Document:

EX-10.27

 Exhibit 10.27 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 ZEROFOX HOLDINGS,
INC. 
 AND 
 THE HOLDERS OF
NOTES PARTY HERETO 
 DATED AS OF August 3, 2022 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I EFFECTIVENESS
	  	 	2	 
	 1.1
	 	Effectiveness	  	 	2	 
		
	 ARTICLE II DEFINITIONS
	  	 	2	 
	 2.1
	 	Definitions	  	 	2	 
	 2.2
	 	Other Interpretive Provisions	  	 	8	 
		
	 ARTICLE III REGISTRATION RIGHTS
	  	 	8	 
	 3.1
	 	Demand Registration	  	 	8	 
	 3.2
	 	Shelf Registration	  	 	10	 
	 3.3
	 	Piggyback Registration	  	 	14	 
	 3.4
	 	Lock-Up Agreements	  	 	15	 
	 3.5
	 	Registration Procedures	  	 	16	 
	 3.6
	 	Underwritten Offerings	  	 	21	 
	 3.7
	 	No Inconsistent Agreements; Additional Rights	  	 	22	 
	 3.8
	 	Registration Expenses	  	 	22	 
	 3.9
	 	Indemnification	  	 	23	 
	 3.10
	 	Rules 144 and 144A and Regulation S	  	 	26	 
	 3.11
	 	Existing Registration Statements	  	 	27	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	27	 
	 4.1
	 	Authority; Effect	  	 	27	 
	 4.2
	 	Notices	  	 	27	 
	 4.3
	 	Termination and Effect of Termination	  	 	28	 
	 4.4
	 	Transfer and Assignment	  	 	28	 
	 4.5
	 	Remedies	  	 	29	 
	 4.6
	 	Amendments	  	 	29	 
	 4.7
	 	Governing Law	  	 	30	 
	 4.8
	 	Consent to Jurisdiction; Venue; Service	  	 	30	 
	 4.9
	 	WAIVER OF JURY TRIAL	  	 	30	 
	 4.10
	 	Merger; Binding Effect, Etc.	  	 	31	 
	 4.11
	 	Counterparts	  	 	31	 
	 4.12
	 	Severability	  	 	31	 
	 4.13
	 	No Recourse	  	 	31	 

  

  
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 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, the “Agreement”), dated as of August 3, 2022 is made by and among: 
 (i) ZeroFox Holdings,
Inc. (f/k/a “L&F Acquisition Corp.”), a Delaware corporation (the “Company”); 
 (ii) L&F Acquisition
Holdings Fund, LLC, a Delaware limited liability company (the “Sponsor” and collectively, together with their assignees that become party hereto, the “Sponsor Investors”); 

(iii) each Person executing this Agreement and identified as a “Corbin Investor” on the signature pages hereto (collectively,
together with their assignees that become party hereto, the “Corbin Investors”); 
 (iv) each Person executing this
Agreement and identified as a “Monarch Investor” on the signature pages hereto (collectively, together with their assignees that become party hereto, the “Monarch Investors,” and collectively with the IDX Investors and the
Sponsor Investors, the “Investors”). 
 RECITALS 

WHEREAS, the Company, L&F Acquisition Holdings, LLC, a Delaware limited liability company and direct, wholly-owned subsidiary of the
Company (“L&F Holdings”), ZF Merger Sub, Inc., a Delaware corporation and direct, wholly-owned subsidiary of L&F Holdings (“ZF Merger Sub”), IDX Merger Sub, Inc., a Delaware corporation and direct,
wholly-owned subsidiary of L&F Holdings (“IDX Merger Sub”), IDX Forward Merger Sub, LLC, a Delaware limited liability company and direct, wholly-owned subsidiary of L&F Holdings (“IDX Forward Merger Sub”),
ZeroFox, Inc., a Delaware corporation (“ZF”), and ID Experts Holdings, Inc., a Delaware corporation (“IDX”), have consummated the transactions (the “Transactions”) contemplated by that certain
Business Combination Agreement, dated as of December 17, 2021 (as amended, modified and/or supplemented from time to time, the “Business Combination Agreement”), pursuant to which, among other things, (i) the Company
transferred by way of continuation from the Cayman Islands and domesticated in the State of Delaware, (ii) ZF Merger Sub merged with and into ZF (the “ZF Merger”), with ZF being the surviving entity in the ZF Merger and
continuing (immediately following the ZF Merger) as a direct, wholly-owned Subsidiary of L&F Holdings, (iii) IDX Merger Sub merged with and into IDX (the “IDX Merger”), with IDX being the surviving entity in the IDX Merger
(“Transitional IDX Entity”) and continuing (immediately following the IDX Merger) as a direct, wholly-owned Subsidiary of L&F Holdings and (iv) Transitional IDX Entity merged with and into IDX Forward Merger Sub (the
“IDX Forward Merger”), with IDX Forward Merger Sub being the surviving entity in the IDX Forward Merger and continuing (immediately following the IDX Forward Merger) as a direct, wholly-owned subsidiary of L&F Holdings; 

WHEREAS, in connection with the Transactions, the Company entered into a Convertible Note Subscription Agreement, dated as of
December 17, 2021 with each of the Investors (each, a “Convertible Note Subscription Agreement”) pursuant to which, among 

 other things, the Investors agreed to purchase 7.00%/8.75% convertible senior cash/PIK toggle notes due 2025
(the “Notes”) to be issued by the Company substantially concurrently with and conditioned upon the closing of the Transactions and the Company agreed to execute a registration rights agreement for the benefit of the Investors,
providing for customary demand, shelf and piggyback registration rights and otherwise in form and substance acceptable to the Investors and the Company; 

WHEREAS, the Notes will be issued pursuant to an indenture, dated as of August 3, 2022 (as amended, supplemented or otherwise modified,
the “Indenture”), among the Company, the guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee, and upon a conversion of Notes in accordance with the terms of the Indenture, the Company
may be required to deliver shares of Common Stock to the holders of the Notes; and 
 WHEREAS, in connection with the Transactions, the
Company entered into the Amended and Restated Registration Rights Agreement, dated as of August 3, 2022 (the “Sponsor Registration Rights Agreement”) with JAR Sponsor, LLC and certain
pre-closing holders of shares of ZF and IDX. 
 NOW, THEREFORE, the Company and the other parties to
this Agreement hereby agree as follows: 
 ARTICLE I 

EFFECTIVENESS 
 1.1
Effectiveness. This Agreement shall become effective as of the date first set forth above. 
 ARTICLE II 

DEFINITIONS 
 2.1
Definitions. 
 “Adverse Disclosure” means public disclosure of material
non-public information that, in the good faith judgment of the board of directors of the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that
such Registration Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” means, (i) with respect to any specified Person that is not a natural person, (a) any other Person
which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, and (b) any corporation, trust, limited liability company, general or limited partnership or
other entity advised or managed by, or under common control or management with, such Person (for the purposes of this 

  
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definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise) and
(ii) with respect to any natural person, any Member of the Immediate Family of such natural person, or any Person that is, directly or indirectly, controlled by such specified natural person; provided that the Company and each of its
subsidiaries shall be deemed not to be Affiliates of any Investor. 
 “Agreement” shall have the meaning set forth in the
preamble. 
 “Business Day” means a day, other than a Saturday or Sunday, on which commercial banks in New York, New York
are open for the general transaction of business. 
 “Business Combination Agreement” shall have the meaning set forth in
the recitals. 
 “Bylaws” means the bylaws of the Company, as amended, modified, supplemented or restated and in effect
from time to time. 
 “Certificate” means the certificate of incorporation of the Company, as amended, modified,
supplemented or restated and in effect from time to time, including any certificate of designation, correction or amendment filed with the Secretary of State of the State of Delaware. 

“Charitable Gifting Event” means any Transfer by a holder of Registrable Securities, or any subsequent Transfer by such
holder’s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization made on the date of, but prior to, the execution of the underwriting agreement entered into in connection with any Underwritten
Public Offering. 
 “Charitable Organization” means a charitable organization as described by Section 501(c)(3) of the
Internal Revenue Code of 1986, as in effect from time to time. 
 “Common Stock” means the common stock of the Company, par
value $0.0001 per share. 
 “Company Indemnitees” shall have the meaning set forth in
Section 3.9.5. 
 “Convertible Securities” means any evidence of indebtedness, shares of stock
(other than Common Stock) or other securities (other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock. 

“Convertible Note Subscription Agreement” shall have the meaning set forth in the preamble. 

“Corbin Holders” means, as of any determination time, Corbin Investors who hold Registrable Securities under this Agreement.

 “Corbin Investor” shall have the meaning set forth in the preamble. 

  
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 “Corbin Investor Shares” means all shares of Common Stock issued or
issuable by the Company upon conversion of the Notes sold to the Corbin Investors pursuant to the Convertible Notes Subscription Agreements. 

“Demand Notice” shall have the meaning set forth in Section 3.1.3. 

“Demand Registration” shall have the meaning set forth in Section 3.1.1.1. 

“Demand Registration Request” shall have the meaning set forth in Section 3.1.1.1. 

“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1.3. 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6. 

“Effectiveness Deadline” shall have the meaning set forth in Section 3.2.1.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Filing Deadline” shall have
the meaning set forth in Section 3.2.1.1. 
 “FINRA” means the Financial Industry Regulatory
Authority. 
 “Form S-1 Shelf” shall have the meaning set forth in
Section 3.2.1.1. 
 “Form S-3 Shelf” shall have the
meaning set forth in Section 3.2.1.1. 
 “Holders” means, as of any determination time, Investors
who hold Registrable Securities under this Agreement. 
 “Indenture” shall have the meaning set forth in the preamble. 

“Investor” shall have the meaning set forth in the preamble. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of the Registrable Securities. 
 “Loss” shall have the meaning set forth in
Section 3.9.1. 
 “Member of the Immediate Family” means, with respect to any Person who is an
individual, (i) each parent, spouse (but not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (ii) each trustee, solely in his or her capacity as
trustee, for a trust naming only one or more of the Persons listed in sub-clause (i) as beneficiaries. 

“Monarch Holders” means, as of any determination time, Monarch Investors who hold Registrable Securities under this
Agreement. 

  
 4 

 “Monarch Investor” shall have the meaning set forth in the preamble. 

“Monarch Investor Shares” means all shares of Common Stock issued or issuable by the Company upon conversion of the Notes
sold to the Monarch Investors pursuant to the Convertible Notes Subscription Agreements. 
 “NASDAQ” means The
Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market. 

“Non-Underwritten Offering” means any Public Offering other than an Underwritten
Public Offering. 
 “Notes” shall have the meaning set forth in the preamble. 

“Options” means any options to subscribe for, purchase or otherwise directly acquire Common Stock. 

“Participation Conditions” shall have the meaning set forth in Section 3.2.3.2. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1. 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.2.3.2. 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten
Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which
is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that their Registrable Securities be registered or sold. 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Registrable Securities” means all shares of Common Stock issued or issuable by the Company upon conversion of the Notes sold
to the Holders pursuant to the Convertible Notes 

  
 5 

 
Subscription Agreements and all shares of Common Stock directly or indirectly issued or then issuable with respect to such Common Stock by way of a stock dividend or stock split, or in connection
with a combination of shares, recapitalization, merger, consolidation or other reorganization; provided, however that as to any particular Registrable Securities, such securities shall cease to be Registrable Securities upon the
earliest to occur of: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement by the applicable Holder; (B)(i) such securities shall have been otherwise transferred, (ii) new certificates for such securities not bearing (or book entry positions not subject to) a legend restricting
further transfer shall have been delivered by the Company and (iii) subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding;
(D) such securities may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no volume or other restrictions or limitations including as to manner or timing of sale) and
(ii) new certificates for such securities not bearing (or book entry positions not subject to) a legend restricting further transfer shall have been delivered by the Company; provided, that securities shall not be excluded from the
definition of Registrable Securities pursuant to this clause (D) unless the Holder of such securities (together with its Affiliates) shall own less than 2% of the then-outstanding shares of Common Stock (on an
as-converted basis with respect to the Notes of such Holder and its Affiliates (but not any other holder of securities that are convertible or exchangeable into shares of Common Stock); and (E) such
securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. 

“Registration” means registration under the Securities Act of the offer and sale to the public of any Registrable Securities
under a Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Requesting Holders” shall have the meaning set forth in Section 3.2.3.1. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

“Rule 415” shall have the meaning set forth in Section 3.2.1.1. 

  
 6 

 “SEC” means the Securities and Exchange Commission or any successor agency
having jurisdiction under the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and any
successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Selling Stockholder Information” shall have the meaning set forth in Section 3.9.1. 

“Shares” means all Sponsor Investor Shares, Corbin Investor Shares and Monarch Investor Shares. 

“Shelf Suspension” shall have the meaning set forth in Section 3.2.2. 

“Shelf Takedown Notice” shall have the meaning set forth in Section 3.2.3.2. 

“Shelf Takedown Request” shall have the meaning set forth in Section 3.2.3.1. 

“Sponsor Holders” means, as of any determination time, Sponsor Investors who hold Registrable Securities under this
Agreement. 
 “Sponsor Holders Agreement” means the Amended and Restated Sponsor Support Letter Agreement dated
December 17, 2021 by and among the Sponsor, the Company, ZF, IDX and the directors and executive officers of Sponsor. 

“Sponsor Investors” shall have the meaning set forth in the preamble. 

“Sponsor Investor Shares” means all shares of Common Stock issued or issuable by the Company upon conversion of the Notes
sold to the Sponsor Investors pursuant to the Convertible Notes Subscription Agreements. 
 “Sponsor Registration Rights
Agreement” shall have the meaning set forth in the preamble. 
 “Transactions” shall have the meaning set forth in
the preamble. 
 “Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities
or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or
indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwritten Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial
institution conducted as an underwritten Public Offering. 
 “Underwritten Shelf Takedown” means an Underwritten Public
Offering pursuant to an effective Shelf Registration Statement. 

  
 7 

 “Warrants” means any warrants to subscribe for, purchase or otherwise
directly acquire Common Stock. 
 2.2 Other Interpretive Provisions. 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not to
any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 
 ARTICLE III 

REGISTRATION RIGHTS 
 The
Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 3.1 Demand Registration. 

3.1.1 Request for Demand Registration. 

3.1.1.1 Provided the Company has not filed a Form S-3 Shelf or Form
S-1 Shelf and caused the Form S-3 Shelf or Form S-1 Shelf, as applicable, to become effective, with the Prospectus therein
available to effect resales of Registrable Securities, by the Effectiveness Deadline (subject to extension in accordance Section 3.2.1), each of the Holders of a majority of the Sponsor Investor Shares, a majority of the
Corbin Investor Shares or a majority of the Monarch Investor Shares shall have the right to make one or more written requests from time to time (such Holders, the “Demanding Holders” and such request, a “Demand Registration
Request”) to the Company for Registration of all or part of the Registrable Securities held by such Holders. Any such Registration pursuant to a Demand Registration Request shall hereinafter be referred to as a “Demand
Registration.” 
 3.1.1.2 Each Demand Registration Request shall specify (x) the kind and aggregate amount of Registrable
Securities to be registered, and (y) the intended method or methods of disposition thereof including pursuant to an Underwritten Public Offering. 

  
 8 

 3.1.1.3 Upon receipt of a Demand Registration Request, the Company shall as soon as
practicable, but not more than thirty (30) days after receipt of a Demand Registration Request file a Registration Statement (a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best
efforts to cause such Demand Registration Statement to be promptly declared effective under the Securities Act. 
 3.1.2 Limitation on
Demand Registrations. The Company shall not be obligated to take any action to effect any Demand Registration if a Demand Registration or Piggyback Registration has been filed and was declared or became effective, with the Prospectus in the
applicable Registration Statement available to effect resales of Registrable Securities, or an Underwritten Shelf Takedown was consummated within the preceding sixty (60) calendar days (unless otherwise consented to by the Company). 

