to hold such a special meeting or to exempt the Rights in connection
therewith are void in the event any person, entity or group becomes an Acquiring Person. In any event, upon the effective date of the
exemption of the Rights, the right to exercise the Rights with respect to the Qualifying Offer will terminate.

 

    C-3 

     

    

 

A “Qualifying Offer”
is a fully financed all-cash tender offer or an exchange offer for common stock of the offerer, or a combination thereof, in each case
for all of the outstanding shares of Common Stock at the same per-share consideration, that is determined to have the following characteristics,
among other things: (a) commenced under the rules of the Securities and Exchange Commission; (b) meets certain price requirements;
(c) does not result in an investment banking firm issuing an inadequacy opinion; (d) if it is an exchange offer, permits due
diligence of the offeror by the Company’s representatives and after such due diligence an investment banking firm issues an opinion
stating that the offer is fair from a financial point of view; (e) does not require due diligence of the Company; (f) will remain
open at least 120 business days and longer if there is any increase in the consideration offered or if any bona fide alternative offer
is commenced; (g) conditioned on the tender of at least a majority of the outstanding shares of Common Stock not held by the offeror;
(h) the offeror has committed to consummate a second step transaction to acquire, at the same consideration, any shares not tendered;
(i) may not be amended in a way adverse to a tendering stockholder; (j) certain facts and representations are certified by the
offeror and the offeror’s Chief Executive Officer and Chief Financial Officer and (k) if it is an exchange offer, the offeror’s
common stock meets certain requirements. Fully-financed means that the offeror has sufficient funds for the offer and related expenses,
which shall be evidenced as indicated in the Agreement.

 

No adjustment in the Purchase
Price will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional Series A
Preferred or Common Stock will be issued (other than fractions of Series A Preferred which are integral multiples of one tenth of
a share of Series A Preferred, which may, at the election of the Company, be evidenced by depository receipts), and in lieu thereof,
a payment in cash will be made based on the market price of the Series A Preferred or Common Stock on the last trading date prior
to the date of exercise.

 

The Rights may be redeemed in
whole, but not in part, at a price of $0.01 per Right (the “Redemption Price”) by the Board of Directors at any time
prior to the time that an Acquiring Person has become such. The redemption of the Rights may be made effective at such time, on such basis
and with such conditions as the Board of Directors in its sole discretion may establish. Immediately upon any redemption of the Rights,
the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

 

Until a Right is exercised,
the holder thereof, as such, will have no rights as a stockholder of the Company beyond those as an existing stockholder, including, without
limitation, the right to vote or to receive dividends.

 

    C-4 

     

    

 

Any of the provisions of the
Agreement may be amended by the Board of Directors, or a duly authorized committee thereof, for so long as the Rights are then redeemable,
and after the Rights are no longer redeemable, the Company may amend or supplement the Agreement in any manner that does not adversely
affect the interests of the holders of the Rights (other than an Acquiring Person or any affiliate or associate of an Acquiring Person).

 

A copy of the Agreement has
been filed with the Securities and Exchange Commission as an Exhibit to a Current Report on Form 8-K. A copy of the Agreement
is available free of charge from the Company. This summary description of the Rights does not purport to be complete and is qualified
in its entirety by reference to the Agreement, which is incorporated herein by reference.

 

    C-5

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