Document:

Exhibit
10.1

 

DEBT
CONVERSION AGREEMENT

 

This
Debt Conversion Agreement (the “Agreement”) is made and entered into this 14th day of December 2020 (the “Effective
Date”) between AMMO, INC., a Delaware corporation (“Company”) and Forest Street, LLC, an Arizona limited liability
company (the “Creditor”). The Company and Creditor are sometimes referred to herein individually as the “Party”
or collectively as the “Parties”.

 

RECITALS

 

A.       WHEREAS,
the Company owes to Creditor an aggregate amount of $3,500,000 US Dollars plus interest under that certain promissory note dated
September 23, 2020 attached hereto as Exhibit A (“Note”). By and through this Agreement the Parties have agreed to
convert $2,100,000 of Note balance (the “Debt”) owed by Company to Creditor into the purchase price for shares of
common stock in the Company at the current offering price, in lieu of cash repayment;

 

B.       WHEREAS,
the Company and Creditor mutually agree to settle the Debt by and through the application of the Debt as the purchase price for
1,000,000 restricted shares of the Company’s common stock at $2.10 per share (the “Settlement Shares”);

 

C.      WHEREAS, upon issuance of the Settlement Shares the Note shall have an outstanding
balance owing of $1,400,000; and

 

D.       WHEREAS, as a result of negotiations between the Company and Creditor, the
Parties have proposed a resolution that they deem to be fair and equitable, and by this Agreement, Creditor and the Company wish
to compromise, resolve, waive and release any and all claims, known or unknown, by and between them as fully set forth herein
which exist or may exist today as it pertains to the Debt.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which is acknowledged, the Parties covenant and agree as follows:

 

A.       Recitals.
The foregoing recitals are true and correct and incorporated by reference herein.

 

B.       Consideration.
As full consideration for this Agreement hereunder, Creditor shall be issued 1,000,000 restricted shares of the Company’s
common stock, at a price per share valued at $2.10 per share (the “Settlement Shares”) and, in exchange, Creditor
shall grant to Company a full settlement and release in connection with the Debt.

 

C.       Mutual
Release. Each Party, on behalf of himself or itself and his or its successors, officers, directors, administrators, representatives,
insurers, agents and assigns hereby releases and forever discharges the other Party, its predecessors, successors, parents, subsidiaries,
nominees and affiliates and all present and former officers, directors, partners, principals, employees, attorneys, insurers,
agents and their respective administrators, representatives, spouses, heirs, agents and assigns from any and all claims, and causes
of action and any other claim they have, whether currently known or unknown, foreseen or unseen, suspected or unsuspected heretofore
or hereafter arising out of, connected with, or incidental to the Debt. In furtherance of such intention, the Parties agree that
this Agreement shall remain in effect as a full and complete settlement in perpetuity.

 

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D.       Representations
and Warranties of the Company. The Company hereby represents and warrants to Creditor as follows:

 

a.       All
of the issued and outstanding shares of the Company’s common stock are, and all shares reserved for issuance will be, upon issuance
in accordance with the terms specified in the instruments or agreements pursuant to which they are issuable, duly authorized,
validly issued, fully paid and non-assessable. The Settlement Shares to be issued and delivered to Creditor have been duly authorized
and when issued upon such conversion, will be validly issued, fully-paid and non-assessable.

 

b.       The
Company has full legal power to execute and deliver this Agreement and to perform its obligations hereunder. All acts required
to be taken by the Company to enter into this Agreement and to carry out the transactions contemplated hereby have been properly
taken, and this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its
terms and does not conflict with, result in a breach or violation of or constitute (or with notice of lapse of time or both constitute)
a default under any instrument, contract or other agreement to which the Company or its subsidiaries is a party.

 

c.       None
of the Company’s Articles of Incorporation, as amended, or Bylaws, or the laws of the State of Delaware contains any applicable
provisions or statute which would restrict the Company’s ability to enter into this Agreement or consummate the transactions contemplated
by this Agreement or which would limit any of Creditor’s rights following consummation of the transactions contemplated
by this Agreement.

 

d.       No
broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of the Company.

 

e.       The
Company has delivered or made available to Creditor prior to the execution of this Agreement true and complete copies of all financial
statements of the Company.

 

E.       Representations
and Warranties of Creditor. Creditor represents and warrants to the Company as follows:

 

a.       Creditor
has full legal power to execute and deliver this Agreement and to perform its obligations hereunder. All acts required to be taken
by Creditor to enter into this Agreement and to carry out the transactions contemplated hereby have been properly taken; and this
Agreement constitutes a legal, valid and binding obligation of such Creditor enforceable in accordance with its terms.

 

b.       Creditor
has reviewed the financial statements of the Company.

.

c.       Creditor
has been given an opportunity to ask questions and receive answers from the officers and directors of the Company and to obtain
additional information from the Company.

 

d.       Creditor
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an
investment in the Company’s securities and has obtained, in its judgment, sufficient information about the Company to evaluate
the merits and risks of an investment in the Company.

 

e.       Creditor
is relying solely on the representations and warranties contained herein and in financial statements made available in making
its decision to enter into this Agreement and consummate the transactions contemplated hereby and no oral representations or warranties
of any kind have been made by the Company or its officers, directors, employees or agents to such Creditor.

 

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F.       Conditions.

 

a.       The
obligations of the Company to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment of
the following conditions:

 

i.       The
representations and warranties of Creditor set forth herein shall be true and correct on and as of the Effective Date.

 

ii.       All
proceedings, corporate or otherwise, to be taken by the Creditor in connection with the consummation of the transactions contemplated
by this Agreement shall have been duly and validly taken and all necessary consents, approvals or authorizations of any governmental
or regulatory authority or other third party required to be obtained by the Company or Creditor shall have been obtained in form
and substance reasonably satisfactory to the Company.

 

b.       The
obligations of Creditor to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment of the
following conditions:

 

i.       
The representations and warranties of the Company set forth herein shall be true and correct on and as of the Effective Date.

 

ii.       All
proceedings, corporate or otherwise, to be taken by the Company in connection with the consummation of the transactions contemplated
by this Agreement shall have been duly and validly taken and all necessary consents, approvals or authorizations of any governmental
or regulatory authority or other third party required to be obtained by the Company or Creditor shall have been obtained in form
and substance reasonably satisfactory to Creditor.

 

iii.       The
Company shall have caused the Settlement Shares to be approved for issuance.

 

G.       Restrictive
Legend. The Settlement Shares that shall be issued by the Company pursuant to this Agreement will not have been registered
and are being issued pursuant to a specific exemption under the Securities Act, as well as under certain state securities laws
for transactions by an issuer not involving any public offering or in reliance on limited federal preemption from such state securities
registration laws. The Settlement Shares to be issued by the Company pursuant to this Agreement must be held and may not be sold,
transferred, or otherwise disposed of for value unless such securities are subsequently registered under the Securities Act or
an exemption from such registration is available, and that the certificates representing the shares of the Company issued pursuant
to this Agreement will bear a legend in substantially the following form so restricting the sale of such securities:

 

The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and are “restricted securities” within the meaning of Rule 144 promulgated under the Securities Act.
The securities have been acquired for investment and may not be sold or transferred without complying with Rule 144 in the absence
of an effective registration or other compliance under the Securities Act.

 

H.       Entire
Agreement; No Oral Modification. This Agreement constitutes the complete and entire written agreement of compromise, settlement
and release between the Parties and constitutes the complete expression of the terms of the settlement. All prior and contemporaneous
agreements, representations, and negotiations are superseded and merged herein. The terms of this Agreement can only be amended
or modified by a writing, signed by duly authorized representatives of all Parties hereto, expressly stating that such modification
or amendment is intended.

 

I.       Authority
to Execute. Each Party executing this Agreement represents that it is authorized to execute this Agreement. Each person
executing this Agreement on behalf of an entity, other than an individual executing this Agreement on his or her own behalf, represents
that he or she is authorized to execute this Agreement on behalf of said entity.

 

J.       Voluntary
Agreement. The Parties have read this Agreement, have had the benefit of counsel and freely and voluntarily enter into
this Agreement.