3.1.3 Demand Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1 (but in
no event more than four (4) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all other Sponsor Holders, Corbin Holders and Monarch Holders, as
applicable, and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to
Section 3.1.7, the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) Business Days
after the date that the Demand Notice was delivered. 
 3.1.4 Demand Withdrawal. Any Holder that has requested its Registrable
Securities be included in a Demand Registration pursuant to Section 3.1.1 or Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such
Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice to such effect with respect to all of the Registrable Securities included in such Demand Registration, the Company
shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement. 
 3.1.5 Effective Registration. The
Company shall use reasonable best efforts to cause the applicable Demand Registration Statement to become effective as soon as practicable after filing a Demand Registration Statement and remain effective until all Registrable Securities covered by
such Demand Registration Statement have been sold or withdrawn, or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is
required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer. 
 3.1.6 Delay in Filing;
Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such
action to the Sponsor Holders, the Corbin Holders and the Monarch Holders whose Registrable Securities are included in such Demand Registration Statement delay the filing or initial effectiveness of, or suspend use of, the Demand Registration
Statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to exercise a 

  
 9 

 
Demand Suspension more than one (1) time during any twelve (12)-month period or for a total period of greater than sixty (60) days; and provided, further that the Company
shall not register any securities for its own account or that of any other stockholder during such sixty (60)-day (or shorter) period, other than pursuant to a registration relating to the sale or grant of
securities to employees or directors of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; or a registration on any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities. In the case of a Demand Suspension, the Sponsor Holders, the Corbin Holders and the Monarch Holders agree to suspend use of the applicable
Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Sponsor Holders, the Corbin Holders and the Monarch
Holders in writing upon the termination of any Demand Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading and furnish to the Sponsor Holders, the Corbin Holders and the Monarch Holders such numbers of copies of the Prospectus as so amended or supplemented as the Sponsor Holders, the Corbin Holders
and the Monarch Holders may reasonably request. The Company shall, if necessary, supplement or amend the Demand Registration Statement, if required by the registration form used by the Company for the Demand Registration or by the instructions
applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by any of the Holders of a majority of the Sponsor Investor Shares, a majority of the Corbin Investor
Shares or a majority of the Monarch Investor Shares that are included in such Demand Registration Statement. 
 3.1.7 Priority of
Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in
its or their opinion, the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, then the securities to be included in such Registration shall be, in the case of any Demand Registration, (x) first, allocated to each Holder that has requested to participate in such
Demand Registration an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion of the
number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, (y) second, the number of Registrable Securities allocated to Holders (each as defined in the
Sponsor Registration Rights Agreement) pursuant to Section 3.3.2(ii) of the Sponsor Registration Rights Agreement regarding piggyback registration rights and (z) third, and only if all the securities referred to in clause (y) have
been included, the number of other securities eligible for inclusion in such Registration. 
 3.2 Shelf Registration.

 3.2.1 Initial Registration. 

  
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 3.2.1.1 The Company shall, as promptly as reasonably practicable, but in no event later
than thirty (30) calendar days after the Closing Date (the “Filing Deadline”), file with the SEC (at its sole cost and expense) a Registration Statement under the Securities Act to permit the public resale of all the
Registrable Securities held by the Holders (and certain other outstanding equity securities of the Company) from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission
then in effect) (“Rule 415”) on the terms and conditions specified in this subsection 3.2.1 and shall use its reasonable best efforts to cause such Registration Statement to be declared effective as promptly as reasonably
practicable after the initial filing thereof, but in no event later than the earlier of (x) sixty (60) calendar days following the earlier to occur of the Filing Deadline or the filing date of such Registration Statement (the
“Effectiveness Deadline”); provided, that the Effectiveness Deadline shall be extended to one hundred twenty (120) days after the earlier to occur of the Filing Deadline or the filing date of such Registration Statement if
the Registration Statement is reviewed by, and receives comments from, the SEC, and (y) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is
earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further review. The Registration Statement filed with the SEC pursuant to this subsection 3.2.1.1 shall be a shelf registration
statement on Form S-3 (a “Form S-3 Shelf”) or, if Form S-3 is not then available to the Company, on Form S-1 (a “Form S-1 Shelf”) or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities,
covering such Registrable Securities, and shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 at any time beginning on the effective date for such Registration Statement. A
Registration Statement filed pursuant to this subsection 3.2.1.1 shall provide for the resale pursuant to any method or combination of methods legally available to, and requested prior to effectiveness by, any Holder. The Company shall use
its reasonable best efforts to cause a Registration Statement filed pursuant to this subsection 3.2.1.1 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available
or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until the date on which Investors cease to hold any Registrable Securities. If the Company files a Form S-3 Shelf and thereafter the Company becomes ineligible to use Form S-3 for secondary sales, the Company shall use its reasonable best efforts to file a Form S-1 Shelf as promptly as reasonably practicable to replace the shelf registration statement that is a Form S-3 Shelf and have the Form
S-1 Shelf declared effective as promptly as reasonably practicable and to cause such Form S-1 Shelf to remain effective, and to be supplemented and amended to the extent
necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have
ceased to be Registrable Securities. Notwithstanding the foregoing, if the SEC prevents the Company from including any or all of the Registrable Securities proposed to be registered under the Form S-1 Shelf or
Form S-3 Shelf due to limitations on the use of Rule 415 for the resale of Registrable Securities by the applicable Holder or otherwise, such Registration Statement shall register for resale the maximum number
of Registrable Securities as is permitted. In such event, the number of Registrable Securities to be registered for each Holder named in such Registration Statement shall be reduced pro rata among all such Holders, and as promptly as practicable
after being permitted to register additional Registrable Securities under Rule 415, the Company shall amend such Registration 

  
 11 

 
Statement or file a new Form S-1 Shelf or Form S-3 Shelf to register such Registrable Securities not included in
the initial Form S-1 Shelf or Form S-3 Shelf and use its reasonable best efforts to cause such amendment or Registration Statement to become effective as promptly as
practicable. As soon as practicable following the effective date of a Registration Statement filed pursuant to this subsection 3.2.1.1, but in any event within one (1) Business Day of such date, the Company shall notify the Investors
of the effectiveness of such Registration Statement. If, after the filing of such Registration Statement, a holder of Registrable Securities requests registration under the Securities Act of additional Registrable Securities pursuant to such
Registration Statement, the Company shall amend such Registration Statement to cover such additional Registrable Securities.
 3.2.1.2
Required Holder Information. At least ten (10) Business Days prior to the first anticipated filing date of a Registration Statement pursuant to this Article III, the Company shall use reasonable best efforts to notify each
Holder in writing (which may be by email) of the information reasonably necessary about the Holder to include such Holder’s Registrable Securities in such Registration Statement. Notwithstanding anything else in this Agreement, the Company
shall not be obligated to include such Holder’s Registrable Securities to the extent the Company has not received such information on or prior to the third Business Day prior to the first anticipated filing date of a Registration Statement
pursuant to this Article III. 
 3.2.2 Suspension of Registration. If the continued use of such Registration Statement
under this Section 3.2 at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Sponsor Holders, Corbin Holders and Monarch Holders
suspend use of such Registration Statement (a “Shelf Suspension”); provided, however, that the Company shall not be permitted to exercise a Shelf Suspension more than one (1) time during any twelve (12)-month
period or for a total period of greater than sixty (60) calendar days. In the case of a Shelf Suspension, the Sponsor Holders, Corbin Holders and Monarch Holders agree to suspend use of the applicable Prospectus in connection with any sale or
purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Sponsor Holders, Corbin Holders and Monarch Holders in writing upon the termination of any
Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading and furnish to the Sponsor Holders, Corbin Holders and Monarch Holders such numbers of copies of the Prospectus as so amended or supplemented as the Sponsor Holders, Corbin Holders and Monarch Holders may reasonably request. The Company
shall, if necessary, supplement or amend the Registration Statement, if required by the registration form used by the Company for the Registration Statement or by the instructions applicable to such registration form or by the Securities Act or the
rules or regulations promulgated thereunder or as may reasonably be requested by each of the Holders of a majority of the Sponsor Investor Shares, a majority of the Corbin Investor Shares or a majority of the Monarch Investor Shares that are
included in such Registration Statement. 
 3.2.3 Shelf Takedown. 

  
 12 

 3.2.3.1 At any time the Company has an effective Form
S-1 Shelf or Form S-3 Shelf, by notice to the Company specifying the intended method or methods of disposition thereof, each of the Holders of a majority of the Sponsor
Investor Shares, a majority of the Corbin Investor Shares and a majority of the Monarch Investor Shares may make a written request (a “Shelf Takedown Request” and such requesting Holders, the “Requesting
Holders”) to the Company to effect a Public Offering, including pursuant to an Underwritten Shelf Takedown, of all or a portion of such Holders’ Registrable Securities that may be registered under such Registration Statement,
and as soon as practicable the Company shall amend or supplement the Registration Statement as necessary for such purpose. 
 3.2.3.2
Promptly upon receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days thereafter (or more than twenty-four (24) hours thereafter in connection with an underwritten “block trade”)) for any Underwritten
Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement (each, a “Potential Takedown
Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant
may request in writing. The Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within five (5) Business Days (or within
twenty-four (24) hours in connection with an underwritten “block trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to participate in an Underwritten Shelf
Takedown shall be binding on the Potential Takedown Participant; provided that each such Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown being completed within five
(5) Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than a percentage of the closing price for the shares on their
principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate, as specified in such Potential Takedown Participant’s request to participate in such Underwritten Shelf
Takedown (the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any
Underwritten Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.3.2 shall be determined by the Requesting Holder(s). 

3.2.3.3 The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or Piggyback
Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding sixty (60) days (unless otherwise consented to by the Company). 

3.2.4 Priority of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters of a proposed Underwritten
Shelf Takedown, or the Requesting Holder of a proposed “block trade” conducted as an Underwritten Shelf Takedown, in each case pursuant to Section 3.2.3 advise the Company in writing that, in its or their opinion,
the number of securities requested to be included in the proposed Underwritten Shelf Takedown exceeds the 

  
 13 

 
number that can be sold in such Underwritten Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the
securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, allocated to each Holder that has requested to participate in such Underwritten Shelf Takedown an amount equal to the lesser of
(i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion of the number of Registrable Securities that, in the opinion of
such managing underwriter or underwriters, can be sold without having such adverse effect, (y) second, the number of Registrable Securities allocated to Holders (each as defined in the Sponsor Registration Rights Agreement) pursuant to
Section 3.3.2(ii) of the Sponsor Registration Rights Agreement regarding piggyback registration rights and (z) third, and only if all the securities referred to in clause (y) have been included, the number of other securities eligible
for inclusion in such Registration. 
 3.3 Piggyback Registration. 

3.3.1 Participation. At any time after the Closing Date, if the Company at any time proposes to file a Registration Statement under the
Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a
Registration on Form S-4 or Form S-8 or any successor form to such forms or (iii) a Registration of securities solely relating to an offering and sale to employees
or directors of the Company or its subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement), then, as soon as practicable (but in no event less than ten (10) Business Days prior to the proposed date of filing
of such Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing
or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may
request in writing (a “Piggyback Registration”). Subject to Section 3.3.2, the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities
that are requested to be included therein within five (5) Business Days after the receipt by such Holder of any such notice; provided, however, that if at any time after giving written notice of its intention to register or sell
any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason
not to register or sell or to delay the Registration or sale of such securities, the Company shall give written notice of such determination to each Holder and, thereupon, (x) in the case of a determination not to register or sell, shall be
relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to
the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or an Underwritten Shelf Takedown under Section 3.2, as the case
may be, and (y) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall be permitted to delay registering or selling any
Registrable Securities, for the same period as the delay in 

  
 14 

 
registering or selling such other securities. Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by
giving written notice to the Company of its request to withdraw, prior to the applicable Registration Statement becoming effective or, in connection with an Underwritten Shelf Takedown, the execution of the related underwriting agreement. 

3.3.2 Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed offering of Registrable
Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such Holders and any other Persons intend to include in such offering exceeds
the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such
Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell (which, for the avoidance of doubt, shall include any securities proposed to be sold in a Demand Registration or Public Offering
(each as defined in the Sponsor Registration Rights Agreement) initiated under the Sponsor Registration Rights Agreement); (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable
Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an
amount equal to the lesser of (x) the number of such Registrable Securities requested to be sold by such Holder, and (y) a number of such shares equal to such Holder’s Pro Rata Portion; (iii) third, and only if all of the
Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration. 

3.3.3 No Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a request under this
Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1 and 3.2. 

3.4 Lock-Up Agreements. Each Investor agrees, and the Company agrees to use its
reasonable best efforts to cause each director and executive officer of the Company to agree, that, in connection with each Registration or sale of Registrable Securities pursuant to Section 3.1, 3.2 or 3.3
conducted as an Underwritten Public Offering in which such Investor participates, if requested, to become bound by and to execute and deliver a customary lock-up agreement reasonably acceptable to the Company
with the underwriter(s) of such Underwritten Public Offering restricting such applicable person or entity’s right to (a) Transfer, directly or indirectly, any equity securities of the Company held by such person or entity or (b) enter
into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final Prospectus relating to the Underwritten Public Offering and ending on
the date specified by the underwriters (such period not to exceed ninety (90) days). The terms of such lock-up agreements shall be negotiated among the applicable Investors requested to enter into lock-up agreements in accordance with the immediately preceding sentence, the Company and the underwriters and shall include customary exclusions from the restrictions on Transfer set forth therein, including that
such restrictions on the applicable Investors (and directors and executive officers bound by such lock-up agreements) shall be conditioned upon all applicable Investors and directors and executive officers of
the Company bound by such lock-up agreements being subject to the same restrictions.  

