Document:

rpay-ex101_7.htm

Exhibit 10.1

LIMITED CONSENT, WAIVER AND FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT 

 

This LIMITED CONSENT, WAIVER AND FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of June 15, 2021, by and among REPAY HOLDINGS CORPORATION, a Delaware corporation (“Parent”), HAWK PARENT HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), the other Loan Parties signatory hereto, the Lenders (as defined below) signatory hereto and TRUIST BANK, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, Parent, the Borrower, the other Loan Parties party thereto from time to time, the several banks and other financial institutions from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Amended and Restated Revolving Credit Agreement, dated as of February 3, 2021 (as amended, restated, amended and restated, supplemented and/or modified prior to the date hereof and from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement, as amended hereby), pursuant to which the Lenders have made and will make certain financial accommodations available to the Borrower;

 

WHEREAS, on May 7, 2021, Parent and certain of its Subsidiaries entered into the Beckham Merger Agreement, pursuant to which Parent shall, through one or more of its Subsidiaries, acquire all of the issued and outstanding limited liability company interests and units of BT Intermediate, LLC, a Delaware limited liability company; and

 

WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent (i) consent to the consummation of the Beckham Acquisition and the transactions contemplated to occur in connection therewith pursuant to the terms of, and as contemplated by, the Beckham Merger Agreement, (ii) waive certain Events of Default occurring prior to the date hereof in connection with actions undertaken in contemplation of, and to facilitate, the Beckham Acquisition and (iii) amend certain provisions of the Credit Agreement as set forth herein, and subject to the terms and conditions hereof, the Lenders signatory hereto (constituting Required Lenders) and the Administrative Agent are willing to do so.

 

NOW THEREFORE, in consideration of the premises, the terms and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.Limited Consent and Waiver.  Upon satisfaction or waiver of the conditions set forth in Section 4 of this Amendment, the Lenders signatory hereto hereby (a) consent to the consummation of the Beckham Acquisition and the transactions contemplated to occur in connection therewith pursuant to the terms of, and as contemplated by, the Beckham Merger Agreement and (b) waive any Event of Default occurring prior to the date hereof in connection with actions undertaken in contemplation of, and to facilitate, the Beckham Acquisition.

2.Amendments to Credit Agreement.  Subject to the satisfaction or waiver of the conditions set forth in Section 4 of this Amendment, the Credit Agreement is hereby amended as follows: 

(a)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Change in Control” in its entirety as follows:  

WORKAMER\38735557.v10

 

“Change in Control” shall mean the occurrence of one or more of the following events: (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) but excluding any employee benefit plan of such person or its Subsidiaries and any person or entity acting in its capacity as a trustee, agent or other fiduciary or administrator of any such plan, is or shall at any time become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of 35% or more on a fully diluted basis of the voting interests (for the election of directors or other similar governing body) in Parent’s Capital Stock, (ii)(A) if Parent owns and controls, directly, beneficially and of record, 100% of the Capital Stock of Beckham Parent, Parent and Beckham Parent cease to jointly own and control, directly, beneficially and of record 100% of the voting Capital Stock of the Borrower and (B) if Parent does not own and control, directly, beneficially and of record 100% of the Capital Stock of Beckham Parent or if Beckham Parent shall cease to exist, Parent ceases to own and control, directly, beneficially and of record, 100% of the voting Capital Stock of the Borrower, or (iii) any “change in control” (or equivalent concept) shall occur under any Material Indebtedness.

(b)Section 1.1 of the Credit Agreement is hereby amended by adding the following new definitions in the appropriate alphabetical order:

“Beckham Acquisition” shall mean the acquisition of all of the issued and outstanding limited liability company interests and units of BT Intermediate pursuant to the terms of the Beckham Merger Agreement. 

“Beckham Acquisition Sub” shall mean Beckham Acquisition LLC, a Delaware limited liability company.

“Beckham Parent” shall mean (i) if the Beckham Seller elects to deliver a “Tax Election” as described in Section 2.1(c) of the Beckham Merger Agreement (and, as a result, Beckham Merger Sub does not merge with and into Beckham Acquisition Sub), BT Intermediate and (ii) if the Beckham Seller elects not to deliver a “Tax Election” as described in Section 2.1(c) of the Beckham Merger Agreement (and, as a result Beckham Merger Sub merges with and into Beckham Acquisition Sub), Beckham Acquisition Sub. 

“Beckham Merger Agreement” shall mean that certain Agreement and Plan of Merger, dated as of May 7, 2021, by and among BT Intermediate, Parent, Beckham Acquisition Sub, Beckham Merger Sub and Beckham Seller, together with the exhibits and disclosure schedules thereto, and as amended, supplemented or otherwise modified.

“Beckham Merger Sub” shall mean Beckham Merger Sub LLC, a Delaware limited liability company.

“Beckham Seller” shall mean Beckham Parent, L.P., a Delaware limited partnership (f/k/a BillingTree Parent, L.P.).

“BT Intermediate” shall mean BT Intermediate, LLC, a Delaware limited liability company.

(c)Section 5.12(a) of the Credit Agreement is hereby amended by amending and restating clause (iii) appearing in the first sentence of such Section in its entirety as follows:

(iii) to deliver all such other documentation (including, without limitation, certified Organization Documents, resolutions, lien searches and customary legal opinions) and to 

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take all such other actions as such Subsidiary would have been required to deliver and take on the Closing Date if such Subsidiary had been a Loan Party on the Closing Date, in every such case to the extent reasonably requested by the Administrative Agent.

(d)Section 7.3(a) of the Credit Agreement is hereby amended by inserting the following new sentence at the end of such Section:

Notwithstanding the foregoing, Beckham Parent shall be permitted at any time to merge into or consolidate into any Loan Party, or liquidate or dissolve, so long as any Capital Stock of the Borrower owned or controlled by Beckham Parent is transferred to Parent and any other material assets of Beckham Parent are transferred to one or more Loan Parties, in each case, through one or more transactions.

(e)Section 7.5 of the Credit Agreement is hereby amended by (i) deleting the “and” appearing at the end of Section 7.5(k), (ii) replacing the “.” appearing at the end of Section 7.5(l) with “; and” and (iii) inserting the following new Section 7.5(m) immediately after Section 7.5(l):

(m)the distribution to Parent of cash proceeds to facilitate the consummation of the Beckham Acquisition pursuant to the terms of the Beckham Merger Agreement. 

