Document:

EX-10.6

 Exhibit 10.6 

THE REAL GOOD FOOD COMPANY, INC. 

2021 EMPLOYEE STOCK PURCHASE PLAN 
  

 THE REAL GOOD FOOD COMPANY, INC. 

2021 EMPLOYEE STOCK PURCHASE PLAN 

As adopted by the Board of Directors on October 11, 2021 

ARTICLE 1 
 PURPOSE;
TERM 
 1.1    Purpose. The purposes of the Plan are to (a) enhance the
Company’s ability to attract and retain the services of Eligible Employees upon whose judgment, initiative and efforts the successful conduct and development of the Company’s business largely depends, and (b) provide additional
incentives to Eligible Employees to devote their effort and skill to the advancement of the Company, by providing them an opportunity to participate in the ownership of the Company and thereby have an interest in the success and increased value of
the Company. This Plan is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423(b) of the Code. 

1.2    Term. Unless earlier terminated as provided herein, the Plan will be effective on the
Effective Date and will terminate 10 years from the date the Plan is adopted by the Board. 
 ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 

For purposes of the Plan, terms not otherwise defined herein shall have the meanings indicated below: 

2.1    “Administrator” means the Board or, if the Board delegates responsibility
for any matter to the Committee or to a third party administrator, the term Administrator shall mean the Committee or such third party administrator. 

2.2    “Agent” means the brokerage firm, bank or other financial institution,
entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 

2.3    “Board” means the Board of Directors of the Company. 

2.4    “Change in Control” means: 

(a)    The acquisition, directly or indirectly, in one transaction or a series of related
transactions, by any person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) of the beneficial ownership of securities of the Company possessing more than fifty percent (50%) of the total
combined voting power of all outstanding securities of the Company; provided, however, that a Change in Control shall not result upon such acquisition of beneficial ownership if such acquisition occurs as a result of a public offering
of the Company’s securities or any financing transaction (or series of financing transactions); 
  

 (b)    A merger or consolidation in which the
Company is not the surviving entity, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such merger or consolidation hold, as a result of holding Company securities prior to such
transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger
or consolidation; 
 (c)    A reverse merger in which the Company is the surviving entity, but in
which the holders of the outstanding voting securities of the Company immediately prior to such merger hold, in the aggregate, securities possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting
securities of the Company or of the acquiring entity immediately after such merger; or 

(d)    The sale, transfer or other disposition (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such transaction(s) receive as a distribution with respect
to securities of the Company, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately after such transaction(s). 

The Administrator shall have full and final authority to determine conclusively whether a Change in Control of the Company has
occurred in respect of a particular set of circumstances, and the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

2.5      “Class A Common Stock” means the
Class A Common Stock, par value $0.0001 per share, of the Company and such other securities of the Company that may be substituted for Class A Common Stock pursuant to Article 8. 

2.6      “Code” means the Internal Revenue Code of 1986, as amended from
time to time, together with the treasury regulations and official guidance promulgated thereunder. 

2.7      “Committee” means a committee of two or more members of the
Board appointed to administer the Plan as set forth in Section 11.1. 

2.8      “Company” means The Real Good Food Company, Inc., a Delaware
corporation. 
 2.9      “Compensation” of an Eligible Employee means
the base compensation received by such Eligible Employee as compensation for services to the Company or any Related Corporation during the relevant period, excluding incentive or performance-based compensation (whether issued in the form of
cash or equity), bonuses, overtime payments, sales commissions, travel and business expense reimbursements, fringe benefits, perquisites and other similar payments. Such Compensation shall be calculated before deduction of any income or employment
tax withholdings, but shall be withheld from the Eligible Employee’s net income. 

2.10    “Effective Date” means the business day immediately prior to the IPO
Effective Date. 
 2.11    “Eligible Employee” means an Employee of the Company
or any Related Corporation: (a) who would not, immediately after any rights under the Plan are granted, own 

  
 2 

 
(directly or through attribution) or be deemed to own for purposes of Section 423(b)(3) of the Code five percent (5%) or more of the total combined voting power or value of all classes of
capital stock of the Company or any Related Corporation; (b) whose customary employment is for more than twenty hours per week; and (c) whose customary employment is for more than five months in any calendar year. For purposes of clause
(a) of the preceding sentence, the rules of Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock that an Employee may purchase under
outstanding options shall be treated as stock owned by the Employee. Notwithstanding the foregoing, the Administrator may, in its sole discretion, determine that an Employee of the Company or any Related Corporation shall not be eligible to
participate in an Offering Period if: (i) such Employee is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code or is a “highly compensated employee” (A) with compensation above a specified level,
(B) who is an officer of the Company or any Related Corporation thereof or (C) who is subject to the disclosure requirements of Section 16(a) of the Exchange Act; (ii) such Employee has not met a service requirement designated by
the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years), or (iii) such Employee is a citizen or resident of a foreign jurisdiction and the grant of a right to purchase stock under
the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of an option to such Employee in compliance with the laws of such foreign jurisdiction would cause the Plan to violate the requirements of
Section 423 of the Code, as determined by the Administrator in its sole discretion; provided that any exclusion in clauses (i), (ii) or (iii) shall be applied in an identical manner under each Offering Period to all employees of the
Company or any Related Corporation, in accordance with Treasury Regulation Section 1.423-2(e). 

2.12    “Employee” means any person who renders services to the Company or any
Related Corporation as an employee within the meaning of Section 3401(c) of the Code. “Employee” shall not include any director of the Company or any Related Corporation who does not render services to the Company or any Related
Corporation as an employee within the meaning of Section 3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of
absence approved by the Company and meeting the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months or such other period specified in
Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have
terminated on the first day immediately following such three (3)-month period or such other period specified in Treasury Regulation Section 1.421-1(h)(2). 

2.13    “Enrollment Date” means the first Trading Day of each Offering Period.

 2.14    “Exchange Act” means the United States Securities Exchange Act of
1934, as amended from time to time. 
 2.15    “Fair Market Value” on any given
date means the value of one share of Class A Common Stock, determined as follows: 

(a)    If the Class A Common Stock is then listed or admitted for trading on a national
securities exchange which reports closing sale prices, the Fair Market Value shall be the closing sale price on the date of valuation on the principal securities exchange on which the Class A Common Stock is then listed or admitted for trading
as reported in the Wall Street Journal or such other source as the Committee deems reliable, or, if no closing sale price is quoted on such day, the determination shall be made by reference to the last date preceding such date for which there is a
closing price. 

  
 3 

 (b)    If the Class A Common Stock is not
then listed or admitted for trading on The NASDAQ Stock Market or a stock exchange which reports closing sale prices, the Fair Market Value shall be the average of the closing bid and asked prices of the Class A Common Stock as reported in The
Wall Street Journal or such other source as the Committee deems reliable or if there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. 

(c)    If neither (a) nor (b) is applicable as of the date of valuation, then the Fair Market
Value shall be determined by the Administrator in good faith using any reasonable method of evaluation in a manner consistent with the valuation principles under Section 409A of the Code, which determination shall be conclusive and binding on
all interested parties. 
 2.16    “IPO Effective Date” means the date on which
the underwritten initial public offering of the Company’s Class A Common Stock pursuant to a registration statement is declared effective by the SEC. 

2.17    “Offering Period” means the periods of approximately six months during
which an option granted pursuant to the Plan may be exercised, (i) commencing on the first Trading Day on or after June 1st of each year and terminating on the first Trading Day on or
following November 30th, approximately six months later, and (ii) commencing on the first Trading Day on or after December 1st of
each year and terminating on the first Trading Day on or following May 30th, approximately six months later. The duration and timing of Offering Periods may be changed pursuant to Article 4
and Article 9. In no event may an Offering Period exceed twenty-seven (27) months. 

2.18    “Participant” means any Eligible Employee who has executed a subscription
agreement or enrollment form and been granted rights to purchase Class A Common Stock pursuant to the Plan. 

2.19    “Plan” means this 2021 Employee Stock Purchase Plan of the Company. 

2.20    “Purchase Date” means the last Trading Day of each Offering Period. 

2.21    “Purchase Price” means, with respect to a particular Offering Period, an
amount equal to eighty-five percent (85%) of the lesser of the Fair Market Value of a Share on (a) the applicable Enrollment Date, and (b) the applicable Purchase Date; provided, however, that the Purchase Price for
subsequent Offering Periods may be determined by the Administrator in its sole discretion subject to compliance with Section 423 of the Code (or any successor provision, or any other applicable law, regulation or stock exchange listing
standard) or pursuant to Article 9. 
 2.22    “Related Corporation” means any
“parent corporation” or “subsidiary corporation” of the Company, as those terms are defined in Section 424(e) and (f) respectively, of the Code. 

2.23    “Securities Act” means the Securities Act of 1933, as amended from time to
time. 
 2.24    “Share” means a share of Class A Common Stock. 