  
 15 

 3.5 Registration Procedures. 

3.5.1 Requirements. In connection with the Company’s obligations under Sections 3.1 through 3.4, the Company shall
use its reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection
therewith the Company shall: 
 3.5.1.1 as promptly as practicable prepare the required Registration Statement, including all exhibits and
financial statements required under the Securities Act to be filed therewith, and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to
the Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel,
(y) make such changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under Section 3.3
not file any Registration Statement or Prospectus or amendments or supplements thereto to which the Holders, in such capacity, or the underwriters, if any, shall reasonably object; 

3.5.1.2 prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the
Prospectus as may be (x) reasonably requested by any Holder with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information
relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other
disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

3.5.1.3 notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in
writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (i) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective,
and when the applicable Prospectus or any amendment or supplement thereto has been filed; (ii) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority for amendments or supplements to such
Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration;
(iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or
the initiation or threatening of any proceedings for such purposes; (iv) if, at any 

  
 16 

 
time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects; and (v) of the receipt by the Company
of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

3.5.1.4 promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the
happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact
necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may
conflict with the information contained in the Registration Statement, or, if for any other reason, it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities
Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration
Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 
 3.5.1.5 to the extent the Company
is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B
under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration
Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment; 
 3.5.1.6 use its
reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus; 

3.5.1.7 promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the
managing underwriter or underwriters and a majority of the participating Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment; 
 3.5.1.8 furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder
or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference and all
exhibits (including those incorporated by reference); 

  
 17 

 3.5.1.9 deliver to each selling Holder and each underwriter, if any, without charge, as
many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the
Registrable Securities by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 
 3.5.1.10 on
or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their
respective counsel, in connection with the Registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing
underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required
by Section 3.1 or Section 3.2, as applicable, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to
take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

3.5.1.11 cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request
prior to any sale of Registrable Securities to the underwriters; 
 3.5.1.12 use its reasonable best efforts to cause the Registrable
Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any,
to consummate the disposition of such Registrable Securities; 
 3.5.1.13 make such representations and warranties to the Holders of
Registrable Securities being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

3.5.1.14 enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as
Holders holding a majority of Registrable Securities being sold or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities; 

  
 18 

 3.5.1.15 obtain for delivery to the Holders being registered and to the underwriter or
underwriters, if any, an opinion or opinions from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the date of the closing under the underwriting
agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to Holders holding a majority of Registrable Securities being sold or underwriters, as the case may be, and their respective counsel; 

3.5.1.16 in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or underwriters,
with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public accountants or
independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such
matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;

 3.5.1.17 cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 
 3.5.1.18 use its
reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was filed, make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 
 3.5.1.19 provide and cause to be
maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement; 
 3.5.1.20 use
its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each
inter-dealer quotation system on which any of the Company’s equity securities are then quoted; 
 3.5.1.21 make available upon
reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the Holders holding a majority of Registrable Securities being sold, by any underwriter participating in any disposition to be effected
pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and
cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information
reasonably requested by any such Person in connection with such Registration Statement; 

  
 19 

 3.5.1.22 in the case of an Underwritten Public Offering, cause the senior executive
officers of the Company to participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and
participate in each proposed offering contemplated herein and customary selling efforts related thereto; 
 3.5.1.23 take no direct or
indirect action prohibited by Regulation M under the Exchange Act; 
 3.5.1.24 take all reasonable action to ensure that any Issuer Free
Writing Prospectus utilized in connection with any Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities
Act to the extent required thereby and, when taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; 
 3.5.1.25 cooperate with the Holders of Registrable Securities subject to the
Registration Statement and with the managing underwriter or agent, if any, to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in
connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the Public Offering if it so elects; and 

3.5.1.26 take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition
of such Registrable Securities in accordance with the terms of this Agreement. 
 3.5.2 Company Information Requests. The Company may
require each seller of Registrable Securities as to which any Registration or sale is being effected to furnish to the Company customary information regarding such Holder and the ownership and distribution of its Registrable Securities as the
Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after
receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

3.5.3 Discontinuing Registration. Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of
the kind described in Section 3.5.1.4, such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 3.5.1.4, or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in
such 

  
 20 

 
Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period
during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller
of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1.4 or is advised in writing by the Company that the use of
the Prospectus may be resumed. 
 3.6 Underwritten Offerings. 

3.6.1 Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Public Offering, pursuant to a Registration
or sale under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the underwriters and, to the
extent its Registrable Securities are being sold, Holders of a majority of the Sponsor Investor Shares that are Registrable Securities being sold, a majority of the Corbin Investor that are Registrable Securities being sold and a majority of the
Monarch Investor Shares that are Registrable Securities being sold (provided, that none of such Holders shall unreasonably withhold or delay entering into any such underwriting agreement), as applicable, and to contain such representations and
warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 3.9 of this Agreement.
The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company
regarding the form thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such
Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable
Securities and such Holder’s intended method of distribution, and the aggregate amount of the liability of such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the
offering, net of underwriting discounts and commissions but before expenses. 
 3.6.2 Piggyback Registrations. If the Company
proposes to register or sell any of its securities under the Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any
Holder pursuant to Section 3.3 and, subject to the provisions of Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that
apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of
Registrable Securities to be distributed by such underwriters shall be parties to a customary underwriting agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents
reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations 

  
 21 

 
or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable
Securities and such Holder’s intended method of distribution, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting
discounts and commissions but before expenses. 
 3.6.3 Selection of Underwriters; Selection of Counsel. In the case of an
Underwritten Public Offering under Sections 3.1 or 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Holders holding a majority of the shares of Common Stock being sold in such
offering; provided that such underwriter or underwriters shall be reasonably acceptable to the Company. In the case of an Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to
administer the offering shall be determined by the Company; provided that such underwriter or underwriters shall be reasonably acceptable to the Holders holding a majority of the shares of Common Stock being sold in such offering. In the case
of an Underwritten Public Offering under Sections 3.1, 3.2 or 3.3, each participating Holder shall be entitled to select its counsel, including, without limitation, any additional local counsel necessary to deliver any required
legal opinions. 
 3.6.4 Non-Underwritten Offerings. Notwithstanding anything herein to the
contrary and subject to applicable law, regulation and the rules of the stock exchange on which the shares of Common Stock are listed, any Non-Underwritten Offering shall be conducted in accordance with the
Company’s insider trading policy to the extent that such selling stockholder is then subject to such policy. 
 3.7 No
Inconsistent Agreements; Additional Rights. Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders by this Agreement. This Agreement constitutes a registration rights agreement pursuant to a subscription agreement providing for private investment in convertible notes in connection with
the Business Combination Agreement for purposes of Section 3.7 of the Sponsor Registration Rights Agreement. 
 3.8
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the Company, including, without limitation, (i) all registration and filing fees, and any other
fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of
counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing
certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public
accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar
insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on

  
 22 

 
any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (viii) reasonable fees and expenses of one counsel selected by the holders of a
majority of the shares of Common Stock included in the relevant offering and, when required by the underwriters, reasonable fees and expenses of legal counsel for each Holder participating in such registration (or, in the case of a Form S-3 Shelf or Form S-1 Shelf, each Holder selling Registrable Securities under the applicable Registration Statement) solely in connection with the preparation of any legal
opinions requested by the underwriters in respect of such Holder personally, (ix) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses of any special experts
or other Persons retained by the Company in connection with any Registration or sale, (xi) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and
(xii) all expenses related to the “road show” for any Underwritten Public Offering, including the reasonable out-of-pocket expenses of the Holders and
underwriters, if so requested. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of
securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

3.9 Indemnification. 

3.9.1 Indemnification by the Company. The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each
Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors,
shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties,
judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity and contribution payments made to underwriters ) (each, a “Loss”
and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under
the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf
of the Company or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged violation by the Company or any of its subsidiaries of any
federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such Registration, disclosure document or other document or report;
provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any information relating to such selling Holder
furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity therewith (such information “Selling 

  
 23 

 
Stockholder Information”). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the
Holders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within
the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties. 

3.9.2 Indemnification by the Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to
the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) and each of their respective Representatives from and against any
Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling
Holder’s Selling Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to
such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by such Holder as a result of
liabilities incurred under the underwriting agreement, if any, related to such sale. 
 3.9.3 Conduct of Indemnification Proceedings.
Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying
party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it forfeits material substantive legal rights by reason of such delay or failure) and (ii) permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to pay such fees or expenses, (b) the indemnifying party shall have
failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (c) the indemnified party
has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (d) in the
reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the 

  
 24 

 
indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the
indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action
without the consent of the indemnified party which consent shall not be unreasonably withheld or delayed. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party. If such defense is not
assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party
or parties shall not, except as specifically set forth in this Section 3.9.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other
charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified
party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict
exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of
such additional counsel or counsels. 
 3.9.4 Contribution. If for any reason the indemnification provided for in
Section 3.9.1 and Section 3.9.2 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on
indemnification contained in Section 3.9.1 and Section 3.9.2), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as
any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be
determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, it being understood and agreed that, with respect to each selling Holder, such information
will be limited to such Holder’s Selling Stockholder Information. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were determined by pro rata
allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in
Sections 3.9.1 and 3.9.2 shall be deemed to include, subject to the limitations set 

  
 25 

 
forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of
this Section 3.9.4, in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its
Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.2 and
any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this Section 3.9, the indemnifying parties shall
indemnify each indemnified party to the full extent provided in Sections 3.9.1 and 3.9.2 hereof without regard to the provisions of this Section 3.9.4. The remedies provided for in this
Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

3.9.5 Indemnification Priority. The Company hereby acknowledges and agrees that any of the Persons entitled to indemnification pursuant
to Section 3.9.1 (each, a “Company Indemnitee” and collectively, the “Company Indemnitees”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by
other sources. The Company hereby acknowledges and agrees (i) that it is the indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such other sources to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by such Company Indemnitee are secondary) and (ii) that it shall be required to advance the full amount of expenses incurred by a Company Indemnitee and shall be liable for the full
amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement without regard to any rights a Company Indemnitee may have against such other sources.
The Company further agrees that no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any claim for which such Company Indemnitee has sought indemnification, advancement of expenses or insurance from the
Company shall affect the foregoing, and that such other sources shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Company Indemnitee against the Company.

 3.10 Rules 144 and 144A and Regulation S. The Company shall file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available such necessary information for
so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time or any similar rule or regulation
hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act
in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or
(ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics
thereof. In connection with a sale or transfer of Registrable 

  
 26 

 
Securities exempt from Section 5 of the Securities Act or through any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant to the
Registration Statement of which such Prospectus forms a part, the Company shall, subject to the receipt of any customary documentation reasonably required from the applicable Holders and/or their broker(s) in connection therewith, (a) promptly
instruct its transfer agent to remove any restrictive legends applicable to the Registrable Securities being sold or transferred and (b) to the extent required by the transfer agent deliver the necessary legal opinions or instruction letters,
as applicable, to the transfer agent in connection with the instruction under subclause (a). 
 3.11 Existing Registration
Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective
by a specified date by designating, by notice to the Holders, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such
obligation, and all references to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement is amended or, subject to applicable securities laws, supplemented to add the number of
Registrable Securities, and, to the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or
effectiveness of other Registration Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective
Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the
manner contemplated by the immediately preceding sentence. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Authority; Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized
on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of
the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 

4.2 Notices. Any notices, requests, demands and other communications required or permitted in this Agreement shall be
effective if in writing and (i) delivered personally, (ii) sent by e-mail, provided that any e-mail must be followed by confirmation copy sent by the
means provided in the following clause (iii) on the same day the e-mail is sent, or (iii) sent by overnight courier, in each case, addressed as follows: 

  
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 If to the Company to: 

ZeroFox Holdings, Inc. 
 1834 S.
Charles Street 
 Baltimore, Maryland 21230 

Attention: James C. Foster, Chief Executive Officer and President 

Email: [***] 
 with a copy (which
shall not constitute notice) to each of: 
 Venable 

750 E. Pratt Street, Suite 900 

Baltimore, Maryland 21202 

Attention: Anthony J. Rosso 

Email: [***] 
 If to an Investor,
to his, her or its address as set forth on such Investor’s signature page. 
 Notice to the holder of record of any Registrable
Securities shall be deemed to be notice to the holder of such securities for all purposes hereof. 
 Unless otherwise specified herein, such
notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) the earlier of (a) non-automated confirmation of receipt or (b) as provided
in the following clause (iii), if sent by e-mail, and (iii) one (1) Business Day after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by
giving notice as aforesaid to each of the other parties hereto. 
 4.3 Termination and Effect of Termination. This
Agreement may be terminated only by an agreement in writing signed by the Holders holding (i) a majority of the Sponsor Investor Shares then outstanding, (ii) a majority of the Monarch Investor Shares then outstanding and (iii) a
majority of the Corbin Investor Shares then outstanding; provided, that the consent of any Investor will be required for any termination of this Agreement which has an adverse effect on the rights, limitations or obligations of such Investor.
Notwithstanding any termination of this Agreement in accordance with the foregoing sentence, the provisions of Sections 3.8, 3.9, 3.10, 4.5, 4.7, 4.8, 4.9, 4.11, 4.12 and 4.13
shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to
indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such
termination. 
 4.4 Transfer and Assignment. The rights of a Holder hereunder may be assigned (but only with all
related obligations as set forth below) in connection with a Transfer of Notes in an aggregate principal amount not less than $5,000,000 to any transferee (it being understood that the aggregate principal amount of Notes transferred to any fund,
account, co-investment arrangement or other investment vehicle managed, advised, administered, arranged, sponsored or serviced by the same investment manager as the transferee or by an affiliate (as defined in
Rule 12b-2 under the Exchange Act) of such transferee shall be aggregated for purposes of such 

  
 28 

 
threshold); provided that this Agreement and any of the Investor’s rights and obligations hereunder may be assigned to any fund, account,
co-investment arrangement or other investment vehicle managed, advised, administered, arranged, sponsored or serviced by the same investment manager as the Investor or by an affiliate (as defined in Rule 12b-2 under the Exchange Act) of such investment manager without the prior consent of the Company, though no such assignment shall relieve the Investor of its obligations hereunder unless otherwise agreed to in
writing by the Company. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the transferee to which the
assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the transferee will be bound by, and will be a party to, this Agreement.
A transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other transferee, other than as provided in this Section 4.4. 

4.5 Remedies. The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event
of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be
entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. No delay of or omission in the
exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any
such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

4.6 Amendments. This Agreement may not be orally amended, modified or extended, nor shall any oral waiver of any of its
terms be effective. This Agreement may be amended, modified or extended, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Holders holding (i) a majority of the Sponsor Investor Shares then
outstanding, (ii) a majority of the Corbin Investor Shares then outstanding and (iii) a majority of the Monarch Investor Shares then outstanding. Each such amendment, modification, extension or waiver shall be binding upon each party
hereto; provided that (a) the consent of any Sponsor Investor, Corbin Holder and Monarch Holder shall be required for any amendment, modification, extension or waiver which has an adverse effect on the rights, limitations or obligations
of such Sponsor Investor, Corbin Holder and Monarch Holder, as applicable, and (b) any such amendment, modification, extension or waiver that by its terms would adversely affect a Holder or group of Holders in a disproportionate manner relative
to the Holders generally shall require the written consent of the Holder (or a majority in interest based on Registrable Securities of such group of Holders) so affected. In addition, each party hereto may waive any right hereunder (solely as
applicable to such party) by an instrument in writing signed by such party. 

  
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 4.7 Governing Law. This Agreement, the rights of the parties under or
in connection herewith or in connection with any of the transactions contemplated hereby, and all actions arising in whole or in part under or in connection herewith or therewith (whether at law or in equity, whether sounding in contract, tort,
statute or otherwise), shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the
domestic substantive laws of any other jurisdiction. 
 4.8 Consent to Jurisdiction; Venue; Service. Each party to this
Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware located in Wilmington, Delaware, or if (but only if) such court does not have subject
matter jurisdiction, the state or federal courts located in the State of Delaware for the purpose of any suit, action or other proceeding described in Section 4.7; (ii) hereby waives to the extent not prohibited by applicable law, and agrees
not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that any such suit, action or proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof may not be enforced in or by such
court; and (iii) hereby agrees not to commence or maintain any such action other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action
to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Each party to this Agreement hereby also (x) consents to service of process in any action described in this
Section 4.8 in any manner permitted by Delaware law, (y) agrees that service of process made in accordance with clause (x) or made by overnight delivery by a nationally recognized courier service addressed to a
party’s address specified pursuant to Section 4.2 shall constitute good and valid service of process in any such action and (z) waives and agrees not to assert (by way of motion, as a defense or otherwise) in any
such action any claim that service of process made in accordance with clause (x) or (y) does not constitute good and valid service of process. Notwithstanding the foregoing in this Section 4.8, a party may commence any
action in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

4.9 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY
WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO THIS AGREEMENT OR ANY AND ALL ACTIONS OR PROCEEDINGS (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DESCRIBED IN
SECTION 4.8. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY
PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
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 4.10 Merger; Binding Effect, Etc.. This Agreement constitutes the
entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements, including the Convertible Note Subscrption Agreements, or discussions with respect to such subject matter, and
shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign
any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and
void. 
 4.11 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one instrument. The parties hereto agree that execution of this Agreement by industry standard electronic signature software and/or by exchanging executed signature pages in .pdf format via e-mail shall have the same legal force and effect as the exchange of original signatures, and that in any proceeding arising under or related to this Agreement, each party hereby waives any right to raise any
defense or waiver based upon execution of this Agreement by means of such electronic signatures or maintenance of the executed agreement electronically. 