(f)Section 7.14 of the Credit Agreement is hereby amended by amending and restating such section in its entirety as follows:

Section 7.14Holding Company Restrictions. None of Parent nor Beckham Parent will incur any material liabilities or obligations, own or acquire any material assets, permit any material Lien to exist on its assets or engage itself in any operations or business, other than (a) activities and contractual rights incidental to maintenance of its corporate or organizational existence in compliance with applicable law, including the ability to incur and pay fees, costs and expenses relating to such maintenance, (b) the issuance of its Capital Stock to its shareholders, (c) the making of Restricted Payments, (d)(i) the ownership of the Capital Stock of the Borrower, the making of contributions to the capital of the Borrower, and incidental business or operations related thereto or to any Person that has merged, amalgamated or consolidated with the Borrower, (ii) solely with respect to Parent, the ownership of the Capital Stock of Beckham Parent, the making of contributions to the capital of Beckham Parent, and incidental business or operations related thereto or to any Person that has merged, amalgamated or consolidated with Beckham Parent, and (iii) solely with respect to Parent, the formation of Beckham Merger Sub and Beckham Acquisition Sub in contemplation of the Beckham Acquisition, the ownership of the Capital Stock of Beckham Merger Sub and Beckham Acquisition Sub prior to the consummation of the transactions contemplated to occur in connection with the Beckham Acquisition, the making of contributions to the capital of Beckham Merger Sub and Beckham Acquisition Sub, and incidental business or operations related thereto or to any Person that has merged, amalgamated or consolidated with Beckham Merger Sub or Beckham Acquisition Sub, (e) the filing of registration statements, and compliance with applicable reporting and other obligations, under federal, state or other securities laws, (f) the performance of obligations under and compliance with its Organization Documents, or any applicable law, ordinance, regulation, rule, order, judgment, decree or permit, including as a result of or in connection with the activities of its Subsidiaries, (g) the entry into, and performance of its obligations with respect to, indemnification arrangements with officers, directors, employees, managers, partners, consultants or independent contractors of Parent or any of its Subsidiaries or in any other contractual agreement, including equity incentive plans and the Tax Receivables Agreement, (h) the incurrence and payment of its operating and business expenses 

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incidental to a holding company and any Taxes for which it may be liable (including reimbursement to Affiliates for such expenses paid on its behalf), (i) the execution and delivery of, and the incurrence of any Indebtedness or guarantee obligations under, and the granting of any Liens, as applicable, under any Loan Documents and any documents governing or evidencing any Incremental Equivalent Debt, any Permitted Ratio Debt (including, solely with respect to Parent, any Convertible Bond Indebtedness), or any Credit Agreement Refinancing Indebtedness to which it is a party and the performance of its obligations thereunder and other related agreements contemplated hereby or thereby, (j) Indebtedness in respect of netting services or overdraft protections in connection with deposit accounts and other cash management obligations, in each case solely to the extent incurred in the ordinary course of business, (k) Liens permitted hereunder (as if any reference to any Loan Party were a reference to Parent or Beckham Parent, as applicable) that are not consensual, (l) solely with respect to the Parent, the execution and delivery of, and performance of, any Capped Call Transactions, Convertible Bond Hedge Transactions and Warrant Transactions entered into as a part of, or in connection with, an issuance of such Convertible Bond Indebtedness and other related agreements contemplated thereby, (m) any transaction between or among Loan Parties expressly permitted under this Article VII, including (i) holding any cash, Permitted Investments or property received in connection with any payment permitted to made by the Borrower or any other Restricted Subsidiary in accordance with Section 7.12 pending application thereof by Parent in the manner contemplated by Section 7.12 and (ii) the provision of Guarantees in the ordinary course of business in respect of obligations of the Borrower or any Subsidiaries to suppliers, customers, franchisees, lessors, licensees, sublicensees or distribution partners, provided for the avoidance of doubt, that such Guarantees shall not be in respect of Indebtedness for borrowed money, (n) the execution and delivery of, and performance of obligations under, the Beckham Merger Agreement and other related agreements contemplated thereby, and (o) legal, Tax, accounting and administrative matters in connection with any of the foregoing.  

3.No Other Consents, Waivers or Amendments.  The execution, delivery and effectiveness of this Amendment shall not, except as provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, nor constitute a consent to or waiver of any provision of the Credit Agreement or any of the other Loan Documents.  Except for the consents, waivers and amendments set forth above, the text of the Credit Agreement and all other Loan Documents shall remain unchanged and in full force and effect and each Loan Party hereby ratifies and confirms its respective obligations thereunder.  Except as expressly provided herein, this Amendment shall not constitute a modification of the Credit Agreement or a course of dealing with the Administrative Agent or the Lenders at variance with the Credit Agreement such as to require further notice by the Administrative Agent or the Lenders to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future.  Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations or to modify, affect or impair the perfection or continuity of the Administrative Agent’s or the Secured Parties’ security interests in, security titles to, or other Liens on, any Collateral for the Secured Obligations.

4.Conditions on Effectiveness.  This Amendment shall become effective as of the date hereof when, and only when, each of the following conditions has been met or duly waived by the Required Lenders, in writing:

	
 
	
(a)
	
Receipt by the Administrative Agent of counterparts of this Amendment duly executed by the Borrower, each Guarantor, Required Lenders and the Administrative Agent; 

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(b)
	
The Beckham Acquisition shall be consummated substantially concurrently with the closing this Amendment in accordance with the Beckham Merger Agreement, without alteration, amendment or other change, supplement or modification of the Beckham Merger Agreement since execution thereof except for waivers of conditions that are not materially adverse to the Lenders or as otherwise approved in writing by the Administrative Agent; and

	
 
	
(c)
	
To the extent invoiced at least two (2) Business Days prior to the date hereof, the Borrower shall have paid all reasonable and documented out-of-pocket costs and expenses and fees due and payable on or prior to the date hereof under the Credit Agreement or this Amendment.

For the purpose of determining satisfaction of the conditions specified in this Section 4, each Lender that has signed and delivered this Amendment shall be deemed to have accepted, and to be satisfied with, each document or other matter required hereunder to be acceptable or satisfactory to such Lender. 

 

5.Representations and Warranties.  Each Loan Party represents and warrants that (i) each Loan Party has taken all necessary action to authorize it to execute, deliver and perform its obligations under this Amendment in accordance with the terms hereof and to consummate the transactions contemplated hereby, (ii) immediately after giving effect to this Amendment, (x) no Default or Event of Default exists and (y) all representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties are be true and correct in all respects) and (iii) this Amendment has been duly executed and delivered by the Loan Parties, and is the legal, valid and binding obligation of each Loan Party, enforceable in accordance with its terms except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

6.Acknowledgment of Perfection of Security Interests.  Each Loan Party hereby acknowledges that, as of the date hereof, the security interests and liens granted to the Administrative Agent, for the benefit of the Secured Parties, under the Credit Agreement and the other Loan Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the other Loan Documents, in each case, to the same extent as on the date such Loan Party became a party to the Guaranty and Security Agreement.