  
 4 

 2.25    “Trading Day” means a
day on which The NASDAQ Stock Market or principal stock exchange on which the Class A Common Stock is then listed or admitted for trading is open for trading. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
 3.1      Number of Shares. Subject to Article 8,
the aggregate number of Shares that may be issued pursuant to rights granted under the Plan shall be Four Hundred Thousand (400,000) Shares. In addition, commencing on January 1, 2022 and on each January 1st thereafter during the term of the Plan, the number of Shares reserved and available for issuance under the Plan shall be increased by the lesser of (a) 1.0% of the number of outstanding Shares
as of December 31 of the preceding calendar year or (b) such lesser number of Shares as determined by the Administrator. If any right granted under the Plan shall for any reason terminate without having been exercised, the Class A
Common Stock not purchased under such right shall again become available for the Plan. Notwithstanding anything in this Section 3.1 to the contrary, the number of Shares that may be issued or transferred pursuant to rights granted under the
Plan shall not exceed an aggregate of One Million (1,000,000) Shares, subject to Article 8. 

3.2      Shares Distributed. The Shares available for issuance under the Plan may
be authorized but unissued Shares, Shares held in treasury, or Shares reacquired by the Company. 
 ARTICLE 4 

OFFERING PERIODS 

4.1      Offering Periods. The Plan will be implemented by consecutive Offering
Periods with a new Offering Period commencing on the first Trading Day on or after June 1st and December 1st each year, or on such other
date as the Administrator will determine. The Administrator will have the authority to change the commencement date and duration of Offering Periods with respect to future offerings. 

ARTICLE 5 
 ELIGIBILITY
AND PARTICIPATION 
 5.1      Eligibility. Any Eligible Employee who shall
be employed by the Company or any Related Corporation on the day immediately preceding a given Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this
Article 5 and the limitations imposed by Section 423(b) of the Code. 

5.2      Enrollment in Plan. 

(a)    An Eligible Employee may become a Participant in the Plan for an Offering Period by
delivering a subscription agreement or enrollment form to the Company in such form as the Administrator requires and by such time prior to the Enrollment Date for such Offering Period as is designated by the Administrator from time to time. 

  
 5 

 (b)    Each such agreement shall designate a
whole percentage of such Eligible Employee’s Compensation to be withheld by the Company and any Related Corporation on each payday during the Offering Period as payroll deductions under the Plan. An Eligible Employee may designate any whole
percentage of Compensation that is not less than one percent (1%) and not more than the maximum percentage specified by the Administrator (which percentage shall be twenty percent (20%) in the absence of any such designation) as payroll deductions.
The payroll deductions made for each Participant shall be credited to an account for such Participant under the Plan and shall be deposited with the general funds of the Company in a manner consistent with Section 12.5. 

(c)    A Participant may increase or decrease the percentage of Compensation designated in his or
her subscription agreement or enrollment form at any time during an Offering Period; provided, however, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections during each
Offering Period (and in the absence of any specific designation by the Administrator, a Participant shall be allowed one change to his or her payroll deduction elections during each Offering Period). Any such change in payroll deductions shall be
effective with the first full payroll period following five (5) business days after the Company’s receipt of a new subscription agreement or enrollment form evidencing the new payroll deduction election (or such shorter or longer period as
may be specified by the Administrator). 
 (d)    A Participant may suspend payroll deductions at
any time during an Offering Period. Any such suspension of payroll deductions shall be effective with the first full payroll period following five (5) business days after the Company’s receipt of a written notice of suspension (or such
shorter or longer period as may be specified by the Administrator). In the event a Participant elects to suspend his or her payroll deductions with respect to an Offering Period, such Participant’s cumulative payroll deductions prior to the
suspension shall remain in his or her account and shall be applied to the purchase of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan in accordance with
Article 7. A Participant who suspends payroll deductions during an Offering Period shall not be permitted to resume contributions to the Plan during that Offering Period. 

(e)    Except as otherwise determined by the Administrator, in its sole discretion from time to
time, a Participant may participate in the Plan only by means of payroll deductions and may not make contributions by lump sum payment for any Offering Period. 

5.3    Payroll Deductions. Except as otherwise determined by the Administrator, in its sole
discretion from time to time, payroll deductions for a Participant shall commence with the first payroll following the Enrollment Date, and shall end with the last payroll in the Offering Period to which his or her authorization is applicable,
unless sooner terminated by the Participant in accordance with Article 7. 

5.4    Effect of Enrollment. A Participant’s completion of a subscription agreement or
enrollment form will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant submits a new subscription agreement or enrollment form, withdraws from participation under the Plan in
accordance with Article 7, or otherwise becomes ineligible to participate in the Plan. 

5.5    Limitation on Purchase of Class A Common Stock. An Eligible
Employee may be granted rights under the Plan only if such rights, together with any other rights granted to such Eligible Employee under “employee stock purchase plans” of the Company and any Related

  
 6 

 
Corporations, do not permit such employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate that exceeds $25,000 of Fair Market Value of such
stock (determined as of the first day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of
the Code. 
 5.6    Decrease or Suspension of Payroll Deductions. Notwithstanding the
foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 5.5 (and any other limitations set forth in the Plan), a Participant’s payroll deductions may be suspended by the Administrator at any time
during an Offering Period. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code or Section 5.5 (or the other limitations set
forth in the Plan) shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable following the Purchase Date. 

5.7    Leave of Absence. During leaves of absence approved by the Company meeting the
requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, a Participant may continue participation in the Plan by making cash payments to the Company on his or her normal payday equal to
his or her authorized payroll deduction. 
 ARTICLE 6 

GRANT AND EXERCISE OF RIGHTS 

6.1    Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible
Employee participating in such Offering Period shall be granted a right to purchase the maximum number of whole Shares that an Eligible Employee may purchase during each Offering Period, subject to the limits in Section 5.5, and shall have the
right to purchase, on each Purchase Date during such Offering Period, such number of whole Shares as is determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the
Participant’s account as of the Purchase Date, by (b) the applicable Purchase Price. The right shall expire on the last day of the Offering Period. 

6.2    Exercise of Rights. On each Purchase Date, each Participant’s accumulated payroll
deductions will automatically be applied to the purchase of whole Shares of the Company, up to the maximum number of whole Shares permitted pursuant to the terms of the Plan or as determined by the Administrator in its sole discretion from time to
time, at the Purchase Price. No fractional Shares shall be issued upon the exercise of rights granted under the Plan, unless the Administrator specifically provides otherwise. 

6.3    Purchase of Shares. As soon as practicable following the applicable Purchase Date,
the number of shares of Class A Common Stock purchased by a Participant pursuant to Section 6.2 shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion, to either (i) the Participant
or (ii) an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. 

6.4    Pro Rata Allocation of Shares. If the Administrator determines that, on a given
Purchase Date, the number of Shares with respect to which rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment Date of the

  
 7 

 
applicable Offering Period, or (b) the number of Shares available for issuance under the Plan on such Purchase Date, the Administrator may in its sole discretion provide that the Company
shall make a pro rata allocation of the Shares available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all
Participants for whom rights to purchase Class A Common Stock are to be exercised pursuant to this Article 6 on such Purchase Date, and shall either (a) continue all Offering Periods then in effect, or (b) terminate any or all
Offering Periods then in effect pursuant to Article 9. The Company may make a pro rata allocation of the Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any
authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of
Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date. 

6.4    Withholding. Participation in the Plan is subject to any applicable U.S. and non-U.S. federal, state or local tax withholding requirements on income a Participant realizes in connection with the Plan. Each Participant agrees, by entering the Plan, that the Company or any Subsidiary may
withhold from a Participant’s wages, salary or other compensation at any time the amount necessary for the Company or any Subsidiary to meet applicable withholding obligations, including any withholding required to make available to the Company
or any Subsidiary any tax deduction or benefits attributable to the sale or disposition of Shares by such Participant. In addition, the Company or any Subsidiary may withhold from the proceeds of the sale of Shares or use any other method of
withholding that the Company or any Subsidiary deems appropriate to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f). The Company will not be required to issue any Share under the Plan
until such obligations are satisfied. Furthermore, each Participant agrees to give the Company prompt notice of any disposition of Shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option
pursuant to which such shares were purchased or within one year after the date such shares were purchased. 

6.5    Conditions to Issuance of Class A Common Stock. The Company shall
not be required to issue or deliver any certificates for, or make any book entries evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions: 

(a)    The admission of such Shares to listing on the principal stock exchange, if any, on which
the Class A Common Stock is then listed or admitted for trading; and 
 (b)    The
completion of any registration or other qualification of such Shares under any state or federal law, or under the rules or regulations of the Securities and Exchange Commission, or any other governmental regulatory body that the Administrator shall,
in its sole discretion, deem necessary or advisable; and 
 (c)    The obtaining of any approval,
authorization or waiver from any state or federal governmental agency that the Administrator shall, in its sole discretion, determine to be necessary or advisable; and 

(d)    The payment to the Company of all amounts that it is required to withhold under federal,
state or local law upon exercise of the rights, if any. 