4.12 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any
respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision
hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

4.13 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each
Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited
partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any
current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

  
 31 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

							
	Company:	 		 	ZEROFOX HOLDINGS, INC.
				
		 		 	By:	 	 /s/ James C. Foster

		 		 		 	Name: James C. Foster
		 		 		 	Title: Chief Executive Officer

							
	Investors:	 		 	L&F ACQUISITION HOLDINGS FUND, LLC
				
		 		 	By:	 	 /s/ Scott Zemnick

		 		 		 	Name: Scott Zemnick
		 		 		 	Title: Authorized Signatory
			
		 		 	Notice Information:
			
		 		 	[***]

 
			
	Corbin Investors:
	
	Corbin ERISA Opportunity Fund, Ltd.
	By: Corbin Capital Partners, L.P.,
	its Investment Manager
		
	By:	 	 /s/ Steven Carlino

		 	Name: Steven Carlino
		 	Title: Chief Financial Officer
	
	Notice Information:
	
	[***]
	
	Attention: [***]
	Email: [***]

 
			
	Monarch Investors:
	
	MFI ICAV, an umbrella fund with segregated liability between sub-funds, acting solely in respect of its sub-fund MFI Loan Fund
I
	
	By: Monarch Alternative Capital LP, its investment manager
		
	By:	 	 /s/ Christopher Santana

		 	Name: Christopher Santana
		 	Title: Managing Principal
	
	Monarch Debt Recovery Master Fund Ltd
	By: Monarch Alternative Capital, LP, its investment manager
		
	By:	 	 /s/ Christopher Santana

		 	Name: Christopher Santana
		 	Title: Managing Principal
	
	Notice Information:
	
	[***]
	
	Attention: [***]
	Email: [***]EX-10.28

 Exhibit 10.28 

Execution Version 

ZEROFOX, INC. 
 STIFEL
BANK 
 LOAN AND SECURITY AGREEMENT 

 This LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into
as of January 7, 2021, by and among STIFEL BANK, a Missouri state chartered bank (“Bank”), and ZEROFOX, INC. a Delaware corporation (“Borrower”), and Borrower’s subsidiaries, RBP FINANCIAL
SERVICES, LLC, a Delaware limited liability company, ZEROFOX CHILE HOLDINGS, LLC, a Delaware limited liability company, and ZEROFOX INDIA HOLDING, LLC, a Delaware limited liability company (each a
“Guarantor” and, collectively, “Guarantors”; Borrower and each Guarantor are each a “Loan Party” and, collectively, “Loan Parties”). 

RECITALS 

Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the
terms on which Bank will advance credit to Borrower and Borrower will repay the amounts owing to Bank. 
 AGREEMENT

 The parties agree as follows: 

1. DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. As used in this Agreement, the following terms shall have the following definitions: 

“Accounts” means all presently existing and hereafter arising accounts, contract rights, payment intangibles, and all other
forms of obligations owing to any Loan Party arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by such Loan Party, whether or not earned by
performance, and any and all credit insurance, guarantees, and other security therefor, as well as all merchandise returned to or reclaimed by such Loan Party and Loan Parties’ Books relating to any of the foregoing. 

“Advance Rate” means five (5). 

“Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any
Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 

“Aggregate Borrowing Limit” means Ten Million Dollars ($10,000,000). 

“Agreement” has the meaning assigned in the preamble hereof. 

“Ancillary Services Limit” means Two Million Dollars ($2,000,000). 

“Annual Recurring Revenue” means annual Revenue committed under the terms of those contracts that arise in the ordinary
course of Borrower’s and other Loan Parties’ businesses and all of the representations and warranties set forth in Section 5.4 hereof. 

“Application” has the meaning assigned in Section 2.1(c) hereof. 

“Bank” has the meaning assigned in the preamble hereof. 

“Bank Expenses” means all: reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in
connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees associated, provided that, so long as no Event of Default has occurred and is continuing, such fees shall be
limited to two (2) audits per year; and Bank’s reasonable attorneys’ fees and expenses incurred in amending, enforcing, or defending the Loan Documents (including fees and expenses of appeal), incurred before, during, and after an
Insolvency Proceeding, whether or not suit is brought. 
 “Borrower” has the meaning assigned in the preamble hereof. 

 “Borrowing Base” means an amount equal to (a) Recurring Revenue
multiplied by (b) the Advance Rate, each as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrower; provided, however, that Bank has the right to decrease the Advance Rate in its good faith
business judgment to mitigate the impact of events, conditions, contingencies, or risks that are expected to adversely affect the Collateral or its value. 

“Borrowing Base Certificate” means the form of document on Exhibit C attached hereto. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of New York are
authorized or required to close. 
 “Cash Management Services” has the meaning assigned in Section 2.1(b) hereof. 

“Cash Management Sublimit” means a sublimit for cash management transactions under the Formula Revolving Line not to exceed Four Million Dollars ($4,000,000). 
 “Cash Management Usage
Amount” means the aggregate of (a) the aggregate limits of corporate credit card services provided to Borrower by Bank, (b) the total amount of any automated clearing house processing reserves, and (c) any amounts outstanding
or other reserves taken by Bank in connection with other Cash Management Services requested by Borrower and approved by Bank. 

“CFC” means (a) a controlled foreign corporation within the meaning of Section 957 of the IRC in which any Loan
Party is a “United States shareholder” within the meaning of Section 951(b) of the IRC and (b) any Subsidiary whose sole assets (other than a de minimis amount) are equity of one (1) or more
entities described in clause (a) of this definition, in each case of clauses (a) and (b), except where a guaranty by, grant of a Lien by, or pledge of two-thirds (2/3) or more of the voting equity
interests of such Subsidiary would result in material incremental income tax liability as a result of the application of Section 956 of the IRC or other similar law, taking into account actual anticipated repatriation of funds, foreign tax
credits, and other relevant factors. 
 “Change in Control” means a transaction in which (a) any “person” or
“group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock of Borrower then outstanding ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a
majority of the Board of Directors of Borrower, who did not have such power before such transaction, or (b) Borrower ceases to own and control all of the economic and voting rights associated with all of the outstanding capital stock of Loan
Parties. 
 “Closing Date” means the date of this Agreement. 

“Code” means the New York Uniform Commercial Code. 

“Collateral” means the property described on Exhibit A attached hereto provided, that the
Collateral shall not include (a) more than sixty-five percent (65%) of the stock, units, or other evidence of ownership of any CFC if the pledge of two-thirds (2/3) or more of the voting equity interests
of such Subsidiary would result in material incremental income tax liability as a result of the application of Section 956 of the IRC or other similar law, taking into account actual anticipated repatriation of funds, foreign tax credits, and
other relevant factors or (b) any property or rights of Borrower as a lessee (to the extent disclosed in the Schedule) or licensee to the extent the granting of a security interest therein (i) would be contrary to applicable law or
(ii) is prohibited by or would constitute a default under any agreement or document governing such property (but only to the extent such prohibition is enforceable under applicable law); provided that upon the termination or lapsing of any such
prohibition, such property shall automatically be part of the Collateral; and provided further that the provisions of this paragraph shall in no case exclude from the definition of “Collateral” any Accounts, proceeds of the disposition of
any property, or general intangibles consisting of rights to payment, all of which shall at all times constitute Collateral. 

“Compliance Certificate” means the form of document on Exhibit D attached hereto. 

  
 2 

 “Contingent Obligation” means, as applied to any Person, any direct or
indirect liability, contingent or otherwise, of that Person with respect to (a) any indebtedness, lease, dividend, letter of credit, or other obligation of another Person; (b) any obligations with respect to undrawn letters of credit,
corporate credit cards, or merchant services issued or provided for the account of that Person; and (c) all obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest rates, currency
exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall
be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by Bank in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each
work or authorship and derivative work thereof. 
 “Credit Extension” means each Formula Revolving Line Advance, use of the
Cash Management Sublimit, the International Sublimit, or any other extension of credit by Bank for the benefit of Borrower hereunder. 

“Daily Balance” means the amount of the Obligations owed at the end of a given day. 

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools,
parts and attachments in which any Loan Party has any interest. 
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended, and the regulations thereunder. 
 “Event of Default” has the meaning assigned in Article 8
hereof. 
 “Foreign Exchange Reserve Percentage” has the meaning assigned in Section 2.1(c)(ii) hereof. 

“Formula Revolving Line” means one (1) or more credit extensions of up to an aggregate principal amount of Ten Million
Dollars ($10,000,000). 
 “Formula Revolving Line Advance” or “Formula Revolving Line Advances” means a
cash advance or cash advances under the Formula Revolving Line. 
 “Formula Revolving Line Maturity Date” means
January 6, 2024. 
 “FX Amount” has the meaning assigned in Section 2.1(c)(ii) hereof. 

“FX Contracts” has the meaning assigned in Section 2.1(c)(ii) hereof. 

“GAAP” means generally accepted accounting principles as in effect from time to time. 

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services,
including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures, or similar instruments, (c) all capital lease obligations, and
(d) all Contingent Obligations. 
 “Immaterial Subsidiary” means any Subsidiary designated by Borrower as an
“Immaterial Subsidiary” provided that (a) each such Subsidiary does not own or possess more than Five Hundred Thousand ($500,000) in average daily balance of assets (other than uncollected accounts receivable not yet due and
payable accruing in the ordinary course of business) during any consecutive thirty (30) day period, (b) all Immaterial Subsidiaries, in the aggregate, do not own or possess more than One Million Dollars ($1,000,000) in average daily
balance of assets during any consecutive thirty (30) day period (other than uncollected accounts receivable not yet due and payable accruing in the ordinary course of business), and (c) without Bank’s express prior written consent,
after the Closing Date, Borrower may designate no more than five (5) additional Immaterial Subsidiaries. 
 “Insolvency
Proceeding” means any proceeding commenced by or against any person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of
creditors, formal or informal moratoria, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

  
 3 

 “Intellectual Property Collateral” means all of Loan Parties’ right,
title, and interest in and to the following: Copyrights, Trademarks, and Patents; all trade secrets, all design rights, claims for damages by way of past, present, and future infringement of any of the rights included above, all licenses or other
rights to use any of the Copyrights, Trademarks, or Patents, and all license fees and royalties arising from such use to the extent permitted by such license or rights; all amendments, renewals, and extensions of any of the Copyrights, Trademarks,
or Patents; and all proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing. 

“International Sublimit” means a sublimit for foreign exchange services and export, import, and standby letters of credit
under the Formula Revolving Line not to exceed Four Million Dollars ($4,000,000). 
 “Inventory” means all inventory in
which a Loan Party has or acquires any interest, including work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter owned by or in the
custody or possession, actual or constructive, of such Loan Party, including such inventory as is temporarily out of its custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds,
resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Loan Parties’ Books relating to any of the foregoing. 

“Investment” means any beneficial ownership (including stock, partnership interest, or other securities) of any Person, or
any loan, advance, or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and
the regulations thereunder. 
 “Letter of Credit” or “Letters of Credit” has the meaning assigned in
Section 2.1(c)(i) hereof. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest, or
other encumbrance. 
 “Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any
other agreement entered into in connection with this Agreement, all as amended or extended from time to time. 
 “Loan Parties’
Books” means all of Loan Parties’ books and records including: ledgers; records concerning Loan Parties’ assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files,
and the equipment containing such information. 
 “Loan Party” or “Loan Parties” has the meaning assigned
in the preamble hereof. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, operations
or condition (financial or otherwise) of Loan Parties and their Subsidiaries taken as a whole, (b) the ability of Borrower to repay the Obligations in accordance with the terms of the Loan Documents or otherwise perform its obligations under
the Loan Documents, or (c) the value or priority of Bank’s security interests in the Collateral taken as a whole. 

“Negotiable Collateral” means all letters of credit of which a Loan Party is a beneficiary, notes, drafts, instruments,
securities, documents of title, and chattel paper, and Loan Parties’ Books relating to any of the foregoing. 
 “New
Subsidiary” has the meaning assigned in Section 6.10 hereof. 
 “Obligations” means all debt, principal,
interest, Bank Expenses, and other amounts owed to Bank by Borrower pursuant to this Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after
the commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise. 

“Patents” means all patents, patent applications, and like protections, including without limitation improvements, divisions,
continuations, renewals, reissues, extensions, and continuations-in-part of the same. 

  
 4 

 “Patriot Act” has the meaning assigned in Section 13.9 hereof. 

“Periodic Payments” means all installments or similar recurring payments that Borrower may now or hereafter become obligated
to pay to Bank pursuant to the terms and provisions of any instrument or agreement now or hereafter in existence between Borrower and Bank. 

“Permitted Indebtedness” means: 

(a) Indebtedness of Loan Parties in favor of Bank arising under this Agreement or any other Loan Document; 

(b) Indebtedness existing on the Closing Date and disclosed in the Schedule; 

(c) Indebtedness secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided (i) such
Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and (ii) such Indebtedness does not exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate at any given
time; 
 (d) Subordinated Debt; 

(e) Indebtedness to trade creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of
business with corporate credit cards; 
 (f) Indebtedness that also constitutes a Permitted Investment; 

(g) other unsecured Indebtedness in an amount not to exceed Two Hundred Fifty Thousand Dollars $250,000 at any time outstanding; 

(h) intercompany Indebtedness created after the Closing Date, provided that for intercompany Indebtedness over $1,000,000, each Subsidiary
obligor and each Subsidiary obligee under such Indebtedness, is or becomes a Loan Party under this Agreement; 
 (i) prepayment by any
Subsidiary of intercompany Indebtedness owed by such Subsidiary to any Loan Party regardless if such Subsidiary is a Loan Party; 
 (j)
other Indebtedness as otherwise explicitly permitted under this Agreement or approved in writing by Bank; and 
 (k) extensions,
refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon the Loan Parties. 

“Permitted Investment” means: 

(a) Investments existing on the Closing Date disclosed in the Schedule; and 

(b) (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any state
thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having a rating of at
least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) certificates of deposit maturing no more than
one (1) year from the date of investment therein issued by Bank, and (iv) Bank’s money market accounts. 
 (c) any action
permitted under Section 7.6(a) or Section 7.6(b). 
 (d) Investments accepted in connection with Permitted Transfers; 

  
 5 

 (e) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

(f) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
Affiliates, in the ordinary course of business, provided that this subparagraph (f) shall not apply to Investments of Borrower in any Subsidiary; 

(g) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees,
officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; 

(h) Investments consisting of travel advances and employee relocation loans in the ordinary course of business, in an aggregate amount not to
exceed One Hundred Thousand Dollars ($100,000) at any time outstanding; 
 (i) Investments in any New Subsidiaries (including CFCs and
Immaterial Subsidiaries), provided that each New Subsidiary otherwise meets the requirements of Section 6.10 hereof; 
 (j)
Investments by Borrower in (i) ZeroFox Chile SpA (either directly or indirectly through ZeroFox Chile Holdings LLC), in an aggregate amount not to exceed Two Million Dollars ($2,000,000) in the aggregate during any six-month period, (ii) ZeroFox UK Ltd in an aggregate amount not to exceed Four Million Dollars ($4,000,000) in the aggregate during any six-month period, and
(iii) ZeroFox India Private Limited (either directly or indirectly through ZeroFox India Holding, LLC), in an amount not to exceed Two Million Dollars ($2,000,000) in the aggregate during any six-month
period; provided that, no Investment made by Borrower in any of the entities described in this subsection within any six-month period shall prevent Borrower from making an Investment not to exceed the amounts
described in this subsection in any other six-month period, regardless of whether such Investment is made prior to the Closing Date; 

(k) Investments in any Immaterial Subsidiary (other than those permitted in clause (j)) in such amounts that would not cause the applicable
Subsidiary to cease to qualify as an Immaterial Subsidiary; 
 (l) joint ventures or strategic alliances in the ordinary course of
Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed Two Hundred Fifty Thousand Dollars
($250,000) in the aggregate in any fiscal year; and 
 (m) additional Investments that do not exceed Two Hundred Fifty Thousand Dollars
($250,000) in the aggregate at any time outstanding. 
 “Permitted Liens” means the following: 

(a) Liens existing on the Closing Date and disclosed in the Schedule or arising under this Agreement or the other Loan Documents; 

(b) Liens for taxes, fees, assessments, or other governmental charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings; provided, that the Loan Parties maintain adequate reserves therefor on the Loan Parties’ Books in accordance with GAAP; 

(c) Liens (i) upon or in any equipment or software or other intellectual property which was not financed by Bank acquired or held by
Loan Parties or any of their Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment, software or other intellectual property or (ii) existing on
such equipment at the time of its acquisition, provided the Lien is confined solely to the property so acquired and improvements thereon and the proceeds of such equipment, software or other intellectual property. 