7.Governing Law.  This Amendment shall be governed by, and construed in accordance with, the law of the State of New York.

8.Loan Document.  This Amendment shall be deemed to be a Loan Document for all purposes.

9.Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors in titles, and assigns. 

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

 

BORROWER:

HAWK PARENT HOLDINGS LLC

By:   /s/ Timothy Murphy

Name:  Timothy Murphy

Title: Chief Financial Officer

 

 

OTHER LOAN PARTIES:

HAWK INTERMEDIATE HOLDINGS LLC
HAWK BUYER HOLDINGS LLC 
REPAY HOLDINGS, LLC
M&A VENTURES, LLC
SIGMA ACQUISITION LLC
WILDCAT ACQUISITION LLC
MARLIN ACQUIRER LLC
REPAY MANAGEMENT SERVICES LLC
TRISOURCE SOLUTIONS, LLC
MESA ACQUIRER, LLC
CDT TECHNOLOGIES, LTD.
VIKING GP HOLDINGS, LLC
CPAYPLUS, LLC
CUSTOM PAYMENT SYSTEMS, LLC
CPS PAYMENT SERVICES, LLC
MEDIA PAYMENTS, LLC
REPAY HOLDINGS CORPORATION

By:    /s/ Timothy Murphy

Name: Timothy Murphy

Title: Chief Financial Officer

 

REPAY MANAGEMENT HOLDCO INC.

By:   /s/ Timothy Murphy

Name: Timothy Murphy

Title: Treasurer and Secretary

 

 

 

Signature Page to Limited Consent, Waiver and

First Amendment to Amended and Restated Revolving Credit Agreement

 

ADMINISTRATIVE AGENT AND LENDERS:

 

TRUIST BANK, as the Administrative Agent and a Lender

 

By: /s/ Cynthia Burton

Name: Cynthia Burton  

Title: Director

Barclays Bank PLC, as a Lender

 

By:/s/ May Huang

Name: May Huang

Title: Assistant Vice President

Regions Bank, as a Lender

 

By:/s/ Stephanie Herndon

Name: Stephanie Herndon

Title: Vice President

BMO Harris Bank, N.A., as a Lender

 

By:/s/ Brian J. Doyle

Name: Brian J. Doyle

Title: Vice President

Fifth Third Bank, National Association, as a Lender

 

By:/s/ Dan Komitor

Name: Dan Komitor

Title: Managing Director

 

 

 

 

 

Signature Page to Limited Consent, Waiver and

First Amendment to Amended and Restated Revolving Credit Agreement

 

 

CREDIT SUISSE AG, Cayman Islands Branch, as a Lender

 

By:/s/ William O’Daly

Name: William O’Daly

Title: Authorized Signatory

By:/s/ Andrew Maletta

Name: Andrew Maletta

Title: Authorized Signatory

Citibank, N.A., as a Lender

 

By:/s/ Marma Donskaya

Name: Marma Donskaya

Title: Vice President

 

Signature Page to Limited Consent, Waiver and

First Amendment to Amended and Restated Revolving Credit AgreementExhibit 10.1

 

MASTER CREDIT AGREEMENT

 

This Master Credit Agreement (referred to herein
as the “Agreement” or the “MCA”) is dated as of June 15, 2021 between APPHARVEST MOREHEAD FARM, LLC, a Delaware
limited liability company ("Party") and RABO AGRIFINANCE LLC, a Delaware limited liability company (“Lender”).

 

Article
1 - THE FACILITY SHEETS

 

1.01               
Facility Sheets. Lender has agreed, subject to the terms of
this Agreement, to make one or more credit facility(ies) available to Party under the terms and conditions of one or more Facility Sheet(s),
which are incorporated herein. Lender may in the future and at its sole option make additional credit facilities available to Party which
by their terms will be governed by this Agreement and a separate Facility Sheet(s). Upon and in the event Lender enters into any Facility
Sheet with any Party that specifically references this MCA, the term “Agreement” as used in the Facility Sheet or any exhibit
or schedule in connection therewith, shall be deemed to include this MCA as well as such Facility Sheet.

 

Article
2 – SCHEDULE OF DEFINITIONS AND COVENANTS

 

2.01               
Schedule of Definitions and Covenants. This Agreement is also
entered with reference to a Schedule of Definitions and Covenants. Party hereby acknowledges Party has received and reviewed the Schedule
of Definitions marked as Exhibit A via paper copy, electronic copy, electronic mail, or by accessing the Schedule of Definitions with
the version number that matches the version number shown in the footer of this Agreement at https://www.raboag.com/about-us/scheduledefinitions-167.
Lender and Party agree the Schedule of Definitions is hereby incorporated by reference. The Applicable Obligor Covenants Schedule is
attached hereto and incorporated herein by reference as Exhibit B. Party agrees to the Schedule of Definitions and Covenants and
the Applicable Obligor Covenants Schedule. Capitalized terms contained in this Agreement are used as defined in the Schedule of Definitions
and Covenants. Some of or all of the capitalized terms defined in the Schedule of Definitions and Covenants are used in this Agreement,
the Applicable Obligor Covenants Schedule and the Facility Sheet(s). To the extent any term is defined in the Schedule of Definitions
and Covenants but is not used in this Agreement, the Applicable Obligor Covenants Schedule, any Facility Sheet, or any amendment, modification
or supplement to this Agreement, such term shall be deemed to be disregarded, of no meaning and without any effect. Except as otherwise
defined in this Agreement or in the Schedule of Definitions and Covenants, or unless the context otherwise requires, each term that is
used in this Agreement which is defined in Article 9 of the UCC shall have the meaning ascribed to that term in Article 9 of the UCC.
If a term is defined in an Applicable Obligor Covenants Schedule, Facility Sheet, Schedule of Covenants, or Other Schedule differently
than in the Schedule of Definitions and Covenants, then the definition in each such Facility Sheet, Schedule of Covenants, or Other Schedule
will control for the purposes of that schedule and that schedule only.