  
 8 

 ARTICLE 7 

WITHDRAWAL; CESSATION OF ELIGIBILITY 

7.1    Withdrawal. A Participant may elect to withdraw from participation in the Plan at any
time by giving written notice to the Company in a form acceptable to the Administrator no later than five (5) business days prior to the end of the Offering Period. All of the payroll deductions credited to the Participant’s account and
not yet used to exercise his or her rights under the Plan shall be paid to the Participant as soon as reasonably practicable after receipt of the notice of withdrawal and such Participant’s rights for the Offering Period shall be automatically
terminated, and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the next Offering Period
unless the Participant delivers a new subscription agreement or enrollment form to the Company. 

7.2    Suspension. A Participant may suspend payroll deductions at any time during an
Offering Period in accordance with Section 5.2(d). In the event a Participant elects to suspend his or her payroll deductions with respect to an Offering Period, such Participant’s cumulative payroll deductions prior to the suspension
shall remain in his or her account and shall be applied to the purchase of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan in accordance with
Section 7.1. 
 7.3    Future Participation. A Participant’s withdrawal from an
Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or in subsequent Offering Periods that commence after the termination of the Offering Period from
which the Participant withdraws. 
 7.4    Cessation of Eligibility. Upon a
Participant’s ceasing to be an Eligible Employee for any reason, he or she shall be deemed to have elected to withdraw from the Plan pursuant to this Article 7 and the payroll deductions credited to such Participant’s account during
the Offering Period shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 12.1, as soon as reasonably practicable, and such Participant’s rights for the Offering
Period shall be automatically terminated. 
 ARTICLE 8 

ADJUSTMENTS UPON CHANGES IN STOCK 

8.1    Changes in Capital Structure. Subject to Section 8.3, in the event, after the
Effective Date, of any stock dividend, stock split, combination or reclassification of shares, merger, consolidation, spin-off, recapitalization, distribution of Company assets to stockholders (other than
normal cash dividends), or any other similar corporate event affecting the Class A Common Stock, the Administrator may make such proportionate adjustments, if any, as the Administrator in its sole discretion may deem appropriate to reflect such
change with respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments to the limitations in Section 3.1), (b) the Purchase
Price with respect to any outstanding rights, and (c) the class(es) and number of shares and price per Share subject to outstanding rights. 

  
 9 

 8.2    Other Adjustments. Subject to
Section 8.3, in the event of any transaction or event described in Section 8.1, or any unusual or nonrecurring transactions or events affecting the Company or its outstanding capital stock (including, without limitation, any Change in
Control), and whenever the Administrator determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right under
the Plan, to facilitate such transactions or events, or to give effect to changes in laws, regulations or principles, the Administrator, in its sole discretion and on such terms and conditions as it deems appropriate, is hereby authorized to take
any one or more of the following actions: 
 (a)    To provide for either (i) termination of
any outstanding right in exchange for an amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding right with
other rights or property selected by the Administrator; 
 (b)    To provide that the outstanding
rights under the Plan shall be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices; 

(c)    To make adjustments in the number and type of Shares (or other securities or property)
subject to outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights that may be granted in the future; 

(d)    To provide that Participants’ accumulated payroll deductions may be used to purchase
Class A Common Stock prior to the next scheduled Purchase Date on such date as the Administrator determines and that Participants’ rights under the ongoing Offering Period(s) shall terminate; and 

(e)    To provide that all outstanding rights shall terminate without being exercised. 

8.3    No Adjustment under Certain Circumstances. No adjustment or action described in this
Article 8 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Plan to fail to satisfy the requirements of Section 423 of the Code. 

8.4    No Other Rights. Except as expressly provided in the Plan, no Participant shall have
any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation
of the Company or any other Related Corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of
stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares that a Participant shall have the right to buy in any Offering Period or that are available for issuance under the Plan. 

  
 10 

 ARTICLE 9 

AMENDMENT, MODIFICATION, SUSPENSION AND TERMINATION 

9.1      Amendment, Modification, Suspension and Termination. The Administrator
may amend, modify, suspend or terminate the Plan at any time and from time to time; provided, however, that approval by a vote of the holders of the outstanding shares of the Company’s capital stock entitled to vote shall be
required to amend the Plan: (a) to increase the aggregate number, or change the type, of Shares that may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as provided by Article 8), (b) to
change the scope of the Participants under the Plan, (c) to change the Plan in any manner that would cause the Plan to no longer be an “employee stock purchase plan” within the meaning of Section 423(b) of the Code, or
(d) if required by the applicable rules or continued listing requirements adopted by The NASDAQ Stock Market or the principal exchange on which the Shares are then listed or admitted for trading. No rights may be granted under the Plan during
any period of suspension. 
 9.2      Certain Changes to Plan. Without obtaining
stockholder consent, without regard to whether any Participant’s rights may be considered to have been adversely affected, and to the extent permitted by Section 423 of the Code, the Administrator may, in its sole discretion,
(a) change the commencement date of Offering Periods, (b) change the duration of Offering Periods, (c) limit the number of changes in the amount withheld during an Offering Period, (d) calculate the Compensation amount for any
Eligible Employee, (e) establish the maximum amount of Compensation for which payroll deductions can be made, (f) set the time for delivery of notices under the Plan, and (g) establish such other limitations or procedures as the
Administrator determines to be advisable, in its sole discretion, that are consistent with the Plan. 

9.3      Unfavorable Financial or Accounting Consequences. Without obtaining
stockholder consent, in the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial or accounting consequences, the Administrator may, in its sole discretion, modify or amend the Plan to reduce
or eliminate such accounting or financial consequence including, but not limited to, (a) altering the calculation of the Purchase Price for any Offering Period, including an Offering Period underway at the time of the change in Purchase Price,
and (b) modifying the duration of any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time of the change in the Offering Period. 

9.4      Payments upon Termination of Plan. Upon termination of the Plan, the
balance in each Participant’s account shall be refunded as soon as practicable after such termination. 
 ARTICLE 10 

STOCKHOLDER APPROVAL 

10.1    Stockholder Approval. The Plan will be subject to approval by the stockholders,
consistent with applicable laws, within twelve (12) months after the date this Plan is adopted by the Board. No right may be granted under the Plan prior to such stockholder approval. 

  
 11 

 ARTICLE 11 

ADMINISTRATION 

11.1    Administrator. Authority to control and manage the operation and administration of
the Plan shall be vested in the Board, which may delegate such responsibilities in whole or in part to the Committee, which shall consist of two (2) or more members of the Board. For purposes of this Plan, the term “Administrator”
means the Board or, with respect to any matter as to which responsibility has been delegated to the Committee, the term Administrator shall mean the Committee. Each of the members of the Committee shall meet the independence requirements under the
then applicable rules or continued listing requirements adopted by The NASDAQ Stock Market or the principal exchange on which the Shares are then listed or admitted for trading. Members of the Committee may be appointed from time to time by, and
shall serve at the pleasure of, the Board. The Committee may delegate administrative tasks under the Plan to the services of an Agent and/or Employees to assist in the administration of the Plan, including establishing and maintaining an individual
securities account under the Plan for each Participant. 
 11.2    Authority of
Administrator. In addition to any other powers or authority conferred upon the Administrator elsewhere in the Plan (including, without limitation, in Article 9) or by law, the Administrator shall have full power and authority to:
(a) determine the persons to whom, and the time or times at which, rights to purchase Class A Common Stock shall be granted under the Plan and the provisions of each offering of such rights (which need not be identical), (b) interpret
the Plan and the rights granted under it, (c) establish, amend and revoke rules and regulations for the administration of the Plan, (d) correct any defect or omission, or reconcile any inconsistency in the Plan, (e) amend the Plan as
provided in Article 9, (f) exercise such powers and perform such acts as the Administrator deems necessary to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of
Section 423 of the Code, and (g) make all other determinations necessary or advisable for the administration of the Plan, but only to the extent not contrary to the express provisions of the Plan. Any action, decision, interpretation or
determination made in good faith by the Administrator in the exercise of its authority conferred upon it under the Plan shall be final and binding on the Company and all Participants. 

11.3    Expenses. All expenses and liabilities incurred by the Administrator in connection
with the administration of the Plan shall be borne by the Company. The Administrator may, with the approval of the Board or Committee, as applicable, employ attorneys, consultants, accountants, brokerage firms, banks, financial institutions or other
persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in
good faith shall be final and binding upon all Participants, the Company and all other interested persons. 

11.4    Limitation on Liability. No employee of the Company or member of the Board or
Committee shall be subject to any liability with respect to duties under the Plan unless the person acts fraudulently or in bad faith. To the extent permitted by law, the Company shall indemnify each member of the Board or Committee, and any
employee of the Company to whom duties are delegated under the Plan, who was or is a party, or is threatened to be made a party, to any threatened, pending or completed proceeding, whether civil, criminal, administrative or investigative, by reason
of such person’s conduct in the performance of duties under the Plan. 