 

K.       Counterparts.
This Agreement may be executed in counterparts and, if so executed, each counterpart shall have the full force and effect of an
original. Further, a telecopied signature page by any signatory shall constitute an original for all purposes.

 

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L.       Severability.
In the event that any provision contained in this Agreement shall be (i) held by any court or arbitration tribunal to
be unenforceable, illegal, void or contrary to public policy, or (ii) in conflict with any applicable statute, law, regulation
or applicable collective bargaining agreement, then such provision shall be of no force or effect; provided, however, that in
such event the provision of this Agreement so affected shall be curtailed and limited only to the minimum extent necessary to
permit compliance with the minimum required, and no other provisions of this Agreement shall be affected thereby and all such
other provisions shall continue in full force and effect.

 

M.       Ambiguity.
Any rules of interpretation that ambiguities are to be construed against the drafting party shall not apply.

 

N.       Governing
Law. This Agreement is being executed and delivered, and is intended to be performed, in the State of Delaware, and to
the extent permitted by law, the execution, validity, construction, and performance of this Agreement shall be construed and enforced
in accordance with the laws of the State of Delaware without giving effect to conflict of law principles. This Agreement is intended
to resolve all claims, known or unknown, between the Company and Creditor in any jurisdiction.

 

<REST
OF THIS PAGE INTENTIONALLY LEFT BLANK;

PLEASE
SEE FOLLOWING PAGE FOR SIGNATURE>

 

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IN
WITNESS WHEREOF, the Parties have entered into this Agreement made and effective as of the date first hereinabove written.

 

	 	AMMO
    INC.
	 	 	 
	Dated:	December
    14, 2020	By:	/s/
    Robert Wiley
	 	Name:	Robert
    Wiley
	 	Title:
    	Chief
    Financial Officer

 

	 	CREDITOR
    
	 	FOREST
    STREET LLC
	 	 	 
	Dated:	December
    14, 2020	By:	/s/
    Fred Wagenhals 
	 	Name:	Fred
Wagenhals

 

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EXHIBIT
A

 

    	6

    	 

    

 

THE
SECURITY REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND SUCH STATE SECURITIES LAWS, OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

 

PROMISSORY
NOTE

 

	$3,500,000.00	Scottsdale,
    Arizona
	 	September
    23, 2020

 

FOR
VALUE RECEIVED, the undersigned, ENLIGHT GROUP II, a Delaware limited liability company whose principal address is 7681 East Gray
Road, Scottsdale, Arizona (“EGII”), and AMMO, INC., a Delaware corporation whose principal address is 7681
East Gray Road, Scottsdale, Arizona 85260 (“AMMO”) (EGII and AMMO are individually and together referred to
herein as “Borrower”, as the context shall permit or allow), hereby promises to pay to the order of Forest
Street, LLC, an Arizona limited liability company, whose principal address is 7681 E. Gray Road, Scottsdale, Arizona 85260 (“Lender”),
the principal sum of Three Million Five Hundred & 00/100 Dollars ($3,500,000.00), plus interest thereon as set forth below,
on or prior to the Maturity Date (as defined in Section 1) to the account of Lender for operational deployment consistent with
the Use of Proceeds, in accordance with the terms and definitions set forth below.

 

1.       Definitions.
As used in this Promissory Note (“Note”), the following terms shall have the following meanings:

 

“Bankruptcy
Default” means any Event of Default described in Sections 7.1(d), 7.1(e) or 7.1(f).

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banks in Scottsdale, Arizona are required to
close.

 

“Closing
Date” shall mean September 23, 2020.

 

“Default”
means any act, event, condition or omission which, with the giving of notice or lapse of time, would constitute an Event of Default
if uncured or unremedied.

 

“Dollars”
means the lawful currency of the United States.

 

“Event
of Default” means the occurrence of any of the events described in Section 6.1 of this Note.

 

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“Governmental
Authority” means any foreign, federal, state, municipal or other government, or any department, commission, board, bureau,
agency, public authority or instrumentality thereof or any court or arbitrator.

 

“Use
of Proceeds” means expenditure of loan proceeds as capital expenditures by Borrower to acquire machinery, equipment
and other assets necessary to enhance production capacity and meet current and forecasted order fulfillment needs.

 

“Loan”
means the extension of credit made by Lender to Borrower evidenced by this Note.

 

“Maturity
Date” means September 23, 2022, or such earlier date on which the obligations under this Note become due and payable
pursuant to the terms hereof.

 

“Payment
Date” means the 23rd day of each month of each fiscal year of Borrower; provided that if the 23rd day of a month is
not a Business Day, the payment due on such date shall be due on the immediately preceding Business Day.

 

“Person”
means any natural person, corporation, limited liability company, joint venture, limited liability partnership, partnership, association,
trust or other entity or any Governmental Authority.

 

“Related
Documents” means this Note, any General Business Security Agreement thereafter executed, all as amended, restated, replaced,
supplemented or otherwise modified from time to time.

 

2.       Interest
Rate; Default Rate; Late Fee.

 

2.1       Interest
Rate. The interest rate to be applied to the unpaid principal balance of the Loan will be a per annum rate equal to 12.0 percent
per annum. Interest on this Note is computed on an Actual 360 basis; that is, by applying the ratio of the interest rate over
a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance
is outstanding. All interest payable under this Note is computed using this method.

 

2.2       Default
Rate. Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default, the unpaid principal
balance of the Loan and any accrued and unpaid interest shall bear interest at an annual rate (the “Default Rate”)
equal to the rate otherwise in effect under Section 2.1 plus 3.0 percentage points, payable upon demand. On and after the Maturity
Date, the unpaid principal balance of the Loan and all accrued interest thereon shall bear interest at the Default Rate, payable
upon demand.

 

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2.3       Late
Fee. If a payment is not made on or before the 15th day after its due date, Borrower will be charged 5.00% of the unpaid portion
of the regularly scheduled payment.

 

2.4       Maximum
Rate of Interest. Nothing herein contained shall be deemed to require Borrower to pay or be liable for the payment of interest
upon the Loan in excess of the maximum legal rate of interest (if there be any maximum) allowable under the laws of the State
of Arizona. If for any reason interest in excess of the amount as limited in the foregoing sentence shall have been paid hereunder,
whether by reason of acceleration of this Note, payment of any penalty or premium, or otherwise, then and in that event, any such
excess interest shall constitute and be treated as a payment of principal hereunder and shall operate to reduce the principal
balance of the Loan by the amount of such excess, or if in excess of the then outstanding principal balance of the Loan, such
excess shall be refunded.

 

3.       Payments.

 

3.1       Interest
Only. Borrower shall pay Lender all accrued interest (only) on a monthly basis, commencing on October 23, 2020 and each thirty
(30) days thereafter (“Payment Date”), provided, that any remaining outstanding principal balance of the Loan, together
with all unpaid accrued interest thereon, shall be repaid in full on the Maturity Date.

 

3.2       Application
of Payments. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest;
then to principal then to any unpaid collection costs; and then to any late charges. Borrower will pay Lender at Lender’s
address shown above or at such other place as Lender may designate in writing.

 

3.3       Early
Payment. Borrower may pay all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed
to by Lender in writing, relieve the Borrower of its obligation to continue to make payments on this Note. Rather, early payments
will reduce the principal balance due and may result in Borrower making fewer payments. Borrower agrees not to send Lender payments
marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may
accept it without communications concerning disputed amounts, including any check or other payment instrument that indicates that
the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations
or as full satisfaction of a disputed amount must be mailed or delivered to: Forest Street, LLC, 7681 E. Gray Road, Scottsdale,
Arizona 85260.

 

4.       Prepayment.
Borrower may prepay the Loan together with any accrued and unpaid interest thereon at any time in whole or in part without premium
or penalty.

 

5.       Quarterly
Monitoring Fee. One percent (1%) of the principal amount and then accrued interest paid quarterly during the Term of this
Agreement.

 

6.       Representations
and Warranties. To induce Lender to make the Loan, Borrower represents and warrants to Lender that:

 

6.1       Organization;
Subsidiaries; Corporate Power. Borrower is a corporation or limited liability company, as applicable, duly organized and validly
existing under the laws of the State of Delaware.