 

Article
3 - COVENANTS UNDER THE FACILITY SHEETS

 

3.01               
Computation and Billing Interest. All computations of accrued
interest under all Loan Documents other than interest at the Maximum Rate, and all fees under all Loan Documents, will be made on the
basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) elapsed; and interest will
accrue and be billed (with principal, where applicable) in accordance with Lender’s systems requirements and billing practices.
Except as set forth in a Facility Sheet, there is no limit on the amount that an Interest Rate subject to Adjustment by Lender may increase
at any one time, or in the aggregate. Lender's determination of an Interest Rate will be conclusive, absent manifest error.

 

3.02               
Adjustment of Long Term Adjustable Rate. Lender shall notify
Party of any Adjustment of a Long Term Adjustable Rate not less than 30 days before the Long Term Adjustable Rate Adjustment Date. At
any time prior to that Long Term Adjustable Rate Adjustment Date, Party may deliver a Notice of Election to Prepay. If Lender receives
an Election to Prepay, the entire amount of the principal indebtedness accruing interest at the Long Term Adjustable Rate shall be Prepaid
without Prepayment Fee on or before that date which is 90 days after the Long Term Adjustable Rate Adjustment Date. If Lender does not
receive a Notice of Election to Prepay, then Party may, but is not obligated to Prepay all or any part of the principal indebtedness accruing
interest at the Long Term Adjustable Rate without Prepayment Fee, on or before the Long Term Adjustable Rate Adjustment Date.

 

3.03               
Late Fee. At Lender's option in each instance, to the extent
permitted by Applicable Law, Party shall pay on demand a late fee in the amount of 5.000% of the amount of any scheduled payment due prior
to the Maturity Date, which is not paid in full when due. The imposition and payment of a late fee will not constitute a waiver of Lender's
rights with respect to an Event of Default as a result of that late payment.

 

3.04               
Default Rate. Upon the occurrence of an Event of Default, the
principal balance of Loan and, to the extent permitted by Applicable Law, all other Loan Obligations shall, from the date of the Event
of Default until the date Lender notifies Borrower that it is waived or cured or all Loan Obligations are paid in full, bear interest
at the Default Rate, subject to the provisions of the Schedule of Definitions and Covenants, the Applicable Obligor Covenants Schedule
and the applicable Facility Sheet. The provisions of this section may result in compounding of interest. The provisions of this section
will neither constitute a waiver of any Event of Default nor require the declaration of an Event of Default.

 

3.05               
Maximum Rate. Notwithstanding any provision of this Agreement
to the contrary, (a) no interest will be due on any amount due under this Agreement if, under Applicable Law, Lender is not permitted
to charge interest on that amount, and (b) in all other cases interest due under this Agreement will be calculated at a rate not to exceed
the Maximum Rate. If Party is requested by Lender to pay interest on any amount due under this Agreement at a rate greater than the Maximum
Rate, the amount of interest due on that amount will be deemed the Maximum Rate and all payments in excess of the Maximum Rate will be
deemed to have been Prepayments without Prepayment Fee or penalty, and not interest. All amounts other than interest which are paid or
agreed to be paid to Lender for the use, forbearance, or detention of Party's indebtedness to Lender under this Agreement shall, to the
extent permitted by Applicable Law, be amortized over the full stated term of the indebtedness, so that the rate of interest on account
of that indebtedness does not exceed the Maximum Rate for so long as the indebtedness is outstanding.

 

3.06               
Method and Application of Payments. All payments of principal,
interest, and other amounts to be made under any Loan Documents shall be made to Lender in U.S. dollars and in immediately available funds,
without set-off, deduction, or counterclaim, not later than 2:00 pm (St. Louis, Missouri time) on the dates on which those payments will
become due (any of those payments made after that time on the due date will be deemed to have been made on the next succeeding Business
Day). All payments received by Lender (including, to the extent permitted by Applicable Law, all proceeds received from the sale or other
liquidation of the Collateral) will be applied to the Obligations in any order determined by Lender. The early or late date of making
a regularly scheduled payment will be disregarded for purposes of allocating the payment between principal and interest. For this purpose,
the payment will be treated as though made on the date due. In any legal action or proceeding, the entries made by Lender in an account
or accounts maintained by Lender or Banking Counterparty or any of their Affiliates in accordance with its usual practice and evidencing
the Obligations, will be prima facie evidence of the existence and amounts of those Obligations.

 

     

     

    

 

3.07               
Prepayments Generally. The Prepayment of principal on any Loan
shall be subject to the Prepayment Options that are set forth in the Facility Sheet applicable to such Loan. Lender may refuse to accept
any Prepayment not expressly permitted in the Loan Documents. If a Prepayment is conditioned upon a Notice of Election to Prepay or other
prior notice to Lender, at the option of Lender, (a) that Notice of Election to Prepay or notice will be irrevocable; (b) Prepayment will
be due in the amount and on the date specified in that Notice of Election to Prepay or notice; and (c) that Notice of Election to Prepay
or notice will not affect Parties obligation to make all other payments required under the Loan Documents on the date when due. If Lender
receives any Prepayment which it is permitted to refuse, Lender may accept Prepayment; except that Lender may, as a condition of acceptance,
require the payment of interest which would accrue on the amount Prepaid through the date when Lender would be obligated to accept the
Prepayment, or the date the principal amount Prepaid would be due whichever is earlier. Each Prepayment of a portion of a Loan will be
applied to the most remote payment of the principal due under a Facility Sheet for which such Prepayment is designated and as may be permitted
under such Facility Sheet.

 

3.08               
Reporting Requirements. Lender
may, from time to time, ask for various reporting and other such documentation from each Party to the Agreement regarding the operations,
business, corporate affairs and financial condition, including without limitation financial, tax, and other corporate records reporting. 
Said reporting and/or documentation requests will be made by Lender in its sole and absolute discretion.  Except where such reports
shall be delivered within a different time period, each Party will be required to provide Lender with the requested reporting within 30
days of the receipt of written notice from Lender. Financial reporting, if any, will be at least of the quality specified in the
notice and may be (i) tax returns, (ii) self-prepared financial statements, (iii) CPA Compiled statements, (iv) CPA Reviewed statements
and/or (v) CPA Audited statements each based upon either US GAAP or FFSC reporting as also specified in the notice.

 

3.09               
Mandatory Repayments. If at any time the unpaid principal balance
of any Loan exceeds the Maximum Amount thereof under the terms of this Agreement, then, subject to a Permitted Over-Advance for such Loan,
upon demand by Lender, Party shall repay that portion of the principal balance thereof in excess of that Maximum Amount, along with all
unpaid accrued interest on that portion.