(d) Liens in favor of Bank; 

  
 6 

 (e) Liens incurred in connection with Subordinated Indebtedness; 

(f) leasehold interests in leases or subleases and licenses granted in the ordinary course of business that do not interfere in any material
respect with the business of the Borrower; 
 (g) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of custom duties that are promptly paid on or before the date they become due; 
 (h) Liens on insurance proceeds securing the
payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets); 

(i) statutory and common law rights of set-off and other similar rights as to deposits of cash and
securities in favor of banks, other depository institutions and brokerage firms; 
 (j) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or
marketability of the related property; 
 (k) (A) Liens on cash, cash equivalents and liquid funds securing obligations permitted under
clause (e) of the definition of Permitted Indebtedness and (B) security deposits in connection with real property leases, the combination of (A) and (B) in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000) at
any time; and 
 (l) Liens incurred in connection with the extension, renewal, or refinancing of the indebtedness secured by Liens of the
type described in clauses (a) through (k) above, provided any extension, renewal, or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed, or
refinanced does not increase. 
 “Permitted Subordinated Debt” means Indebtedness owed by the Borrower and the other Loan
Parties to Orix Growth Capital, LLC or any Affiliate or transferees or assignees thereof pursuant to documentation executed on the Closing Date. 

“Permitted Transfer” has the meaning assigned in Section 7.1 hereof. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity, or governmental agency. 

“Prime Rate” means the Prime Rate published in the Money Rates section of The Wall Street Journal or such other rate
of interest publicly announced from time to time by Bank as its Prime Rate. For the avoidance of doubt, Bank may price loans to customers other than the Borrower at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at
the opening of business on the day specified in the public announcement of a change in Prime Rate. 
 “Recurring Revenue”
means Annual Recurring Revenue divided by 12. 
 “Reg W Affiliate” means an “affiliate” as such term is set forth
in Section 23A(b)(1) of the Federal Reserve Act (12 USC 371c) and 12 C.F.R. 223.2. 
 “Responsible Officer” means each
of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, and the Controller of Borrower. 

“Revenue” means any amounts committed to the Borrower on any of its Subsidiaries under contract. 

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 

  
 7 

 “Shares” means one hundred percent (100%) of the issued and outstanding
capital stock, membership units, general partnership interest, or other securities owned or held of record by Loan Parties directly in any Person; provided however, Shares shall not include the equity interests described in clause (a) of the
definition of “Collateral”. 
 “Subordinated Debt” means (a) any debt incurred by Borrower that is
subordinated to the debt owing by Borrower to Bank on terms acceptable to Bank (and identified as being such by Borrower and Bank), pursuant to a subordination or similar agreement by and among Borrower, Bank and the applicable subordinated lender,
and (b) the Permitted Subordinated Debt. 
 “Subsidiary” means any corporation, company, or partnership in which
(a) any general partnership interest or (b) more than fifty percent (50%) of the capital stock, membership units, or other securities which by the terms thereof has the ordinary voting power to elect the Board of Directors, managers, or
trustees of the entity, at the time as of which any determination is being made, is owned by any Loan Party, either directly or through an Affiliate (collectively, “Subsidiaries”). 

“Taxes” has the meaning assigned in Section 14.9 hereof. 

“Trademarks” means any trademark and service mark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of Loan Parties connected with and symbolized by such trademarks. 

“Transfer” has the meaning assigned in Section 7.1 hereof. 

1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP, and all
calculations made hereunder shall be made in accordance with GAAP. When used herein, the term “financial statements” shall include the notes and schedules thereto. 

2. LOAN AND TERMS OF PAYMENT. 

2.1 Credit Extensions. 

Borrower promises to pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all
Credit Extensions made by Bank to Borrower hereunder in accordance with the terms of this Agreement. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

(a) Formula Revolving Line Advances. 

(i) Subject to and upon the terms and conditions of this Agreement, Borrower may request Formula Revolving Line Advances in an
aggregate outstanding amount not to exceed the lesser of (A) the Formula Revolving Line or (B) the Borrowing Base, minus, in each case and without duplication, the Cash Management Usage Amount and the aggregate amounts outstanding
under the International Sublimit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Formula Revolving Line Maturity Date, at which time
all Formula Revolving Line Advances under this Section 2.1(a) shall be immediately due and payable. Borrower may prepay any Formula Revolving Line Advances without penalty or premium. 

(ii) Whenever Borrower desires a Formula Revolving Line Advance, Borrower will notify Bank no later than 3:00 p.m. Eastern time,
on the Business Day that the Formula Revolving Line Advance is to be made. Each such notification shall be made (A) by telephone or in-person followed by written confirmation from Borrower within
twenty-four (24) hours, (B) by electronic mail or facsimile transmission, or (C) by delivering to Bank an advance request form in substantially the form of Exhibit B hereto (the “Advance Request
Form”). Bank is authorized to make Formula Revolving Line Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer or without instructions if in Bank’s discretion
such Formula Revolving Line Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee
thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Formula Revolving Line Advances made under this Section 2.1(a) to Borrower’s
deposit account. 
  

  
 8 

 (b) Cash Management Sublimit. Subject to the terms and conditions of this
Agreement and availability under the Formula Revolving Line and the Borrowing Base, Borrower may request cash management services which may include merchant services, business credit card, automated clearing house transactions, controlled
disbursement accounts, and check cashing services identified in various cash management services agreements related to such services (the “Cash Management Services”) by delivering to Bank such applications on Bank’s standard
forms as requested by Bank; provided, however, that the total amount of the Cash Management Services outstanding at any time shall not exceed the Cash Management Sublimit and that availability under the Formula Revolving Line shall be reduced by the
Cash Management Usage Amount. In addition, Bank may, in its sole discretion, charge as Formula Revolving Line Advances any amounts that become due or owing to Bank in connection with the Cash Management Services and that are not paid as and when due
under the applicable services agreements. If at any time the Formula Revolving Line is terminated or otherwise ceases to exist, Borrower shall immediately secure to Bank’s satisfaction its obligations with respect to any Cash Management
Services, and, effective as of such date, the balance in any deposit accounts held by Bank and the certificates of deposit issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon
the maturity or liquidation of such certificates) shall automatically secure such obligations to the extent of the then outstanding Cash Management Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts
thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Cash Management Services continue. 

(c) International Sublimit. 

(i) Letters of Credit. Subject to the terms and conditions of this Agreement, at any time prior to the Formula Revolving Line
Maturity Date, Bank agrees to issue letters of credit for the account of Borrower (each, a “Letter of Credit” and, collectively, the “Letters of Credit”), provided, however, the aggregate outstanding face amount of
all Letters of Credit shall not exceed the International Sublimit less any FX Amount (as defined below) outstanding, and, for purposes of determining availability under the Formula Revolving Line, the aggregate outstanding face amount of all Letters
of Credit (whether drawn or undrawn) shall decrease, on a dollar-for-dollar basis, the amount available for other Formula Revolving Line Advances. All Letters of Credit
shall be, in form and substance, acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s form of standard application and letter of credit agreement (the “Application”), which
Borrower hereby agrees to execute, including Bank’s standard fee. On any drawn but unreimbursed Letter of Credit, the unreimbursed amount shall be deemed a Formula Revolving Line Advance under Section 2.1(a). The obligation of Borrower to
reimburse Bank for drawings made under Letters of Credit shall be absolute, unconditional, and irrevocable and shall be performed strictly in accordance with the terms of this Agreement, the Application, and such Letters of Credit, under all
circumstances whatsoever. Borrower shall indemnify, defend, protect, and hold Bank harmless from any loss, cost, expense, or liability, including, without limitation, reasonable attorneys’ fees, arising out of or in connection with any Letters
of Credit, except for expenses caused by Bank’s gross negligence or willful misconduct. 
 (ii) Foreign Exchange.
Subject to and upon the terms and conditions of this Agreement and any other agreement that Borrower may enter into with Bank in connection with foreign exchange transactions (“FX Contracts”), Borrower may request Bank to enter into
FX Contracts with Borrower due no later than the Formula Revolving Line Maturity Date. Borrower shall pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing FX Contracts for Borrower. The FX
Amount shall at all times be equal to or less than the International Sublimit less the face amount of all outstanding Letters of Credit, and availability under the Formula Revolving Line shall be reduced by the FX Amount. The “FX
Amount” shall equal the amount determined by multiplying (A) the aggregate amount, in United States Dollars, of Borrower’s exposure under FX Contracts between Borrower and Bank remaining outstanding as of any date of
determination by (B) the applicable Foreign Exchange Reserve Percentage as of such date. The “Foreign Exchange Reserve Percentage” shall be a percentage as determined by Bank, in its reasonable discretion from time to
time to be appropriate and customary. The initial Foreign Exchange Reserve Percentage shall be ten percent (10%). 
 If at any time the
Formula Revolving Line is terminated or otherwise ceases to exist, Borrower shall immediately secure in cash all obligations under the International Sublimit on terms reasonably acceptable to Bank. 

  
 9 

 (d) [Reserved]. 

2.2 Overadvances; Ancillary Services Limit; Aggregate Borrowing Limit. If (a) the aggregate amount of the outstanding
Formula Revolving Line Advances plus the Cash Management Usage Amount plus the aggregate amounts outstanding under the International Sublimit as provided in Section 2.1(c) exceeds the lesser of the Formula Revolving Line or the
Borrowing Base at any time, (b) the Cash Management Usage Amount plus the aggregate amounts outstanding under the International Sublimit as provided in Section 2.1(c) exceeds the Ancillary Services Limit at any time, or (c) the
aggregate amount of all Credit Extensions exceeds the Aggregate Borrowing Limit at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess. 

2.3 Interest Rates, Payments, and Calculations. 

(a) Interest Rates. 

(i) Formula Revolving Line Advances. Except as set forth in Section 2.3(b), the Formula Revolving Line Advances
shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to the greater of (i) 1.00% above the Prime Rate or (ii) 4.50%. 

(ii) [Reserved]. 

(b) Late Fee; Default Rate. If any payment is not made within ten (10) days after the date such payment is due, Borrower
shall pay to Bank a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than Twenty-Five Dollars
($25.00). All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to four (4) percentage points above the interest rate applicable immediately prior to the occurrence
of the Event of Default. 
 (c) Payments. Interest hereunder shall be due and payable on the seventh (7th) calendar day of each month during the term hereof. Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts or
against the Formula Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall
thereafter accrue interest at the rate then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties, impositions, or other charges to the end that Bank will receive the entire amount of any Obligations payable
hereunder, regardless of source of payment. 
 (d) Computation. In the event that the Prime Rate is changed from time to time
hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the Loan Documents shall be
computed on the basis of a three hundred sixty (360)-day year for the actual number of days elapsed. 

2.4 Crediting Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check, or
other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence of an Event of Default, the receipt by Bank of any wire transfer of funds, check, or other item of payment shall be immediately applied to
conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment.
Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 2:00 p.m. Eastern Time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business
Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest,
as the case may be, shall accrue and be payable for the period of such extension. 

  
 10 

 2.5 Fees. Borrower shall pay to Bank the following: 

(a) Facility Fee. On the Closing Date, a Facility Fee equal to Fifteen Thousand Dollars ($15,000), which shall be nonrefundable;

 (b) Unused Fee. A fee, payable quarterly in arrears three (3) Business Days after each quarter and on the Formula
Revolving Line Maturity Date, in an amount equal to 0.25% per annum of the unused portion of the Formula Revolving Line (which, for the avoidance of doubt, is Ten Million Dollars ($10,000,000) until such time as it is increased in accordance
with the definition of Formula Revolving Line) during such fiscal quarter, measured daily and averaged over such fiscal quarter, as reasonably determined by Bank; provided, however, that this fee will be waived if Borrower’s total outstanding
Obligations, measured daily and averaged over such fiscal quarter, as reasonably determined by Bank, are greater than Seven Million Five Hundred Thousand Dollars ($7,500,000) during the applicable quarter; and 

(c) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, including reasonable
attorneys’ fees and expenses and, after the Closing Date, all Bank Expenses, including reasonable attorneys’ fees and expenses, as and when they are incurred by Bank. Bank may, at its option, charge such Bank Expenses, including reasonable
attorneys’ fees and expenses against any of Borrower’s deposit accounts or against the Formula Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. 

2.6 Term. This Agreement shall become effective on the Closing Date and, subject to Section 13.7, shall continue in full
force and effect for so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit
Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. Notwithstanding termination, Bank’s Lien on the Collateral shall remain in effect for so long as any
Obligations (other than inchoate indemnity obligations and Bank Expenses reimbursement obligations for which no claim has been made) are outstanding. 

3. CONDITIONS OF LOANS. 

3.1 Conditions Precedent to Effectiveness. The effectiveness of the Loan Documents is subject to the condition precedent that
Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this Agreement; 

(b) a certificate of the Secretary of each Loan Party with respect to incumbency and resolutions authorizing the execution and
delivery of this Agreement; 
 (c) UCC National Form Financing Statement; 

(d) an intellectual property security agreement for each Loan Party; 

(e) a warrant to purchase stock; 

(f) [Reserved]; 

(g) the certificates for the Shares together with stock powers or other instruments of assignment duly executed in blank; 

(h) evidence that Borrower has opened and funded not less than $50,000 of its cash in deposit accounts held at Bank;  
 (i) agreement to provide insurance; 

(j) payment of the fees and Bank Expenses then due specified in Section 2.5 hereof; 

(k) financial statements of Loan Parties as of November 30, 2020; 

  
 11 

 (l) an Authorization for Automatic Debit; and 

(m) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

3.2 Conditions Precedent to All Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial
Credit Extension, is further subject to the following conditions: 
 (a) timely receipt by Bank of the Advance Request Form, as
provided in Section 2.1; 
 (b) a Borrowing Base Certificate as of the date of the Advance Request Form for the month most
recently ended for the month Borrower was required to provide one under Section 6.3; 
 (c) the representations and warranties
contained in Article 5 shall be true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) on and as of the date of such Advance Request Form and on the effective
date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be continuing or would exist after giving effect to such Credit Extension. The making of each Credit Extension shall be deemed
to be a representation and warranty by each Loan Party on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2; and 

(d) Bank determines to its satisfaction that a Material Adverse Effect has not occurred. 

4. CREATION OF SECURITY INTEREST. 

4.1 Grant of Security Interest. Each Loan Party grants and pledges to Bank a continuing security interest in all presently
existing and hereafter acquired or arising Collateral in order to secure prompt repayment of any and all Obligations and in order to secure prompt performance by such Loan Party of each of its covenants and duties under the Loan Documents. Except as
set forth in the Schedule, such security interest constitutes a valid, first priority security interest in the presently existing Collateral and will constitute a valid, first priority security interest in Collateral acquired after the date hereof.