 

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6.2       Authorization
and Binding Effect. The execution and delivery by Borrower of the Related Documents, and the performance by Borrower of its
obligations thereunder: (a) are within its power as a limited liability company and/or corporation, as applicable, (b) have been
duly authorized by proper action on the part of the governing body of Borrower, (c) are not in violation of any Requirement of
Law, the organizational or charter documents of Borrower or the terms of any agreement, restriction or undertaking to which Borrower
is a party or by which Borrower is bound, and (d) do not require the approval or consent of the holders of the equity interests
of Borrower, any Governmental Authority or any other Person, other than those obtained and in full force and effect. The Related
Documents, when executed and delivered, will constitute the valid and binding obligations of Borrower enforceable in accordance
with their terms, except as limited by bankruptcy, insolvency or similar laws of general application affecting the enforcement
of creditors’ rights and except to the extent that general principles of equity might affect the specific enforcement of such
Related Documents.

 

6.3       Accuracy
of Information. All information, certificates or statements given to Lender pursuant to this Note shall be true and complete
when given.

 

7.       Events
of Default, Acceleration and Remedies.

 

7.1       Events
of Default. The occurrence of any of the following shall constitute an Event of Default under this Note:

 

(a)       Borrower
fails to pay all or any portion of any amount due hereunder when the same becomes due and payable, whether at a stated payment
date or by acceleration, and such failure continues for ten days following Borrower’s receipt of Lender’s written
notice of such failure; or

 

(b)       any
representation or warranty made herein is false in any material respect on the date as of which it is made or as of which the
same is to be effective; or

 

(c)       Borrower
fails to comply with any term, covenant or agreement contained herein subject to any applicable grace period or cure period; or

 

(d)       Borrower
becomes insolvent or fails generally to pay debts as they become due; or

 

(e)       the
taking of action by Borrower to become the subject of proceedings under the United States Bankruptcy Code; or the execution by
Borrower of a petition to become a debtor under the United States Bankruptcy Code; or the entry of an order for relief under the
United States Bankruptcy Code against Borrower; or Borrower making an assignment for the benefit of creditors; or Borrower consenting
to the appointment of a custodian, receiver, trustee or other officer with similar powers for it, or for any substantial part
of its property; or adjudicating of Borrower as insolvent; or

 

(f)       if
any Governmental Authority of competent jurisdiction shall enter an order appointing, without consent of Borrower, as applicable,
a custodian, receiver, trustee or other officer with similar powers with respect to Borrower, or with respect to any substantial
part of Borrower’s property, or if an order for relief relating to Borrower shall be entered in any case or proceeding for
liquidation or reorganization or otherwise to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering
the dissolution, winding-up or liquidation of Borrower, or if any petition for any such relief shall be filed against Borrower
and such petition shall not be dismissed or stayed within 60 days; or

 

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(g)       Any
breach, violation, or default shall occur under any of the other Related Documents and shall continue beyond any applicable notice
and cure period set forth therein.

 

7.2       Acceleration.
Upon the occurrence of:

 

(a)       any
Bankruptcy Default, the unpaid principal balance of the Loan and all accrued and unpaid interest thereon at that time outstanding
automatically shall mature and become due, and

 

(b)       any
other Event of Default, Lender, at any time, at its option, and without notice or demand, may declare the outstanding principal
amount of the Loan and all accrued and unpaid interest thereon, due and payable, whereupon such amounts immediately shall mature
and become due and payable, all without presentment, protest or notice, all of which hereby are waived.

 

7.3       Remedies.
Upon the occurrence of any Event of Default, Lender, at its option, may enforce or cause to be enforced any of the rights or remedies
accorded to Lender at equity or law, by virtue of this Note, the other Related Documents, by statute or otherwise.

 

8.       Miscellaneous.

 

8.1       Waivers.
Borrower expressly hereby waives presentment for payment, protest and demand and notice of protest, demand, dishonor, nonpayment,
intent to accelerate and acceleration of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended
from time to time before, at or after maturity, without in any way affecting the liability of Borrower.

 

8.2       Modifications.
This Note may only be amended by an instrument in writing signed by the party against whom enforcement of the change or amendment
is sought.

 

8.3       Successors
and Assigns. This Note shall be binding upon Borrower and upon Borrower’s successors and assigns, and shall inure to the benefit
of Lender and its successors and assigns; provided that Borrower’s rights under this Note are not assignable without the prior
written consent of Lender.

 

8.4       Severability.
In the event that any provision of this Note is deemed to be invalid by reason of the operation of any law or by reason of the
interpretation placed thereon by any Governmental Authority, the validity, legality and enforceability of the remaining terms
and provisions of this Note shall not in any way be affected or impaired thereby, all of which shall remain in full force and
effect, and the affected term or provision shall be modified to the minimum extent permitted by law so as to achieve most fully
the intention of this Note.

 

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8.5       Time
of the Essence. Time for the performance of the obligations under this Note is of the essence.

 

8.6       Expenses.
Borrower agrees to pay on demand (i) all out-of-pocket expenses incurred by Lender in connection with the administration, amendment
or enforcement of this Note and the other Related Documents including the reasonable fees and expenses of Lender’s counsel, (ii)
any taxes (including any interest and penalties relating thereto) payable by Lender on or with respect to the transactions contemplated
by this Note (Borrower hereby agreeing to indemnify Lender with respect thereto) and (iii) all out-of-pocket expenses, including
the reasonable fees and expenses of Lender’s counsel, incurred by Lender in connection with any litigation, proceeding or dispute
in any way related to Lender’s relationship with Borrower, whether arising hereunder or otherwise. The obligations of Borrower
under this paragraph will survive payment of this Note.

 

8.7       Governing
Law. This Note shall be construed in accordance with and governed by the laws and decisions of the State of Arizona.

 

8.8       Setoff.
No security is provided for this Note upon execution. However, Borrower represents, warrants and agrees that it shall provide
commercially reasonable collateral promptly upon the payment of that certain JSC Promissory Note A and JSC’s contemporaneous
release of security supporting that financial accommodation. In addition, Borrower agrees that Lender may, at any time after the
occurrence of an Event of Default, without prior notice, set off against any such credit balance or other money all or any part
of this Note, irrespective of whether Lender shall have made demand under this Note and although such obligations may be contingent
or unmatured.

 

8.9       Notices.
All notices provided for herein shall be in writing and shall be (a) personally delivered or (b) sent by express or first class
mail; and, if to Lender, addressed to it at 7681 E. Gray Road, Scottsdale, Arizona 85260, attention: Fred Wagenhals, Manager and,
if to Borrower, addressed to it at 7681 East Gray Road, Scottsdale, Arizona 85260, attention: Rob Wiley (CFO) and John Flynn,
or to such other address with respect to any party as such party shall notify the others in writing; such notices shall be deemed
given when delivered, mailed or so transmitted.

 

8.10       Joint
and Several. If Borrower is comprised of more than one Person, the obligations of such Persons under this Note and the other
Related Documents shall be joint and several.

 

8.11       Jury
Waiver. BORROWER AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN BORROWER
AND LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE, ANY OTHER RELATED DOCUMENT OR ANY RELATIONSHIP BETWEEN LENDER AND
BORROWER. THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE FINANCING DESCRIBED HEREIN.

 

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8.12       Submission
to Jurisdiction; Service of Process. ALL JUDICIAL PROCEEDINGS IN ANY MANNER RELATING TO OR ARISING OUT OF THIS NOTE OR ANY
OBLIGATIONS HEREUNDER MAY BE BROUGHT ONLY IN COURTS OF THE STATE OF WISCONSIN LOCATED IN MARICOPA COUNTY OR THE FEDERAL COURT
FOR THE DISTRICT OF ARIZONA (PHOENIX). BY EXECUTING AND DELIVERING THIS NOTE, BORROWER IRREVOCABLY:

 

(a)       ACCEPTS
GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;

 

(b)       WAIVES
ANY DEFENSE OF FORUM NON CONVENIENS;

 

(c)       AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO BORROWER AT ITS ADDRESS SET FORTH IN THE INTRODUCTORY PARAGRAPH OF THIS NOTE;

 

(d)       AGREES
THAT SERVICE AS PROVIDED IN CLAUSE (c) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER BORROWER IN ANY SUCH PROCEEDING
IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND

 

(e)       AGREES
THAT LENDER RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST BORROWER IN
THE COURTS OF ANY OTHER JURISDICTION.