 

3.10               
Aggregate Borrowing Base. In no event shall any Borrowing Base
Certificate submitted hereunder, include any Eligible Collateral (as such term is defined in a Facility Sheet) that is also included in
another Facility Sheet Borrowing Base.

 

Article
4 - COLLATERAL

 

4.01               
Collateral Documents. The payment and performance of the Obligations
are secured by those Liens in favor of Collateral Agent as agent for the Lender pursuant to the Collateral Agency Agreement created under
(i) any Security Instrument now or hereafter entered into by Party in favor of Collateral Agent, which states that it secures all or any
of the Obligations; (ii) any other instrument or agreement now or hereafter delivered to Lender and/or Collateral Agent in conjunction
with this Agreement, which states that it secures all or any of the Obligations; and (iii) any Cross Collateralized Loan Documents, if
applicable.

 

4.02               
Due on Sale or Encumbrance Provisions. Each Mortgage shall
include a provision similar to the following, with applicable terms to be revised as the context requires: Parties shall not make or permit
any Prohibited Transfer. Upon Lender’s or Beneficiary’s election, whichever is applicable, any Prohibited Transfer shall be
an Event of Default, permitting Lender/Beneficiary and/or Collateral Agent to declare all of the Secured Obligations to be due and payable
immediately. 

 

Article
5 - LOAN OPENING AND FUNDING CONDITIONS

 

5.01               
Loan Opening Conditions. Lender's obligation to make a Loan
is subject to satisfaction of the following Loan Opening Conditions and receipt by Lender of the following items, each as determined by
Lender in Lender’s sole and absolute discretion:

 

(a)           
No Event of Default. No Event of Default or condition which with the giving of notice or passage of time would be an Event
of Default exists under this Agreement;

 

(b)           
Fully Executed Agreement. Lender shall have received a completed and executed Agreement;

 

(c)           
Fully Executed Facility Sheet. Lender shall have received a completed and executed Facility Sheet.

 

(d)           
Fully Executed Loan Documents. Loan Documents applicable to the Loan Type and executed by Party and any other Parties, all
as set forth in this Agreement or the Facility Sheet applicable to the Loan Type;

 

(e)           
Amendments to Cross Collateralized Loan Documents. Amendments to Cross Collateralized Loan Documents to the extent, if any,
required by Lender for purposes of securing the Loan Obligations;

 

(f)            
Organizational Evidence.  Evidence (i) of the formation, existence and good standing of all Parties to the Transaction Documents
other than Lender which are anything other than an individual, if any, and authorization of the individuals executing the Transaction
Documents on behalf of those Parties, (ii) to the extent required by Lender or by Applicable Law such information that Lender may require
to determine who the ultimate beneficial owner of any or all the Parties; (iii) that there has been no material change in the management
and/or ownership structure of any Party since the date on which the application for the applicable Loan was submitted;

 

(g)           
Financial Evidence. Evidence there has been no Material Adverse Effect as to any Party since the effective date of the Financial
Information provided to Lender.

 

(h)           
Appraisals and Reports. All Appraisals and inspection reports required by Lender;

 

(i)            
Environmental Information. Environmental Information establishing compliance with all applicable Environmental Laws;

 

(j)            
Regulatory Compliance. Evidence that all regulatory approvals, Permits and licenses required under Applicable Law for Party's
business operations have been issued and are in full force and effect;

 

(k)           
Validity of Liens. Evidence that the Liens granted to Lender under the Collateral Documents are valid, enforceable, properly
perfected, and prior to the rights and interests of all other Persons, except those rights and interests acceptable to Lender;

 

(l)            
Title Evidence. Evidence that all policies of title insurance, opinions of title and endorsements required by Lender or
under the Loan Documents have been issued and are in full force and all premiums and charges for those policies, opinions and endorsements
have been paid;

 

(m)          
Representations and Warranties. All representations and warranties of all Parties in the Transaction Documents are true
and correct;

 

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(n)           
Legal Opinion. To the extent required by Lender, a written opinion from Parties’ and Guarantor's (if any) legal counsel
acceptable to Lender, covering all issues required by Lender;

 

(o)           
Payment of Fees and Costs. Payment to Lender of all fees and costs set forth in this Agreement;

 

(p)           
Reimbursement of Appraisal Expenses. Reimbursement of Lender’s Appraisal Expenses;

 

(q)           
Reimbursement of Closing Expenses. Reimbursement of Closing Expenses;

 

(r)            
Collateral Ownership. If any Collateral is not owned by the Party, Party must cause all individuals or entities who own
such Collateral to enter into this Agreement; and

 

(s)           
Preconditions. All other documents, information and other preconditions required by Lender, including, but not limited to,
confirmation that Party is in compliance with all covenants set forth in this Agreement.

 

5.02               
Loan Funding Conditions. Lender's obligation to disburse funds
under a Loan is subject to satisfaction of all other requirements and conditions set forth in this Agreement, the Applicable Obligor Covenants
Schedule and in the Facility Sheet in connection with the Loan, as determined by Lender in Lender’s sole and absolute discretion.

 

Article
6 – PARTY REPRESENTATIONS

 

6.01               
Representations. Party represents (collectively, the “Party
Representations”) to Lender that: 

 

(a)           
Good Standing. If Party is anything other than an individual, Party was duly formed, is validly existing and in good standing
and qualified to do business in its state of organization and each state in which it conducts its business;

 

(b)           
Due Power and Authority. The execution, delivery and performance by Party of each Transaction Document to which it is a
Party, is within the powers and authority of Party and has been duly authorized;

 

(c)           
No Conflict with Applicable Law. To Party's knowledge, the Transaction Documents do not conflict with any Applicable Law;

 

(d)           
Enforceability. Each Transaction Document is a legal, valid and binding obligation of Party, enforceable against Party in
accordance with its terms, and any Transaction Document, instrument or agreement required thereunder, when executed and delivered to Lender,
will be similarly legal, valid, binding and enforceable;

 

(e)           
Financial Information. All Financial Information delivered to Lender in connection with Party's application for a Loan,
Lender's underwriting and approval of the Loan, or this Agreement and the other Loan Documents, are accurate, correct and sufficiently
complete in all material respects to provide Lender true and accurate knowledge of their subject matter, including, without limitation,
all material contingent liabilities;

 

(f)            
Utilities. All Utilities necessary and appropriate for the conduct of the business of Party are available or Party has taken
all steps necessary to assure that all utility services so required will be available upon commencement of the business of Party;

 

