Document:

Document

Execution Version

			
	

Fifth Amendment

To

Credit Agreement

Dated as of October 21, 2021

Among

Oasis Petroleum Inc.,
as Parent,

Oasis Petroleum North America LLC,
As Borrower,

the other Credit Parties party hereto,

Wells Fargo Bank, N.A.,
as Administrative Agent, Issuing Bank and Swingline Lender

and

The Lenders Party Hereto

FIFTH AMENDMENT TO
CREDIT AGREEMENT
THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”) dated as of October 21, 2021, is among: Oasis Petroleum Inc., a Delaware corporation (the “Parent”); Oasis Petroleum LLC, a Delaware limited liability company (“OP LLC”), Oasis Petroleum North America LLC, a Delaware limited liability company (the “Borrower”); the other Guarantors listed on the signature pages hereto; each of the Lenders party hereto; and Wells Fargo Bank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as the issuing bank (in such capacity, the “Issuing Bank”).
R E C I T A L S:
A.    The Parent, OP LLC, the Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of November 19, 2020 (as amended, amended and restated, restated, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to and on behalf of the Borrower.
B.    The Parent, the Borrower, the Administrative Agent, the Issuing Bank and the Lenders party hereto desire to amend certain provisions of the Credit Agreement as set forth herein effective as of the Fifth Amendment Effective Date (as defined below), subject to the terms and conditions hereof.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Fifth Amendment.  Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this Fifth Amendment, and subject to the conditions precedent contained in Section 3 hereof, effective as of the Fifth Amendment Effective Date, the Credit Agreement shall be amended as follows:
2.1    Amendments to Section 1.02.  
(a)    Each of the following definitions is hereby amended and restated in its entirety to read as follows:
“Aggregate Elected Commitment Amounts” at any time shall equal the sum of the Elected Commitments, as the same may be increased, 
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reduced or terminated pursuant to Section 2.06(c).  As of the Fifth Amendment Effective Date, the Aggregate Elected Commitment Amounts are equal to $450,000,000. 
“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment, and as the same may from time to time be further amended, restated, amended and restated, supplemented or modified.
“Benchmark Replacement” means, for any Available Tenor, 
(a)    with respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:  
(1)    the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;
(2)    the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment; 
(3)    the sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; or
(b)    with respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;
provided that, (i) in the case of clause (a)(1), if the Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or clause (b) of this definition, the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark 
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Replacement as determined pursuant to clause (a)(1), (a)(2) or (a)(3) or clause (b) of this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 
(1)    for purposes of clauses (a)(1) and (b) of the definition of “Benchmark Replacement,” an amount equal to (A) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, (B) 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration and (C) 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration;
(2)    for purposes of clause (a)(2) of the definition of “Benchmark Replacement,” an amount equal to 0.26161% (26.161 basis points); and
(3)    for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to 
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reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a)    in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(b)    in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;
(c)    in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has provided the Term SOFR Notice to the Lenders and the Borrower pursuant to Section 3.03(c)(i)(B); or
(d)    in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Majority Lenders.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of 
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such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(a)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(b)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(c)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no 
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Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(c) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(c).
“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: 
(a)    a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
(b)    the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders.
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
(b)    Each of the following definitions is hereby added to Section 1.02 in its appropriate alphabetical order to read as follows:
“Announcements” has the meaning assigned to such term in Section 1.06.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark or (b) otherwise, any payment period for interest calculated with reference to 
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such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 3.03(c)(iv).
“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.03(c)(i).
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“FCA” has the meaning assigned to such term in Section 1.06.
“Fifth Amendment” means that certain Fifth Amendment to Credit Agreement, dated as of October 21, 2021 among the Parent, the Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and the Lenders party thereto.
“Fifth Amendment Effective Date” has the meaning assigned to such term in the Fifth Amendment.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.
“IBA” has the meaning assigned to such term in Section 1.06.
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“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two (2) London Banking Days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.
“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(c) with a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR.
“USD LIBOR” means the London interbank offered rate for Dollars.
(c)    The definition of “Interest Period” is hereby amended by replacing the phrase “one, two, three or six months” contained therein with the phrase “one, three or six months”.
(d)    Each of the following definitions is hereby deleted: “Benchmark Transition Start Date” and “QEP BB Increase”.
2.2    Amendment to Section 1.06.  Section 1.06 is hereby amended and restated in its entirety to read as follows:
Section 1.06    Rates.  The interest rate on Eurodollar Loans and ABR Loans (when determined by reference to clause (c) of the definition of Alternate 
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Base Rate) may be determined by reference to the LIBO Rate, which is derived from the London interbank offered rate.  The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  On March 5, 2021, ICE Benchmark Administration (“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of IBA, announced in public statements (the “Announcements”) that the final publication or representativeness date for the London interbank offered rate for Dollars for: (a) 1-week and 2-month tenor settings will be December 31, 2021 and (b) overnight, 1-month, 3-month, 6-month and 12-month tenor settings will be June 30, 2023. No successor administrator for IBA was identified in such Announcements.  As a result, it is possible that commencing immediately after such dates, the London interbank offered rate for such tenors may no longer be available or may no longer be deemed a representative reference rate upon which to determine the interest rate on Eurodollar Loans or ABR Loans (when determined by reference to clause (c) of the definition of Alternate Base Rate). There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA will not take further action that could impact the availability, composition or characteristics of any London interbank offered rate. Public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to implement new or alternative reference rates to be used in place of the London interbank offered rate.  In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other circumstances set forth in Section 3.03(c), such Section 3.03(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 3.03(c), of any change to the reference rate upon which the interest rate on Eurodollar Loans and ABR Loans (when determined by reference to clause (c) of the definition of Alternate Base Rate) is based.  However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (i) the continuation of, administration of, submission of, calculation of or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative, successor or replacement rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 3.03(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or any other Benchmark, or have the same volume or liquidity as did the London interbank offered rate or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark Replacement Conforming Changes.  The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant 
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adjustments thereto and such transactions may be adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition thereof or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
2.3    Amendment to Section 2.07(a).  Section 2.07(a) is hereby amended and restated in its entirety to read as follows:
(a)    Fifth Amendment Borrowing Base.  For the period from and including the Fifth Amendment Effective Date to but excluding the first Redetermination Date following the Fifth Amendment Effective Date, the amount of the Borrowing Base shall be an amount equal to $900,000,000.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments in between Scheduled Redeterminations from time to time pursuant to Section 2.07(e), Section 8.13(c), Section 9.12(d), Section 9.12(e) or Section 9.12(f).  The redetermination of the Borrowing Base on the Fifth Amendment Effective Date pursuant to this Section 2.07(a) shall constitute the October 1, 2021 Scheduled Redetermination, and the Fifth Amendment shall constitute the New Borrowing Base Notice with respect thereto.
2.4    Amendment to Section 2.07(d).  Section 2.07(d) is hereby amended by replacing the reference therein to “Section 2.07(e), Section 2.07(f)” with the phrase “Section 2.07(e)”.
2.5    Amendment to Section 2.07(f).  Section 2.07(f) is hereby deleted in its entirety.
2.6    Amendment to Section 3.03(c).  Section 3.03(c) is hereby amended and restated in its entirety to read as follows:
(c)    Benchmark Replacement Setting.
(i)    Benchmark Replacement. 
(A)    Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document” for purposes of this Section 3.03(c)) if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in 
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accordance with clause (a)(1) or (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders.  If an Unadjusted Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.
(B)    Notwithstanding anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that this clause (B) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.  For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion.
(ii)    Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(iii)    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement 
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Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.03(c)(iv) below and (E) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.03(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.03(c).
(iv)    Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(v)    Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. 
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(vi)    London Interbank Offered Rate Benchmark Transition Event.  On March 5, 2021, the IBA, the administrator of the London interbank offered rate, and the FCA, the regulatory supervisor of the IBA, made the Announcements that the final publication or representativeness date for Dollars for (I) 1-week and 2-month London interbank offered rate tenor settings will be December 31, 2021 and (II) overnight, 1-month, 3-month, 6-month and 12-month London interbank offered rate tenor settings will be June 30, 2023.  No successor administrator for the IBA was identified in such Announcements.  The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition Event with respect to the London interbank offered rate pursuant to the terms of this Agreement and that any obligation of the Administrative Agent to notify any parties of such Benchmark Transition Event pursuant to clause (iii) of this Section 3.03(c) shall be deemed satisfied.
Section 3.    Conditions Precedent.  This Fifth Amendment shall become effective as of the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Fifth Amendment Effective Date”):
3.1    Executed Counterparts of Fifth Amendment.  The Administrative Agent shall have received from the Borrower, each Guarantor and each Lender (in such number as may be requested by the Administrative Agent) executed counterparts of this Fifth Amendment signed on behalf of such Person.
3.2    Fees and Expenses.  The Administrative Agent shall have received all fees and other amounts due and payable by the Credit Parties on or prior to the Fifth Amendment Effective Date, including, to the extent invoiced at least two (2) Business Days prior to the Fifth Amendment Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower pursuant to the Credit Agreement.
3.3    No Default.  No Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing as of the Fifth Amendment Effective Date prior to and after giving effect to the terms of this Fifth Amendment.
3.4    QEP Acquisition.  The QEP Acquisition shall have been (or contemporaneously with the Fifth Amendment Effective Date shall be) consummated in accordance with the terms of the QEP Acquisition Agreement, and in connection therewith the Borrower shall have acquired at least 95% of the total value of the QEP Acquisition Properties.  The Administrative Agent shall have received an officer’s certificate from the Borrower, certifying (A) that the QEP Acquisition has been consummated in accordance with applicable law and the terms of the QEP Acquisition Agreement without giving effect to any waiver, modification or consent thereunder that is materially adverse to the interests of the Lenders (in their capacities as such), and in connection therewith, the Borrower has acquired at least 95% of the total value of the QEP Acquisition Properties, (B) as to the final purchase price for the QEP Acquisition Properties after giving effect to all adjustments as of the closing date contemplated by the QEP Acquisition Documents and specifying, by category, the amount of such adjustment; (C) that attached thereto is a true and complete list of the Properties that have been excluded 
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from the QEP Acquisition pursuant to the terms of the QEP Acquisition Documents and (D) that true and complete executed copies of all QEP Acquisition Documents have been delivered to the Administrative Agent.
3.5    Lien Releases.  The Administrative Agent shall have received (A) evidence reasonably satisfactory to it that all Liens on the QEP Acquisition Properties (other than Excepted Liens) have been released or terminated, subject only to the filing of applicable terminations, releases or assignments and (B) duly executed recordable releases and terminations with respect thereto, in form and substance reasonably satisfactory to the Administrative Agent.
3.6    Mortgages.  The Administrative Agent shall have received duly executed (and notarized where required) deeds of trust and/or mortgages or supplements to existing deeds of trust and/or mortgages in form reasonably satisfactory to the Administrative Agent, to the extent necessary so that the Mortgaged Properties represent at least 90% of the total value of the proved Oil and Gas Properties evaluated in the most recently delivered Reserve Report and the QEP Acquisition Reserve Report (on a combined basis).
3.7    Title Information.  The Administrative Agent shall have received, together with title information previously delivered to the Administrative Agent, title information reasonably satisfactory to the Administrative Agent setting forth the status of title to at least 90% of the total value of the Proved Reserves evaluated in the most recently delivered Reserve Report and the QEP Acquisition Reserve Report (on a combined basis).
The Administrative Agent is hereby authorized and directed to declare the Fifth Amendment Effective Date to have occurred when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 4.    Miscellaneous.
4.1    Confirmation and Effect.  The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the effectiveness of this Fifth Amendment.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.
4.2    No Waiver.  Neither the execution by the Administrative Agent or the Lenders of this Fifth Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of this Fifth Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this Fifth Amendment shall directly or indirectly in any way 
14

whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except to the extent expressly set forth herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.
4.3    Ratification and Affirmation; Representations and Warranties.  Each Credit Party hereby (a) acknowledges the terms of this Fifth Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the execution of this Fifth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date and (ii) no Default or Event of Default has occurred and is continuing.
4.4    Counterparts.  This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Fifth Amendment by facsimile or other electronic transmission (e.g., “pdf” or “tif”), including via Docusign or other similar electronic signature technology shall be effective as delivery of a manually executed counterpart hereof.
4.5    No Oral Agreement.  This Fifth Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.
4.6    GOVERNING LAW.  THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
4.7    Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the transactions 
15

contemplated hereby, including, without limitation, the reasonable fees and disbursements of Paul Hastings LLP, as counsel to the Administrative Agent.
4.8    Severability.  Any provision of this Fifth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
4.9    Successors and Assigns.  This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
4.10    Loan Document.  This Fifth Amendment shall constitute a “Loan Document” under and as defined in Section 1.02 of the Credit Agreement.
4.11    No Novation.  The parties hereto agree that this Fifth Amendment does not in any way constitute a novation of the existing Credit Agreement, but is an amendment of the Credit Agreement.
[Signatures Begin Next Page]
16

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed as of the date first written above.
BORROWER:    OASIS PETROLEUM NORTH AMERICA LLC

By:    /s/ Michael Lou      _________       ____
Name:    Michael Lou
Title:    Executive Vice President and Chief
Financial Officer

GUARANTORS:    OASIS PETROLEUM INC.
OASIS PETROLEUM LLC
OASIS PETROLEUM MARKETING LLC
OASIS WELL SERVICES LLC
OASIS MIDSTREAM SERVICES LLC
OMS HOLDINGS LLC
OASIS PETROLEUM PERMIAN LLC

By:    /s/ Michael Lou      _________       ____
Name:    Michael Lou
Title:    Executive Vice President and Chief Financial Officer
OMP GP LLC
By:    /s/ Michael Lou      _________       ____
Name:    Michael Lou
Title:    President

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

ADMINISTRATIVE AGENT,
SWINGLINE LENDER,
ISSUING BANK AND LENDER:    WELLS FARGO BANK, N.A.,
as Administrative Agent, Issuing Bank, a Swingline Lender and a Lender

By:    /s/ Edward Pak      _________       ____
Name:    Edward Pak
Title:    Director

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

LENDERS:    CITIBANK, N.A., as a Lender

By:    /s/ Cliff Vaz_________________________
Name:    Cliff Vaz
Title:    Vice President

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

JPMORGAN CHASE BANK, N.A.,
as a Lender

By:    /s/ Anson Williams____________________
Name:    Anson Williams
Title:    Authorized Officer

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

ROYAL BANK OF CANADA, as a Lender

By:    /s/ Jay T. Sartain______________________
Name:    Jay T. Sartain
Title:    Authorized Signatory

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

By:    /s/ Christopher Kuna___________________
Name:    Christopher Kuna
Title:    Senior Director
Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,
as a Lender

By:    /s/ Trudy Nelson______________________
Name:    Trudy Nelson
Title:    Authorized Signatory

By:    /s/ Scott W. Danvers___________________
Name:    Scott W. Danvers
Title:    Authorized Signatory

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

CITIZENS BANK, N.A., as a Lender

By:    /s/ Hernando Garcia___________________
Name:    Hernando Garcia
Title:    Director

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

ZIONS BANCORPORATION, N.A. DBA
AMEGY BANK, as a Lender

By:    /s/ John Moffitt_______________________
Name:    John Moffitt
Title:    Senior Vice President

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

BOKF, NA dba Bank of Texas, as a Lender

By:    /s/ Maria Salazar______________________
Name:    Mari Salazar
Title:    SVP, Manager

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

TRUIST BANK, as a Lender

By:    /s/ James Giordano____________________
Name:    James Giordano
Title:    Managing Director

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

COMERICA BANK, as a Lender

By:    /s/ Britney P. Geidel___________________
Name:    Britney P. Geidel
Title:    Assistant Vice President

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

REGIONS BANK, as a Lender

By:    /s/ Katie Hammons____________________
Name:    Katie Hammons
Title: Vice President

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

GOLDMAN SACHS BANK USA, as a Lender

By:    /s/ Dan Martis________________________
Name:    Dan Martis
Title:    Authorized Signatory

Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)
    

MIZUHO BANK, LTD., as a Lender

By:    /s/ Edward Sacks______________________
Name:    Edward Sacks
Title: Executive Director
Signature Page to Fifth Amendment to Credit Agreement 
(Oasis Petroleum North America LLC)Exhibit 10.1

 

Confi d en t i al and Pro p rie t a r y 1 We help the world   discover cannabis. October 2021

     

     

    

Disclaimer 2 Confidential and Proprietary C o n fi dentiality and Disclosures This  confidential  presentation  (this  “ Presentation ” )  contains  proprietary  and  confidential information  of  Leafly  Holdings,  Inc.  ( “ Leafly ” )  and  Merida  Merger  Corp. I  ( “ Merida ” )  regarding  the  potential  transaction  (the  “ Transaction ” )  between  Leafly and  Merida,  and  the  entire  content  should  be considered  “ Confidential  Information. ”  This  Presentation  is  being  delivered  to  you  for  information  purposes  only.  Any  further distribution  or  reproduction  of this  Presentation,  in  whole  or  in  part,  or  the  divulgence of  any  of its  contents,  is  unauthorized.  By  accepting  the  Presentation,  each  recipient  of this Presentation  and  its  directors, partners, officers,  employees,  attorneys,  agents  and  representatives  ( “ recipient ” )  shall  maintain the confidentiality  of  the  information contained herein and all otherwise non - public information disclosed by us, whether orally or in writing, during this Presentation or in these Presentation materials. You also agree not  to distribute, disclose or use such information for any purpose and to return to Leafly and Merida, delete or destroy this Presentation upon request. Neither  Leafly,  Merida, nor  any  of  their  respective  affiliates,  control  persons,  officers,  directors,  employees,  representatives  or  advisors  makes  any  representation  or warranty,  express  or  implied,  as  to the accuracy,  completeness  or reliability  of  the information  contained  herein,  or  any  other  written or  oral information  made  available  in  the  course of  an  evaluation  of  the  Transaction. This Presentation is not intended to be all - inclusive or to contain all the information that a person may desire in considering an investment in Leafly or Merida and is not intended to  form the basis of any investment decision in Leafly or Merida, and any recipient should conduct its own independent analysis of Leafly and Merida and the data contained or referred to in this  Presentation.  The  recipient  acknowledges  and  agrees  that  the information  contained  in  this  Presentation  is  preliminary  in  nature  and  is  subject to  change,  and any  such changes  may  be  material. Leafly and Merida assume no obligation to update or keep current the information contained in this Presentation, to remove any outdated information or to expressly mark it as being  outdated.  This  Presentation  does  not constitute  investment,  tax,  accounting  or  legal  advice  or  a  recommendation.  You  should  consult  your  own  legal, regulatory,  tax,  business,  financial  and  accounting advisors to the extent you deem necessary, and you must make your own investment decision and perform your own independent investigation and analysis of an investment in Leafly  and Merida and  the  Transaction  contemplated  in  this  Presentation. To the  fullest  extent  permitted  by  law,  in  no  circumstances  will  Leafly,  Merida,  or  any  of  their  respective  equityholders,  affiliates, representatives, partners, directors, officers, employees, advisers, or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use  of this Presentation, its contents, its omissions, reliance on the information contained within it or on opinions communicated in relation thereto or otherwise arising in connection therewith. By participating in this Presentation, you acknowledge that you are (i)  aware that the United States securities laws prohibit any person who has material, non - public information concerning a  company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such  person is likely to purchase or sell such securities, and (ii) familiar with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the  "Exchange Act"), and that you will neither use, nor cause any third party to use, this Presentation or any information contained herein in contravention of the Exchange Act, including, without  limitation, Rule 10b - 5 thereunder. This Presentation shall not constitute a "solicitation" as defined in Section 14 of the Exchange Act. This Presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or  sale  would  be  unlawful  prior  to  the  registration  or  qualification under the  securities  laws  of  any  such  jurisdiction.  This  Presentation  is  not  an  offer,  or  a  solicitation of  an  offer,  to  buy  or  sell  any  investment or other specific product. Any offering of securities (the "Securities") will not be registered under the Securities Act of 1933, as amended (the "Securities Act"). Accordingly, the Securities  must  continue  to  be  held  unless a  subsequent  disposition  is  exempt  from  the  registration  requirements of the  Securities  Act.  Investors should  consult  with their  counsel  as  to  the  applicable  requirements for a purchaser to avail itself of any exemption under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to  be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Neither Leafly, Merida nor any of their respective af fi liates,  control persons, officers, directors, employees, representatives or advisors is making an offer of the Securities in any state where the offer is not permitted. This Presentation is intended solely for the  purposes of familiarizing investors. To the extent the terms of any potential Transaction are included in this Presentation, those terms are included for discussion purposes only. NEITHER THE SECURITIES AND EXCHANGE COMMISSION ("SEC") NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR  DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE.