  
 12 

 11.5    Foreign Award Recipients.
Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws and practices in other countries in which the Company and any Related Corporations operate or have employees or other individuals eligible for Awards, the
Committee, in its sole discretion, will have the power and authority to: (a) determine which Related Corporations will be covered by the Plan; (b) determine which individuals outside the United States are eligible to participate in the
Plan, which may include individuals who provide services to the Company or any Related Corporations under an agreement with a foreign nation or agency; (c) modify the terms and conditions of any Award granted to individuals outside the United
States or foreign nationals to comply with applicable foreign laws, policies, customs and practices; (d) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent
the Committee determines such actions to be necessary or advisable (and such sub-plans and/or modifications will be attached to this Plan as appendices); provided, however, that no such sub-plans and/or modifications will increase the share limitations contained in Section 5.5 hereof and (e) take any action, before or after an Award is made, that the Committee determines to be necessary
or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards will be granted, that would violate the Exchange
Act or any other applicable United States securities law, the Code or any other applicable United States governing statute or law. 

ARTICLE 12 

MISCELLANEOUS 

12.1    Restriction upon Assignment. A right granted under the Plan shall not be
transferable other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. The Company shall not recognize and shall be under no duty to recognize any
assignment or alienation of the Participant’s interest in the Plan, the Participant’s rights under the Plan or any rights thereunder. 

12.2    Rights as a Stockholder. Participant shall not be deemed to be a holder of, or to
have any of the rights of a holder with respect to, Shares subject to a right granted under the Plan unless and until such Shares have been issued to the Participant in accordance with Section 6.3, the Company’s transfer agent shall have
transferred the Shares to Participant, and Participant’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, Participant shall have full voting, dividend and other ownership rights with respect
to such Shares. 
 12.3    Interest. In no event shall interest accrue on the payroll
deductions of a Participant under the Plan. 
 12.4    Notices. All notices or other
communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof. 
 12.5    Application of Funds. All payroll deductions received or held
by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

  
 13 

 12.6      Account Statements.
Individual accounts shall be maintained for each Participant in the Plan. Statements of individual accounts shall be given to Participants at least annually, which statements shall set forth the amount of payroll deductions made, the Purchase Price
paid, the number of Shares purchased, and the remaining cash balance, if any. The Committee may delegate responsibility to prepare and distribute the account statements to an Agent and/or Employee(s). 

12.7      No Enlargement of Employee Rights. This Plan is strictly a voluntary
undertaking on the part of the Company and shall not be deemed to constitute a contract between the Company and any Eligible Employee or Participant to be consideration for, or an inducement to, or a condition of, the employment of any Eligible
Employee or Participant. Nothing contained in the Plan shall be deemed to give the right to any Participant to be retained as an employee of the Company or any Related Corporation or to interfere with the right of the Company or any Related
Corporation to discharge any Eligible Employee or Participant at any time. 

12.8      Effect upon Other Plans. The adoption of the Plan shall not affect any
other compensation or incentive plans in effect for the Company. Nothing in the Plan shall be construed to limit the right of the Company to establish any other forms of incentives or compensation for Employees of the Company or any Related
Corporation. 
 12.9      Section 16 Persons. Notwithstanding any other
provision of the Plan, the Plan and the participation in the Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemption rule under
Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law,
the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

12.10    Notice of Disposition of Shares. Each Participant shall give prompt notice to the
Company of any disposition or other transfer of any Shares purchased upon exercise of a right under the Plan if such disposition or transfer is made: (a) within two years from the Enrollment Date of the Offering Period in which the Shares were
purchased or (b) within one year after the Purchase Date on which such Shares were purchased. Such notice shall specify the date of such disposition or other transfer, the amount and type of consideration realized (cash, other property,
assumption of indebtedness or other consideration) by the Participant in such disposition or other transfer, and such additional information as may be requested by the Administrator. 

12.11    Equal Rights and Privileges. All Eligible Employees of the Company and any Related
Corporation shall have equal rights and privileges under this Plan to the extent required under Section 423 of the Code so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the
Code. Any provision of this Plan that is inconsistent with Section 423 of the Code shall, without further act or amendment by the Company or the Board, be reformed to comply with the equal rights and privileges requirement of Section 423
of the Code. 
 12.12    Governing Law. The Plan and any agreements hereunder shall be
administered, interpreted and enforced under the internal laws of the State of Delaware without regard to principles of conflicts of laws thereof or of any other jurisdiction. 

12.13    Electronic Delivery. Any reference herein to a “written” agreement or
document shall include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to
which a Participant has access). 

  
 14EX-10.7

 Exhibit 10.7 

EXCHANGE AGREEMENT 

This EXCHANGE AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this
“Agreement”), dated as of                     , 2021 and effective as of immediately prior to the consummation of the IPO (as
defined below) (the “Effective Time”), is made by and among The Real Good Food Company, Inc., a Delaware corporation (the “Corporation”), Real Good Foods, LLC, a Delaware limited liability company (the
“Company”), and the holders of Class B Units and shares of Class B Common Stock from time to time parties hereto (each, a “Holder” and, collectively, the “Holders”). Except as otherwise
specified herein, all capitalized terms used in this Agreement are defined in Section 1.1. 

WHEREAS, in connection with the initial public offering of Class A Common Stock (the “IPO”), the
Corporation intends to consummate the transactions described in the IPO Registration Statement, including the Reorganization; 

WHEREAS, immediately following the Reorganization, each Holder will own the number of Class B Units and shares of
Class B Common Stock set forth on Exhibit A hereto; and 
 WHEREAS, the parties to this
Agreement desire to provide for the exchange of Exchangeable Units together with shares of Class B Common Stock for shares of Class A Common Stock, on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 Section 1.1      Definitions. 

As used in this Agreement, the following terms have the following meanings: 

“Affiliate” has the meaning set forth in the LLC Agreement. 

“Agreement” has the meaning set forth in the preamble. 

“Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York, New
York or Cherry Hill, New Jersey are authorized by law to be closed. 
 “Cash Payment” means, an amount in
cash equal to the product of (x) the Exchanged Unit Amount, (y) the then-applicable Exchange Rate, and (z) (i) solely in connection with a Change of Control Exchange, the Class A Common Stock Value, and (ii) with
respect to any Exchange that is not a Change of Control Exchange, the price to the public or the private sale price, as applicable, of the Class A Common Stock in the substantially concurrent public offering or private sale, net of underwriting
(or similar) discounts and commissions, as applicable. 
 “Change of Control” has the meaning set forth
in the Tax Receivable Agreement. 
 “Change of Control Exchange” has the meaning set forth in
Section 2.1(b)(i). 

 “Change of Control Exchange Date” has the meaning set
forth in Section 2.1(b)(iii). 
 “Class A Common Stock”
means the Class A common stock, par value $0.0001 per share, of the Corporation. 

“Class A Common Stock Value” means, with respect to any Change of Control Exchange, the
greater of (x) the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock
trades, as reported by Bloomberg, L.P., or its successor, for each of the three (3) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the related Exchange Date, subject to appropriate and
equitable adjustment for any stock splits, stock dividends, reclassifications, reorganizations, recapitalizations or similar events affecting the Class A Common Stock, and (y) the price per share of Class A Common Stock offered by the
Person or group that is the acquirer in the applicable Change of Control transaction. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Class A Common Stock Value
shall be determined in good faith by a majority of the directors of the Corporation that do not have an interest in the Exchangeable Units and shares of Class B Common Stock being Exchanged. 

“Class B Common Stock” means the Class B common stock, par value $0.0001 per share,
of the Corporation. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Class B Unit” has the meaning set forth in the LLC Agreement. 

“Contribution Notice” has the meaning set forth in Section 2.1(a)(iv). 

“Corporation” has the meaning set forth in the preamble. 

“Effective Time” has the meaning set forth in the preamble. 

“Exchange” has the meaning set forth in Section 2.1(a)(i). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Date” has the meaning set forth in Section 2.1(a)(iii). 

“Exchange Notice” has the meaning set forth in Section 2.1(a)(iii). 

“Exchange Rate” means the number of shares of Class A Common Stock for which one Class B Unit is
entitled to be Exchanged. The Exchange Rate will also be used to determine the number of shares of Class B Common Stock that a Holder must surrender upon an Exchange, to the extent a Holder holds Class B Common Stock on account of such
Class B Units. On the date of this Agreement, the Exchange Rate shall be 1.00, subject to adjustment pursuant to Section 2.2. 

“Exchangeable Unit” means a Class B Unit held by a Holder 

“Exchanged Unit Amount” means, with respect to an Exchange, (i) the number of Class B Units set
forth in the applicable Exchange Notice. 

  
 2 

 “First Exchange Time” means the expiration or earlier
waiver of any lockup, holdback or similar agreement executed by the Holders in connection with the IPO. 

“Holder” has the meaning set forth in the preamble. 