(g)           
Roads. All Roads necessary for the completion, occupancy and operation of Party’s business have either been completed
or the necessary easements or rights-of-way therefor have been acquired or dedicated to public use, and all necessary steps have been
taken by Party to ensure their completion no later than the date they will be needed for operation of Party’s business or any earlier
date required by any Governmental Authority or Applicable Law;

 

(h)           
Permits. All Permits have been obtained, or, to the extent not obtained, no information or fact exists that would reasonably
cause Party to believe that all Permits required to construct, occupy, and operate Party’s business will not be readily obtainable
prior to the commencement of Party’s applicable business;

 

(i)            
No Material Adverse Effect. There has been no Material Adverse Effect as to Party since the effective date of the Financial
Information provided to Lender;

 

(j)            
No Judgment. Party is not the subject of any Judgment; and there is no lawsuit, tax claim or other dispute pending or to
Party's knowledge threatened against Party that, if determined adverse to Party, is reasonably likely to have a Material Adverse Effect;

 

(k)           
No Conflicts. The Transaction Documents do not conflict with, nor is Party in default under any agreement or arrangement
in effect providing for or relating to extensions of credit in respect of which Party is in any manner directly or contingently obligated;

 

(l)            
Tax Returns. Party has filed all tax returns (federal, state, and local) required to be filed by Party and has paid all
taxes, assessments, and governmental charges and levies thereon, including interest and penalties;

 

(m)          
Applicable Laws Compliance. Party is in compliance with all Applicable Laws (including all Environmental Laws), and there
is no claim, action, proceeding or investigation pending or to Party's knowledge threatened against Party with respect to a violation
of Applicable Law by Party;

 

(n)           
Non-Foreign Person. Party is not a foreign person within the meaning of Section 1445 of the Internal Revenue Code of 1986;
and

 

(o)           
No Event of Default. There is no Event of Default or event which, with notice or lapse of time would be an Event of Default.

 

6.02               
Information Accurate and Complete. Party's submission of any
report, record or other information pertaining to the condition or operations, financial or otherwise, of Party, from time to time, whether
or not required under this Agreement, will be deemed accompanied by a representation by Party that the report, record or information is
complete and accurate in all material respects as to the condition or operations of Party (and, if applicable, Party's Subsidiaries, Affiliates,
partners, shareholders, members, or other principals), including, without limitation, all material contingent liabilities.

  

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Article
7 – PARTY COVENANTS

 

Until such time as all Obligations have been paid
in full and Lender has no obligation to make any additional advance under any Loan (if applicable), Party (or the Person or Persons as
may be specifically named in any of the Covenants or Reporting Requirements) agrees to and makes the Covenants set forth in this MCA:

 

7.01               
Books and Records. Party shall maintain and cause each of its
Subsidiaries to maintain proper books of record and account including full, true, and correct entries of all dealings and transactions
relating to its and their business and activities, in all material respects in conformity with GAAP.

 

7.02               
Change in Accounting. Party shall not make any material change
or modification of Party’s manner and method of accounting except as required by the applicable accounting standard. 

 

7.03               
Maintenance of Assets. Party shall maintain and preserve all
rights, privileges, and franchises Party now has; and make any repairs, renewals, or replacements to keep Party's properties in good working
condition. 

 

7.04               
Landlord Agreement. Upon request by Lender, for any personal
property Collateral located on real property which is not owned by Party (or the grantor of the security interest in favor of Lender),
Party shall obtain an agreement in favor of Lender signed by the owner of the real property and the holder of any mortgage or deed of
trust on the real property, waiving any of their rights in the Collateral and permitting Lender's removal thereof from the real property.

 

7.05               
Mortgagee Agreement. Upon request by Lender, for any personal
property Collateral located on real property which is subject to a mortgage or deed of trust in favor of a Person other than Lender, Party
shall obtain an agreement in favor of Lender signed by the holder of the mortgage or deed of trust on the real property, waiving any of
their rights in the Collateral and permitting Lender's removal thereof from the real property. 

 

7.06               
Existence and Good Standing. If Party is anything other than
an individual, Party shall preserve and maintain its existence and good standing in the jurisdiction of its formation, and qualify and
remain qualified to conduct its business in each jurisdiction in which such qualification is required; 

 

7.07               
Change in Business or Organizational Structure. Party shall
not engage in any material line of business substantially different from, or unrelated to, those lines of business conducted by Party
and its Subsidiaries on the date hereof. If Party is anything other than an individual, Party shall not (a) form or otherwise acquire
any Subsidiary, unless that Subsidiary executes and delivers to Lender a Guaranty of all of the Obligations and all other instruments
and agreements required by Lender; (b) merge, dissolve, liquidate, consolidate with or into another Person, or dispose of (whether in
one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or
in favor of any Person; or (c) change its name, identity or business structure or the location(s) of (A) Party’s place of business
or Party’s chief executive office if Party has more than one place of business, (B) Party’s state of organization. Without
diminishing Party’s reporting obligations under this Article, for all purposes under the Transaction Documents, in connection with
any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any
asset, right, obligation or liability of any Party or Person becomes the asset, right, obligation or liability of a different Person,
then any such asset, right, obligation or liability shall be deemed to have been transferred from the original Party or Person to the
subsequent Person, which subsequent Person shall become a Party to each of the relevant Transaction Documents by operation of the division
and transfer and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date
of its existence by the holders of its Equity Interests at such time.

 

7.08               
Compliance with Laws. Party shall comply in all respects with
all Applicable Laws and pay before delinquency, all taxes, assessments, and governmental charges imposed upon Party or its property. 

 

7.09               
Inspections.  Party shall, at any reasonable time and from
time to time, permit Lender or any of its agents or representatives to examine and make copies of and abstracts from the records and books
of, and visit the properties of, Party and to discuss the affairs, finances, and accounts of Party with (if Party is other than an individual)
officers, directors, partners, or managers or Party, as applicable; Party's independent accountants; and any other Person dealing with
Party. 