     

     

    

Disclaimer 3 Confidential and Proprietary Forward - Looki n g Statements This  Presentation  contains  certain  “ forward - looking  statements ”  within  the  meaning  of federal  securities  laws.  Forward - looking  statements  may  include,  but are not  limited  to,  statements  with  respect  to  (i)  trends  in  the  cannabis  industry  and  Leafly’s  market  size,  including  with  respect  to  the  potential total  addressable  market  in  the  industry,  (ii)  Leafly’s  growth prospects,  (iii)  Leafly’s  projected financial and operational performance, including relative to its competitors, (iv) new product and service offerings Leafly may introduce in the future, (v) the potential Transaction, including  the  implied  enterprise  value,  the  expected post - closing  ownership structure  and  the  likelihood  and  ability  of the  parties  to  successfully  consummate  the  potential  Transaction,  and  (vi)  other  statements  regarding  Leafly’s  and  Merida’s expectations,  hopes,  beliefs,  intentions  or  strategies  regarding  the  future.  In  addition,  any  statements  that  refer  to  projections,  forecasts  or  other  characterizations  of  future  events  or  circumstances, including  any  underlying  assumptions,  are  forward - looking statements.  The  words  “ anticipate ” ,  “ believe ” ,  “ continue ” ,  “ could ” ,  “ estimate ” ,  “ expect ” ,  “ intends ” ,  “ outlook ” ,  “ may ” ,  “ might ” ,  “ plan ” ,  “ possible ” ,  “ potential ” ,  “ predict ” ,  “ project ” ,  “ should ” ,  “ would ” ,  and  similar  expressions  may  identify  forward - looking statements,  but the  absence of these words does not mean that a statement is not forward - looking. Forward - looking statements are predictions, projections and other statements about future events that are based on  current  expectations  and  assumptions  and,  as  a  result,  are  subject  to  risks  and  uncertainties.  You  should  carefully  consider  the  risks  and  uncertainties  described  in  the  "Risk  Factors"  section  of  Merida’s registration statement on Form S - 1, any proxy statement/prospectus relating to the Transaction, which is expected to be filed by Merida with the SEC, other documents filed by Merida from  time  to  time with  the  SEC,  and any  risk factors made  available  to  you  in  connection  with  Merida,  Leafly  and  the Transaction.  These  forward - looking  statements  involve  a  number  of  risks  and  uncertainties (some of which are beyond the control of Leafly and Merida), and other assumptions, that may cause the actual results or performance to be materially different from those expressed or  implied by these forward - looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Forward - looking statements speak only as of the date  they  are  made.  Readers  are  cautioned  not  to  put  undue  reliance  on  forward - looking statements,  and  none  of  Leafly,  Merida  nor  any  of  their  respective  af fi liates, control  persons,  officers, directors,  employees, representatives or advisors assume any obligation and intend to update or revise any forward - looking statements, whether as a result of new information, future events, or otherwise. Neither Leafly, Merida nor any of their respective af fi liates, control persons, officers, directors, employees, representatives or advisors gives any assurance that either Leafly or Merida will achieve its  expectations. Fin a nci a l In f o rm a ti o n The  historical  fi nancial  information  regarding Leafly contained  in  this Presentation  has  been taken  from  or  prepared  based  on  historical  fi nancial statements  of  Leafly.  An  audit of  such  fi nancial  statements in accordance with the requirements of the Public Company Accounting Oversight Board ( “ PCAOB ” ) has been completed and such fi nancial statements will be included in the registration  statement/proxy statement related to the Transaction. Us e o f Projectio n s The fi nancial, operational, industry and market projections, estimates and targets in this Presentation are forward - looking statements that are based on assumptions and estimates that are inherently  subject  to  signi fi cant  uncertainties  and  contingencies,  many  of  which  are  beyond  Leafly’s  or  Merida’s  control.  While  all  fi nancial,  operational,  industry  and  market  projections,  estimates,  and targets  are necessarily speculative, Leafly and Merida believe that the preparation of prospective fi nancial, operational, industry and market information involves increasingly higher levels of uncertainty the  further out the projection, estimate, or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected, or target results are inherently uncertain and  are  subject  to  a  wide  variety  of  signi fi cant business,  economic, regulatory  and  competitive  risks  and  uncertainties that  could  cause  actual results  to differ materially from  those  contained  in  the  fi nancial,  operational,  industry  and  market  projections,  estimates,  and  targets,  including assumptions,  risks  and  uncertainties  described  in  "Forward  Looking  Statements"  above.  The  inclusion  of  fi nancial,  operational,  industry  and  market  projections,  estimates,  and targets  in  this Presentation  should  not  be  regarded  as  an  indication that  Leafly, Merida,  or  any  of  their  respective  af fi liates,  control persons, officers, directors, employees, representatives or advisors, considered or consider such fi nancial, operational, industry and market projections, estimates, and targets to be a reliable  prediction of future events.

     

     

    

Disclaimer 4 Confidential and Proprietary N o n - GAAP Fin a nci a l M e a s ur e s This  Presentation  includes  certain  non - GAAP  fi nancial  measures  (including  on  a  forward - looking  basis)  such  as  Operating  Expenses  and  Operating  Income/(Loss),  which  exclude  non - cash  expenses  associated with accounting for stock - based compensation, warrants, and earn - outs. These non - GAAP fi nancial measures, and other measures that are calculated using these non - GAAP measures, may  exclude  items  that are  significant  in  understanding  and  assessing  Leafly’s financial  results,  and  therefore,  are  an  addition,  and  not  a  substitute  for or  superior  to,  measures  of  financial performance  prepared in accordance with GAAP, and should not be construed as indicators of our operating performance, liquidity or cash fl ows generated by operating, investing and fi nancing activities, as there  may be  signi fi cant  factors  or  trends  that  they  fail to  address.  Leafly  and  Merida  have included  these  non - GAAP  fi nancial  measures  (including  on  a  forward - looking  basis)  because  they  believe  these  measures  provide  useful  supplemental  information to  investors  about  Leafly.  Leafly’s  management  uses  these  non - GAAP  fi nancial  measures,  in  conjunction  with  GAAP  fi nancial  measures,  as  an  integral part of  managing  our  business.  Using  any  such  financial  measure  to  analyze Leafly’s  business  would  have  material limitations  because  the  calculations  are,  for  example,  based  on  the  subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant, and because they exclude significant expenses that  are required by GAAP to be recorded in Leafly’s financial measures. Additionally, other companies may calculate non - GAAP measures differently, or may use other measures to calculate their fi nancial  performance,  and  therefore  Leafly’s  non - GAAP  measures  may  not  be  directly  comparable  to similarly  titled  measures  of  other  companies.  This  Presentation  also  includes  certain  projections of  non - GAAP  fi nancial  measures.  Due  to  the  high  variability  and  dif fi culty  in  making accurate  forecasts  and  projections of  some  of  the  information  excluded  from  these  projected  measures, together  with  some  of the  excluded  information  not  being  ascertainable  or  accessible, Leafly  is  unable  to  quantify certain  amounts  that would  be  required to  be  included  in  the  most  directly  comparable  GAAP  fi nancial  measures  without  unreasonable  effort.  Consequently,  no disclosure  of  estimated  comparable  GAAP  measures is  included  and  no  reconciliation of the forward  looking  non - GAAP  fi nancial  measures is included. We caution investors that non - GAAP fi nancial information, by its nature, departs from traditional accounting conventions. Therefore, its use can make it dif fi cult to compare our  current results with our results from other reporting periods and with the results of other companies. In dustry and Market Data This Presentation contains certain information concerning Leafly's products, services and industry, including market size and growth rates of the markets in which Leafly participates, that are based  on  industry  surveys  and  publications  or  other  publicly  available  information,  other third - party  survey data  and research  reports,  and  Leafly’s  internal  sources.  This  information  involves  many  assumptions and limitations; therefore, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. Further, no  representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on  past  performance  or  modeling contained  herein  are not  an  indication  as  to future performance.  None  of  Leafly,  Merida  or  any  of  their  respective  af fi liates, control  persons,  officers, directors,  employees,  representatives  or  advisors  has  independently  verified  the  accuracy  or  completeness  of  any  such  third - party  information.  In  addition, projections,  assumptions,  estimates,  goals,  targets,  plans  and  trends  of the  future  performance  of the  industry  in  which  Leafly  operates,  and  its  future performance,  are  necessarily  subject  to  uncertainty  and  risk due  to  a  variety  of factors,  including  those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by Leafly and Merida. None of Leafly,  Merida or any of their respective af fi liates, control persons, officers, directors, employees, representatives or advisors assumes any obligation to update the information in this presentation. Risk Factors For a description of the risks associated with an investment in Leafly, including with respect to its business and operations, we refer you to the “ Risk Factors ” section in the Appendix to this  Presentation

     

     

    

Disclaimer 5 Confidential and Proprietary Additional Information; Participants in the Solicitation. If the contemplated Transaction  is pursued, Merida  will  be  required to file a preliminary and  definitive  proxy statement, which may be a part of a registration statement, and other relevant documents with the  SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC when they  become available because they will contain important  information about Merida, Leafly and the contemplated Transaction. Shareholders will be able to obtain a free copy of the proxy statement (when filed), as well as other filings containing information about  Merida, Leafly and the contemplated Transaction, without charge, at the SEC's website located at www.sec.gov.  Merida and its directors and executive officers may be deemed to be participants in the  solicitation  of proxies from  Merida’s shareholders  in connection with the proposed Transaction. A list of the names of such directors and executive officers and information reg ard ing their interests in the  business combination will be  contained  in  the proxy statement/prospectus when  available.  You may obtain copies of these documents free of charge by directing a written request to Leafly at  investorrelations@leafly.com .  This Presentation does not contain all the information that should be considered in the contemplated Transaction.  It is not intended to form any basis of any investment decision  or any decision in respect to the contemplated Transaction.  The  definitive proxy statement will be mailed to shareholder as of a record date to be established for voting on the contemplated business  combination when it becomes available.