 

IN
WITNESS WHEREOF, this Note has been executed and delivered by Borrower as of the date first set forth above.

 

	 	BORROWER:
	 	 
	 	ENLIGHT
    GROUP II, LLC
	 	 
	 	BY	/Robert
    Wiley
	 	 	Name:
    Robert Wiley
	 	 	Title:
    AMMO, Inc. Chief Financial Officer
	 	 
	 	AMMO,
    INC.
	 	 
	 	BY	/Robert
    Wiley
	 	 	Name:
    Robert Wiley
	 	 	Title:
    Chief Financial Officer

 

    	13EX-10.1

 Exhibit 10.1 

Confidential 

SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”), dated December 16, 2020, is entered into by and between
Northern Star Acquisition Corp., a Delaware corporation (the “Company”), and the undersigned subscriber (the “Subscriber”). 

WHEREAS, in connection with the proposed business combination (the “Transaction”) between the Company and Barkbox, Inc., a
Delaware corporation (“Barkbox”), pursuant to that certain Business Combination Agreement, dated as of December 16, 2020 (as amended, modified, supplemented or waived from time to time in accordance with its terms, the
“Transaction Agreement”), the undersigned desires to subscribe for and purchase from the Company, and the Company desires to sell to the undersigned, that number of shares of the Company’s Class A Common Stock, par value
$0.0001 per share (the “Class A Common Stock”), set forth on the signature page hereof for a purchase price of $10.00 per share (the “Per Share Price,” and the aggregate of such Per
Share Price for all shares subscribed for by the undersigned being referred to herein as the “Purchase Price”), on the terms and subject to the conditions contained herein; and 

WHEREAS, in connection with the Transaction, certain other “qualified institutional buyers” (as defined in Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”)) and certain other institutional “accredited investors” (as defined in Rule 501(a) under the Securities Act) (such other investors, the “Other
Subscribers”) have entered into separate subscription agreements with the Company (the “Other Subscription Agreements”), pursuant to which such other investors have, together with the undersigned, pursuant to this
Subscription Agreement and the Other Subscription Agreements, agreed to purchase an aggregate of [•] shares of Class A Common Stock at the Per Share Price. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1. Subscription. The
undersigned hereby subscribes for and agrees to purchase from the Company, and the Company hereby agrees to issue and sell to the undersigned, the number of shares of Class A Common Stock set forth on the signature page of this Subscription
Agreement (the “Shares”) on the terms and subject to the conditions provided for herein (the “Subscription”). 

2. Closing. The closing of the Subscription contemplated hereby (the “Subscription Closing”) is contingent upon the
substantially concurrent consummation of the Transaction (the “Transaction Closing”). The Subscription Closing shall occur on the date of the Transaction Closing (the “Transaction Closing Date”) and substantially
concurrently with the consummation of the Transaction Closing. Not less than five business days prior to the scheduled Transaction Closing Date, the Company shall provide written notice to the undersigned (the “Closing Notice”) (i)
of such scheduled Transaction Closing Date, (ii) that the Company reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on or prior to such date and (iii) containing wire instructions for the payment
of the Purchase Price. On the Transaction Closing Date specified in the Closing Notice, (1) Subscriber will deliver to the Company as soon as practicable against delivery to Subscriber of the Shares and evidence of the issuance to Subscriber of
the Shares from the Company’s transfer agent (the “Transfer Agent”) on and as of the Transaction Closing Date, the Purchase Price by wire transfer of U.S. dollars in immediately available funds to the account specified by the
Company in the Closing Notice (which account shall not be an escrow account) and (2) the Company shall confirm to the undersigned in writing (it being understood that an email confirmation is sufficient) that all conditions to the Transaction
Closing have been satisfied or waived and deliver to Subscriber the Shares in book-entry form, free and clear of any liens or other restrictions whatsoever (other 

  
 1 

 
than those arising under state or federal securities law), in the name of the undersigned (or its nominee in accordance with its delivery instructions) or to a custodian designated by the
undersigned, as applicable, and evidence of issuance of the Shares to Subscriber (or such nominee or custodian) on and as of the Transaction Closing Date from the Transfer Agent. For purposes of this Subscription Agreement, “business
day” shall mean any day other than Saturday, Sunday or such other days on which banks located in New York, New York are required or authorized by applicable law to be closed for business. 

If the Transaction Closing does not occur on the same day as the Subscription Closing, the Company shall promptly (but not later than one
business days thereafter) return the Purchase Price (to the extent paid by the undersigned to the Company pursuant to this Section 2) to the undersigned by wire transfer of U.S. dollars in immediately available funds to the
account specified by the undersigned without any deduction for or on account of any tax, withholding, charges, or set-off, and any book-entries (to the extent delivered by the Company to the undersigned
pursuant to this Section 2) shall be deemed cancelled. Each book-entry for the Shares shall contain a notation, and each certificate (if any) evidencing the Shares shall be stamped or otherwise imprinted with a legend, in
substantially the following form: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. 

3. Closing Conditions. 

a. The obligations of the Company to consummate the transactions contemplated hereunder are subject to the satisfaction (or
valid waiver by the Company in writing) of the condition that, at the Subscription Closing, all representations and warranties of the undersigned contained in this Subscription Agreement shall be true and correct in all material respects (other than
representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the Subscription Closing, and
consummation of the Subscription Closing shall constitute a reaffirmation by the undersigned of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Subscription Closing. 

b. The obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the satisfaction (or valid waiver by
the undersigned in writing) of the conditions that, at the Subscription Closing: 
  

	 	(i)	 all representations and warranties of the Company contained in this Subscription Agreement shall be true and
correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and
as of the Subscription Closing, and consummation of the Subscription Closing shall constitute a reaffirmation by the Company of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the
Subscription Closing; 

  

	 	i	 the Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with at or prior to the Subscription Closing; 

  
 2 

	 	ii	 no suspension of the offering or sale of the Shares shall have been initiated or, to the Company’s
knowledge, threatened, in any jurisdiction, including by the Securities and Exchange Commission (the “Commission”), and the Shares shall have been approved for listing on the NYSE, subject to official notice of issuance;

  

	 	iii	 there shall have been no amendment, waiver or modification to the Other Subscription Agreements that materially
economically benefits the Other Subscribers unless the Subscriber has been offered substantially the same benefits; and 

  

	 	iv	 the terms of the Transaction Agreement (as the same exists on the date hereof as provided to the Subscriber)
shall not have been amended or modified in a manner that would reasonably be expected to materially and adversely affect the economic benefits that Subscriber would reasonably expect to receive under this Subscription Agreement without the
undersigned’s prior written consent. 

 c. The obligations of each of the Company and the undersigned
to consummate the transactions contemplated hereunder are subject to the satisfaction (or waiver by the Company and the undersigned in writing) of the conditions that, at the Subscription Closing: 

 

	 	i	 no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or
entered any law, rule, regulation, judgment, decree, executive order or award after the date hereof (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the consummation of the transactions contemplated
hereby illegal or otherwise preventing or prohibiting consummation of the transactions contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or
prohibition; and 

  

	 	ii	 all conditions precedent to the Transaction Closing shall have been satisfied or waived (other than those
conditions that may only be satisfied at the Transaction Closing, which conditions shall be satisfied as of the Transaction Closing). 

4. IRS Form W-9; Further Assurances. At or prior to the Subscription Closing, the undersigned
shall provide the Company upon request with a properly completed and duly executed IRS Form W-9 or applicable IRS Form W-8, as appropriate. At or prior to the
Subscription Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties hereto mutually and reasonably may deem to be practical and necessary in order to consummate the
Subscription as contemplated by this Subscription Agreement. 
 5. Company Representations and Warranties. The Company represents and
warrants to the undersigned that: 
 a. The Company has been duly incorporated, is validly existing and is in good standing
under the laws of the State of Delaware, with the requisite corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this
Subscription Agreement. 

