Document:

EXHIBIT
10.4

 

Yellowstone
Acquisition Company

1411 Harney Street, Suite 200

Omaha, Nebraska 68102

 

BOC
Yellowstone, LLC

1411 Harney Street, Suite 200

Omaha, NE 68102

 

RE: Securities
Subscription Agreement

 

Ladies
and Gentlemen:

 

This
agreement (the “Agreement”) is entered into as of August 31, 2020 by and between BOC Yellowstone, LLC, a Delaware
limited liability company (the “Subscriber” or “you”), and Yellowstone Acquisition Company,
a Delaware corporation (the “Company”, “we” or “us”). Pursuant to the
terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 5,750,000 shares (the “Shares”)
of Class B common stock, $0.0001 par value per share (the “Class B Common Stock”), up to 750,000 of which are
subject to forfeiture by you if the underwriters of the initial public offering (“IPO”) of units (“Units”)
of the Company, do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company
and the Subscriber’s agreements regarding such Shares are as follows:

 

ARTICLE
I

PURCHASE
OF SECURITIES

 

1.01
Purchase of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company,
subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s
execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

ARTICLE
II

REPRESENTATIONS, WARRANTIES AND AGREEMENTS

 

2.01
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

a)
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or
made any recommendation or endorsement of the offering of the Shares.

 

     

     

    

 

b)
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of
the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing
documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any
law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the
Subscriber is subject.

 

c)
Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing
under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of the Subscriber,
enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

d)
Experience, Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able
to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment
in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined
below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration
is available. The Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity
to protect its own interests. The Subscriber must bear the economic risk of this investment until the Shares are sold pursuant
to: (i) an effective registration statement under the Securities Act (as defined below) or (ii) an exemption from registration
available with respect to such sale. The Subscriber is able to bear the economic risks of an investment in the Shares and to afford
a complete loss of the Subscriber’s investment in the Shares.

 

e)
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the
opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company,
as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, the Subscriber has relied
solely on the Subscriber’s own knowledge and understanding of the Company and its business based upon the Subscriber’s
own due diligence investigation and the information furnished pursuant to this paragraph. The Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Article II and
the Subscriber has not relied on any other representations or information in making its investment decision, whether written or
oral, relating to the Company, its operations and/or its prospects.

 

f)
Regulation D Offering. The Subscriber represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and
acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

    2

     

    

 

g)
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502 under the Securities Act.

 

h)
Restrictions on Transfer; Shell Company. The Subscriber understands the Shares are being offered in a transaction not involving
a public offering within the meaning of the Securities Act. The Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and the Subscriber understands that the certificates or book-entries
representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer,
resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant
to: (i) registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber agrees that if
any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, the
Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or
an exemption, the Subscriber agrees not to resell the Shares. The Subscriber further acknowledges that because the Company is
a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until one year following consummation
of the initial business combination of the Company, despite technical compliance with the requirements of Rule 144 and the release
or waiver of any contractual transfer restrictions.

 

i)
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

2.02
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company
hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

a)
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

b)
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule
or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except,
with respect to clauses (ii) and (iii) above, where such violation, conflict or default would not reasonably be expected to have
a material adverse effect on the financial condition, operating results or assets of the Company.

 

    3

     

    

 

c)
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly
and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof,
the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind,
other than (i) transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified
to the Subscriber in writing, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances
imposed due to the actions of the Subscriber.

 

d)
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain
other relief in connection with any transactions.

 

ARTICLE
III

FORFEITURE OF SHARES

 

3.01
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters
of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees
of Shares) shall forfeit any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro rata based
upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and
all other initial stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including any shares of the
Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock” and, together
with the Class B Common Stock, the “Common Stock”), issuable upon exercise of any warrants or any shares of
Class A Common Stock purchased by Subscriber in the IPO or in the aftermarket, equal to twenty percent (20%) of the issued and
outstanding shares of Common Stock immediately following the IPO.

 

3.02
Termination of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Article III,
then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited
Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

3.03
Share Certificates. In the event an adjustment to the Original Certificate, if any, is required pursuant to this Article III,
then the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon
its receipt of notice from the Company advising the Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber.
The New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated
securities held by the Subscriber shall be made in book-entry form.