“IPO” has the meaning set forth in the recitals. 

“IPO Registration Statement” means the Registration Statement on Form
S-1, as amended (Registration No. 333-                ), relating to the offer and
sale of the Class A Common Stock in the IPO. 
 “Liens” means any and all liens, charges, security
interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements, or other restrictions on title or transfer of any nature whatsoever. 

“LLC Agreement” means the Limited Liability Company Agreement of the Company dated as of the date hereof,
as the same may be amended, amended and restated, or replaced from time to time. 
 “Managing Member” has
the meaning set forth in the LLC Agreement. 
 “Permitted Transferee” has the meaning set forth in the
LLC Agreement. 
 “Person” means any natural person, corporation, limited partnership, general
partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian, trustee-executor,
administrator, nominee or entity in a representative capacity, and any government or agency or political subdivision thereof. 

“Registration Rights Agreement” means the Registration Rights Agreement by and among the Corporation and
the other parties thereto, dated as of the date hereof, as the same may be amended, amended and restated, or replaced from time to time. 

“Reorganization” has the meaning set forth in the IPO Registration Statement. 

“Retraction Notice” has the meaning set forth in Section 2.1(a)(vi). 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership,
association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other
business entity (other than a corporation), a majority of partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof and without limitation, a Person or Persons 

  
 3 

 
shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall
be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the manager, managing member, managing director (or a board comprised of any of the foregoing) or general
partner of such limited liability company, partnership, association or other business entity. Without limiting the foregoing, the Company shall be deemed to be a Subsidiary of the Corporation. For purposes hereof, references to a
“Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries. 

“Takeover Laws” has the meaning set forth in Section 3.1. 

“Tax Receivable Agreement” means that certain Tax Receivable Agreement, dated on or about the date hereof,
among the Corporation, the Company and the other parties thereto, as the same may be amended, amended and restated, or replaced from time to time. 

“Trading Day” means a day on which the principal U.S. securities exchange on which the Class A Common
Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

ARTICLE II 

Section 2.1      Exchange of Class B
Units. 
 (a)        Elective Exchanges. 

(i)        From and after the First Exchange Time, a Holder shall be entitled, upon
the terms and subject to the conditions hereof and the LLC Agreement, to surrender Exchangeable Units and a corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate (in each case, free and clear of all
Liens) to the Company in exchange for the delivery to a Holder (or its designee) of either, at the option of the Corporation, (x) a number of shares of Class A Common Stock that is equal to the product of the applicable Exchanged Unit
Amount multiplied by the Exchange Rate or (y) solely in connection with an Exchange (including a Change of Control Exchange) that coincides with a substantially concurrent public offering or private sale of Class A Common Stock, the
applicable Cash Payment. The Corporation shall be entitled, at its election, to instead effect a direct exchange with a Holder in lieu of the exchange between the Company and a Holder described in the preceding sentence. Any exchange of Exchangeable
Units and Class B Common Stock for Class A Common Stock or the Cash Payment, as applicable, is defined herein as an “Exchange.” Subject to Section 2.1(a)(ii), after the First Exchange Time a
Holder may Exchange Exchangeable Units at any time and from time to time. Notwithstanding anything to the contrary herein, neither the Corporation nor the Company shall effectuate a Cash Payment pursuant to this
Section 2.1(a) or Section 2.1(b) unless (A) the Corporation determines to consummate a private sale or public offering of Class A Common Stock on, or not later than five (5) Business
Days after, the relevant Exchange Date and (B) the Corporation contributes sufficient proceeds from such private sale or public offering to the Company (or the Corporation retains sufficient proceeds, in the case of a direct exchange) for
payment by the Company (or the Corporation) of the applicable Cash Payment. For the avoidance of doubt, the Company (or the Corporation) shall have no obligation to make a Cash Payment that exceeds the cash contributed to the Company by the
Corporation (or the cash retained by the Corporation, in the 

  
 4 

 
case of a direct exchange) from the Corporation’s offering or sales of Class A Common Stock referenced earlier in this Section 2.1(a)(i). 

(ii)      Notwithstanding anything to the contrary contained herein, a Holder shall not be
entitled to effectuate an Exchange of Exchangeable Units (and a corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate) as set forth in this Section 2.1(a), and the
Corporation and the Company shall have the right to refuse to honor any request for such an Exchange, if at any time the Corporation or the Company determines based on the advice of counsel that such Exchange (1) would be prohibited by law or
regulation (including, without limitation, the unavailability of a registration of such Exchange under the Securities Act, or an exemption from the registration requirements thereof) or (2) would not be permitted under any agreement with the
Corporation, the Company or any of their Subsidiaries to which a Holder is party (including, without limitation, the LLC Agreement). Upon such determination, the Corporation or the Company (as applicable) shall notify the applicable Holder, which
such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been honored. 

(iii)     Each Holder shall exercise its right to effectuate an Exchange of Exchangeable Units,
and a corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate, as set forth in this Section 2.1(a) by delivering to the Company, with a contemporaneous copy delivered to the
Corporation, during normal business hours, (A) a written election of exchange in respect of the Exchangeable Units to be exchanged substantially in the form of Exhibit B hereto (an “Exchange Notice”),
duly executed by such Holder, (B) any certificates in the Holder’s possession representing such Exchangeable Units, (C) any stock certificates in the Holder’s possession representing such shares of Class B Common Stock and
(D) if the Corporation, the Company or any exchanging Subsidiary requires the delivery of the certification contemplated by Section 2.4(b), such certification or written notice from the Holder that it is unable to
provide such certification. Unless the applicable Holder timely has delivered a Retraction Notice pursuant to Section 2.1(a)(vi), an Exchange pursuant to this Section 2.1(a) shall be effected on
the fifth Business Day following the Business Day on which the Corporation and the Company have received the items specified in clauses (A)-(D) of the first sentence of this Section 2.1(a)(iii) or such later date that is a
Business Day specified in the Exchange Notice (such Business Day, the “Exchange Date”); provided, that the Company may establish alternate exchange procedures as necessary in order to facilitate the establishment by the
Holder of a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. On the Exchange Date, all rights of the Holder as a holder of the Exchangeable Units and shares of Class B Common
Stock that are subject to the Exchange shall cease, and unless the Corporation has elected Cash Payment, the Holder (or its designee) shall be treated for all purposes as having become the record holder of the shares of Class A Common Stock to
be received by the Holder in respect of such Exchange. 
 (iv)     Within two (2) Business
Days following the Business Day on which the Corporation and the Company have received the Exchange Notice, the Corporation shall give written notice (the “Contribution Notice”) to the Company (with a copy to the Holder) of its
intended settlement method; provided that if the Corporation does not timely deliver a Contribution Notice, the Corporation shall be deemed to have not elected the Cash Payment method. 

(v)      The Holder may specify, in an applicable Exchange Notice, that the Exchange is to be
contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange 

  
 5 

 
offer, an underwritten offering, a Change of Control transaction or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination. 

(vi)      Notwithstanding anything herein to the contrary, the Holder may withdraw or amend
its Exchange Notice, in whole or in part, at any time prior to 5:00 p.m. Eastern Standard Time, on the Business Day immediately prior to the Exchange Date by giving written notice (a “Retraction Notice”) to the Company (with a copy
to the Corporation) specifying (A) the number of withdrawn Exchangeable Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate), (B) the number of Exchangeable Units (and
corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate) as to which the Exchange Notice remains in effect, if any, and (C) if the Holder so determines, a new Exchange Date or any other new or
revised information permitted in the Exchange Notice. 
 (b)        Change of
Control. In connection with a Change of Control, and subject to any approval of the Change of Control by the holders of Class A Common Stock and Class B Common Stock that may be required: 

(i)         The Corporation shall have the right to require the Holders to
effectuate an Exchange of some or all of the Exchangeable Units, and a corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate (in each case, free and clear of all Liens), with the Corporation or, at
the option of the Corporation, with any Subsidiary of the Corporation, in each case, in exchange for the delivery to each of the Holders (or a Holder’s designee) of a number of shares of Class A Common Stock that is equal to the product of
the applicable Exchanged Unit Amount and the Exchange Rate (such Exchange, a “Change of Control Exchange”); provided that, if the Corporation requires the Holders to Exchange less than all of their outstanding Exchangeable
Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate), the participation by the Holders in the required Exchange shall be reduced pro rata based on ownership of Exchangeable Units. For
the avoidance of doubt, any Exchangeable Units and a corresponding number of shares of Class B Common Stock held by the Holders that are not Exchanged pursuant to a Change of Control Exchange may be Exchanged by the Holders after the Change of
Control transaction pursuant to Section 2.1(a) subject to and in accordance with the terms thereof. 

(ii)        The election of the Corporation pursuant to this Section 2.1(b)
shall be at the sole discretion of the Corporation upon the approval thereof by a majority of the directors of the Corporation that do not have an interest in the Exchangeable Units and shares of Class B Common Stock being Exchanged. 