 4.2 Delivery of Additional Documentation Required. Each Loan Party shall from time to time execute and deliver to Bank, at
the request of Bank, all Negotiable Collateral, all financing statements, and other documents that Bank may reasonably request, in form reasonably satisfactory to Bank, to perfect and continue the perfection of Bank’s security interests in the
Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Loan Parties from time to time may deposit with Bank specific time deposit accounts to secure specific Obligations. Each Loan Party authorizes
Bank to hold such balances in pledge and to decline to honor any drafts thereon or any request by a Loan Party or any other Person to pay or otherwise transfer any part of such balances for so long as the Obligations are outstanding. 

4.3 Right to Inspect. Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior
notice, from time to time during Loan Parties’ usual business hours but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect Loan Parties’ Books and to make copies thereof and to check, test,
and appraise the Collateral in order to verify Loan Parties’ financial condition or the amount, condition of, or any other matter relating to, the Collateral. The first such audit to commence within thirty (30) days of the Closing Date.
Based on the results of the audits Bank may, in its good faith business judgment, decrease the Advance Rate, including decreasing the Advance Rate to zero (0). 

4.4 Pledge of Shares. Each Loan Party hereby pledges, assigns, and grants to Bank a security interest in all of the Shares,
together with all proceeds and substitutions thereof, all cash, stock, and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the
foregoing, as security for the performance of the Obligations. On the Closing Date, the certificate or certificates, if any, for the Shares will be delivered to Bank, accompanied by stock powers or another instrument of assignment duly executed in
blank by such Loan Party. To the extent required by the terms and conditions governing the Shares, the applicable Loan Party shall cause the books of each entity whose Shares are part 

  
 12 

 
of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence of an Event of Default hereunder, Bank may effect the transfer of any securities included in the
Collateral (including but not limited to the Shares) into the name of Bank and cause new certificates representing such securities to be issued in the name of Bank or its transferee. Each Loan Party will execute and deliver such documents, and take
or cause to be taken such actions, as Bank may reasonably request to perfect or continue the perfection of Bank’s security interest in the Shares. Unless an Event of Default shall have occurred and be continuing, the applicable Loan Party shall
be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers, and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver, or ratification given or action taken which would be
inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All such rights to vote and give consents, waivers, and ratifications shall terminate upon the occurrence and continuance of
an Event of Default. 
 5. REPRESENTATIONS AND WARRANTIES. 

Each Loan Party represents and warrants as follows: 

5.1 Due Organization and Qualification. Each Loan Party is a corporation or limited liability company duly existing under the
laws of its state of incorporation or formation and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, provided such a failure to qualify in such
state could reasonably be expected to have a Material Adverse Effect. 
 5.2 Due Authorization; No Conflict. The execution,
delivery, and performance of the Loan Documents are within each Loan Party’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in any Loan Party’s Certificate of
Incorporation or Bylaws, or Certificate of Organization or Formation or Limited Liability Company or Operating Agreement, as applicable, nor will they constitute an event of default under any material agreement to which any Loan Party is a party or
by which any Loan Party is bound. No Loan Party is in default under any material agreement to which it is a party or by which it is bound. 

5.3 No Prior Encumbrances. Each Loan Party and each Subsidiary has good and marketable title to its property, free and clear of
Liens, except for Permitted Liens. 
 5.4 Contracts. The contracts that generate fees included in the calculation of Recurring
Revenue are in full force and effect as of the date of such inclusion. No Loan Party has received notice of an actual or imminent Insolvency Proceeding of any counterparty to a contract that generates fees included in the calculation of Recurring
Revenue. 
 5.5 Merchantable Inventory. All Inventory is in all material respects of good and marketable quality, free from
all material defects, except for Inventory for which adequate reserves have been made. 
 5.6 Intellectual Property
Collateral. Each Loan Party is the sole owner of its Intellectual Property Collateral, except for non-exclusive licenses granted by it to its customers in the ordinary course of business. Each of the
Patents is valid and enforceable, and no part of the Intellectual Property Collateral has been judged invalid or unenforceable, in whole or in part, and no claim has been made that any part of the Intellectual Property Collateral violates the rights
of any third party. Except as set forth in the Schedule, no Loan Party is a party to, or bound by, any agreement that restricts the grant by such Loan Party of a security interest in such Loan Party’s rights under such agreement. 

5.7 Name; Location of Chief Executive Office. Except as disclosed in the Schedule, no Loan Party has done business under any
name other than that specified on the signature page hereof. The chief executive office of Loan Parties is located at the address indicated in Article 10 hereof. Each Loan Party’s Inventory and Equipment is located only at the location set
forth in Article 10 hereof. 
 5.8 Litigation. Except as set forth in the Schedule, there are no actions or proceedings
pending by or against any Loan Party or any Subsidiary before any court or administrative agency in which an adverse decision could have a Material Adverse Effect, or a material adverse effect on such Loan Party’s interest or Bank’s
security interest in the Collateral. 

  
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 5.9 No Material Adverse Change in Financial Statements. All consolidated and
consolidating financial statements relating to Loan Parties and any Subsidiaries that Bank has received from Loan Parties fairly present in all material respects Loan Parties’ financial condition as of the date thereof and Loan Parties’
consolidated and consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or the consolidating financial condition of Loan Parties since the date of the most recent of such
financial statements submitted to Bank. 
 5.10 Solvency; Payment of Debts. Each Loan Party is able to pay its debts
(including trade debts) as they mature; the fair saleable value of each Loan Party’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and no Loan Party is left with unreasonably small capital after
the transactions contemplated by this Agreement. 
 5.11 Regulatory Compliance. Each Loan Party and each Subsidiary have met
the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA, and no event has occurred resulting from any Loan Party’s failure to comply with ERISA that could result in any Loan Party incurring any
material liability. No Loan Party is an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. No Loan Party is engaged principally, or as one
of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Each Loan Party has
complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. No Loan Party has violated in any material respects any statutes, laws, ordinances, or rules applicable to it, violation of which could have a
Material Adverse Effect. 
 5.12 Environmental Condition. Except as disclosed in the Schedule, no Loan Party’s or any
Subsidiary’s properties or assets have ever been used by any Loan Party or any Subsidiary or, to the best of each Loan Party’s knowledge, by previous owners or operators, in the disposal of, or to produce, store, handle, treat, release, or
transport, any hazardous waste or hazardous substance other than in material compliance with applicable law; to the best of any Loan Party’s knowledge, no Loan Party’s properties or assets have ever been designated or identified in any
manner pursuant to any environmental protection statute as a hazardous waste or hazardous substance disposal site, or a candidate for closure pursuant to any environmental protection statute; no lien arising under any environmental protection
statute has attached to any revenues or to any real or personal property owned by any Loan Party or any Subsidiary; and no Loan Party nor any Subsidiary has received a summons, citation, notice, or directive from the Environmental Protection Agency
or any other federal, state, or other governmental agency concerning any action or omission by any Loan Party or any Subsidiary resulting in the releasing or otherwise disposing of hazardous waste or hazardous substances into the environment. 

5.13 Taxes. Each Loan Party and each Subsidiary have filed or caused to be filed all tax returns required to be filed and have
paid, or have made adequate provision for the payment of, all taxes reflected therein. 
 5.14 Subsidiaries. No Loan Party
owns any stock, partnership interest, or other equity securities of any Person, except for Permitted Investments. 
 5.15
Government Consents. Each Loan Party and each Subsidiary has obtained all material consents, approvals, and authorizations of, made all declarations or filings with, and given all material notices to, all governmental authorities that are
necessary for the continued operation of each Loan Parties’ business as currently conducted. 
 5.16 Accounts. Except as
permitted by Section 6.7 and maintained in accordance with Section 7.7, no Loan Party’s nor any Subsidiary’s property is maintained or invested with a Person other than Bank. 

5.17 Shares. Except as set forth in the Schedule, each Loan Party has full power and authority to create a first lien on the
Shares, and no disability or contractual obligation exists that would prohibit any Loan Party from pledging the Shares pursuant to this Agreement. To each Loan Party’s knowledge, there are no subscriptions, warrants, rights of first refusal, or
other restrictions on transfer relative to, or options exercisable with respect, to the Shares. The Shares have been and will be duly authorized and validly issued and are fully paid and non-assessable. To
each Loan Party’s knowledge, the Shares are not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and no Loan Party knows of reasonable grounds for the institution of any such

  
 14 

 
proceedings. Except for certificates of Shares delivered to Bank, if any, no interest in any limited liability company or limited partnership controlled by any Loan Party is represented by a
certificate. With respect to each limited liability company or limited partnership controlled by any Loan Party whose interests are uncertificated, such limited liability company or limited partnership has not elected, whether in its limited
liability company agreement or limited partnership agreement or otherwise, to have such interests be treated as a “Security” within the meaning of Article 8 of the Code. 

5.18 Full Disclosure. No representation, warranty, or other statement made by any Loan Party in any certificate or written
statement furnished to Bank, when taken as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not materially misleading
at the time such statement was made or deemed made. 
 6. AFFIRMATIVE COVENANTS.

 Each Loan Party shall do all of the following: 

6.1 Good Standing. Each Loan Party shall maintain its and each of its Subsidiaries’ corporate existence and good standing in
its jurisdiction of incorporation and maintain qualification in each jurisdiction in which it is required under applicable law. Each Loan Party shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals,
and agreements, the loss of which could have a Material Adverse Effect. 
 6.2 Government Compliance. Each Loan Party shall
meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Each Loan Party shall comply, and shall cause each Subsidiary to comply, with all statutes, laws,
ordinances, and government rules and regulations to which it is subject, noncompliance with which could have a Material Adverse Effect. 

6.3 Financial Statements, Reports, Certificates. Borrower shall deliver the following to Bank: (a) as soon as available,
but in any event within thirty (30) days after the end of each calendar month, a company prepared consolidated balance sheet, income statement, and cash flow statement covering Loan Parties’ consolidated operations during such period,
prepared in accordance with GAAP, consistently applied, in a form acceptable to Bank and certified by a Responsible Officer; (b) as soon as available, but in any event within one hundred eighty (180) days after the end of Borrower’s
fiscal year, audited (or other such level of attestation required by Borrower’s board of directors) consolidated financial statements of Loan Parties prepared in accordance with GAAP, consistently applied, together with an unqualified opinion
on such financial statements of an independent certified public accounting firm reasonably acceptable to Bank; (c) copies of all statements, reports, and notices sent or made available generally by Borrower to its security holders or to any
holders of Subordinated Debt and, if applicable, all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (d) promptly upon receipt of
notice thereof, a report of any legal actions pending or threatened against any Loan Party or any Subsidiary that could reasonably be expected to result in damages or costs to any Loan Party or any Subsidiary of Five Hundred Thousand Dollars
($500,000) or more; (e) as soon as available, but in any event within forty-five (45) days after the end of each fiscal year of Borrower, (i) annual operating budgets (including income statements, balance sheets, and cash flow
statements, by month) for the upcoming fiscal year of Borrower, and (ii) annual financial projections for the following fiscal year, together with any related business forecasts used in the preparation of such annual financial projections (and,
if annual financial projections and related business forecasts are approved by Borrower’s Board of Directors, then the projections and forecasts delivered under this clause (e)(ii) shall be those that are approved by the Board of Directors);
and (f) such budgets, sales projections, operating plans, or other financial information as Bank may reasonably request from time to time. 

Within thirty (30) days after the last day of each month, Borrower shall deliver to Bank a Borrowing Base Certificate signed by a
Responsible Officer in substantially the form of Exhibit C hereto, together with (w) aged listings of accounts receivable and accounts payable, (x) monthly Recurring Revenue and (y) such other key performance
indicators reasonably requested by Bank. 
 Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate
signed by a Responsible Officer in substantially the form of Exhibit D hereto. 

  
 15 

 As soon as possible and in any event within three (3) Business Days after becoming
aware of the occurrence or existence of an Event of Default hereunder, Borrower shall deliver to Bank a written statement of a Responsible Officer setting forth details of the Event of Default and the action which Borrower has taken or proposes to
take with respect thereto. 
 6.4 Inventory; Returns. Each Loan Party shall keep all Inventory in good and marketable
condition, free from all material defects except for Inventory for which adequate reserves have been made. Returns and allowances, if any, as between a Loan Party and its account debtors shall be on the same basis and in accordance with the usual
customary practices of such Loan Party, as they exist at the time of the execution and delivery of this Agreement. Each Loan Party shall promptly notify Bank of all returns and recoveries and of all disputes and claims, where the return, recovery,
dispute, or claim involves more than One Hundred Thousand Dollars ($100,000). 
 6.5 Taxes. Each Loan Party shall make, and
shall cause each Subsidiary to make, due and timely payment or deposit of all material federal, state, and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Bank, on demand, appropriate certificates
attesting to the payment or deposit thereof; and each Loan Party will make, and will cause each Subsidiary to make, timely payment or deposit of all material tax payments and withholding taxes required of it by applicable laws, including, but not
limited to, those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Bank with proof satisfactory to Bank indicating that Borrower or such Loan Party and Subsidiary has
made such payments or deposits; provided that no Loan Party or Subsidiary needs to make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by
GAAP) by such Loan Party or Subsidiary. 
 6.6 Insurance. 

(a) Each Loan Party, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers,
and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where such Loan Party’s business is conducted on the date hereof. Each Loan Party shall also
maintain insurance relating to such Loan Party’s business, ownership and use of the Collateral in amounts and of a type that are customary to businesses similar to such Loan Party’s. 

(b) All such policies of insurance shall be in such form, with such companies, and in such amounts as are reasonably satisfactory to
Bank. All such policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee thereof, and all liability insurance policies shall show Bank as an
additional insured and shall specify that the insurer must give at least twenty (20) days’ notice to Bank before canceling its policy for any reason. Upon Bank’s request, each Loan Party shall deliver to Bank certified copies of such
policies of insurance and evidence of the payments of all premiums therefor. All proceeds payable under any such policy shall, at the option of Bank, be payable to Bank to be applied on account of the Obligations. 

6.7 Accounts. Within forty-five (45) days of the Closing Date, each Loan Party and any Subsidiary thereof that maintains
its primary accounts in the United States of America shall maintain its primary depository, operating, and investment accounts with Bank. Each Loan Party shall use commercially reasonable efforts to utilize and shall cause each of its Subsidiaries
to use commercially reasonable efforts to utilize Bank’s International Banking Division for any international banking services required by such Loan Party, including, but not limited to, foreign currency wires, hedges, swaps, FX Contracts, and
Letters of Credit. 
 6.8 Financial Covenants. Borrower shall maintain the following financial ratios and covenants: 

(a) Annual Recurring Revenue. Measured quarterly Borrower shall achieve Annual Recurring Revenue of at least the amounts shown
in the table immediately below for the corresponding reporting periods. For subsequent reporting periods, Bank and Borrower hereby agree that, on or before March 14th of each year during the term of this Agreement, Borrower shall provide Bank with a
budget for such year (and, if the budget is approved by Borrower’s Board of Directors, then the budget delivered under this Section 6.8(a) shall be that which is approved by the Board of Directors) which shall be deemed reasonably
acceptable to Bank, and Bank and Borrower shall use that budget to jointly agree in good faith to the minimum Annual Recurring Revenue amounts for 

  
 16 

 
such year (and if Bank and Borrower cannot agree, the Annual Recurring Revenue from the prior fiscal year shall be the Annual Recurring Revenue for the applicable fiscal year), with such amounts
being incorporated herein by an amendment, which Borrower hereby agrees to execute by March 31st of such year; provided that minimum Annual Recurring Revenue for the Borrower’s fiscal year 2022 shall be at least $63,000,000. 