 

7.10               
Insurance. Party shall maintain, or cause to be maintained,
all insurance policies and any such additional insurance as required by Lender or any Swap Counterparty from time to time.  All policies
of insurance required must be issued by companies approved by Lender and the Swap Counterparties, and must be acceptable to Lender and
the Swap Counterparties as to amounts, forms, risk coverages, deductibles, expiration dates, and loss payable and cancellation provisions. 
In addition, each required policy must contain such endorsements as Lender or the Swap Counterparties may require and must provide that
all proceeds be payable to Lender and the Swap Counterparties to the extent of their respective interests.  If and whenever Lender
or a Swap Counterparty believes that any required insurance is not in effect, Lender  or that Swap Counterparty may (but will not
be obligated to) procure that insurance at Party's expense.  Party shall reimburse Lender and the Swap Counterparties, on demand,
for all premiums on that insurance paid by Lender or the Swap Counterparties, respectively. If any Real Estate is located in an area now
or hereafter designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Borrower agrees to
obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Real Estate is located
in a special flood hazard area, for the lesser of 1) the full unpaid principal balance of the Loan, plus Swap Counterparties’ derivative
exposure under the Hedging Agreements as calculated by Swap Counterparties, plus any prior Lien on the property securing the Loan, 2)
the total replacement value of any structure located in the flood hazard area, or 3) the maximum amount available under the National Flood
Insurance Program for the particular type of property, up to the maximum policy limits set under the National Flood Insurance Program,
or as otherwise required by Lender, and to maintain such insurance for the term of the Loan.

 

7.11               
Arms' Length Dealing. Except for de minimis transactions,
Party shall not enter into any transaction of any kind with any family member, Subsidiary or Affiliate of Party, whether or not in the
ordinary course of business, other than on fair and reasonable terms substantially as favorable to Party as would be obtainable by any
Party at the time in a comparable arm’s length transaction with a Person other than a family member, Subsidiary or Affiliate of
Party. 

 

7.12               
Use of the Loan. Party shall not use the Loan (a) for personal,
family or household purposes, or (b) to purchase or carry margin stock or to invest in other Persons for the purpose of carrying any such
margin stock or to reduce or retire any indebtedness incurred for that purpose or for any illegal activity. 

 

7.13               
ERISA Plans. Party shall promptly pay and cause all Subsidiaries
to pay contributions adequate to meet not less than the minimum funding standards under ERISA with respect to each and every Plan; file
each annual report required to be filed pursuant to ERISA in connection with each Plan for each year; and notify Lender within ten days
following the occurrence of any Reportable Event that might constitute grounds for termination of any capital Plan by the Pension Benefit
Guaranty Corporation or for the appointment by the appropriate United States District Court of a trustee to administer any Plan. Capitalized
terms in this section shall have the meanings defined within ERISA. 

  

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7.14               
Legal Fees; Costs. Party shall pay the following: (a) costs,
expenses and Legal Fees paid or incurred in connection with the collection or enforcement of the Transaction Documents, whether or not
suit is filed; (b) costs and Legal Fees paid or incurred in connection with any Insolvency Proceeding involving a claim under the Transaction
Documents; (c) costs, expenses and Legal Fees incurred to protect the Lien and security interests under the Collateral Documents; including
but not limited to appraisals, inspections, insurance premiums, and the prevention of waste; and (d) costs of suit and such sum as the
court may adjudge as Legal Fees in any action to enforce payment of the Notes or any part thereof. 

 

7.15               
Other Acts. Upon request by Lender, Party shall cooperate with
Lender for the purposes of, and perform all acts which may be necessary or advisable to perfect any Lien granted under this Agreement
or the Collateral Documents, or to carry out the intent of the Transaction Documents. 

 

7.16               
Reporting Requirements. Party
shall furnish to Lender notice of the occurrence of any of the following, promptly, but in any event no later than five days after such
occurrence: (i) any lawsuit, tax claim or other dispute if filed or threatened against Party in an amount greater than $100,000.00; (ii)
any substantial dispute between Party and any Governmental Authority; (iii) the failure by Party to comply with the terms and provisions
of this Agreement; (iv) any Material Adverse Effect as to Party; or (vi) any change in Party's name, legal structure, place of business,
or executive office, including any change from Party's previous reports of: (x) any individual who owns, directly or indirectly, 25 percent
or more of the equity interest of the legal entity that is a Party to this Agreement (e.g., each individual who owns 25 percent or more
of the shares of a corporation), and (y) any single individual with significant responsibility for managing the legal entity that is a
Party to this agreement (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner,
President, Vice President, or Treasurer), and, as to both (x) and (y), such new individual's name, address, date of birth, and Social
Security number (or passport number or other similar information, where applicable). 

 

Article
8 - REMEDIES

 

Upon the occurrence of an Event of Default, Lender
may: (a) without notice to Party, decline any Request for Advance; (b) declare all Loan Obligations immediately due and payable, without
presentment, notice of intent to accelerate or notice of acceleration, demand, protest or further notice of any kind, all of which are
expressly waived by Party; and (c) exercise all other rights and remedies afforded to Lender under any or all Loan Document or Applicable
Law or in equity; except that upon an actual or deemed entry of an order for relief with respect to Party or any of its Subsidiaries in
any Insolvency Proceeding, (i) any obligation of Lender to make any additional advance under any Loan, other than all or any portion of
any Loan already advanced by Lender pursuant to the terms and conditions herein, shall automatically be terminated and (ii) all Loan Obligations
shall automatically become due and payable, without presentment, demand, protest or any notice of any kind, all of which are expressly
waived by Party.

 

Article
9 - NOTICES

 

All Notices between the Parties must be in writing
and mailed or delivered to the address specified in that Loan Document, or to the address designated by any Party in a notice to the other
Parties; and in the case of any other Person, to the address designated by that Person in a notice to Party and Lender. All Notices will
be deemed to be given or made upon the earlier to occur of (a) actual receipt by the intended recipient or (b) (i) if delivered by hand
or by courier, upon delivery; or (ii) if delivered by mail, four Business Days after deposit in the mails, properly addressed, postage
prepaid; except that Notices and other communications to Lender shall not be effective until actually received by Lender. Party requests
that Lender accept, and Lender may, at its option, accept and is entitled to rely and act upon any Notices purportedly given by or on
behalf of Party, even if not made in a manner specified herein (including Notices made verbally, by telephone, facsimile, email, or other
electronic means of communication), were incomplete or were not preceded or followed by any other form of Notice specified herein, or
the terms thereof, as understood by the recipient, varied from any confirmation thereof. All telephonic Notices to and other telephonic
communications with Lender may be recorded by Lender, and each Party consents to such recording.

 

Article
10 – ACCOUNTING MATTERS AND DRAFTING CONVENTIONS

 

10.01            
Accounting Matters. All accounting terms not specifically defined
herein or in the Schedule of Definitions and Covenants will be construed in accordance with GAAP or FFSC, at Party's option. All financial
covenants applicable to an individual will be calculated based on that individual's business, excluding personal assets and liabilities.
Party will not change (a) the accounting standards used to prepare Party's financial statements or (b) the manner in which either the
last day of its fiscal year or the last days of the first three fiscal quarters of its fiscal years is calculated. If at any time any
change in GAAP or FFSC would affect the computation of any financial ratio or requirement set forth in any Loan Document, Lender may amend
that ratio or requirement to preserve the original intent thereof in light of that change.