  
 3 

 b. The Shares have been duly authorized and, when issued and delivered to
the undersigned against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued in
violation of or subject to any preemptive or similar rights created under the Company’s Certificate of Incorporation or bylaws or under the laws of the State of Delaware. 

c. This Subscription Agreement has been duly authorized, executed and delivered by the Company and is the valid and legally
binding obligation of and enforceable against the Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or
affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity. 
 d.
The execution, delivery and performance of this Subscription Agreement, the issuance and sale of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions
contemplated hereby will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or
assets of the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the
property or assets of the Company is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, assets, liabilities stockholders’ equity or results of operations of the
Company and its subsidiaries, taken as a whole, or prevents, or materially impairs, materially delays or materially impedes the performance of the Company of its obligations to consummate the transactions contemplated herein or the validity of the
Shares (a “Material Adverse Effect”); (ii) the provisions of the organizational documents of the Company; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over the Company or any of its properties that would have a Material Adverse Effect. 
 e. The
Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or self-regulatory organization
in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the Shares), other than (i) filings with the Commission, (ii) filings required by applicable state
securities laws, (iii) any filings required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or similar antitrust laws, (iv) filings required by NYSE, including with respect to obtaining Company stockholder approval,
(v) consents, waivers, authorizations or filings that have been obtained or made on or prior to the Subscription Closing, (vi) filings with the Commission, filings or registrations required by applicable state securities laws or NYSE and
any consents, authorizations or other filings, in each case, required or advisable to be filed in connection with the Transaction and (vii) where the failure of which to obtain such consents, waivers, authorizations or orders, give such
notices, or to make such filings or registrations would not be reasonably likely to have a Material Adverse Effect. 
 f. The
Company is in compliance with all applicable laws, except where such non-compliance would not be reasonably likely to have a Material Adverse Effect. 

g. The issued and outstanding shares of Class A Common Stock are registered pursuant to Section 12(b) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on NYSE under the symbol “NSAC” (it being understood that the trading symbol will be changed in connection with the Transaction
Closing). There is no suit, action, 

  
 4 

 
proceeding or investigation pending or, to the knowledge of the Company, threatened, against the Company by NYSE or the Commission, respectively, to prohibit or terminate the listing of the
Class A Common Stock on NYSE or to deregister the Class A Common Stock under the Exchange Act. The Company has taken no action that is designed to terminate the registration of the Class A Common Stock under the Exchange Act or the
listing of such shares on the NYSE. 
 h. A copy of each form, report, statement, schedule, prospectus, proxy, registration
statement and other document, if any, filed by the Company with the Commission since its initial registration of the Class A Common Stock under the Exchange Act (the “SEC Documents”) is available to the undersigned via the
Commission’s EDGAR system. The SEC Documents were timely filed and, as of their respective filing dates, complied in all material respects with the requirements of the Securities Act and the Exchange Act applicable to the SEC Documents. None of
the SEC Documents contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company makes no such representation or warranty with respect to the Proxy Statement/Prospectus filed
in connection with the Transaction or any other information relating to Barkbox or any of its affiliates included in any SEC Document or filed as an exhibit thereto. The financial statements of the Company included in the SEC Documents comply in all
material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of the Company as of
and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material
outstanding or unresolved comments in comment letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission with respect to any of the SEC Documents. 

i. The authorized capital stock of the Company consists of (i) 150,000,000 shares of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”), with (A) 125,000,000 shares being designated as Class A Common Stock and (B) 25,000,000 shares being designated as Class B Common Stock (“Class B Common
Stock”), and (ii) 1,000,000 shares of preferred stock, par value $0.001 per share (“Preferred Stock”). As of the date of this Subscription Agreement, (i) 25,435,000 shares of Class A Common Stock and 6,358,750 shares
of Class B Common Stock are issued and outstanding, all of which are validly issued, fully paid and non-assessable and not subject to any preemptive rights, (ii) no shares of the Company’s
common stock are held in the treasury of the Company, (iii) 4,552,000 private placement warrants (the “Private Placement Warrants”) are issued and outstanding and 4,552,000 shares of Class A Common Stock are issuable in respect
of such Private Placement Warrants, and (iv) 8,484,333 public warrants (the “Public Warrants”) are issued and outstanding and 8,484,333 shares of Class A Common Stock are issuable in respect of such Public Warrants. There are
no shares of Preferred Stock issued and outstanding. Each Private Placement Warrant and Public Warrant is exercisable for one share of Class A Common Stock at an exercise price of $11.50. The Company has no subsidiaries (other than its wholly
owned subsidiary formed in connection with the Transaction) and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. Except as set forth above and pursuant to
the Other Subscription Agreements and the Transaction, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any shares of Common Stock or other equity interests in the Company, or
securities convertible into or exchangeable or exercisable for such equity interests. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the
issuance of (i) the Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement. There are no stockholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which
it is bound relating to the voting of any securities of the Company, other than (A) as set forth in the SEC Documents and (B) as contemplated by the Transaction. 

  
 5 

 j. Except for such matters as have not had and would not be reasonably
likely to have, individually or in the aggregate, a Material Adverse Effect, there is no action, lawsuit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened in
writing against the Company. Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect there is no unsatisfied judgment, consent decree, injunction, or continuing
order of any governmental authority or arbitrator outstanding against the Company. 
 k. Assuming the accuracy of the
representations and warranties of the Subscriber set forth in Section 6, in connection with the offer, sale and delivery of the Shares in the manner contemplated by this Agreement, it is not necessary to register the Shares under the Securities
Act. The Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any
state securities laws. 
 l. As of the date hereof, the Company is not in default or violation (and no event has occurred
which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i) the organizational documents of the Company, (ii) any loan or credit agreement, note, bond, mortgage,
indenture, lease or other agreement, permit, franchise or license to which the Company is now a party or by which the Company’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect. 
 m. Since consummation of its initial public offering,
neither the Company nor any person acting on its behalf has offered any securities of the Company for sale or solicited any offer to buy any securities of the Company nor has the Company entered into any subscription agreement, side letter or
similar agreement with any investor in connection with such investor’s direct or indirect investment in the Company other than (i) the Transaction Agreement and (ii) the Other Subscription Agreements; provided, no Other Subscription
Agreement includes terms and conditions that are materially more advantageous to any such Other Subscriber than Subscriber hereunder. The Other Subscription Agreements reflect the same Per Share Purchase Price and terms that are no more favorable to
any such Other Subscriber thereunder than the terms of this Subscription Agreement. 
 n. The Company has not entered into
any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the issuance and sale of the Shares
for which the Subscriber could become liable. Other than the Placement Agent (as defined below), the Company is not aware of any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
with the sale of any Shares. 
 o. There are no securities or instruments issued by or to which the Company is a party
containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the Shares to be issued pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly
waived on or prior to the Transaction Closing Date. 

  
 6 

 p. The Company acknowledges and agrees that, notwithstanding anything herein
to the contrary, the Shares may be pledged by undersigned in connection with a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements of the Securities Act or
(ii) pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge, and undersigned effecting a pledge of Shares shall not be required to provide the Company with any notice
thereof; provided, however, that neither the Company or their counsel shall be required to take any action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender of such margin agreement with an
acknowledgment that the Shares are not subject to any contractual prohibition on pledging or lock up, the form of such acknowledgment to be subject to review and comment by the Company in all respects. 