 

					
	 Reporting Period Ending
	  	Minimum Annual Recurring
Revenue	 
	 April 30, 2021
	  	$	45,505,000	 
	 July 31, 2021
	  	$	48,115,000	 
	 October 31, 2021
	  	$	54,424,000	 
	 January 31, 2022
	  	$	63,000,000	 

 (b) Indebtedness Ratio. At all times, Borrower’s aggregate Indebtedness (inclusive of
Subordinated Debt) shall not exceed a ratio of one-to-one (1:1) to Borrower’s then-current Annual Recurring Revenue. 

6.9 Intellectual Property Rights. 

(a) Each Loan Party shall promptly give Bank written notice of any applications or registrations of intellectual property rights filed
with the United States Patent and Trademark Office, including the date of such filing and the registration or application numbers, if any. Borrower shall (i) give Bank not less than thirty (30) days’ prior written notice of the filing
of any applications or registrations with the United States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on such applications or registrations, and the date such applications
or registrations will be filed, and (ii) prior to the filing of any such applications or registrations, execute such documents as Bank may reasonably request for Bank to maintain its perfection in such intellectual property rights to be
registered by Borrower, and, upon the request of Bank, file such documents simultaneously with the filing of any such applications or registrations. Upon filing any such applications or registrations with the United States Copyright Office, Borrower
shall promptly provide Bank with (w) a copy of such applications or registrations, without the exhibits, if any, thereto, (x) evidence of the filing of any documents requested by Bank to be filed for Bank to maintain the perfection and
priority of its security interest in such intellectual property rights, and (y) the date of such filing. 
 (b) Bank may audit
each Loan Party’s Intellectual Property Collateral to confirm compliance with this Section, provided such audit may not occur more often than twice per year, unless an Event of Default has occurred and is continuing. Bank shall have the right,
but not the obligation, to take, at such Loan Party’s sole expense, any actions that such Loan Party is required under this Section 6.9 to take but which such Loan Party fails to take, after fifteen (15) days’ notice to such Loan
Party. Such Loan Party shall reimburse and indemnify Bank for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this Section. 

6.10 Creation/Acquisition of Subsidiaries. In the event that any Loan Party creates or acquires any Subsidiary, such Loan Party
shall promptly notify Bank of such creation or acquisition, and such Loan Party shall take all actions reasonably requested by Bank to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after
the Closing Date during the term of this Agreement): (a) to cause such New Subsidiary, if such New Subsidiary is not a CFC or an Immaterial Subsidiary, to become a Loan Party under this Agreement, and (b) to grant and pledge to Bank a perfected
security interest in the Shares held by such Loan Party in any such New Subsidiary. 
 6.11 Further Assurances. At any time
and from time to time each Loan Party shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 

  
 17 

 6.12 Post-Closing.  

(a) Loan Parties shall deliver to Bank original wet-ink signatures of all Loan Documents
executed by the Loan Parties within seven (7) days of the Closing Date. 
 (b) Bank to engage a third-party (at Borrower’s
expense) to perform an audit of the Collateral, the results of which shall be satisfactory to Bank, within thirty (30) days of the Closing Date. The Collateral audit shall focus on existing customer contracts and historic books and records of
the Loan Parties. 
 7. NEGATIVE COVENANTS. 

No Loan Party will do any of the following: 

7.1 Dispositions. Convey, sell, lease, transfer, or otherwise dispose of (collectively, a “Transfer”), or permit
any of its Subsidiaries to Transfer, all or any material part of its business or property, other than: (a) Transfers of Inventory in the ordinary course of business; (b) Transfers of non-exclusive
licenses and similar arrangements for the use of the property of any Loan Party or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive
in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States of America in the ordinary course of business; (c) Transfers of
worn-out or obsolete equipment in the ordinary course of business; or (d) Transfers to non-U.S. Subsidiaries that constitute Permitted Investments (clause
(a) through clause (d), collectively, the “Permitted Transfers”). 
 7.2 Change in Business; Change in
Control or Executive Office. Engage, as its primary business, in any business, or permit any of its Subsidiaries to, when taken on the whole and not individually, engage in any business as their primary business, other than the businesses
currently engaged in by Loan Parties and any business similar or related thereto (or incidental thereto) or suffer or permit a Change in Control; or without thirty (30) days’ prior written notification to Bank, relocate its chief executive
office or state of incorporation or change its legal name; or, without Bank’s prior written consent, change the date on which its fiscal year ends. 

7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any
other business organization other than mergers or consolidations of: (a) a Subsidiary which is not a Loan Party into another Subsidiary or into a Loan Party so long as, if one party to such merger or consolidation is a Loan Party, the surviving
entity of such merger or consolidation is a Loan Party or (b) a Loan Party into another Loan Party, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person other than
another Loan Party or as otherwise provided in this Agreement. 
 7.4 Indebtedness. Create, incur, assume, or be or remain
liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness. 
 7.5
Encumbrances. Create, incur, assume or suffer to exist any Lien with respect to any of its property (including without limitation its Intellectual Property Collateral) not discharged within sixty (60) days of their filing or Liens, or
assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens (provided, further, that any erroneous filing of a
UCC-1 or similar instrument is not considered a lien provided no security was granted by Borrower with respect to the subject matter of such filing), or agree with any Person other than Bank not to grant a
security interest in, or otherwise encumber, any of its property (including without limitation its Intellectual Property Collateral), or permit any Subsidiary to do so. 

7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or
purchase of any capital stock, except that such Loan Party may (a) repurchase the stock of former employees or directors pursuant to stock repurchase agreements in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000)
in any fiscal year, so long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such repurchase, (b) repurchase the stock of former employees or directors pursuant to stock repurchase
agreements by the cancellation of indebtedness owed by such former employees or directors to such Loan Party regardless of whether an Event of Default exists, (c) pay dividends or make other distributions to any other Loan Party or any
Subsidiary thereof, the proceeds of which are used to pay salaries and wages in the ordinary course of business consistent with past practice, (d) waive, release or forgive any Indebtedness owed by any employees, officers or directors in an
amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate. 
  

  
 18 

 7.7 Investments. Directly or indirectly acquire or own, or make any Investment
in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments; or maintain or invest any of its property with a Person other than Bank or permit any of its Subsidiaries to do so unless such Person has entered into
an account control agreement with Bank in form and substance satisfactory to Bank (except (a) as expressly permitted in Section 6.7, (b) that no account control agreement will be required during the forty-five (45) day period
immediately following the Closing Date, (c) that a Loan Party may maintain deposit accounts or accounts holding investment property not covered by an account control agreement so long as such accounts are outside of the United States of
America, and (d) that no account control agreement will be required for the accounts of Immaterial Subsidiaries; or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying
dividends or otherwise distributing property to any Loan Party. 
 7.8 Transactions With Affiliates. Directly or indirectly
enter into or permit to exist any material transaction with any Affiliate of any Loan Party except for transactions that are in the ordinary course of such Loan Party’s business, upon fair and reasonable terms that are no less favorable to such
Loan Party than would be obtained in an arm’s-length transaction with a non-affiliated Person. Without the prior written consent of Bank in its sole and absolute
discretion, no part of the proceeds of the Credit Extensions may be used (a) to purchase any asset or securities (i) issued by any Reg W Affiliate of Bank, (ii) in respect of which, and during any period when, any Reg W Affiliate of
Bank has acted as an underwriter, (iii) sold by any Reg W Affiliate of Bank acting as a principal, (iv) if the transaction would otherwise result in a violation of Regulation W issued by the Board of Governors of the Federal Reserve System
of the United States, as may be amended from time to time, or (v) if the transaction would not comply with 12 C.F.R. 223.16; (b) to pay, in whole or in part, directly or indirectly, any loan made by any Reg W Affiliate of Bank; or (c) for
the benefit of, or to transfer such proceeds to, any Reg W Affiliate of Bank. 
 7.9 Subordinated Debt. Make any payment in
respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt in
any manner adverse to Bank as senior secured lender to Borrower without Bank’s prior written consent. 
 7.10 Inventory and
Equipment. Store the Inventory or the Equipment in excess of One Hundred Thousand Dollars ($100,000) with a bailee, warehouseman, or other third party unless the third party has been notified of Bank’s security interest and Bank
(a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is in pledge possession of the warehouse receipt, where negotiable, covering such Inventory
or Equipment. Store or maintain any Equipment or at any location where Collateral is in excess of One Hundred Thousand Dollars ($100,000) unless the landlord has been notified of the Bank’s security interest and Bank has received a landlord
waiver in form and substance satisfactory to Bank, duly executed by such Loan Parties and such landlord. 
 7.11 Compliance.
Become an “investment company” or be controlled by an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business
of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as
defined in ERISA, to occur, fail to comply with the Federal Fair Labor Standards Act in any material respect, or violate any law or regulation, which violation could have a Material Adverse Effect, or a material adverse effect on the Collateral or
the priority of Bank’s Lien on the Collateral, or permit any of its Subsidiaries to do any of the foregoing. 
 8.
EVENTS OF DEFAULT. 
 Any one (1) or more of the following events
shall constitute an event of default under this Agreement (each an “Event of Default”). 
 8.1 Payment
Default. If Borrower or any other Loan Party fails to pay, when due, any of the Obligations; provided, however, that an Event of Default shall not occur on account of a failure to pay due solely to an administrative or operational error of Bank
if Borrower had the funds to make the payment when due and makes the payment within three (3) Business Days following Borrower’s knowledge of such failure to pay. 

  
 19 

 8.2 Covenant Default. 

(a) If any Loan Party fails to perform any obligation under Article 6 or violates any of the covenants contained in Article 7 of this
Agreement; or 
 (b) If any Loan Party fails or neglects to perform or observe any other material term, provision, condition,
covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between any Loan Party and Bank and, as to any default under such other term, provision, condition, or covenant that can be cured, has
failed to cure such default within fifteen (15) days after any Loan Party receives notice thereof or any officer of any Loan Party becomes aware thereof; provided, however, that, if the default cannot by its nature be cured within the fifteen (15)-day period or cannot after diligent attempts by such Loan Party be cured within such fifteen (15)-day period, and such default is likely to be cured
within a reasonable time, then such Loan Party shall have an additional reasonable period (which shall not in any case exceed an additional thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to
have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made; 
 8.3 Material Adverse
Effect. If there occurs any circumstance or circumstances that could reasonably be expected to have a Material Adverse Effect; 

8.4 Attachment. If any portion of any Loan Party’s assets is attached, seized, subjected to a writ or distress warrant, or
is levied upon, or comes into the possession of any trustee, receiver, or Person acting in a similar capacity, individually or in the aggregate, with a value of at least Two Hundred Fifty Thousand Dollars ($250,000) or which could have a Material
Adverse Effect, and such attachment, seizure, writ or distress warrant, or levy has not been removed, discharged, or rescinded within twenty (20) days, or if any Loan Party is enjoined, restrained, or in any way prevented by court order from
continuing to conduct all or any material part of the Loan Parties’ business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion of the Loan Parties’ collective assets, or if a notice of lien,
levy, or assessment is filed of record with respect to a material portion or segment of the Loan Parties’ collective assets by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county,
municipal, or governmental agency, and the same is not paid within twenty (20) days after any Loan Party receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or
an adequate bond has been posted pending a good faith contest by such Loan Party (provided that no Credit Extensions will be required to be made during such cure period); 

8.5 Insolvency. If any Loan Party becomes insolvent, or if an Insolvency Proceeding is commenced by any Loan Party, or if an
Insolvency Proceeding is commenced against any Loan Party and is not dismissed or stayed within forty-five (45) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 

8.6 Other Agreements. If there is a default or other failure to perform in any agreement to which any Loan Party is a party or
by which it is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000); 

8.7 Judgments. If a judgment or judgments for the payment of money (not covered by independent third party insurance as to which
liability has not been rejected by such insurance carrier) in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000) shall be rendered against any Loan Party and shall remain unsatisfied and unstayed
for a period of twenty (20) days (provided that no Credit Extensions will be made prior to the satisfaction or stay of such judgment); and 

8.8 Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or
representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 

  
 20 

 9. BANK’S RIGHTS
AND REMEDIES. 
 9.1 Rights and Remedies. Upon the occurrence and during the
continuance of an Event of Default, Bank may, at its election, without notice of its election and without demand, do any one (1) or more of the following, all of which are authorized by each Loan Party: 

(a) declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due
and payable (provided that, upon the occurrence of an Event of Default described in Section 8.5, all Obligations shall become immediately due and payable without any action by Bank); 

(b) cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement
between Borrower and Bank; 
 (c) settle or adjust disputes and claims directly with account debtors for amounts, upon terms, and in
whatever order that Bank reasonably considers advisable; 
 (d) make such payments and do such acts as Bank considers necessary or
reasonable to protect its security interest in the Collateral. Each Loan Party agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Each Loan Party authorizes Bank to enter the
premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or
superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of a Loan Party’s owned premises, such Loan Party hereby grants Bank a license to enter into possession of such premises and to
occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 

(e) set off and apply to the Obligations any and all (i) balances and deposits of any Loan Party held by Bank, or
(ii) Indebtedness at any time owing to or for the credit or the account of any Loan Party held by Bank; 
 (f) ship, reclaim,
recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1,
to use, without charge, each Loan Party’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the
Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1, each Loan Party’s rights under all licenses and all franchise
agreements shall inure to Bank’s benefit; 
 (g) dispose of the Collateral by way of one (1) or more contracts or
transactions, for cash or on terms, in such manner and at such places (including any Loan Party’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems
appropriate; 
 (h) Bank may credit bid and purchase at any public sale; and 

(i) any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 

9.2 Power of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, each Loan Party
hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as such Loan Party’s true and lawful attorney to: (a) send requests for verification of Accounts or notify account debtors of Bank’s security
interest in the Accounts; (b) endorse such Loan Party’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign such Loan Party’s name on any invoice or bill of lading relating
to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions
with respect to Borrower’s policies of insurance; and (f) settle and adjust 

  
 21 

 
disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines to be reasonable. In addition, each Loan Party hereby irrevocably
appoints Bank (and any of Bank’s designated officers, or employees) to file, in its sole discretion, one (1) or more financing or continuation statements and amendments thereto, relative to any of the Collateral. The appointment of Bank as
each Loan Party’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide
Credit Extensions hereunder is terminated. 
 9.3 Accounts Collection. At any time after the occurrence of an Event of
Default, Bank may notify any Person owing funds to any Loan Party of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to such Loan Party for Bank, receive in trust all
payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 

9.4 Bank Expenses. If any Loan Party fails to pay any amounts or furnish any required proof of payment due to third persons or
entities as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; (b) set up such reserves under a loan facility in
Section 2.1 as Bank deems necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.6 hereof, and take any action with respect to such
policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the
Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any Event of Default under this Agreement. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices and applicable law, Bank
shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (c) any diminution in the value thereof;
or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage, or destruction of the Collateral shall be borne by Loan Parties. 

9.6 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements
shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one (1) right or remedy shall be deemed an election, and no waiver by Bank of
any Event of Default on any Loan Party’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on
behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. 
 9.7
Demand; Protest. Effective only upon the occurrence and during the continuation of an Event of Default, each Loan Party waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any
default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Bank on which any Loan Party may in any way be liable. 

9.8 Compliance With Applicable Law. Bank shall comply with all applicable laws in taking any actions and exercising remedies
contemplated or permitted by this Section 9. 
 10. NOTICES. All notices, consents,
requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and
three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission;
(c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address,
facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Article 10. 

  
 22 

			
	 If to a Loan Party:
	  	 ZEROFOX, INC.
 1834 S. Charles St.