(iii)      Any Exchange pursuant to this Section 2.1(b) shall be
effective immediately prior to the consummation of the Change of Control (and, for the avoidance of doubt, shall not be effective if such Change of Control is not consummated) (the “Change of Control Exchange Date”). From and after
the Change of Control Exchange Date, (x) the Exchangeable Units and shares of Class B Common Stock Exchanged pursuant to this Section 2.1(b) shall be deemed to be transferred to the Corporation, or the exchanging
Subsidiary, as applicable, on the Change of Control Exchange Date and (y) each Holder shall cease to have any rights with respect to the Exchangeable Units and shares of Class B Common Stock Exchanged pursuant to this
Section 2.1(b) (other than the right to receive shares of Class A Common Stock pursuant to Section 2.1(b)(i) upon compliance with its obligations under
Section 2.1(c)). 

  
 6 

 (iv)      The Corporation shall provide
written notice of an expected Change of Control to the Holders within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such Change of Control and (y) ten (10) Business Days before
the proposed date upon which the contemplated Change of Control is to be effected, indicating in such notice such information as may reasonably describe the Change of Control transaction, subject to applicable law, including the date of execution of
such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for Exchangeable Units and shares of Class B Common Stock or shares of Class A Common Stock, as applicable, in the Change of
Control (which consideration shall be equivalent whether paid for Exchangeable Units and shares of Class B Common Stock or shares of Class A Common Stock), any election with respect to types of consideration that a holder of Exchangeable
Units and shares of Class B Common Stock or shares of Class A Common Stock, as applicable, shall be entitled to make in connection with the Change of Control, the percentage of total Exchangeable Units and shares of Class B Common
Stock or shares of Class A Common Stock, as applicable, to be transferred to the acquirer by all shareholders in the Change of Control, and the number of Exchangeable Units and shares of Class B Common Stock held by the applicable Holder
that the Corporation intends to require to be Exchanged for shares of Class A Common Stock in connection with the Change of Control. The Corporation shall update such notice from time to time to reflect any material changes to such notice. The
Corporation may satisfy any such notice and update requirements described in the preceding two sentences by providing such information on a Form 8-K, Schedule TO,
Schedule 14D-9, Preliminary Merger Proxy on Schedule 14A, Definitive Merger Proxy on Schedule 14A or similar form filed with the SEC. 

(c)       Exchange Procedure on Change of Control Exchange. On or prior to the
Change of Control Exchange Date, each Holder shall deliver to the Corporation or the exchanging Subsidiary, as applicable, with a contemporaneous copy delivered to the Company, in each case during normal business hours at the principal executive
offices of the Company and the Corporation, respectively: (A) an Exchange Notice, duly executed by the Holder, (B) any certificates in the Holder’s possession representing all Exchangeable Units being surrendered by the Holder,
(C) any stock certificates in the Holder’s possession representing all shares of Class B Common Stock being surrendered by the Holder and (D) if the Corporation, the Company or the exchanging Subsidiary requires the delivery of
the certification contemplated by Section 2.4(b), such certification or written notice from the Holder that it is unable to provide such certification. 

(d)       Exchange Consideration. As promptly as practicable on or after the
Exchange Date or Change of Control Exchange Date, as applicable, provided the Holder has satisfied its obligations under Section 2.1(a)(iii) or Section 2.1(c), as applicable, the Company or the
Corporation shall deliver or cause to be delivered to the Holder (or its designee), either certificates or evidence of book-entry shares representing the number of shares of Class A Common Stock deliverable upon the applicable Exchange,
registered in the name of the Holder (or its designee) or, if the Corporation has so elected, the Cash Payment. Notwithstanding anything set forth in this Section 2.1(d) to the contrary, to the extent the Class A
Common Stock issued in the exchange will be settled through the facilities of The Depository Trust Company, the Company or the Corporation will, upon the written instruction of the Holder, deliver the shares of Class A Common Stock deliverable
to the Holder through the facilities of The Depository Trust Company to the account of the participant of The Depository Trust Company designated by the Holder in the Exchange Notice. Upon the Holder exercising its right to Exchange in accordance
with Section 2.1(a)(i) or the occurrence of a Change of Control Exchange, the Company or the Corporation shall take such actions as (A) may be required to ensure that the Holder receives the shares of Class A
Common 

  
 7 

 
Stock or the Cash Payment that the Holder is entitled to receive in connection with such Exchange pursuant to this Section 2.1, and (B) may be reasonably within its
control that would cause such Exchange to be treated for purposes of the Tax Receivable Agreement as an “Exchange” under the Tax Receivable Agreement. 

(e)        Legends. 

(i)        The shares of Class A Common Stock issued upon an Exchange, other
than any such shares issued in an Exchange subject to an effective registration statement under the Securities Act, shall bear a legend in substantially the following form: 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

(ii)        If (A) any shares of Class A Common Stock have been sold
pursuant to a registration statement that has been declared effective by the SEC, (B) all of the applicable conditions of Rule 144 are met, or (C) the legend (or a portion thereof) otherwise ceases to be applicable, the Corporation, upon
the written request of the holder thereof, shall promptly provide such holder or its respective transferees with new certificates (or evidence of book-entry shares) for securities of like tenor not bearing the provisions of the legend with respect
to which the restriction has terminated. In connection therewith, such holder shall provide the Corporation with such information in its possession as the Corporation may reasonably request (which may include an opinion of counsel reasonably
acceptable to the Corporation) in connection with the removal of any such legend. 

(f)        Cancellation of Class B Common Stock. Any
shares of Class B Common Stock surrendered in an Exchange shall automatically be deemed cancelled without any action on the part of any Person, including the Corporation. Any such cancelled shares of Class B Common Stock shall no longer be
outstanding, and all rights with respect to such shares shall automatically cease and terminate. 

(g)        Expenses. Subject to any other arrangement or agreement between
the Company and an applicable Holder, each of the Corporation, the Company, any exchanging Subsidiary and the Holders shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately
consummated, except that the Corporation shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common
Stock are to be delivered in a name other than that of the Holder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account
of the Holder) or the Cash Payment is to be paid to a Person other than the Holder that requested the Exchange, then the Holder or the Person in whose name such shares are to be delivered or to whom the Cash Payment is to be paid shall pay to the
Corporation the amount of any transfer taxes, stamp taxes or duties, or other 

  
 8 

 
similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid or is not payable. 

(h)        Publicly Traded Partnership. Notwithstanding anything to the
contrary herein, if the Managing Member of the Company determines in good faith that an Exchange would pose a material risk that the Company would be treated as a “publicly traded partnership” under Section 7704 of the Code, the
Corporation or the Company may impose such restrictions on Exchanges, or may decline to effect one or more Exchanges, as the Corporation or the Company may reasonably determine to be necessary or advisable in order to avoid a material risk of such
treatment. 
 Section 2.2     Adjustment. The Exchange Rate
shall be adjusted accordingly if there is: (a) any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split,
reclassification, reorganization, recapitalization or otherwise) of the shares of Class B Common Stock or Class B Units that is not accompanied by a substantively identical subdivision or combination of the Class A Common Stock; or
(b) any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization,
recapitalization or otherwise) of the shares of Class A Common Stock that is not accompanied by a substantively identical subdivision or combination of the shares of Class B Common Stock or Class B Units. To the extent not reflected
in an adjustment to the Exchange Rate, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security,
securities or other property, then upon any subsequent Exchange, each Holder shall be entitled to receive the amount of such security, securities or other property that the Holder would have received if such Exchange had occurred immediately prior
to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification,
reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed
or exchanged into or for another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security, securities or other property. 

Section 2.3     Class A Common Stock to be
Issued. 
 (a)        The Corporation shall at all times reserve and keep
available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be sufficient to effect the conversion of all outstanding
Class B Units; provided, however, that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Exchange by delivery of unencumbered purchased shares of Class A
Common Stock (which may or may not be held in the treasury of the Corporation or any subsidiary thereof). 

(b)        The Corporation has taken and will take all such steps as may be
required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or

  
 9 

 
dispositions of equity securities of the Corporation (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities
of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each director or officer of the Corporation (including
directors-by-deputization) who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the
Corporation upon the registration of any class of equity security of the Corporation pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the name of each such officer or director whose acquisition or
disposition of securities is to be exempted and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement). 

(c)        If any Takeover Law or other similar law or regulation becomes or is
deemed to become applicable to this Agreement or any of the transactions contemplated hereby, the Corporation shall use its reasonable best efforts to render such law or regulation inapplicable to all of the foregoing. 

(d)        The Corporation covenants that all shares of Class A Common Stock
issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable and not subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or
other right in favor of any Person. 