6. Subscriber Representations and Warranties. The undersigned represents and warrants to the Company, as of the date of this
Subscription Agreement and as of the Subscription Closing, that: 
 a. The undersigned is (i) a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act), or an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements set forth on
Schedule A hereto, (ii) is acquiring the Shares only for its own account and not for the account of others or if the undersigned is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, each owner of such
account is an accredited investor and the undersigned has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations, warranties and agreements herein on behalf of
each owner of each such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on
Schedule A hereto following the signature page hereto). The undersigned is not an entity formed for the specific purpose of acquiring the Shares. 

b. The undersigned (i) is an institutional account as defined in FINRA Rule 4512(c) and (ii) is a sophisticated
investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities including
the undersigned’s participation in the Transaction. 
 c. Alone, or together with any professional advisor(s), the
undersigned has adequately analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the undersigned and that the undersigned is able at this time and in the foreseeable
future to bear the economic risk of a total loss of the undersigned’s investment in the Company. The undersigned acknowledges specifically that a possibility of total loss exists. 

d. The undersigned understands that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective
registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within
the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (iii), in accordance with any applicable
securities laws of the states and other jurisdictions of the United States, and that any certificates or book-entry positions representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares will not be
eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The undersigned understands and 

  
 7 

 
agrees that the Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, the undersigned may not be able to readily resell the Shares or
pledge the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The undersigned understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge
or transfer of any of the Shares. 
 e. The undersigned hereby acknowledges and agrees that (a) Citigroup Global Capital
Markets Inc. (“Citi” in its capacity as placement agent with respect to the issuance and sale of the Shares pursuant to this Subscription Agreement and the Other Subscription Agreements, the “Placement Agent”) is
acting solely as Placement Agent in connection with the Transaction and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for the undersigned, the Company or any other person or entity in
connection with the Transaction, (b) the Placement Agent has not made and will not make any representation or warranty, whether express or implied, of any kind or character and have not provided any advice or recommendation in connection with
the Transaction, (c) the Placement Agent will have no responsibility with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection with the Transaction or any of the documents
furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) of any thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects
of, or any other matter concerning the Company or the Transaction, and (d) the Placement Agent shall have no liability or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses or disbursements incurred by the undersigned, the Company or any other person or entity), whether in contract, tort or otherwise, to the undersigned, or to any person claiming through the undersigned,
in respect of the Transaction. 
 f. The undersigned understands and agrees that the undersigned is purchasing the Shares
directly from the Company. The undersigned further acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company, its officers or directors, or any other party to the Transaction or
person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement. 

g. Either (i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), or (ii) the undersigned’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law. 

h. The undersigned acknowledges and agrees that the undersigned has received and has had an adequate opportunity to review,
such financial and other information as the undersigned deems necessary in order to make an investment decision with respect to the Shares and made its own assessment and is satisfied concerning the relevant tax and other economic considerations
relevant to the undersigned’s investment in the Shares. The undersigned represents and agrees that the undersigned and the undersigned’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such
answers, and conducted and completed their own independent due diligence with respect to the Transaction and obtain such information as the undersigned and such undersigned’s professional advisor(s), if any, have deemed necessary to make an
investment decision with respect to the Shares. Based on such information as the undersigned has deemed appropriate and without reliance upon the Placement Agent, the undersigned has independently made its own analysis and decision to enter into the
transactions contemplated by this Subscription Agreement. Except for the representations, warranties and agreements of the Company expressly 

  
 8 

 
set forth in the Subscription Agreement, the undersigned is relying exclusively on their own sources of information, investment analysis and due diligence (including professional advice the
undersigned deems appropriate) with respect to the transactions contemplated by this Subscription Agreement, the Transaction, the Shares, and the business, condition (financial and otherwise), management, operations, properties and prospects of the
Company, including but not limited to all business, legal, regulatory, accounting, credit and tax matters. 
 i. The
undersigned became aware of this offering of the Shares solely by means of direct contact between the undersigned and the Company or a representative of the Company or the Placement Agent on behalf of the Company, and the Shares were offered to the
undersigned solely by direct contact between the undersigned and the Company or a representative of the Company. The undersigned did not become aware of this offering of the Shares, nor were the Shares offered to the undersigned, by any other means.
The undersigned acknowledges that the Company represents and warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws. 
 j. The undersigned
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares. The undersigned is able to fend for himself, herself or itself in the transactions completed herein, has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares and has the ability to bear the economic risks of such investment in the Shares and can afford a complete loss of such
investment. The undersigned has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision. The undersigned understands and acknowledges that the purchase and sale of the Shares
hereunder meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA Rule 2111(b). 

k. The undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the
offering of the Shares or made any findings or determination as to the fairness of this investment. 
 l. The undersigned is
validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement. 

m. The execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the
undersigned and have been duly authorized and the consummation of the transactions contemplated hereby will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the undersigned pursuant to the terms of (i) any order, ruling or regulation of any court or other tribunal or of any governmental commission or
agency or any agreement or other undertaking or pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the undersigned is a party or by which the undersigned is bound
or to which any of the property or assets of the undersigned is subject, which would reasonably be expected to have a material adverse effect on the legal authority of the undersigned to comply in all material respects with the terms of this
Subscription Agreement (a “Subscriber Material Adverse Effect”); (ii) the provisions of the organizational documents of the undersigned; or (iii) any statute or any judgment, order, rule or regulation of any governmental
authority having jurisdiction over the undersigned or any of its properties that would have a Subscriber Material Adverse Effect. The undersigned’s signatory has legal competence and capacity to execute the same and has been duly

  
 9 

 
authorized by the undersigned to execute the same on behalf of the undersigned, and this Subscription Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable
against the undersigned in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors
generally, and (ii) principles of equity, whether considered at law or equity. 
 n. The undersigned is not (i) a
person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council, or in any
Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a
“Prohibited Investor”). The undersigned agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the undersigned is permitted to do so under applicable law.
If the undersigned is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains policies
and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the
undersigned and used to purchase the Shares were legally derived. 
 o. No disclosure or offering document has been prepared
by the Placement Agent or any of its affiliates in connection with the offer and sale of the Shares. 
 p. The undersigned
has or has enforceable commitments to have, and on the Transaction Closing Date will have, sufficient funds to pay the Purchase Price as required pursuant Section 2. 

7. Registration Rights. 

a. The Company agrees that, within 15 business days after the Transaction Closing Date (the “Filing
Deadline”), the Company will file with the Commission (at the Company’s sole cost and expense) a registration statement (the “Registration Statement”) registering under the Securities Act the resale of all the Shares,
and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 60th calendar day (or 90th calendar day if the Commission notifies the Company that it will “review” the Registration Statement) following
the Subscription Closing and (ii) the 5th business day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement
will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however, that the Company’s obligations to include the Shares in the Registration
Statement are contingent upon the undersigned furnishing in writing to the Company such information regarding the undersigned, the securities of the Company held by the undersigned and the intended method of disposition of the Shares as shall be
reasonably requested by the Company to effect the registration of the Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar
situations. In no event shall the undersigned be identified as a statutory underwriter in the 

  
 10 

 
Registration Statement unless requested by the Commission; provided, that if the Commission requests that the undersigned be identified as a statutory underwriter in the Registration Statement,
the undersigned will have an opportunity to withdraw from the Registration Statement. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the shares proposed to be registered under the Registration
Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable shareholders or otherwise, such Registration Statement shall register for resale such number of Shares which is equal to the
maximum number of Shares as is permitted by the Commission. In such event, the number of shares to be registered for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders. Until
the earliest of (i) the date on which the Shares may be resold without volume or manner of sale limitations pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information required under
Rule 144(c)(1) (or Rule 144(i)(2), if applicable), (ii) the date on which such Shares have actually been sold and (iii) the date which is three years after the Subscription Closing (such date, the “End Date”), the Company shall
use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement until the End Date. For purposes of clarification, any failure by the Company to file the Registration Statement by the Filing Deadline or
to have such Registration Statement declared effective by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement set forth in this Section 7. The
Company will provide a draft of the Registration Statement to the undersigned for review at least two (2) business days in advance of filing the Registration Statement. For purposes of this Section 7,
“Shares” shall mean, as of any date of determination, the Shares and any other equity security of the Company issued or issuable with respect to the Shares by way of share split, dividend, distribution, recapitalization, merger, exchange,
replacement or similar event or otherwise. 
 b. The Company shall, at its expense: 

(i) advise the undersigned within two business days: (A) when a Registration Statement or any amendment thereto has been
filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective; (B) of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or
the initiation of any proceedings for such purpose; (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; and (D) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of
such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they
were made) not misleading. Notwithstanding anything to the contrary set forth herein, the Company shall not, when so advising the undersigned of such events, provide the undersigned with any material, nonpublic information regarding the Company
other than to the extent that providing notice to the undersigned of the occurrence of the events listed in (A) through (D) above constitutes material, nonpublic information regarding the Company; 

(ii) use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement as promptly as reasonably practicable; 