Baltimore, MD 21230
 Attention: [***]

email: [***]
 Telephone: [***]

 
 With a copy (not constituting notice) to:

 
 Venable LLP

750 E. Pratt Street, Suite 900
 Baltimore, MD 21202

email: [***]
 Attention: Anthony J. Rosso, Esq.

Telephone: [***]

		
	 If to Bank:
	  	 STIFEL BANK
 [***]

Attn: [***]
 EMAIL: [***]

 11. GOVERNING LAW. This Agreement shall be deemed
to have been made under and shall be governed by the laws of the State of New York (without regard to choice of law principles except as set forth in Section 5-1401 of the New York General Obligations
Law) in all respects, including matters of construction, validity, and performance, and that none of its terms or provisions may be waived, altered, modified, or amended except as Bank may consent thereto in writing duly signed for and on its
behalf. 
 12. JURISDICTION AND JURY TRIAL
WAIVER. 
 12.1 Each Loan Party hereby irrevocably consents that any suit, legal action, or
proceeding against such Loan Party or any of its properties with respect to any of the rights or obligations arising directly or indirectly under or relating to this Agreement or any other Loan Document may be brought in any jurisdiction, including,
without limitation, any New York State or United States Federal Court located in the Southern District of New York, as Bank may elect, and by execution and delivery of this Agreement, each Loan Party hereby irrevocably submits to and accepts with
regard to any such suit, legal action, or proceeding, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Each Loan Party hereby irrevocably consents to the service of process in any
such suit, legal action, or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to Borrower at its address set forth herein. The foregoing shall not limit the right of Bank to serve
process in any other manner permitted by law or to bring any suit, legal action, or proceeding or to obtain execution of judgment in any other jurisdiction. 

12.2 Each Loan Party hereby irrevocably waives any objection which such Loan Party may now or hereafter have to the laying of venue of
any suit, legal action, or proceeding arising directly or indirectly under or relating to this Agreement or any other Loan Document in any state or federal court located in any jurisdiction, including, without limitation, any state or federal court
located in the Southern District of New York chosen by Bank in accordance with this Article 12 and hereby further irrevocably waives any claim that a court located in the Southern District of New York is not a convenient forum for any such suit,
legal action, or proceeding. 
 12.3 Each Loan Party hereby irrevocably agrees that any suit, legal action or proceeding commenced by
any Loan Party with respect to any rights or obligations arising directly or indirectly under or relating to this Agreement or any other Loan Document (except as expressly set forth therein to the contrary) shall be brought exclusively in any New
York State or United States Federal Court located in the Southern District of New York. 
 12.4 Each Loan Party hereby waives any
defense or claim based on marshaling of assets or election or remedies or guarantees. 

  
 23 

 12.5 Each Loan Party and Bank (by its acceptance of this Agreement) hereby
irrevocably waive all right to trial by jury in any action, proceeding, or counterclaim arising out of or relating to any obligation of any Loan Party or this Agreement or any other Loan Document. 

13. GENERAL PROVISIONS. 

13.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted
assigns of each of the parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by any Loan Party without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole
discretion. Borrower acknowledges and agrees that, upon three (3) Business Days’ prior written notice thereof (which notice shall set forth the name, address and taxpayer identification number of the transferee and the Person(s) that
control the transferee) (i) Bank has the right to sell, transfer, negotiate or assign, in whole or in part, any interest in, this Agreement and the other Loan Documents, and Bank’s rights, obligations, and benefits under this Agreement and
the other Loan Documents to any Person that is not (and does not hold a material interest in) any competitor of Borrower (as determined by Borrower), and (ii) Bank may at any time and from time to time sell participating interests in the loans
described herein to other Persons that are not (and do not hold a material interest in) any competitor of Borrower (as determined by Borrower). Borrower shall notify Bank within three (3) Business Days after receipt of the foregoing written
notice if Borrower determines the proposed transferee is (or holds a material interest in) a competitor of Borrower, whereupon Bank shall not consummate the proposed sale, transfer, participation or assignment and any purported sale, transfer,
participation or assignment that is not made strictly in accordance with this Section 13.1 shall be null and void (and if Borrower provides no notice to Bank within such three (3)-Business Day period, then Borrower will be
deemed to have provided notice of consent to the proposed sale, transfer, participation or assignment). 
 13.2
Indemnification. Borrower shall defend, indemnify, and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with
the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank as a result of or in any way arising out of, following, or consequential to transactions between Bank and any
Loan Party whether under this Agreement, or otherwise (including without limitation reasonable attorneys’ fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 

13.3 Time of Essence. Time is of the essence for the performance of all Obligations set forth in this Agreement. 

13.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this
Agreement for the purpose of determining the legal enforceability of any specific provision. 
 13.5 Amendments in Writing,
Integration. Neither this Agreement nor the Loan Documents can be amended or terminated orally. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of
this Agreement and the Loan Documents, if any, are merged into this Agreement and the Loan Documents. 
 13.6
Counterparts/Acceptance. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which, when
taken together, shall constitute but one and the same Agreement. Delivery of executed copies of the signature pages of this Agreement sent by facsimile or transmitted electronically in Portable Document Format, or any similar format, is as effective
as executing and delivering this Agreement in the presence of the other Parties to this Agreement and such signature pages shall be treated as originals, fully binding and with full legal force and effect, and the parties waive any rights they may
have to object to such treatment. Borrower hereby acknowledges and agrees that this Agreement has been executed and accepted by Bank in the State of Missouri. 

13.7 Survival. All covenants, representations, and warranties made in this Agreement shall continue in full force and
effect so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs, and liabilities described in
Section 13.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

  
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 13.8 Confidentiality. In handling any confidential information Bank and all
employees and agents of Bank, including but not limited to accountants, shall exercise the same degree of care that it exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure of such information may be made (a) to the subsidiaries or affiliates of Bank in connection with their
present or prospective business relations with Loan Parties, (b) to prospective transferees or purchasers of any interest in the Loans, (c) as required by law, regulations, rule, or order, subpoena, judicial order, or similar order,
(d) as may be required in connection with the examination, audit, or similar investigation of Bank, and (e) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not
include information that either: (x) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (y) is disclosed to
Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information. 

13.9 Patriot Act Notice. Bank notifies each Loan Party that, pursuant to the requirements of the USA Patriot Act, Title III of
Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot Act”), it is required to obtain, verify, and record information that identifies such Loan Party, which information
includes names and addresses and other information that will allow Bank to identify such Loan Party in accordance with the Patriot Act. 

13.10 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition or
other proceeding be filed by or against any Loan Party for liquidation or reorganization, should any Loan Party become insolvent or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver and
manager or trustee be appointed for all or any significant part of any Loan Party’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part
thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a fraudulent preference reviewable transaction or otherwise, all as though such payment
or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored, or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced,
restored, or returned. 
 14. GUARANTY. 

14.1 For and in consideration of the Credit Extensions by Bank to Borrower hereunder, and acknowledging that Bank would not enter into
this Agreement without the benefit of this guaranty, each Guarantor hereby unconditionally and irrevocably guarantees the prompt and complete payment of all amounts that Borrower owes to Bank under this Agreement and performance by Borrower of this
Agreement and the other Loan Documents in strict accordance with their respective terms. This guaranty is a continuing guaranty that covers, without limitation, new debts incurred by Borrower under the Loan Documents. 

14.2 If Borrower does not pay any amount or perform its Obligations in strict accordance with the Loan Documents, each Guarantor shall
immediately pay all amounts due thereunder (including, without limitation, all principal, interest, and fees) and otherwise proceed to complete the same and satisfy all of Borrower’s Obligations under the Loan Documents. 

14.3 The obligations hereunder are joint and several, and the obligations hereunder are independent of the Obligations of Borrower and
any other Person or entity, and a separate action or actions may be brought and prosecuted against any Guarantor whether action is brought against Borrower or whether Borrower be joined in any such action or actions. Each Guarantor waives the
benefit of any statute of limitations affecting their liability hereunder, or the enforcement thereof, to the extent permitted by law. Guarantors’ liability under this guaranty is not conditioned or contingent upon the genuineness, validity,
regularity, or enforceability of the Loan Documents. 
 14.4 Each Guarantor authorizes Bank, without notice or demand and without
affecting its liability hereunder, from time to time to (a) renew, extend, or otherwise change the terms of the Loan Documents or any part thereof; (b) take and hold security for the payment of this guaranty or the Loan Documents, and
exchange, enforce, waive, and release any such security; and (c) apply such security and direct the order or manner of sale thereof as Bank in its sole discretion may determine. 

  
 25 

 14.5 Each Guarantor waives any right to require Bank to (a) proceed against
Borrower, any other guarantor or any other Person; (b) proceed against or exhaust any security held from Borrower; or (c) pursue any other remedy in Bank’s power whatsoever. Bank may, at its election, exercise or decline or fail to
exercise any right or remedy it may have against Borrower or any security held by Bank, including without limitation the right to foreclose upon any such security by judicial or nonjudicial sale, without affecting or impairing in any way the
liability of Guarantors hereunder. Each Guarantor waives any defense arising by reason of any disability or other defense of Borrower or by reason of the cessation from any cause whatsoever of the liability of Borrower. Each Guarantors waives any
setoff, defense, or counterclaim that Borrower may have against Bank. Each Guarantor waives any defense arising out of the absence, impairment, or loss of any right of reimbursement or subrogation or any other rights against Borrower. Until all of
the amounts that Borrower owes to Bank have been paid in full, no Guarantor shall have any right of subrogation or reimbursement, contribution, or other rights against Borrower, and each Guarantor waives any right to enforce any remedy that Bank now
has or may hereafter have against Borrower. Each Guarantor waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, and notices of acceptance of this guaranty and of the
existence, creation, or incurring of new or additional indebtedness. Guarantors assume the responsibility for being and keeping themselves informed of the financial condition of Borrower and of all other circumstances bearing upon the risk of
nonpayment of any indebtedness or nonperformance of any Obligation of Borrower, warrant to Bank that they will keep so informed and agree that, absent a request for particular information by a Guarantor, Bank shall not have any duty to advise any
Guarantor of information known to Bank regarding such condition or any such circumstances. Each Guarantor waives any benefits that it has that permits a subordinating creditor to assert suretyship defenses or that gives a subordinating creditor
rights to require a senior creditor to marshal assets. No Guarantor will assert any such defense or right. 
 14.6 If Borrower
becomes insolvent or is adjudicated bankrupt or files a petition for reorganization, arrangement, composition, or similar relief under any present or future provision of the United States Bankruptcy Code, or if such a petition is filed against
Borrower, and in any such proceeding some or all of any indebtedness or Obligations under the Loan Documents are terminated or rejected or any Obligation of Borrower is modified or abrogated, or if Borrower’s Obligations are otherwise avoided
for any reason, each Guarantor agrees that its liability hereunder shall not thereby be affected or modified and such liability shall continue in full force and effect as if no such action or proceeding had occurred. This guaranty shall continue to
be effective or be reinstated, as the case may be, if any payment must be returned by Bank upon the insolvency, bankruptcy, or reorganization of Borrower, any Guarantor, or otherwise, as though such payment had not been made. 

14.7 Any indebtedness of Borrower now or hereafter held by a Guarantor is hereby subordinated to any indebtedness of Borrower to Bank;
and such indebtedness of Borrower to a Guarantor shall be collected, enforced, and received by such Guarantor as trustee for Bank and be paid over to Bank on account of the indebtedness of Borrower to Bank but without reducing or affecting in any
manner the liability of any Guarantor under the other provisions of this guaranty. 
 14.8 Each Guarantor agrees to pay all Bank
Expenses which may be incurred by Bank in the enforcement of this guaranty. No terms or provisions of this guaranty may be changed, waived, revoked, or amended without Bank’s prior written consent. Should any provision of this guaranty be
determined by a court of competent jurisdiction to be unenforceable, all of the other provisions shall remain effective. This guaranty, together with any agreements (including without limitation any security agreements or any pledge agreements)
executed in connection with this guaranty, embodies the entire agreement among the parties hereto with respect to the matters set forth herein and supersedes all prior agreements among the parties with respect to the matters set forth herein. No
course of prior dealing among the parties, no usage of trade, and no parol or extrinsic evidence of any nature shall be used to supplement, modify, or vary any of the terms hereof. There are no conditions to the full effectiveness of this guaranty.
Bank may assign this guaranty without in any way affecting any Guarantor’s liability under it. This guaranty shall inure to the benefit of Bank and its successors and permitted assigns. This guaranty is in addition to the guarantees of any
other guarantors and any and all other guarantees of Borrower’s indebtedness or liabilities to Bank. 
 14.9 All payments made
by a Guarantor hereunder will be made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments, or other charges of whatever nature now or hereafter imposed by any
governmental authority or by any political subdivision or taxing 

  
 26 

 
authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured by the net income or profits of Bank pursuant to the laws of the jurisdiction in which it
is organized or the jurisdiction in which the principal office or applicable lending office of Bank is located or any subdivision thereof or therein) and all interest, penalties, or similar liabilities with respect thereto (all such non-excluded taxes, levies, imposts, duties, fees, assessments, or other charges being referred to collectively as “Taxes”). If any Taxes are so levied or imposed, Guarantors agree to pay the full
amount of such Taxes, and such additional amounts as may be necessary so that every payment of all amounts due under this guaranty, after withholding or deduction for or on account of any Taxes, will not be less than the amount provided for herein
and in this Agreement. 
 [Balance of Page Intentionally Blank] 

  
 27 

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

			
	BORROWER:
	
	ZEROFOX, INC.
		
	By:	 	 /s/ James C. Foster

	Name: James C. Foster
	Title: Chief Executive Officer and President

  

			
	WITNESS:
		
	By:	 	 /s/ Tim Bender

	Title: Corporate Secretary

  

			
	RBP FINANCIAL SERVICES, LLC
		
	By:	 	 /s/ Tim Bender

	Title: Manager

  

			
	WITNESS:
		
	By:	 	 /s/ James C. Foster

	Title: Corporate Secretary

  

			
	ZEROFOX CHILE HOLDINGS, LLC
		
	By:	 	 /s/ James C. Foster

	Title: Authorized Person

  

			
	WITNESS:
		
	By:	 	 /s/ Tim Bender

	Title: Authorized Person

 [Signature Page to Loan and Security Agreement] 

 
			
	 ZEROFOX INDIA HOLDING, LLC 

		
	By:	 	 /s/ James C. Foster

	 Title: Authorized Person

  

			
	 WITNESS:

		
	By:	 	 /s/ Tim Bender

	 Title: Authorized Person

  

			
	 STIFEL BANK

		
	By:	 	 /s/ James C.
Binz

	 Title: Executive Vice President/CCO

 [Signature Page to Loan and Security Agreement] 

 EXHIBIT A 
  

			
	DEBTOR:                	  	ZEROFOX, INC.
		  	RBP FINANCIAL SERVICES, LLC
		  	ZEROFOX CHILE HOLDINGS, LLC
		  	ZEROFOX INDIA HOLDING, LLC
		
	SECURED PARTY:	  	STIFEL BANK

 COLLATERAL DESCRIPTION ATTACHMENT 

TO LOAN AND SECURITY AGREEMENT 

All personal property of Debtors whether presently existing or hereafter created or acquired, and wherever located, including, but not limited
to: 
 (a) all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper),
deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles (including payment intangibles and software), goods (including fixtures), instruments (including promissory
notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service and including returns and repossessions), investment property (including securities and securities entitlements), letter of credit rights,
money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records; 

(b) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds, and all
supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the New York Uniform Commercial Code, as amended or supplemented from time to time. 

  
 A-1 

 EXHIBIT B 

ADVANCE REQUEST FORM 

 EXHIBIT C 

BORROWING BASE CERTIFICATE 

 EXHIBIT D 

COMPLIANCE CERTIFICATE 

 SCHEDULE OF EXCEPTIONS

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