     

     

    

I. Leafly & Market Overview II. Business Model & Local Market  Focus III. Content & Community IV. Product Vision V. Financial Overview VI. Transaction Overview Table of Contents 6 Confidential and Proprietary

     

     

    

I . Leafly & Market Overview 7 Confidential and Proprietary

     

     

    

Leading cannabis & technology team of management and investors Yo ko Miyashita, CEO • Appointed CEO of Leafly in August 2020 after serving as the company’s General  Counsel since 2019 • Spent 14 years at Getty Images, where she led the global legal team as SVP and  general counsel; previously practiced law with Perkins Coie LLP in Seattle Sam Marti n, Chief Operati ng   Officer • Serves as Leafly’s Chief Operating Officer • Since joining in 2015 as Director of Content, has served as Chief Strategy Officer,  Interim CEO (2018), VP of Strategy and Business Development and Chief of Staff Suresh Krish naswamy, Chief   Financial Officer • Serves as Leafly’s Chief Financial Officer • Brings  25+  years  of  experience  in  leading  finance  and technology  roles  for  global  organizations including CFO of Drift, a renewable energy marketplace, and at major  investment banks including Credit Suisse, Bank of America and Barclays Dave Cotter, Chief Product and  Technology Officer • Serves as Leafly’s Chief Product Officer and leads product development and  engineering for Leafly’s consumer and business products • Most recently served as VP of Digital Products at Nordstrom after selling his text - base d ecommerc e startup Me ss a geYes t o the company in 2018 Laura Morarity, SVP, Mark eti ng   & Comm. • Leads marketing, communications and content at Leafly • Most recently led the global communications and sustainability team at Sonos Kimb e r ly Bole r, G en e ral Counse l • • Serves as Leafly’s Genera l Counsel Brings 20+ years of experience in highly regulated industries, including as AGC of  AIG, GC of Aria Energy and at Simpson Thacher & Bartlett and Duane Morris Peter Lee, President, Merida  Merger Corp. I • • 20+ years as an investment professional in both public markets and private equity Co - founded  and  was  a  Managing  Partner at  Sentinel  Rock  Capital,  a  long/short  hedge  fund;  previously,  worked  at  several  investment  firms  focused  on  public  markets, including Spring Point Capital, Blackstone Kailix and Tiger Management Mitchell  Baruchowitz,  Non - Executive Chairman of the Board,  Merida Merger Corp.  I • • Has ~20 years experience in the legal and finance fields and 10+ years experience in  the legal cannabis industry Through his leadership of Merida Capital Partners, has been involved in over 100  cannabis transactions with a notional value over $1 billion 8 Confidential and Proprietary

     

     

    

Leafly is where people discover cannabis A cannabis marketplace powered by community, trust, science, and education Discovery   begins Lab and agg r egate data h elp info r m c h oice Dispensaries   nearby Compare  p r odu c t s nea r by Ad d to bag Expertise +   UGC = trust 9 Confidential and Proprietary

     

     

    

10 Confidential and Proprietary $19B $41B $70B $42B $30B $61B $39B $80B 2020A 203 0 E 2025E Legal Illicit • During COVID - 19, consumers increased consumption and  relied  more  on  digital  ordering:  ~40%  of  shopping  for  cannabi s wa s online ( 1 ) • Over time, a greater portion of the illicit market is expected  to transition to the legal market Total Addressable Marke t (2) $100B Legal cannabis access is beyond the tipping point 1) 2) 3 ) 4) 5 ) 6 ) Represents the Company’s estimate  of the amount of total sales in state - legalized markets that occurred via e - commerce during 2020.  Wall Street research; this projection of total addressable market is based on various assumptions made by Wall Street research. Represents total sales in state - and provincially - legalized markets per Wall Street research for the 2020 period. Represents the Company’s estimate of the amount of total sales in state - and provincially - legalized markets that occur via e - commerce for the 2020 period.  Represents the Company’s gross merchandise value for the 2020 period. Cumulative count of active monthly shoppers for the 2020 period. Consumption expected to grow significantly and Leafly is poised to take share Serviceable marke t (4) $7B 10MM shoppers Total addressable marke t (3) $19B 30MM shoppers Leafly’s market shar e (5) $420MM 1.5 MM shopper s ( 6 ) 2020

     

     

    

Leafly by the number s - w here peopl e discove r cannabis 1) 2) 3 ) 4 ) 5) 6) 7) $420MM+ GMV (6) 220MM+ Sessions (2) ~ $700 Monthly Retailer ARPA (7) Leafly's expansive marketplace efficiently and effectively connects all constituencies Brand  revenue  includes  ‘ other’  revenue.  S e ss i on s f i g u r e s h own i s f o r 2 0 2 0 p e r i od . Average of monthly active users ( “ MAUs ” ) for 2020 period. Average order value ( “ AOV ” ) calculated as GMV divided by total gross orders; figure shown is for 2020 period.  Represents total paying retail stores and total order - enabled retail stores; figures shown are for 2020 period. Gross merchandise value ( “ GMV ” ) represents the direct, attributable online merchandise value ordered on Leafly’s platform; does not include indirect, online to offline merchandise value or footfall attribution; figure shown is 2020 period. Retailer average revenue per account ( “ ARPA ” ) calculated as retailer revenue divided by total active retail  accounts; figure shown is for 2020 period. Confidential and Proprietary 11 10MM+ MAUs (3) 4,600+ Total Stores (5) 2,400+ Order - Enabled Stores (5) $102 AOV (4) A three - sided cannabis marketplace powered by strain & effects data, research, user reviews and the latest cannabis news Revenue Forecas t (MM) Ke y KPIs

     

     

    

Cannabis market has unique challenges for consumers, retailers, and brands Retailer & Brand challenges ● Retailers and brands have to build markets state  by state and find new ways to reach consumers  in each state ● As  retailer  density  increases,  retailers  increasingly have to compete to drive new  customer acquisition and transactions ● Traditional advertising channels restrict  cannabis advertising ● Brands/retailers compete with illicit market Consumer challenges ● Significant consumer education is needed to understand a complex product and industry, which historically operated underground ● Brands differ from state to state and shoppers  need guidance on preferences ● A flood of new and experienced users are  entering the market ● Similar  to  wine,  there are  infinite  strains,  different cannabinoids and terpenes, each with a  different effect ● Multiple and varied use cases, e.g. relaxation,  pain relief, sleep, etc. Th e Leafly solution Market challenges ● Large, rapidly - growing market in different stages of maturation ● Different regulations by market, even for adult - use and medical in the same state ● Novel product set and form factors are confusing ● Challenge of bringing both supply and demand side through the transition from illicit market to legal 12 Confidential and Proprietary Leafly’s  strain  database  and user  reviews  educate  consumers on the complexities of products and effects Leafly’s  marketplace  connects  consumers  with  the  brands and retailers that carry their desired products Retailers Brands Consumers An industry emerging from prohibition with a state - by - state regulatory framework has specific market considerations

     

     

    

• Extensive vettin g proces s for onboardin g new   retailers and brands to the Leafly platform • Ensures all THC brands and retailers are licensed  in their states • N o unlicensed suppliers mean s n o untested   products Marketplace Benefits • Help retailers structure their marketing and  ordering tools to stay compliant • Ensures a fai r marketplac e by onl y allowing state - licensed retailers and brands on the platform • Protects and educates consumers on what they  can buy, purchase limits, and where they can buy  fro m a licensed retailer A strong commitment to compliant retailers, paired with leading education, creates a trusted platform for all consumers Leafly’s focus on Compliance License #4 1 4 065 Confi d en t i al and Pro p rie t a r y 13 13 Confidential and Proprietary Compliance creates an advantage and protects our community

     

     

    

Leafly is committed to creating a fair, equitable and inclusive cannabis market Education Thought leadership Advocacy Confi d en t i al and Pro p rie t a r y 13 14 Confidential and Proprietary

     

     

    

II. Business Model & Local   Market Focus 15 Confidential and Proprietary

     

     

    

Confidential and Proprietary 16 4,600 Retailers 4.2MM Orders COVID accelerated consumer adoption of Leafly’s e - commerce platform 125MM Visitor s (2 )   7,80 0 Brands 46% of shoppers order on   their first visit 50%+ of retailers see their first  order w i thin 1 w eek of   activating +295% increase in shoppers from   2019 to 2020 (1) +338% increase in orders from   2019 to 2020 1) Percentage increase in the cumulative count of active monthly shoppers in 2020 vs. 2019. 2) Annual visitors represents the sum of monthly active users over the 12 months of 2020. 3) Refers to retailer return on ad spend ( “ RoAS ” ) represented by GMV divided by retail revenue to Leafly. 4) Gross merchandise  value ( “ GMV ” ) represents the direct, attributable online merchandise  value ordered on Leafly’s platform; does not include indirect, online to offline merchandise  value or footfall attribution.  Note: metrics shown refer to 2020 statistics unless otherwise noted. We have built an efficient, networked marketplace

     

     

    

17 Confidential and Proprietary Leafly’s revenue generatio n scales with retailers and brands No partic i p a t i on in marketpla c e or other advertis i n g   with Stand a rd Subscri p t i on Retailer Standard Monthly subs starting at $99/month ~30% of retailers on platform A la carte options from $1,000 to $100,000+  (per CPM, per campai g n fees) • Le afly listing • E - commerce tools • M e nu manag e r Retailer Pro Brands • Le afly listing • Catalog control • Competitiv e i n sights Monthly subs starting at $199/month • A ll standard f e atur e s plus: • Unlimited deals • Competitive insights • Acces s to advertisi n g platform Monthly subs starting at $199/month ~70% of retailers on platform Map markers, shopping carousels and a la carte advertising  up to $35,000/month Retailers and brands pay for information listings, marketplace activation, and advertising across Leafly's platform Subscription Tiers Platform Amplification and Advertising (2) 1) 2) Figures shown represent 2020 revenue split; excludes ‘ other’ revenue. Tools include display ads, sponsored email, branded content and custom activation. R etai l r eve n ue : ~ 82% o f tota l r eve n u e (1) B r a nd r eve n ue : ~ 18% o f tota l r eve n u e (1)