  
 11 

 (iii) upon the occurrence of any event contemplated in
Section 7(c)(i), except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable
efforts to as promptly as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the
Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; 
 (iv) use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or
market, if any, on which the shares of Class A Common Stock issued by the Company have been listed; 
 (v) use its
commercially reasonable efforts to take all other steps necessary to effect the registration of the Shares contemplated hereby; 

(vi) use its commercially reasonable efforts to file all reports and other materials required to be filed by the Exchange Act
so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144 to enable the undersigned to sell the Shares under Rule 144 for so long as the
undersigned holds Shares; and 
 (vii) use its commercially reasonable efforts, if requested by Subscriber to (A) cause
the removal of the restrictive legends from any Shares being sold under the Registration Statement or pursuant to Rule 144 at the time of sale of such Shares and (B) cause its legal counsel to deliver an opinion, if necessary, to the Transfer
Agent in connection with the removal of such restrictive legends, in each case upon the receipt of customary representations and other documentation from the Subscriber that is necessary to establish that restrictive legends are no longer required
as reasonably requested by the Company, its counsel or the Transfer Agent. 
 c. Notwithstanding anything to the contrary in
this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the Registration Statement, and from time to time to require the undersigned not to sell under the Registration Statement or to suspend the
effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred or will occur, which negotiation, consummation or event, the Company’s board of directors
reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non- disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of legal counsel, to cause the Registration
Statement to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that the Company may not delay or suspend the effectiveness or use of the
Registration Statement on more than two occasions or for more than an aggregate of 60 calendar days in any one instance, or more than 90 total calendar days, in each case in any 12-month period. Upon receipt
of any written notice from the Company of the happening of any Suspension Event (which notice shall not contain material non-public information) during the period that the Registration Statement is effective
or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the undersigned agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding,
for the avoidance of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the

  
 12 

 
misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such
offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, the undersigned will
deliver to the Company or, in the undersigned’s sole discretion destroy, all copies of the prospectus covering the Shares in the undersigned’s possession; provided, however, that this obligation to deliver or destroy all
copies of the prospectus covering the Shares shall not apply (i) to the extent the undersigned is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional
requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. 
 d. The Company shall, notwithstanding any termination of this Subscription
Agreement, indemnify, defend and hold harmless the undersigned (to the extent a seller under the Registration Statement), the officers, directors, partners, members, managers, employees, advisers and agents of each of them, and each person who
controls the undersigned (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all reasonable
out-of-pocket losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus
or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or
any rule or regulation thereunder, in connection with the performance of its obligations under this Section 7, except to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are
based upon information regarding the undersigned furnished in writing to the Company by the undersigned expressly for use therein or the undersigned has omitted a material fact from such information; provided, however, that the
indemnification contained in this Section 7(d) shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld,
conditioned or delayed), nor shall the Company be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in connection with any failure of such person to deliver or cause to be delivered a
prospectus made available by the Company in the time required under the Securities Act, (B) as a result of offers or sales effected by or on behalf of any person by means of a “free writing prospectus” (as defined in Rule 405 under
the Securities Act) that was not authorized in writing by the Company, or (C) in connection with any offers or sales effected by or on behalf of the undersigned in violation of Section 7(c) provided that the Company
has provided written notice of such Suspension Event to Subscriber in accordance with Section 7(c). The Company shall notify the undersigned of the institution, threat or assertion of any proceeding arising from or in
connection with the transactions contemplated by this Section 7 of which the Company is aware. 

e. The undersigned shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the Company, its
directors, officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and
against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or
in any amendment or supplement thereto or in any 

  
 13 

 
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case
of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon information
regarding the undersigned furnished in writing to the Company by the undersigned expressly for use therein; provided, however, that the indemnification contained in this Section 7(e) shall not apply to amounts
paid in settlement of any Losses if such settlement is effected without the consent of the undersigned (which consent shall not be unreasonably withheld, conditioned or delayed). Notwithstanding anything to the contrary herein, in no event shall the
liability of the undersigned be greater in amount than the dollar amount of the net proceeds received by the undersigned upon the sale of the Shares giving rise to such indemnification obligation. The undersigned shall notify the Company promptly of
the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 7 of which the undersigned is aware. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by the undersigned. 

f. If the indemnification provided under this Section 7 from the indemnifying party is unavailable or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount
paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be subject to the limitations set forth in this
Section 7 and deemed to include any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(f) from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s
obligation to make a contribution pursuant to this Section 7(f) shall be individual, not joint and several, and in no event shall the liability of Subscriber hereunder exceed the net proceeds received by Subscriber upon the
sale of the shares giving rise to such indemnification obligation. 
 8. Termination. Except for the provisions of Sections 8
through 10, which shall survive any termination hereunder, this Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, upon the earliest to occur of (a) the date and time that the Transaction Agreement is validly terminated in accordance with its terms, (b) June 30, 2021, and (c) upon the
mutual written agreement of each of the parties hereto to terminate this Subscription Agreement; provided that, subject to the limitations set forth in Section 9, nothing herein will relieve any party hereto from
liability for any willful breach hereof prior to the time of termination, and each party hereto will be entitled to any remedies at law or in equity to recover
out-of-pocket losses, liabilities or damages arising from such willful breach. The Company shall promptly notify the undersigned of the termination of the Transaction
Agreement promptly after the termination of such Transaction Agreement. For the avoidance of doubt, if any termination hereof occurs after the delivery by the undersigned of the Purchase Price for the Shares pursuant to
Section 2, the Company shall promptly (but not later than three business days thereafter) return the Purchase Price to the undersigned without any deduction for or on account of any tax, withholding, charges, or set-off. 

  
 14 

 9. Trust Account Waiver. Reference is made to the final prospectus of the Company,
dated as of November 10, 2020 and filed with the Commission (the “Prospectus”). The undersigned hereby represents and warrants that it has read the Prospectus and understands that the Company has established a trust account
(the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”) and the overallotment shares acquired by its underwriters and from certain private placements occurring simultaneously with
the IPO (including interest accrued from time to time thereon) for the benefit of the Company’s public stockholders (including overallotment shares acquired by the Company’s underwriters the “Public Stockholders”), and
that, except as otherwise described in the Prospectus, the Company may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they elect to redeem their Class A Common Stock pursuant to the exercise of
their redemption rights (as described in the Prospectus) in connection with the consummation of the Company’s initial business combination (as such term is used in the Prospectus) (the “Business Combination”) or in connection
with an extension of its deadline to consummate a Business Combination, (b) to the Public Stockholders if the Company fails to consummate a Business Combination within twenty-four (24) months after the closing of the IPO, (c) as
necessary to fund regulatory compliance costs and pay any taxes, or (d) to the Company after or concurrently with the consummation of a Business Combination. For and in consideration of the Company entering into this Subscription Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby irrevocably waives any right, title, interest or claim of any kind in or to any monies in the Trust Account or
distributions therefrom, or to make any claim against the Trust Account (including any distributions therefrom) that arises out of or as a result of, or in connection with this Subscription Agreement (the “Released Claims”) that the
undersigned may have now or in the future, and will not seek recourse against the Trust Account (including any distributions therefrom) with respect to such Released Claims. The undersigned agrees and acknowledges that such irrevocable waiver is
material to this Subscription Agreement and specifically relied upon by the Company and its affiliates to induce the Company to enter in this Subscription Agreement, and the undersigned further intends and understands such waiver to be valid,
binding and enforceable against the undersigned under applicable law. To the extent the undersigned commences any action or proceeding based upon, in connection with, relating to or arising out of any matter relating to the Company or its
representatives, which proceeding seeks, in whole or in part, monetary relief against the Company or its representatives, the undersigned hereby acknowledges and agrees that the undersigned sole remedy shall be against funds held outside of the
Trust Account and that such claim shall not permit the undersigned (or any person claiming on any of their behalves or in lieu of any of them) to have any claim against the Trust Account (including any distributions therefrom) or any amounts
contained therein. Nothing in this Section 9 shall be deemed to limit undersigned’s right to distributions from the Trust Account in accordance with the Company’s certificate of incorporation in respect of any redemptions by
undersigned in respect of Common Stock acquired by any means other than pursuant to this Subscription Agreement. Notwithstanding anything in this Subscription Agreement to the contrary, the provisions of this paragraph shall survive indefinitely
with respect to the obligations set forth in this Subscription Agreement. 
 10. Miscellaneous. 