Section 2.4      Withholding; Certification of Non-Foreign Status. 
 (a)        If the
Corporation or the Company shall be required to withhold any amounts by reason of any federal, state, local or foreign tax rules or regulations in respect of any Exchange, the Corporation or the Company, as the case may be, shall be entitled to take
such action as it deems appropriate in order to ensure compliance with such withholding requirements, including, at its option, withholding shares of Class A Common Stock with a fair market value equal to the minimum amount of any taxes that
the Corporation or the Company, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or
property) shall be treated for all purposes of this Agreement as having been paid (or delivered) to the applicable Holder. 

(b)        Notwithstanding anything to the contrary herein, each of the Corporation
and the Company may, in its discretion, require that each Holder deliver to the Corporation or the Company, as the case may be, a duly completed and executed IRS Form W-9 and any other applicable
certifications or documentation reasonably requested by the Corporation or the Company prior to an Exchange. In the event the Corporation or the Company has required delivery of such form but a Holder does not provide such form, the Corporation or
the Company, as the case may be, shall nevertheless deliver or cause to be delivered to the Holder the Class A Common Stock or the Cash Payment in accordance with Section 2.1, but subject to withholding as provided in
Section 2.4(a). 

Section 2.5      Tax Treatment. Unless otherwise required by
applicable law, the parties hereto acknowledge and agree that any Exchange with the Company or the Corporation shall be treated as a direct exchange between the Corporation and the applicable Holder for U.S. federal and applicable state and local
income tax purposes. The parties hereto intend to treat any Exchange consummated hereunder as a taxable sale of the Exchangeable Units and Class B Common Stock (if any) by a Holder to the Corporation for U.S. federal and applicable state and
local income tax 

  
 10 

 
purposes except as otherwise mutually agreed to in writing by the Holder and the Corporation and no party hereto shall take a position inconsistent with such intended tax treatment on any tax
return, amendment thereof or any other communication with a taxing authority, in each case unless otherwise required by a “determination” within the meaning of Section 1313 of the Code. This Agreement and the Tax Receivable Agreement
shall each be treated as part of the LLC Agreement as described in Section 761(c) of the Code and Treasury Regulations Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c).

 Section 2.6      Contribution of the Corporation. In
connection with any Exchange between a Holder and the Company, the Corporation shall contribute to the Company the shares of Class A Common Stock or Cash Payment that the applicable Holder is entitled to receive in such Exchange. Unless the
applicable Holder has timely delivered a Retraction Notice as provided in Section 2.1(a)(vi), on the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date) (i) the Corporation
shall make a capital contribution to the Company (in the form of the shares of Class A Common Stock or the Cash Payment that the Holder is entitled to receive in such Exchange) required under this Section 2.6,
(ii) the Company shall transfer such shares of Class A Common Stock or Cash Payment to the applicable Holder in redemption of the Holder’s Class B Units in the Company, and (iii) the Company shall issue to the Corporation a
number of Class B Units equal to the Exchanged Unit Amount surrendered by the Holder. 

Section 2.7      Distributions. No Exchange will
impair the right of the Holders to receive any distribution for periods ending on or prior to the Exchange Date for such Exchange (but for which payment had not yet been made with respect to the Exchangeable Units in question at the time the
Exchange is consummated); provided that, for purposes of this Section 2.7, each Holder’s right to receive its pro rata portion of any distribution by the Company in respect of such periods shall not be deemed
impaired to the extent that the Company has not paid the Corporation its pro rata portion of such distribution prior to the consummation of the applicable Exchange. 

ARTICLE III 

Section 3.1      Representations and Warranties of the
Corporation. The Corporation represents and warrants that (i) it is a corporation duly incorporated and is existing and in good standing under the laws of the State of Delaware, (ii) it has all requisite corporate power and authority
to enter into and perform this Agreement and to consummate the transactions contemplated hereby and to deliver the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by the
Corporation and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Corporation, including all actions necessary to ensure that the acquisition of shares of
Class A Common Stock pursuant to the transactions contemplated hereby, to the fullest extent of each of the Corporation’s Board of Directors’ power and authority and to the extent permitted by law, shall not be subject to any
“moratorium,” “control share acquisition,” “business combination,” “fair price” or other form of anti-takeover laws and regulations of any jurisdiction that may purport to be applicable to this Agreement or
the transactions contemplated hereby (collectively, “Takeover Laws”), (iv) this Agreement constitutes a legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms,
except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of
this Agreement by the Corporation and the consummation by the Corporation of the transactions contemplated hereby will not (A) result in a violation of the certificate of incorporation 

  
 11 

 
of the Corporation or the bylaws of the Corporation or (B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Corporation is a party, or (C) based on the representations to be made by the applicable Holder pursuant
to the written election in the form of Exhibit B attached hereto in connection with Exchanges made pursuant to the terms of this Agreement, result in a violation of any law, rule, regulation, order, judgment or decree
applicable to the Corporation or by which any property or asset of the Corporation is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would
not reasonably be expected to have a material adverse effect on the Corporation or its business, financial condition or results of operations. 

Section 3.2      Representations and Warranties of the
Company. The Company represents and warrants that (i) it is a limited liability company duly formed and is existing and in good standing under the laws of the State of Delaware, (ii) it has all requisite power and authority to enter
into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of the Company, (iv) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforcement may be
limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the Company
and the consummation by the Company of the transactions contemplated hereby will not (A) result in a violation of the certificate of formation of the Company or the LLC Agreement or (B) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or
(C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Company or by which any property or asset of the Company is bound or affected, except with respect to clause (B) or (C) for any conflicts,
defaults, accelerations, terminations, cancellations or violations that would not reasonably be expected to have a material adverse effect on the Company or its business, financial condition or results of operations. 

Section 3.3      Representations and Warranties of the
Holder. Each Holder represents and warrants that (i) to the extent the Holder is an entity, it has been duly formed and is existing and in good standing under the laws of the state of formation, (ii) the Holder has all requisite power
and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this Agreement by the Holder and the consummation by it of the transactions contemplated hereby
have been duly authorized by all necessary action on the part of the Holder, (iv) this Agreement constitutes a legal, valid and binding obligation of the Holder enforceable against the Holder in accordance with its terms, except as enforcement
may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the
Holder and the consummation by the Holder of the transactions contemplated hereby will not (A) to the extent the Holder is an entity, result in a violation of the certificate of formation or limited liability company agreement of the Holder or
(B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture
or instrument to which the Holder is a party, or (C) result in a violation of any law, rule, 

  
 12 

 
regulation, order, judgment or decree applicable to the Holder or by which any property or asset of the Holder is bound or affected, except with respect to clause (B) or (C) for any
conflicts, defaults, accelerations, terminations, cancellations or violations that would not result in the unenforceability of this Agreement against the Holder. 

ARTICLE IV 

Section 4.1      Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered by means of
electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if emailed before 5:00 p.m. Eastern Standard time on a Business Day, and otherwise on the next Business Day, or
(c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the address for such recipient set forth in the
Company’s books and records (or below, with respect to the Corporation), or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

If to the Company or the Corporation: 

3 Executive Campus, Suite 155 

Cherry Hill, NJ 08002 

Attention: Gerard G. Law 

E-mail: [***] 

with a copy (which shall not constitute notice to the Company or the Corporation) to: 

Stradling Yocca Carlson & Rauth, P.C. 

660 Newport Center Dr., Suite 1600 

Newport Beach, CA 92660 

Attention: Ryan Wilkins and Kyle Leingang 

E-mail: [***]; [***] 

Section 4.2      Permitted Transferees. To the extent that
the Holder (or an applicable Permitted Transferee of the Holder) validly transfers after the date hereof any or all of its Class B Units and corresponding shares of Class B Common Stock after taking into account the Exchange Rate, to a
Permitted Transferee of such Person or to any other Person in a transaction not in contravention of, and in accordance with, the LLC Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in
the form attached hereto as Exhibit C. Upon execution of any such joinder, such transferee shall, with respect to such transferred Class B Units and shares of Class B Common Stock, be entitled to all of the rights
and bound by each of the obligations applicable to the relevant transferor hereunder; provided that the transferor shall remain entitled to all of the rights and bound by each of the obligations with respect to Class B Units and shares of
Class B Common Stock that were not so transferred. 

Section 4.3      Severability. The provisions of this
Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person
or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a 

  
 13 

 
suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and
(b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or
enforceability of such provision, or the application thereof, in any other jurisdiction. 

Section 4.4      Counterparts. This Agreement and any
amendments may be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same document. The signature of
any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart. Any document (or signature page thereto) signed and transmitted as a pdf attachment to an
e-mail, or executed via DocuSign (or similar form of electronic signature software), is to be treated as an original document. Any signature or document transmitted pursuant to the foregoing is to be
considered to have the same binding effect as an original signature on an original document. To the extent executed via DocuSign (or similar form of electronic signature software), the effectiveness of such signature and this Agreement, including
any other signature pages, shall be unaffected by any expiration policies or notices of DocuSign (or similar form of electronic signature software). 

Section 4.5      Entire Agreement. This Agreement, together
with the LLC Agreement and the Tax Receivable Agreement, (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not
intended to confer upon any Person, other than the parties hereto and their Permitted Transferees, any rights or remedies hereunder. 