     

     

    

Leafly has the most comprehensive cannabis technology platform C onsumer Marketplace Size of Audience Consumer Matching   Technology Conten t & Edu c a t ion Library Reviews Market Penetration Ecomm - Enablement Monetization at Scale Pre - Federal Leg a lization Data Insights Leafly has an unrivaled consumer reach and opportunity to convert its audience into shoppers B2B B2C 18 Confidential and Proprietary

     

     

    

• Increase d supply density   forces suppliers to   compete for customers • Leafly’s value   propositio n accelerates   as retailers compete for   Leafly shoppers/wallets • Increase d opportunities   for monetizatio n as the   market contin u e s to   mature When states legalize, Leafly is positioned to capitalize and grow As states progress legalization, Leafly attracts a larger audience, becoming the epicenter of consumer interest • Existing legalized states adding ne w licenses / retail locations • G r een fiel d states are legalizing • Retailers seek out Leafly   a s a n established   channel for reaching   customers when they   open • Leafly aggregates   supply, which grows   consumer deman d – flywheel in motion Marke t Maturity Stag e 2 • Consumers o n Leafly before legalization Stag e 1 Background Chart: Traffic (monthly   s e ssions) of an East Coast state & its   legalization status (Jul ‘ 15 – May ‘ 21) – Illegal – Legalization – Implementation Stag e 3 19 Confidential and Proprietary Stag e 4

     

     

    

Pre - Pan d emic Post - Pan d emic % Growt h fro m Jan - 2 0 to Mar - 2 1   Jan - 20 Mar - 21 South w est State Ending Retail Accounts Ord e r - En a bl e d St ores 139 95 159 143 200% 150% 14% Ending  Retail  Acc o u n ts 142% 193% Orders (in k ’s) GMV (in MM’s) 67.0 $5.8 162.0 $17.1 100% 50% 51% 12% 28% ARPA (1) Ret a il Reven u e (i n k ’s) $3,221 $447.8 $3,612 $574.3 0% O r d e r - E n a b l e d   Stores Orders GMV ARPA Retail  R ev e nue East Coast State Ending Retail Accounts 93 96 350% 3% Ending  Retail  Acc o u n ts 270% 303% Ord e r - En a bl e d St ores 52 73 150% Orders (in k ’s) GMV (in MM’s)   ARPA (1) Ret a il Reven u e (i n k ’s) 9.2 $1.0 $528 $49.1 34.2 $4.2 $663 $63.7 100% 50% 0% 40% O r d e r - E n a b l e d   Stores Orders GMV 26% ARPA 30% Retail  R ev e nue Mid w est State Ending Retail Accounts 93 149 700% 671% Ord e r - En a bl e d St ores 7 8.0 $1.0 54 16.0 $1.9 150% 100% 50% 60% 101% 93% 28% 106% Orders (in k ’s) GMV (in MM’s) ARPA (1) $554 $51.5 $711 $106.0 0% Ending  Retail  Acc o u n ts O r d e r - E n a b l e d   Stores Orders GMV ARPA Retail  R ev e nue Ret a il Reven u e (i n k ’s) Leafly orders, stores, and ARPA grew rapidly during the pandemic 1 ) 20 Confidential and Proprietary Retailer average revenue per account ( “ ARPA ” ) calculated as retailer  revenue divided  by total active retail accounts.

     

     

    

Confidential and Proprietary 21 The w i nner on 500+ of t h e most common cannabi s keywor d s e arche s ( 1 ) Ne w York The w i nner on 500+ of t h e most common cannabi s keywor d s e arche s ( 1 ) Brand dominance Googl e Brand Search Leafly Weedmaps Leafly.com 45.33% Weedmaps 24.07% SEM Rush Leafly is poised to   win the East Coast Consumer  searches  for  Leafly  eclipse  our  closest  competitor as legalization’s next big prize comes on line 1 ) Data shown covers portions of April and May 2021 period.

     

     

    

III. Content & Community 22 Confidential and Proprietary

     

     

    

The trusted source and shopping destination for cannabis consumers Consumers turn to us for all things cannabis – what’s happening in cannabis, what to buy, where to buy it News, education, advocacy Strain library, 1.3MM+   customer reviews Stores, products, brands T h i s strai n d o e s n o t m ak e m e   f eel h i g h , para n o i d , o r out of   it . Ti m e goe s by a s n o r m al , it   m a k e s me fe e l n o rm a l and   g i v e s me my l i fe b a c k . Confi d en t i al and Pro p rie t a r y 23 23 Confidential and Proprietary

     

     

    

WEBSITE US RANK (1) Stockx.com 373 Booking.com 384 Sephora.com 385 Leafly.com 399 Redfin.com 543 Weedmaps.com 811 Iheartjane.com Dutchie.com 14,152 2 6,786 Leafly’s content results in industry - leading search Leafly content drives traffic to its products via peerless search engine optimization 1 ) Domestic desktop SEO power rankings as ranked by SEM Rush. . . . 24 Confidential and Proprietary

     

     

    

Leafly’s trusted voic e shapes the dialogu e around cannabis Leafly’s reach is designed to positively influence the development of the cannabis industry Vaping Crisis Cited by: CDC The New York Times  NBC News Audience: 2MM views David D o w n s, Leaf l y , o n N B C’s T o day S h ow “ I f y ou buy a fake  Gucci purse, it’s not   goi n g t o giv e y ou a   lung injury. But if you   buy a fake vape   cartrid g e, it just   might. ” - D a v i d D o w n s , Leafly “ Inno vati o n has eclipsed the s o phisticati o n   of consumers, regulators, and investigators.  We’ve been engaging in an unc o ntr o lled   mass experime n t with inhaling   concentrations of cannabinoids . ” 25 Confidential and Proprietary - D avi d D ow n s , L e af l y , in Ne w Y o r k Tim e s

     

     

    

Leafly’s trusted voic e drives consumer behavior Leafly leverages its data and expertise to identify the products that consumers want to try and retailers want to sell Strain of The Year Announce d o n Dec 8, 2020 Traffic: 112+% Increas e in search: 64+% I n c r e a s e i n o r d e r s w i t h R un tz : 140+% “ Regarded  by  many  as  the industry’s  most  reliabl e sourc e for accurate , up - to - date   information  on  thousands  of  unique  cannabis  strains , Leafly’ s sea l of approva l on a particular   varietal i s aki n to Rolling Ston e declaring a   rec o rd to b e the year’s top albu m . ” - SF Weekl y | Zac k Ruskin 26 Confidential and Proprietary

     

     

    

Leafly converts its audience into shoppers However someone ends up on Leafly, we deliver what they’re looking for Discover Find Order Ad d to bag Path:  Strain research Path:  Stor e fi n d er Path:  Product   search R e a d strain   informa tion Sho  linked p  ssttrain - rain - p p r r o d o d uc t uc t s s Find product Shop   menu Find  near b y D i sp e n s a ry   map Leafly drives the top of the funnel 27 Confidential and Proprietary

     

     

    

IV. Product Vision 28 Confidential and Proprietary

     

     

    

Leafly’s accelerating flywheel More  Shoppers More  Retailers /   Brands More  Content  (Strains,  Reviews,   News) Leafly’s marketplace is an integral part of the cannabis ecosystem Better  Matching A more dynamic   marketplace More User Generated Content More  product  Selection Brings new and   experienced  cannabis users Platform  networ k effects Marketplace   efficiencies Leafly’s flywheel is anchored by its content - first approach, which attracts shoppers and drives transactions 29 Confidential and Proprietary

     

     

    

Leafly has the most comprehensive cannabis technology platform C onsumer Marketplace Size of Audience Consumer Matching   Technology Conten t & Edu c a t ion Library Reviews Market Penetration Ecomm - Enablement Monetization at Scale Pre - Federal Leg a lization Data Insights Leafly has an unrivaled consumer reach and opportunity to convert its audience into shoppers B2B B2C 30 Confidential and Proprietary

     

     

    

1. Personalization and curation 2. Consumer deals and loyalty 3. Shopper retention (account  creation and benefits) Personalized   Discovery  Experience 12 5 MM annu a l visitors driving   value for retail e r s and brands Product roadmap Investing to own consumer shopping and realize existing value on the platform Helping tens o f thousands of   retai l er s and brands co nnect with   eager customers 1 . POS, menu and order   integrations 2.  Brand  activation  products  and  services  (brand  digital  merchandising) 3.  Enhanced  deals  functionality;  improved  retailer/brand  interfaces Scale d market - by - market and  with industry - l e a di n g content and   co nsumer experiences 1. ROI dashboards 2. New ad serving technology  a nd i n creas e d a d i n ve n tory 3 . Auctio n biddin g for   merchan d is i n g u n its Increased  monetization Supply side   platform  investments 31 Confidential and Proprietary 31 Confidential and Proprietary

     

     

    

Leafly’s dat a and produc t matchin g technology Product matching technology is utilized throughout all that Leafly does Monetization Personalization Behavioral  Segmentation Effects Supply - side Demand - side Dat a & Pr o d uc t In i t i a t i ve s Dat a In p u ts 32 Confidential and Proprietary

     

     

    

Meeting consumers where they are through data rich experiences Using data and content, Leafly solves all of the questions consumers have about cannabis Intent I want to KNOW “ What’ s the right   strain/product  for me ? ” Intent I want to BUY “ Buyin g thi s bette r be  easy ! I have   alternatives. ” Intent I want to GO or GET “ Wher e ca n I buy  weed near me? Can I   get i t delivered ? ” Intent I want to DO “ I wan t to relieve my  stress an d anxiety. ” 33 Confidential and Proprietary

     

     

    

Leafly’s proprietary personalization engine 3 4 Confi d en t i al and Pro p rie t a r y 34 Confidential and Proprietary Leafly’s technology solves one of  the trickiest  questions in cannabis – what product is right  for  me?