 

    4

     

    

 

ARTICLE
IV

WAIVER OF LIQUIDATION DISTRIBUTIONS; REDEMPTION RIGHTS

 

4.01
In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions by the Company from the trust account which will be established for the benefit
of the Company’s public stockholders and into which substantially all of the proceeds of the IPO will be deposited (the
“Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete
an initial business combination. For purposes of clarity, in the event the Subscriber purchases any shares of Class A Common Stock
in the IPO or in the aftermarket, any such shares so purchased shall be eligible to receive any liquidating distributions by the
Company. However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account upon
the successful completion of an initial business combination.

 

ARTICLE
V

RESTRICTIONS ON TRANSFER

 

5.01
Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) to be dated as of the closing of the IPO by and between the Subscriber and the
Company, the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state
securities laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received
an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction
is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder
and with all applicable state securities laws.

 

5.02
Lock-up. The Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”)
contained in the Insider Letter.

 

5.03
Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP.”

 

    5

     

    

 

5.04
Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an
extraordinary dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Article V or into which such Shares thereby become convertible shall immediately be subject to this Article V and Article III.
Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of
Shares subject to this Article V and Article III.

 

5.05
Registration Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the
registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they
are registered pursuant to a registration rights agreement to be entered into with the Company in connection with the closing
of the IPO (the “Registration Rights Agreement”).

 

ARTICLE
VI

OTHER AGREEMENTS

 

6.01
Further Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

6.02
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i)
in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to
the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in
writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.03
Entire Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially
in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

    6

     

    

 

6.04
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto.

 

6.05
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

6.06
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior
written consent of the other party.

 

6.07
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the
parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.

 

6.08
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of Delaware applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

6.09
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.

 

6.10
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor
any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party
hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on
a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further
notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand
to any other or further action in any circumstances without such notice or demand.

 

    7

     

    

 

6.11
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.12
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

6.15
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and
no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. The words “include,” “includes,” and “including” will
be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to
the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

    8

     

    

 

6.16
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party
hereto.

 

ARTICLE
VII

VOTING AND TENDER OF SHARES

 

7.01
The Subscriber agrees to vote the Shares in favor
of an initial business combination that the Company negotiates and submits for approval to the Company’s stockholders and
shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection
with a tender offer presented to the Company’s stockholders in connection with an initial business combination negotiated
by the Company.

 

ARTICLE
VIII

INDEMNIFICATION

 

8.01
Each party shall indemnify the other against
any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s
breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature
Page Follows]

 

    9

     

    

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return
it to us.

 

	 	Very
    truly yours,
	 	 
	 	YELLOWSTONE
    ACQUISITION COMPANY
	 	 	 
	 	By:	/s/
    Alex B. Rozek
	 	Name: 	Alex
    B. Rozek
	 	Title:	Co-President

 

Accepted
and agreed as of the date first written above.

 

	 	BOC
    YELLOWSTONE, LLC 
	 	 	 
	 	By:	Boston
    Omaha Investments, LLC
	 	 	its
    Managing Member
	 	 	 
	 	By:	/s/
    Adam K. Peterson
	 	Name: 	Adam
    K. Peterson
	 	Title:	Manager

 

 

 

[Signature
Page to Securities Subscription Agreement]

 

10EXHIBIT
10.5

 

SPONSOR
WARRANTS PURCHASE AGREEMENT

 

THIS
SPONSOR WARRANTS PURCHASE AGREEMENT, dated as of September __, 2020 (as it may from time to time be amended, this “Agreement”),
is entered into by and between Yellowstone Acquisition Company, a Delaware corporation (the “Company”), and
BOC Yellowstone LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS,
the Company intends to consummate a public offering of the Company’s units (the “Public Offering”), each
unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”),
and one-half of one warrant, each whole warrant exercisable for one Share at an exercise price of $11.50 per Share, as set forth
in the Company’s registration statement on Form S-1 related to the Public Offering (the “Registration Statement”);
and

 

WHEREAS,
the Purchaser has agreed to purchase from the Company an aggregate of 6,000,000 warrants (or up to 6,600,000 warrants if the over-allotment
option in connection with the Public Offering is exercised in full) (the “Sponsor Warrants”), each Sponsor
Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share.