Section 4.6      Further Assurances. Each party hereto shall
execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein. 

Section 4.7      Governing Law. All issues and questions
concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

Section 4.8      Consent to Jurisdiction. Each party hereto
irrevocably submits to the exclusive jurisdiction of the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or
any transaction contemplated hereby. Each party hereto further agrees that service of any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party’s
respective address set forth in the Company’s books and records or such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of
process in any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each party hereto irrevocably and unconditionally waives any
objection to the laying of venue of any action, suit or 

  
 14 

 
proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and
hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

Section 4.9      WAIVER OF JURY TRIAL. AS A SPECIFICALLY
BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR
ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

Section 4.10     Amendments. The provisions of this Agreement may
be amended only by the affirmative vote or written consent of each of (i) the Corporation, (ii) the Company and (iii) the Holders holding a majority of the then outstanding Class B Units. No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

Section 4.11     Assignment. Neither this Agreement nor any of the
rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors, assigns and Permitted Transferees. 

Section 4.12     Specific Enforcement. The parties hereto
acknowledge that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other
remedies that may be available, shall be entitled to equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

[Signature Pages to Follow] 

  
 15 

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

			
	THE REAL GOOD FOOD COMPANY, INC.
		
	By:	 	                                     
                       
	Name:	 	Gerard G. Law
	Title:	 	Chief Executive Officer
	
	REAL GOOD FOODS, LLC
		
	By:	 	The Real Good Food Company, Inc.,
its Managing Member
		
		 	By:
                                         
                
		 	Name: Gerard G. Law
		 	Title:   Chief Executive Officer

  
 Signature Page to
Exchange Agreement 

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

			
	HOLDERS:
	
	  

	Josh Schreider, an individual
	
	Address for Notice: [***]
	
	PPZ, LLC,
	a Wyoming limited liability company
	
	By:                                   
                                         
         
	Name: Rhea Lamia
	Title: Manager
	
	Address for Notice: [***]
	
	Slingshot Consumer, LLC,
	a Wyoming limited liability company
	
	By:                                   
                                         
         
	Name: Bryan Freeman
	Title: Manager
	
	Address for Notice: [***]
	
	Divario Ventures, LLC,
	a Delaware limited liability company
	
	By:                                   
                                         
         
	Name: Jim Foltz
	Title: Vice President – Business Ventures
	
	Address for Notice: [***]

  
 Signature Page to
Exchange Agreement 

 
			
	Strand Equity Partners III, LLC,
a Delaware limited liability company
	
	By:                                   
                                         
             
	Name:
	Title:
	
	Address for Notice: [***]
	
	CPG Solutions, LLC
	
	By:                                   
                                         
             
	Name: Andrew Stiffelman
	Title: Manager
	
	Address for Notice: [***]
	
	  

	Gerard G. Law
	
	Address for Notice: [***]
	
	  

	Akshay Jagdale
	
	Address for Notice: [***]

  
 Signature Page to
Exchange Agreement 

 EXHIBIT A 

 

					
	 	  	Immediately Following IPO
			
	         Name
and Address of Holders        
	  	Number of
      Class B Units Owned      	  	Number of
Shares of Class B
      Common Stock Owned      
			
	 Josh Schreider, [***]
	  		  	
			
	 PPZ, LLC, [***]
	  		  	
			
	 Slingshot Consumer, LLC, [***]
	  		  	
			
	 Divario Ventures, LLC, [***]
	  		  	
			
	 Strand Equity Partners III, LLC, [***]
	  		  	
			
	 CPG Solutions, LLC, [***]
	  		  	
			
	 Gerard G. Law, [***]
	  		  	
			
	 Akshay Jagdale, [***]
	  		  	

  
 A-1 

 EXHIBIT B 

[Form of] 
 Exchange
Notice 
 The Real Good Food Company, Inc. 

3 Executive Campus, Suite 155 

Cherry Hill, NJ 08002 

Attention: Gerard G. Law 

Email: [***] 

Reference is hereby made to the Exchange Agreement, dated as of
                    , 2021 (as amended from time to time, the “Exchange Agreement”), by and among The Real Good Food Company, Inc.,
a Delaware corporation (the “Corporation”), Real Good Foods, LLC, a Delaware limited liability company (the “Company”), and the Holders referenced therein. Capitalized terms used but not defined herein shall have
the meanings given to them in the Exchange Agreement. 
 The Holder set forth below (the “Holder”) hereby
transfers to the Company (or the Corporation, if the Corporation determines to effect a direct exchange with the Holder) effective as of the Exchange Date, the number of Exchangeable Units and shares of Class B Common Stock in Exchange for
either shares of Class A Common Stock to be issued in its name or, at the option of the Corporation, the Cash Payment payable to the account set forth below, in accordance with the terms of the Exchange Agreement. 

 

			
	 Legal Name of Holder:
	  	[__________]
		
	 Number of Exchangeable Units to be Exchanged:
	  	[__________]
		
	 Number of shares of Class B Common Stock to be Exchanged:
	  	[__________]
		
	 If the Corporation elects a Cash Payment:
	  	
		
	 Account Number:
	  	[__________]
		
	 Legal Name of Account Holder:
	  	[__________]

 The Holder hereby represents and warrants that (i) to the extent the Holder is an
entity, it was duly formed and is existing and in good standing under the laws of its state of formation, (ii) the Holder has all requisite power and authority to enter into this Exchange Notice and to perform the Holder’s obligations
hereunder; (iii) the execution and delivery of this Exchange Notice by the Holder and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Holder; (iv) this
Exchange Notice constitutes a legal, valid and binding obligation of the Holder enforceable against the Holder in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally; (v) the Exchangeable Units and shares of Class B Common Stock subject to this Exchange Notice are being transferred to the Corporation (or the Company,
if applicable) free and clear of any Liens; (vi) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the Holder, the Exchanged
Units or shares of Class B Common Stock subject to this Exchange Notice is required to be obtained by the 

  
 B-1 

 
Holder for the transfer of such Exchanged Units or shares of Class B Common Stock to the Corporation (or the Company, if applicable); and (vii) the Holder is not currently in possession
of material non-public information concerning the Corporation, or will not be in possession of such material non-public information at the time the shares of
Class A Common Stock are sold by the undersigned. 
 The Holder hereby irrevocably constitutes and appoints any
officer of the Corporation or the Company as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the
Corporation (or the Company, if applicable) the Exchanged Units and shares of Class B Common Stock subject to this Exchange Notice and to deliver to the Holder the shares of Class A Common Stock or Cash Payment to be delivered in Exchange
therefor. 
 IN WITNESS WHEREOF, the Holder, by authority duly given, has caused this Exchange Notice to be executed and
delivered by the undersigned. 
  

			
	 NAME OF HOLDER:

	
	
                      
                                  

	
	
By:                      
                                         
               

	
Name:                      
                                         
          

	
Title:                     
                                         
             

	
Dated:                     
                                         
           

  
 B-2 

 EXHIBIT C 

[Form of] 
 Joinder

 This Joinder (“Joinder”) is a joinder agreement to the Exchange Agreement, dated as of
                        , 2021 (as amended from time to time, the “Exchange Agreement”), by and among The Real
Good Food Company, Inc., a Delaware corporation (the “Corporation”), Real Good Foods, LLC, a Delaware limited liability company (the “Company”), and the Holders set forth therein. Capitalized terms used but not
defined herein shall have the meanings given to them in the Exchange Agreement. 
 The Company and the Corporation and the
undersigned agree that all questions concerning the construction, validity and interpretation of this Joinder shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to any choice or conflict
of law provision or rule, notwithstanding that public policy in Delaware or any other forum jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts with such state or otherwise. In the
event of any conflict between this Joinder and the Exchange Agreement, the terms of this Joinder shall control. 
 The
undersigned, having acquired Class B Units and shares of Class B Common Stock, hereby joins and enters into the Exchange Agreement. By signing and returning this Joinder to the Company and the Corporation, the undersigned (i) accepts
and agrees to be bound by and subject to all of the terms and conditions of and agreements of the Holder contained in the Exchange Agreement, with all attendant rights, duties and obligations of the Holder thereunder, and (ii) makes each of the
representations and warranties of the Holder set forth in Section 3.3 of the Exchange Agreement as fully as if such representations and warranties were set forth herein. 

The parties to the Exchange Agreement shall treat the execution and delivery hereof by the undersigned as the execution and
delivery of the Exchange Agreement by the undersigned and, upon receipt of this Joinder by the Company and the Corporation, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the
Exchange Agreement. 
  

			
	 NAME OF HOLDER:

	
	
                      
                          

	
	
By:                      
                                         
               

	
Name:                      
                                         
          

	
Title:                     
                                         
             

	
Dated:                     
                                         
           

	
	
Address for Notice:                  
                                  

	
                      
                                         
                    

  
 C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]