a. The Company shall, no later than 9:00 a.m., New York City time, on the first business day immediately following the date of
this Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing all material terms
of the transactions contemplated hereby, the Transaction and any other material, nonpublic information that the Company or its representatives has provided to the undersigned at any time prior to the filing of the Disclosure Document. From and after
the issuance of the Disclosure Document, to the Company’s knowledge, Subscriber shall not be in possession of any material, nonpublic information received from the Company or any of 

  
 15 

 
its officers, directors or employees, and undersigned shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral with Company,
the Placement Agents, the Company or any of their affiliates in connection with the Transactions. Notwithstanding anything in this Agreement to the contrary, the Company shall not publicly disclose the name of Subscriber or any of its affiliates or
investment advisers, or include the name of Subscriber or any of its affiliates or investment advisers in any press release or in any filing with the Commission or any regulatory agency or trading market, without the prior written consent of
Subscriber, except (a) in the Registration Statement, Proxy Statement, any Form 8-K or related materials to be filed with the Commission by the Company with respect to this Subscription Agreement
(including the filing of this Subscription Agreement or a form of this Subscription Agreement with the Commission) or the Transaction, in each case to the extend required or (b) as required by law or regulation or at the request of the Staff of
the Commission or regulatory agency or under the regulations of NYSE, in which case the Company shall provide Subscriber with prior written notice of such disclosure permitted under this subclause (b). 

b. Neither this Subscription Agreement nor any rights that may accrue to the undersigned hereunder (other than the Shares
acquired hereunder, if any and Subscriber’s rights under Section 5 hereof) may be transferred or assigned, except that Subscriber may assign its rights and obligations under this Subscription Agreement to one or more of its affiliates
(including other investment funds or accounts managed or advised by the investment manager who acts on behalf of Subscriber or an affiliate thereof); provided, that no such assignment shall relieve Subscriber of its obligations hereunder. Neither
this Subscription Agreement nor any rights that may accrue to the Company hereunder may be transferred or assigned (provided, that, for the avoidance of doubt, the Company may transfer the Subscription Agreement and its rights hereunder solely in
connection with the consummation of the Transactions and exclusively to another entity under the control of, or under common control with, the Company). 

c. The Company may request from the undersigned such additional information as the Company may reasonably deem necessary to
evaluate the eligibility of the undersigned to acquire the Shares, and the undersigned shall promptly provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies
and procedures; provided that the Company agrees to keep confidential any such information provided by the undersigned and identified as confidential, except as may be required under applicable law. 

d. The undersigned acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Each party agrees that each purchase by the undersigned of Shares from the Company will constitute a reaffirmation of its own acknowledgments, understandings, agreements, representations and
warranties herein (as modified by any such notice) as of the Subscription Closing. The Company and the undersigned further acknowledge and agree that the Placement Agent is a third-party beneficiary of the representations and warranties of the
Company and the undersigned contained in Section 5 and Section 6, respectively, of this Subscription Agreement. 

e. The Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription
Agreement or a copy hereof when required by law, regulatory authority or NYSE to do so in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

f. All the agreements, representations and warranties herein made by each party hereto shall survive the Subscription Closing.

  
 16 

 g. This Subscription Agreement may not be amended, modified or waived except
by an instrument in writing, signed by the party against whom enforcement of such amendment, modification or waiver is sought. 

h. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly set forth in Section 7(d), Section 7(e),
Section 7(f) and Section 10(d) hereof, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns.

 i. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and
be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 j. If any
provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall
continue in full force and effect. 
 k. This Subscription Agreement may be executed in one or more counterparts (including
by facsimile or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and
shall constitute one and the same agreement. 
 l. Each party shall pay all of its own expenses in connection with this
Subscription Agreement and the transactions contemplated herein. 
 m. Any notice or communication required or permitted
hereunder shall be in writing and either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received
(a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate
by notice given hereunder), (c) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (d) two business days after the date of mailing to the address below or to such other address or addresses as such person may
hereafter designate by notice given hereunder: 
  

	 	i	 if to the undersigned, to such address, facsimile number or email address set forth on the signature page
hereto; 

 with a copy to: 

Citigroup Global Markets Inc. 388 Greenwich Street 

New York, New York 10013 Attention: General Counsel Email: [•] 

  
 17 

	 	ii	 if to the Company (prior to the Transaction Closing), to: 

Northern Star Acquisition Corp.

c/o Graubard Miller
 The
Chrysler Building
 405 Lexington Avenue, 11th Floor

New York, New York 10174

Attention: Joanna Coles and Jonathan J. Ledecky

E-mail: joanna@northernstaric.com / jledecky@hockeyny.com

with a copy to:
 Graubard
Miller
 The Chrysler Building

405 Lexington Avenue, 11th Floor

New York, New York 10174

Attention: David Alan Miller / Jeffrey M. Gallant 

E-mail: dmiller@graubard.com / jgallant@graubard.com 

 

	 	iii	 if to the Company (following the Transaction Closing), to: 

Barkbox, Inc. 
 221 Canal
Street, Floor 6 
 New York, NY 10013 

Attention: Matt Meeker / John Toth 

Email: matt@barkbox.com / john@barkbox.com 

with a copy to: 
 Gunderson
Dettmer Stough Villeneuve Franklin & Hachigian, LLP 
 1250 Broadway, 23rd Floor 

New York, NY 10001 
 Attention:
Brooks Stough / Melissa B. Marks / John Olson 
 Email: bstough@gunder.com / mmarks@gunder.com / 

jolson@gunder.com 
 and

 Skadden, Arps, Slate, Meagher & Flom LLP 

525 University Avenue 
 Palo
Alto, California 94301 
 Attention: Michael J. Mies 

Email: michael.mies@skadden.com 

n.    The parties hereto agree that irreparable damage would occur in the event that any of the provisions
of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this
Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. 

  
 18 

 o.    THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A
JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 

[SIGNATURE PAGES FOLLOW] 

  
 19 

 IN WITNESS WHEREOF, the undersigned has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below. 
  

			
	Name of Subscriber:	  	State/Country of Formation or Domicile:

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	Name in which shares are to be
registered (if different):	  	Date:                     , 2020
		
	Subscriber’s EIN:	  	
		
	Business Address-Street:	  	 Mailing Address-Street (if different):

		
	City, State, Zip:	  	City, State, Zip:
		
	 Attn:
                            
	  	Attn:                             
		
	 Telephone No.:
	  	Telephone No.:
		
	 Facsimile No.:
	  	Facsimile No.:
		
	 Email Address:
	  	Email Address:
		
	 Number of Shares subscribed for:
	  	
		
	 Purchase Price: $
	  	Price Per Share: $10.00

  
 20 

 IN WITNESS WHEREOF, Northern Star Acquisition Corp. has accepted this
Subscription Agreement as of the date set forth below. 
  

			
	NORTHERN STAR ACQUISITION CORP.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

Date:                    , 2020

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF THE SUBSCRIBER 
  

	A.	 QUALIFIED INSTITUTIONAL BUYER STATUS 

	 	 (Please check the applicable subparagraphs): 

 

	☐	 We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

  

	B.	 INSTITUTIONAL ACCREDITED INVESTOR STATUS 

	 	 (Please check the applicable subparagraphs): 

 

	1.	 ☐ We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act)
or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box below indicating the provision under which we qualify as an
“accredited investor.” 

  

	2.	 ☐ We are not a natural person. 

Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories,
or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. The Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to the Subscriber and under which the Subscriber accordingly qualifies as an “accredited investor.” 
  

	☐	 Any bank, registered broker or dealer, insurance company, registered investment company, business development
company, or small business investment company; 

  

	☐	 Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

  

	☐	 Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a
bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000; 

  

	☐	 Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar
business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; 

  

	☐	 Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is
directed by a sophisticated person; or 

  

	☐	 Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 This page should be completed by the Subscriber and constitutes a part of the Subscription Agreement.

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