 

NOW,
THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound,
agree as follows:

 

AGREEMENT

 

ARTICLE
I

AUTHORIZATION, PURCHASE AND SALE; TERMS OF THE SPONSOR WARRANTS.

 

Section
1.01 Authorization of the Sponsor Warrants. The Company has duly authorized the issuance and sale of the Sponsor Warrants
to the Purchaser.

 

Section
1.02 Purchase and Sale of the Sponsor Warrants.

 

(a)
As payment in full for the 6,000,000 Sponsor Warrants being purchased under this Agreement, Purchaser shall pay $6,000,000 (the
“Purchase Price”), by wire transfer of immediately available funds or by such other method as may be reasonably
acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen
by the Company, maintained by J.P. Morgan Chase Bank, N.A. with Continental Stock Transfer & Trust Company acting as trustee,
at least one (1) business day prior to the date of effectiveness of the Registration Statement.

 

(b)
In the event that the over-allotment option is exercised in full or in part, Purchaser shall purchase up to an additional 600,000
Sponsor Warrants (the “Additional Sponsor Warrants”), in the same proportion as the amount of the over-allotment
option that is exercised, and simultaneously with such purchase of Additional Sponsor Warrants, as payment in full for the Additional
Sponsor Warrants being purchased hereunder, and at least one (1) business day prior to the closing of all or any portion of the
over-allotment option, Purchaser shall pay $1.00 per Additional Sponsor Warrant, up to an aggregate amount of approximately
$600,000, by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company,
to the Trust Account.

 

     

     

    

 

(c)
The closing of the purchase and sale of the Sponsor Warrants shall take place simultaneously with the closing of the Public Offering
(the “Initial Closing Date”). The closing of the purchase and sale of the Additional Sponsor Warrants, if applicable,
shall take place simultaneously with the closing of all or any portion of the over-allotment option (such closing date, together
with the Initial Closing Date, the “Closing Dates” and each, a “Closing Date”). The closing
of the purchase and sale of each of the Sponsor Warrants and the Additional Sponsor Warrants shall take place at the offices of
Gennari Aronson, LLP, 250 First Avenue, Suite 200, Needham, MA 02454, or such other place as may be agreed upon by the parties
hereto.

 

Section
1.03 Terms of the Sponsor Warrants.

 

(a)
The Sponsor Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent,
in connection with the Public Offering (a “Warrant Agreement”).

 

(b)
At or prior to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights
to the Purchaser relating to the Sponsor Warrants and the Shares underlying the Sponsor Warrants.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

As
a material inducement to the Purchaser to enter into this Agreement and purchase the Sponsor Warrants, the Company hereby represents
and warrants to the Purchaser (which representations and warranties shall survive the Closing Dates) that:

 

Section
2.01 Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify
would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated
by this Agreement and the Warrant Agreement.

 

Section
2.02 Authorization; No Breach.

 

(a)
The execution, delivery and performance of this Agreement and the Sponsor Warrants have been duly authorized by the Company as
of the Closing Dates. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity
or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the
Sponsor Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of
the Closing Dates subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding
in equity or law).

 

    2

     

    

 

(b)
The execution and delivery by the Company of this Agreement and the Sponsor Warrants, the issuance and sale of the Sponsor Warrants,
the issuance of the Shares upon exercise of the Sponsor Warrants and the fulfillment of, and compliance with, the respective terms
hereof and thereof by the Company, do not and will not as of the Closing Dates (1) conflict with or result in a breach of
the terms, conditions or provisions of, (2) constitute a default under, (3) result in the creation of any lien, security
interest, charge or encumbrance upon the Company’s capital stock or assets under, (4) result in a violation of, or
(5) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with,
any court or administrative or governmental body or agency pursuant to (i) the certificate of incorporation or the bylaws of the
Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), (ii) any
material law, statute, rule or regulation to which the Company is subject, or (iii) any agreement, order, judgment or decree to
which the Company is subject, except for any filings required after the date hereof under federal or state securities laws, except
with respect to clauses (ii) and (iii) above, where such default, violation or conflict would not reasonably be expected to have
a material adverse effect on the financial condition, operating results or assets of the Company.