     

     

    

Dashboards and data insights for retailers and brands Leafly provides retailers and brands with merchandising insights and campaign analytics Retailers: Business Analytics and Merchandising Insights Brands: Campaign Analytics 1 5 1 M a y - 21 A u g - 21 Bra n d Sub s c ri p t i o n s 447 35 Confidential and Proprietary

     

     

    

V . Financial Overview 36 Confidential and Proprietary

     

     

    

37 Con f identia l  an d  P r op r ieta ry Ke y driver s o f the busines s model 2021E 2022E AOV (2) R etai l A ccou n ts 1,752 3,136 3,665 4, 888 6,277 8,082 10,635 % Growth NA 79.0% 16.9% 33.4% 28.4% 28.8% 31.6% % Order - Enable d Account s 9.9% 22.7% 45.0% 53.5% 59.9% 62.3% 63.5% Shopper s (i n thousands ) ( 1 ) 48 468 1,969 2,078 3,182 4,442 6,368 Purchase Frequency (per month) 1.8x 2.0x 2.1x 2.0x 2.0x 2.0x 2.0x $ 9 8 202 3 E 2024E $ 9 7 $ 9 8 $ 9 8 2020A $ 1 02 2019A $ 9 1 2018A $ 8 9 1) 2) Cumulative  count of  active  monthly  shoppers  for the  annual  period shown.  Average order value ( “ AOV ” ) calculated as GMV divided by total gross orders.

     

     

    

38 Con f identia l  an d  P r op r ieta ry Leafly’s local marke t strategy is drivin g supply - side growth Retailer and order - enabled accounts have grown consistently and maintained an accelerated pace post - COVID Accounts and Order - Enabled Accounts (1) Significant market share: 55% of legal retailers are on Leafly’s platform (2) 1) 2 ) Retail accounts can include more than one store.  Com p any e s t i ma t e as of 2 Q ’ 2 1. 1 , 592 1 , 5 3 8 1 , 653 1 , 752 2 , 164 2 , 626 2 , 823 3 , 136 3 , 274 3 , 240 3 , 407 4 , 420 3,961 3,665 0% 1% 6% 10% 12% 18% 22% 23% 33% 41% 42% 45% 45% 50% 1 Q ' 1 8 2 Q ' 1 8 3 Q ' 1 8 4 Q ' 1 8 1 Q ' 1 9 2 Q ' 1 9 3 Q ' 1 9 Total Active Accounts 3 Q ' 2 0 4 Q ' 2 0 1 Q ' 2 1 2 Q ' 2 1 4 Q ' 1 9 1 Q ' 2 0 2 Q ' 2 0 % of Total Order - Enabled

     

     

    

39 Con f identia l  an d  P r op r ieta ry Leafly attracts highly valuabl e shoppers Growth i Q Q n u S a p r e t n e d rl y p e V r i s S i h t o o r p s p a e n r d b y S e A s n s n i o u n a s l Cohor t (1) Orders (k) Leafly shoppers spend 2x more than in - store purchaser s (2) 1) 2) Shoppers are placed in a cohort based upon the year in which they made their first purchase and the growth describes the amount of retained GMV for any period divided by the amount of retained customers for that period.  Company estimate for the periods shown. 0% 5 0 % 1 0 0% 1 5 0% 2 0 0% 2 5 0% 3 0 0% 3 5 0% 1 4 7 2 0 18 1 0 1 3 1 6 1 9 2 2 2 5 2 8 31 Months 2019 2 0 2 0 17k 64k 111k 1 99k 292k 354k 5 99k 1 , 364k 1,168k 1,050k 1,060k 9 6 0k 0k 3k 1Q  2Q  3Q  4Q   1Q   2Q   3Q   4Q   1Q   2Q   3Q   4Q   1Q   2Q  '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21

     

     

    

40 Con f identia l  an d  P r op r ieta ry Historica l financials Gross P r ofit (MM) Revenue (MM) 1 8 . 2 % G r owt h % 15.7% 37.4% 21.0% Tota l Opera t in g E x p e n s e s ( 2 ) (MM) 88 . 2 % % Margin NM % o f Reve n u e 1 2 1. 2 % 1 8 9 . 6 % 1 0 8 . 7 % 1 2 3 . 2 % % Margi n NM NM NM 91 . 3 % 87.0% 86.4% Opera t ing Income/(Loss ) ( 2 ) (MM) 2019A 2020A ($6.5) ($30.9) ( $ 8 . 1 ) ( $1 5 . 0 ) 201 8 A 2 0 2 1 E Retail Revenue:   Brands Revenu e (1) : 1) 2) Brands revenue includes ‘ other’ revenue. Operating  Expenses  and  Operating  Income/(Loss)  exclude  non - cash  expenses  associated  with  accounting  for  stock - based  compensation,  warrants,  and  earn - outs. Projected  Operating  Expenses  include  ongoing  public  company  costs of $3.5MM in 2021E. $20. 0 $ 2 6 . 2 $31. 4 $38. 0 2 0 1 8 A 2 01 9 A 202 0 A 2 0 2 1 E $ 26 . 5 $57 . 0 $39 . 6 $53 . 0 201 8 A 201 9 A 202 0 A 202 1 E $18. 9 $23 . 7 $29 . 6 $34. 3 $6. 3 $6. 8 $8 . 7 $21. 9 $2.9 $30 . 1 $36 . 4 $43. 0 201 8 A 201 9 A 202 0 A 202 1 E

     

     

    

 $34. 3 $ 52. 3 $80. 7 $1 2 0 . 8 $ 8. 7 $20. 4 $ 30. 0 $43. 0 $ 65. 3 $ 13. 1 $ 1 01. 1 $1 5 0 . 9 2 0 2 1 E 202 2 E 2 0 2 3 E 202 4 E Financial projections $ 5 3 . 0 $ 8 7. 0 $104.5 $117.9 202 1 E 20 2 2 E 20 2 3 E 2 0 2 4 E Illustra t i v e Long - T e r m   Margin: 88.0% Illustra t i v e Long - T e r m   Margin: 25.0% Gross P r ofit (MM) Revenue (MM) 88.0% 88.0% Opera t ing Income/(Loss ) ( 2 ) (MM) 49 . 2 % G r owt h % 18.2% 51.9% 54.8% Tota l Opera t in g E x p e n s e s ( 2 ) (MM) 88. 0 % % Margin 9 . 8 % % o f Reve n u e 1 2 3. 2 % 1 33 . 2 % 103.3% 7 8 . 2 % % Margi n NM NM NM 88 . 2 % $ 38. 0 $ 57. 5 $8 9 . 0 $132.8 2 0 2 1 E 2 02 2 E 2 02 3 E 20 2 4 E Retail Revenue:   Brands Revenu e (1) : 1) 2) Brands revenue includes ‘ other’ revenue. Operating  Expenses and Operating Income/(Loss) exclude non - cash expenses associated with accounting for stock - based compensation, warrants, and earn - outs. Projected Operating Expenses include  ongoing public company ( $ 1 5.0 ) ( $2 9 . 5 ) ($15.5) $ 1 4. 8 2 0 2 1 E 20 2 2 E 2 02 3 E 2 02 4 E 41 Con f identia l  an d  P r op r ieta ry costs of $3.5MM in 2021E and $7MM+ thereafter.

     

     

    

$ 2 1. 9 $ 3 8. 9 $ 5 1. 1 $ 6 0. 3 2 0 2 1 E 2 0 2 2 E 2 0 2 3 E 2 0 2 4 E Projected operatin g expenses Pro d uct D evelo p m e n t (MM) Sales and Mark e t ing (M M ) 34.3% 24.2% Tota l Opera t in g E x p e n s e s (1 ) (MM) 4 0 . 0 % % o f Reve n u e 5 0 . 8 % 59 . 6 % 5 0 . 5 % Gener a l and Administra t i v e (MM) % o f Reve n u e 2021E 36.4% 2022E 3 9 . 3 % 2023E 2 8 . 7 % 2024E 21.0% 1 7. 2 % % o f R e v e n u e 3 6 . 0 % $ 1 5. 5 $ 2 2.4 $ 2 4. 4 $ 2 6. 0 2 0 2 1 E 2 0 2 2 E 2 0 2 3 E 2 0 2 4 E 1) Operating  Expenses and Operating Income/(Loss) exclude non - cash expenses associated with accounting for stock - based compensation, warrants, and earn - outs. Projected Operating Expenses include  ongoing public company All Other G&A Costs: Public Company Cost Component of G&A: 2021E % of Revenue 123.2% 2022E 1 3 3. 2 % 2023E 103.3% 2024E 7 8 . 2 % Sales and Mark e t ing :   Produc t Develop m en t :   Gener a l and Administra t i ve: $ 1 2 . 2 42 Con f identia l  an d  P r op r ieta ry costs of $3.5MM in 2021E and $7MM+ thereafter. $1 8 . 3 $ 2 1.4 $ 23 . 8 $ 3 . 5 $ 7 . 4 $ 7 . 6 $ 7. 8 $ 1 5 . 6 $ 2 5 . 7 $2 9 . 0 $ 3 1.6 $21 .9 $38 . 9 $ 51 . 1 $ 60 . 3 $15 .5 $22 . 4 $ 24 . 4 $ 26 . 0 $15 .6 $25 . 7 $ 29 . 0 $ 31 . 6 $53 .0 $87 . 0 $ 104 . 5 $ 1 17 . 9

     

     

    

$43.0 $ 8 . 5 $ 9 . 5 $4 . 3 $65 . 3 Revenue 2 0 21 E T o t a l I n c r e a s e d M o ne t i z a t i o n o f I n c r e m en t al M on e t i z a t i o n o f    N e w l y A d de d   B r and s R e v enue   Existing Retail Retail Accounts Accounts 20 2 2 E T o t a l   Revenue FY2021E – FY2022 E financia l discussion • Total Re v e nue is exp ec te d to increase 51.9% in 2022 v e rsus 2021 • Retail Revenue expec t e d to increase 52.5% drive n by: ‒ Improving monetization of both existing and new Retail accounts ‒ A d d i tio n al Re t a il sales hea d cou n t in 2021 and 2022 ba cked by   track record of driving revenue growth with proper staffing • Brands Revenue expec t e d to increase 49 . 7 % d r iven by: – New products : full deployment of Brands subscription product, Brands digita l mercha n d ising ac r o ss platfo r m and increas e d ad inventory – Increased Brands sales headcount during 2021 and 2022 – Incre a sed pro d uctio n p e r Bran d s salespe r s o n • Increase Shopper traffic driving both Retail and Brands revenues 6ME June ‘ 21 Re t a i l Revenue $ 5 2.3 $34 . 3 Brands R e v e nu e ( 1 ) $1 3.1 $ 8 .7 Tot a l Revenue $65 . 3 $ 4 3.0 Gross Profit $ 5 7.5 $38 . 0 Operatin g Expense s ( 2 ) $ 8 7.0 $ 5 3.0 Operatin g Income/(Loss ) ( 2 ) ($29.5) ($15.0) FY2021E v s . FY2022E Comment a r y % Growth 5 2 . 5 % 15.8% % Growth 49.7% 2 8 . 4 % % Margin 88. 0 % 88. 2 % % Growth 51 . 9 % 18.2 % ($ in millions) Revenue Bridge 1) Brands revenue includes ‘ other’ revenue. 2021E 2022E 2) Operating  Expenses  and  Operating  Income/(Loss)  exclude  non - cash  expenses  associated  with  accounting  for  stock - based  compensation,  warrants,  and  earn - outs. Projected  Operating  Expenses  include  ongoing  public  company  costs of $3.5MM in 2021E and $7MM+ thereafter. 43 Con f identia l  an d  P r op r ieta ry $ 1 6.0 $ 4 .1 $20.1 $ 1 7.8 $ 1 9 . 5 ($1.8) 10.7% 11.5% 88 . 5 % 10.9%

     

     

    

44 Confidential and Proprietary IV. Transaction Overview

     

     

    

 45 Con f identia l  an d  P r op r ieta ry Note: Amounts assume no redemptions of Merida public stock. 1) 2) 3) 4) 5) 6) 7) 8) Pro - rated share issuance upon achievement of 90.0% of revenue target.  For 20 out of 30 days within two years of transaction close. For 20 out of 30 days within three years of transaction close.  Sponsor earn - out will accelerate upon an Acceleration Event. Up  front  sponsor shares  include  60,000  shares  to  MCMJ  underwriter.  Includes ~$31.5MM of proceeds Leafly has raised via a private bridge round. Excludes the impact of 10.0% fully diluted shares reserved under the Parent Incentive Plan and 2.5% fully diluted shares reserved under the Parent ESPP.  Includes 7.5% of ownership attributable to Leafly Bridge Investors. Transa c t io n Highligh t s Sources and U s es (MM) Pro Forma Valuatio n (MM) • $385.0MM equity value attributable to Leafly • 100.0 % equit y rollov e r fro m Leafly • 6.0MM shares in earn - outs to Leafly’s equityholders (1) ‒ 3.0MM shares vest if Leafly achieves $65.0MM in 2022 revenue OR  stock trading to $13.5 0 (2) ‒ 3 . 0MM shar e s v e st if Leafly achie v es $101.0MM in 2023 re v e nue OR   stock trading to $15.5 0 (3) • MCMJ deferring 50.0% of promote into earn - outs (4) ‒ 25.0% v e st if stock trad e s to $1 3 . 5 0 (2) ‒ 25.0% v e st if stock trad e s to $15.5 0 (3) Pro Forma Ownershi p at Close Proposed transaction summary Sources $ % Shareholder Rollover $385.0 67.9% M C M J C ash i n T r u st $130.0 22.9% S po n s o r S h a r es ( 5 ) $16.9 3.0% P r e - E x i s t i n g C a sh on b a l a n ce s h e e t ( 6 ) $35.0 6.2% To t a l Sou r c es $566.9 100.0% Uses $ % Shareholder Rollover $385.0 67.9% C a s h t o B a l a n ce S h e e t $150.0 26.5% Estimated Fees and Expenses $15.0 2.6% S po n s o r S h a r es ( 5 ) $16.9 3.0% To t a l U s es $566.9 100.0% I l l u s t r a t i v e S h a r e P r i ce Pro Forma Shares Outstanding ( 7 ) $ 1 0 . 0 0   53.8 $ 5 3 7 . 9 P os t - M o n e y E q u i t y V a l u e   Plus: Debt - L ess: C as h ( 6 ) (150.0) Post - Money Enterprise Value $387.8 FY21E Revenue $43.0 9.0x FY22E Revenue $65.3 5.9x FY23E Revenue $101.1 3.8x SPAC Shares  24.2% Sponsor  S h a r e s ( 5 )   3.1% L e a f ly S h a r e s ( 8 )   72.7%

     

     

    

46 Con f identia l  an d  P r op r ieta ry 8 8 . 1 % 9 3 . 8 % 68 . 7% 5 3 . 1 % 73 . 6% 8 3 . 7 % 93 . 5% 7 7 . 0 % 70 . 6% 34 . 0% 3 4 . 6 % 2 5 . 9 % 4 1 . 1 % 26 . 5% 4 1 . 8 % 3 7 . 8 % 4 5 . 1 % (1) 57.4% Benchmarking analysis Re v e nue Grow t h 2020A – 2022E 2021E – 2022E A v era g e Gr o ss Margins Median : 75.3% Source: CapIQ, FactSet, company filings and investor presentations. Market data as of 10/21/2021. 1) Porch Group’s FY2020A revenue is pro forma for the acquisition of Homeowners of America per the company’s filing. Media n : 39.5%

     

     

    

47 Con f identia l  an d  P r op r ieta ry 5 . 9x 7 . 1x 8 . 6 x 1 2 . 3 x 1 1 . 2 x 1 9 . 3 x 1 7 . 8 x 1 0 . 9 x 5 . 8x 9 . 0 x 1 0 . 3 x 1 0 . 5 x 1 4 . 9 x 1 3 . 5 x 25 . 3x 24 . 6x 14 . 4x 8 . 7 x Benchmarking analysis (cont.) EV / 2022E Re v e nue EV / 2021E Re v e nue Media n : 13.9x Media n : 11.1x Source: CapIQ, FactSet, company filings and investor presentations. Market data as of 10/21/2021.

     

     

    

Growth vectors 4 8 Confi d en t i al and Pro p rie t a r y 48 Confidential and Proprietary x Personalized discovery, curation and loyalty programs x Brand subscriptions and digital merchandising x Attract new retailers, brands and shoppers as legalization expands x Ancillary services for retailers (loyalty) and  brands (custom activations) x Improved monetization of existing retailers x First party data partnerships   and IP licensing x International expansion

     

     

    

Appendix 49 Confidential and Proprietary

     

     

    

Confidential and Proprietary 50 Leafly is ubiquitous in a rapidly growing cannabis market Legalization Picture (1) • • • • Market Commentary • Visitors  can  utilize  Leafly  prior  to  legalization  and,  as  a  result,  Leafly  is  activ e in all 50 state s and ord e r - e n abl e d   in 32 states 91% of U.S. adults support cannabis   legalization : 60% fo r recreatio n a l an d   medical use and 31% for medical use   only (2) Legalization  continues  to  accelerate  across Nort h A m e r ica with 1 0 state s   passing  or  advancing cannabis  le gal i z a t i o n s ince t h e b e g i nning of 2 0 2 0 Newly  legalized  states  on  the  East  Coast  represent  a  large  market  opportunity where  Leafly  has  already  established a leading, consumer - facing  brand State governments facing tax shortfalls co n ti n ue to loo k at ca n n a bi s legalization as an option to raise tax revenue 1) https: //www. le afly.com/learn/legalization . 2) P e w R e s e a r c h Ce n t e r . Legal Leafl y order - en ab l e d 32 S t a t es 7 Pr o vinc e s 5 States 3 Provinces Legal Leafly active N o t o r d e r - e n a b l e d Prohibited Leafly active N o t o r d e r - e n a b l e d 13 States

     

     

    

Overview of potential federal legislative paths forward 51 Confidential and Proprietary Bill Overview Cannabis  Ad ministration and   Opportunity ( C A O)   Act • Legalizes cannabis: removes cannabis from the Controlled Substance Act and would legalize and regulate cannabis at the federal level • Promotes  social  equity:  reinvests  cannabis  tax money  in  communities  most  affected  by  the  war  on  drugs  by way  of  grants  for  states  to  offer  job  training,  reentry services, legal aid (including for expungement), literacy programs, youth recreation or mentoring programs, and health education programs & provides  avenues for expungement of certain federal cannabis offenses • Leading bill in Congress due to primary sponsor: Senate Majority Leader Chuck Schumer (D - NY) introduced it July 14, 2021 • Allows interstate transport of cannabis, regardless of state - legal status • Federal excise tax: 10% the first year, rising to 25% by year five • Tax revenue dedication: a portion of the tax will fund loans to women, socially and economically disadvantaged minorities in the cannabis businesses • Offers grants to states that create processes to automatically expunge sentences of those convicted of state - level cannabis offenses • Transfers oversight of cannabis from DEA to FDA, ATF, and Treasury Dept’s Alcohol and Tobacco Tax and Trade Bureau • Amazon h as anno u n ced its supp o rt for t h e Act • Current status : Comment period recently closed, now awaiting first committee hearing (unscheduled) Marijuana  Opportunity Reinvest   and  Expungement  (MORE) Act • Legalizes cannabis: removes cannabis from the Controlled Substance Act and would legalize and regulate cannabis at the federal level • Promotes social equity: invests in communities historically impacted by the federal prohibition of cannabis and the war on drugs & gives individuals the right to  petition for expungement of certain federal cannabis offenses • Federal excise tax: 5% the first year, rising to 8% by year five • Directs Small Business Administration to promote loans to legitimate cannabis businesses • Requires the Bureau of Labor Statistics to collect data on the industry’s demographics to ensure those who have been economically disadvantaged are  meaningfully participating in the industry • The House passed this bill 228 - 164 during the previous Congress, but it died in the Senate • Bill was reintroduced by House Judiciary Chairman Jerry Nadler on May 28, 2021 • Current status : Cleared the House Judiciary Committee on a 26 - 15 vote on Sept. 30, 2021 Secure and Fair   Enforcement (SAFE)   Banking Act • Does not legalize cannabis; enables access to banking services for state - legal cannabis business • Prohibits federal banking regulators from restricting or penalizing a financial institution for providing services to a legitimate cannabis business • Establishes that transactions from legitimate cannabis businesses do not fall under anti - money laundering activities • Passed by the U.S. House of Representatives on April 20, 2021 by a vote of 321 - 101; now stalled in the Senate • Awaiting consideration with the Senate Committee on Banking, Housing and Urban Affairs • Current status : SAFE Banking was slipped into the National Defense Authorization Act for FY 2022 and passed the House on Sept. 23; Senate is not likely to  pass SAFE Banking as part of a defense re - authorization bill Source: Information provided by Burns & Levinson, Sheppard Mullin and Tucker Arensberg on JD Supra.