 

Section
2.03 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement,
the Shares issuable upon exercise of the Sponsor Warrants will be duly and validly issued, fully paid and nonassessable. Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good
title to the Sponsor Warrants and the Shares issuable upon exercise of such Sponsor Warrants, free and clear of all liens, claims
and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated
hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances
imposed due to the actions of the Purchaser.

 

Section
2.04 Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.

 

    3

     

    

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

As
a material inducement to the Company to enter into this Agreement and issue and sell the Sponsor Warrants to the Purchaser, the
Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Dates)
that:

 

Section
3.01 Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry
out the transactions contemplated by this Agreement.

 

Section
3.02 Authorization; No Breach.

 

(a)
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating
to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(b)
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the
Purchaser does not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms, conditions
or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

Section
3.03 Investment Representations.

 

(a)
The Purchaser is acquiring the Sponsor Warrants and, upon exercise of the Sponsor Warrants, the Shares issuable upon such exercise
(collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not
with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(b)
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D.

 

(c)
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from
the registration requirements of the United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(d)
The Purchaser did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act of 1933, as amended (the “Securities Act”).

 

(e)
The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to the acquisition of the Securities.

 

    4

     

    

 

(f)
The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(g)
The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or
any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered
thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration
Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities
Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser
understands that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company
and their transferees, both before and after an initial business combination, are deemed to be “underwriters” under
the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant
to the Securities Act would not be available for resale transactions of the Securities despite technical compliance with the certain
requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption
from the registration requirements of the Securities Act.

 

(h)
The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits
and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchaser can afford a complete loss of its investments in the Securities.

 

(i)
The Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth in the
Warrant Agreement.

 

ARTICLE
IV

CONDITIONS OF THE PURCHASER’S OBLIGATIONS

 

The
obligations of the Purchaser to purchase and pay for the Sponsor Warrants are subject to the fulfillment, on or before the Closing
Dates, of each of the following conditions:

 

Section
4.01 Representations and Warranties. The representations and warranties of the Company contained in Article II shall
be true and correct at and as of the Closing Dates as though then made.

 

    5

     

    

 

Section
4.02 Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by it on or before the Closing Dates.

 

Section
4.03 No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

Section
4.04 Warrant Agreement and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and
the Registration Rights Agreement on terms satisfactory to the Purchaser.

 

ARTICLE
V

CONDITIONS OF THE COMPANY’S OBLIGATIONS

 

The
obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Dates,
of each of the following conditions:

 

Section
5.01 Representations and Warranties. The representations and warranties of the Purchaser contained in Article III
shall be true and correct at and as of the Closing Dates as though then made.

 

Section
5.02 Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Dates.

 

Section
5.03 No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

Section
5.04 Registration Rights Agreement. The Purchaser shall have entered into the Registration Rights Agreement.

 

ARTICLE
VI

TERMINATION

 

This
Agreement may be terminated at any time after December 31, 2020 upon the election by either the Company or the Purchaser upon
written notice to the other party, if the closing of the Public Offering does not occur prior to such date.

 

    6

     

    

 

ARTICLE
VII

SURVIVAL OF REPRESENTATIONS AND WARRANTIES

 

All
of the representations and warranties contained herein shall survive the Closing Dates.

 

ARTICLE
VIII

DEFINITIONS

 

Terms
used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

ARTICLE
IX

MISCELLANEOUS

 

Section
9.01 Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the
parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may
not assign this Agreement, other than assignments by the Purchaser to affiliates thereof.

 

Section
9.02 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

 

Section
9.03 Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain
the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

Section
9.04 Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall
be by way of example rather than by limitation.

 

Section
9.05 Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for
all purposes shall be construed in accordance with the internal laws of the State of Delaware.

 

Section
9.06 Amendments. This letter agreement may not be amended, modified or waived as to any particular provision, except by
a written instrument executed by all parties hereto.

 

[Signature
page follows]

 

    7

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	YELLOWSTONE
    ACQUISITION COMPANY
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	SPONSOR:
	 	 
	 	BOC
    YELLOWSTONE LLC
	 	 	 
	 	By:	Boston
    Omaha Investments, LLC
	 	 	Managing
    Member of BOC Yellowstone LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

[Signature
Page to Sponsor Warrant Purchase Agreement]

 

 

8

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