     

     

    

Risk Factors Summary – Risks Related to Our Business and Industry 52 Confidential and Proprietary • We have a relatively short operating history in a rapidly evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. • We have a history of net losses, and we may not achieve or maintain profitability in the future, especially if our costs increase. • If we fail to maintain and expand our client base, our revenue and our business will be harmed. • If we do not successfully develop and deploy new products or services to address the needs of our customers, our business and results of operations could suffer. • If we fail to expand effectively into new markets, both domestically and abroad, our revenue and our business will be harmed. • We may fail to offer the optimal pricing of our products and solutions. • Our international operations involve additional risks, and our exposure to these risks will increase as we expand internationally. • The legal cannabis industry and market are relatively new, and this industry and market may not continue to exist or develop as anticipated or we may ultimately be unable to succeed in this new  industry and market. • Federal law enforcement may deem our clients to be in violation of U.S. federal law, and, in particular the Controlled Substances Act. A change in U.S. federal policy on cannabis enforcement  and strict enforcement of federal cannabis laws against our clients would undermine our business model and materially affect our business and operations. • Our business is dependent on U.S. state laws and regulations and Canadian federal and provincial laws and regulations pertaining to the cannabis industry. • The laws, regulations regarding hemp - derived products are unsettled, and an adverse change in U.S. federal policy towards our suppliers would materially affect our business and operations . • Allowing unlicensed or noncompliant businesses to access our products, or allowing businesses to use our solutions in a noncompliant manner, may subject us to legal or regulatory enforcement  and negative publicity, which could adversely impact our business, operating results, financial condition, brand and reputation. • We generally do not, and cannot, ensure that our suppliers will conduct their business activities in a manner compliant with regulations and requirements applicable to the cannabis industry. As  a result, federal, state, provincial or local government authorities may seek to bring criminal, administrative or regulatory enforcement actions against our clients, which could have a material  adverse effect on our business, operating results or financial conditions, or could force us to cease operations. • Because our business is dependent, in part, upon continued market acceptance of cannabis by consumers, any negative trends could adversely affect our business operations. • Expansion of our business is dependent on the continued and future legalization of cannabis. • If users do not value the quality and reliability of the reviews and other content that we display on our platform, they may stop or reduce the use of our products, which could adversely impact the  growth of our business. • Negative publicity could adversely affect our reputation and brand. • Our business depends in part on a strong brand, and any failure to maintain, protect and enhance our brand would hurt our ability to retain or expand our base of users, suppliers and partners, or  our ability to increase their level of engagement. • We expect to face increased competition in the market. • If we fail to manage our growth effectively, our brand, results of operations and business could be harmed. • We rely on the performance of highly skilled personnel, and if we are unable to attract, retain and motivate well - qualified employees, our business could be harmed. • We rely on traffic to our website from search engines like Google, Yahoo! and Bing, as well as paid digital advertising and social media marketing. If our website fails to rank prominently in  unpaid search results, traffic to our website could decline and our business would be adversely affected. • If our current marketing model is not effective in attracting new brand and retailer clients, we may need to employ higher - cost sales and marketing methods to attract and retain brand and  retailer clients, which could adversely affect our profitability. • Mobile is an important component of our business, and it presents unique risks. • We may not timely and effectively scale and adapt our existing technology and network infrastructure to ensure that our platform is accessible. • We rely on third - party service providers for certain aspects of our business. • Our payment system and the payment systems of our suppliers depend on third - party providers and are subject to evolving laws and regulations.

     

     

    

Risk Factors Summary – Risks Related to Our Business and Industry 53 Confidential and Proprietary • We track certain performance metrics with internal tools and do not independently verify such metrics. Certain of our performance metrics are subject to inherent challenges in measurement,  and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business. • The traffic to our website and mobile application may decline and our business may suffer if other companies copy information from our platform and publish or aggregate it with other  information for their own benefit. • Real or perceived errors, failures, or bugs in our platform could adversely affect our operating results and growth prospects. • If our security measures are compromised, or if our platform is subject to attacks that degrade or deny the ability of users to access our content, users may curtail or stop use of our platform. • We rely upon cloud - based data centers, infrastructure and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties, to  operate our business, and interruptions or performance problems with these systems, technologies and networks may adversely affect our business and operating results. • The impact of worldwide economic conditions, including the resulting effect on advertising spending by businesses, may adversely affect our business, operating results and financial condition. • Our business is subject to the risks of earthquakes, fires, floods, droughts, climate change, crop failure due to weather or other factors, water shortages and other natural catastrophic events  and to interruption by man - made problems such as computer viruses or terrorism. • Our operations and employees face risks related to health crises, such as the ongoing COVID - 19 pandemic, that could adversely affect our financial condition and operating results. The COVID - 19 pandemic could materially affect our operations, including at our headquarters or anywhere else we operate, and the business or operations of our suppliers, consumers, partners or other  third parties with whom we conduct business. • Because we recognize most of the revenue from our advertising products over the term of an agreement, a significant downturn in our business may not be immediately reflected in our results of  operations. • We expect a number of factors to cause our operating results to fluctuate on a quarterly and annual basis, which may make it difficult to predict our future performance. • Our typical practices as it relates to consumer safety and engagement on our platform may pose a risk to our relationships with advertising partners. • We are subject to governmental laws, regulations and other legal obligations, particularly related to privacy, data protection and information security, and any actual or perceived failure to  comply with such obligations could harm our business. • Our business could suffer if the jurisdictions in which we operate change the way in which they regulate the internet, including regulations relating to user - generated content and privacy. • We face potential liability and expense for legal claims based on the content on our platform. • We may acquire other companies or technologies, which could divert our management’s attention from the business, result in additional dilution to our stockholders and otherwise disrupt our  operations and harm our operating results. • We may need to raise additional capital, which may not be available on favorable terms, if at all, causing dilution to our stockholders, restricting our operations or adversely affecting our ability  to operate our business. • Our business and operating results may be harmed if we are deemed responsible for the collection and remittance of state sales taxes or other indirect taxes for suppliers using our order  functionality. • Our international footprint may subject us to potential adverse tax consequences in various jurisdictions. • Changes in tax laws or regulations and compliance in multiple jurisdictions may have a material adverse effect on our business, cash flow, financial condition or operating results. • Changes in accounting standards or other factors could negatively impact our future effective tax rate. • We  identified  a  material  weakness  in  our  internal  control  over  financial  reporting.  If  we  are  unable  to remediate  this  material  weakness,  or if  we  identify additional material  weaknesses  in  the  future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely  affect our business and stock price.

     

     

    

Risk Factors Summary – Additional Risks Related to the Cannabis Industry  and Our Intellectual Property 54 Confidential and Proprietary • Cannabis remains illegal under federal law, and therefore, strict enforcement of federal laws regarding cannabis would likely result in our inability to execute our business plan. • Our business and our suppliers are subject to a variety of U.S. and foreign laws regarding financial transactions related to cannabis, which could subject our suppliers to legal claims or otherwise  adversely affect our business. • Our operations may be negatively affected by the way other private companies interpret laws and regulations applicable to the cannabis industry, or their policies and practices with respect to  the cannabis industry. • We are dependent on our banking relations, and we may have difficulty accessing or consistently maintaining banking or other financial services due to our connection with the cannabis  industry. • The continuing proliferation of unlicensed and illicit cannabis operations may negatively affect our suppliers and our operations. • We may have difficulty using bankruptcy courts due to our involvement in the regulated cannabis industry. • The conduct of third parties may jeopardize our business. • The conduct of third parties may jeopardize our regulatory compliance. • We believe that Section 230(c)(1) of the Communications Decency Act provides immunity from civil and state criminal liability, but it is possible that it does not. • We may continue to be subject to constraints on marketing our products. • Cannabis businesses are subject to unfavorable U.S. tax treatment, which reduces our clients’ profitability and could result in decreased demand for our services. • Service providers to cannabis businesses may also be subject to unfavorable U.S. tax treatment. • Cannabis businesses may be subject to civil asset forfeiture. • Due to our involvement in the cannabis industry, we may have a difficult time obtaining the various insurances that are desired to operate our business, which may expose us to additional risk  and financial liability. • There may be difficulty enforcing certain of our commercial agreements and contracts. • Certain of our directors, officers, employees and investors who are not U.S. citizens may face constraints on cross - border travel into the United States. • We are, and may in the future be, subject to disputes and assertions by third parties that we violate their intellectual property rights. These disputes may be costly to defend and could harm our  business and operating results. • Some of our solutions contain open source software, which may pose particular risks to our proprietary software and solutions. • Failure to protect or enforce our intellectual property rights could harm our brand, business and results of operations. • We may be unable to continue to use our existing domain names, or prevent third parties from acquiring and using domain names that infringe on, are similar to, or otherwise decrease the value  of our brand or our trademarks or service marks.

     

     

    

Proprietary & confidential This  document  contains  information  that  is  proprietary,  confidential  and/or  exempt  from  disclosure. It may also con t ain trade secrets or other   materials the release of which may cause prejudice or  loss  to  Leafly  Holdings,  Inc.,  and  its  subsidiaries.  No  waiver whatsoever is i n tended by sharing this   document  which  is  intended  only  for the  named  recipient(s).  Unauthorized  use,  dissemination  or  copying is prohibited. If you receive this document in  error, please notify the sender and destroy all copies. 55 Confidential and Proprietary

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