 

10.02            
Drafting Conventions. Unless expressly stated therein or the
context otherwise requires, all Loan Documents will be interpreted in accordance with the Drafting Conventions. 

 

Article
11 – GENERAL TERMS AND CONDITIONS APPLICABLE TO ANY LOAN AND LOAN TYPE

 

11.01            
Loan Documents. Each Loan shall be evidenced by a Note and
any other Loan Documents Lender so requires. The form, substance and enforceability (substantiated by an opinion of Party’s counsel,
if requested) of all Loan Documents required by Lender must also be satisfactory to Lender's counsel and all Loan Documents will contain
terms and conditions not set forth in this Agreement and required by Lender for the Loan Type contemplated by this Agreement and the applicable
Facility Sheet. 

 

11.02            
Compliance With Conditions. Lender shall have received such
evidence of compliance with the Loan Opening Conditions and such other due diligence items as Lender or its counsel may reasonably require.

 

11.03            
Obligation to Borrow and Lend. Party’s obligation to
borrow and Lender’s obligation to lend any Loan hereunder shall be conditioned upon the execution and delivery by Party and Lender
of this Agreement, a Facility Sheet and the satisfaction of all Loan Opening Conditions set forth in this Agreement. Lender shall be under
no obligation to lend and Party shall be under no obligation to borrow unless and until both this Agreement and a Facility Sheet are approved
by Lender in Lender’s sole and absolute discretion and executed by both Lender and Party. 

 

11.04            
Balloon Payment. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
PROVIDE FOR BALLOON PAYMENTS. BORROWER ACKNOWLEDGES THAT LENDER HAS NOT AGREED TO REFINANCE THOSE PAYMENTS. 

 

11.05            
Requests for Advances. Each Request for Advance will be irrevocable
and is a representation by Party to Lender that, if applicable, the unpaid principal balance of that Loan after disbursement of the requested
Loan will not exceed the Maximum Amount of such Loan under this Agreement. Each time Party makes a Request for Advance, Party reaffirms
and re-makes all of the Party Representations and acknowledges and agrees to all of the Covenants and Reporting Requirements set forth
in the Applicable Obligor Covenants Schedule, any Facility Sheet as of the date of the Request for Advance by Party. Lender may postpone
making any advance on any Loan to the extent Lender is delayed by fire, earthquake or another circumstance outside Lender’s reasonable
control.

 

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11.06            
Optional Rates. If Party is granted such an option hereunder,
Party may from time to time elect (i) a Rate Conversion, or (ii) a LIBOR Rate Continuation, subject to the Optional Rate Conditions.

 

11.07            
Designated Account. So long as Lender has any obligation to
make any advance on any Loan or any Loan Obligations or any portion of any Loan remains unpaid or unsatisfied, upon the request of Lender,
Party shall maintain a Designated Account demand deposit account with a Banking Counterparty. If all of the applicable conditions to a
Loan have been fulfilled, Lender shall make the Loan available to Party as set forth herein by, at the option of Lender, (a) depositing
the proceeds in the Designated Account; (b) if applicable, transferring the proceeds to an agent designated for purposes of an escrowed
Closing of this transaction by wire or ACH transfer; or (c) paying or applying the proceeds as otherwise permitted under this Agreement,
by any means appropriate under the circumstances.

 

11.08            
ACH Payments. Party authorizes Lender to, at Lender's option
in each instance, initiate ACH Payments from the Designated Account. If Lender elects to initiate ACH Payments, Party will thereafter
maintain sufficient funds in the Designated Account on the dates Lender enters debits for ACH Payment regularly scheduled payments of
interest, principal, and fees, if any. If there are insufficient funds in the Designated Account on the date Lender enters any debit authorized
by this Agreement, Lender may reverse the debit or may accept the partial payment without prejudice to Lender’s right to receive
all amounts due and owing. Party agrees to upon request by Lender, execute and deliver to Lender an ACH Payment authorization in form
and content satisfactory to Lender.

 

11.09            
Prepayment Conditions. The Prepayment of principal on any Loan
shall be subject to the Prepayment Conditions. 

 

11.10            
LIBOR Rate Loan Indemnification. Upon Lender’s commitment
or funding of any LIBOR Rate Loan to Party, Party agrees to indemnify Lender and to hold Lender harmless from any loss or expense which
Lender may sustain or incur as a consequence of (a) failure by Party to borrow pursuant to any such LIBOR Rate Loan, or to execute
a LIBOR Rate Conversion or a LIBOR Rate Continuation after Party has requested any of the same in accordance with the provisions of this
Agreement, (b) default by Party in a borrowing of a LIBOR Rate Loan, a LIBOR Rate Conversion, or a LIBOR Rate Continuation, (c) default
by Party in making any Prepayment of a LIBOR Rate Loan after Party has given a notice thereof in accordance with the provisions of this
Agreement or (d) the making of a Prepayment of a LIBOR Rate Loan on a day which is not the last day of an Interest Period with respect
thereto.  Such indemnification may encompass an amount equal to the excess, if any, of (i) the amount of interest which would
have accrued on the amount so Prepaid, or borrowed, converted or continued, for the period from the time of such Prepayment or of such
failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of the failure to borrow, convert or continue,
the Interest Period which would have commenced on the date of such failure) in each case the applicable rate of interest for such Loan
provided herein over (ii) the amount of interest (as reasonably defined by the Lender) which would have accrued to the Lender on
such amount by placing such amount on deposit for a comparable period with leading banks in the interbank LIBOR market.  This covenant
shall survive the termination of this Agreement and the payment of all Loans and all other Obligations due under this Agreement. Amounts
payable pursuant to this subsection shall be paid to Lender upon demand.  A determination of Lender as to the amounts payable pursuant
to this subsection shall be conclusive absent manifest error.

 

11.11            
Inability to Determine Rates. If, in connection with any Loan
bearing interest at a LIBOR Rate, Lender determines that (a) United States dollar deposits are not being offered to banks in the London
interbank market for the applicable amount of such Loan, (b) adequate and reasonable means do not exist for determining the applicable
LIBOR Rate, or (c) the applicable LIBOR Rate does not adequately and fairly reflect the cost to Lender of funding that Loan, Lender will
promptly so notify the Party. Thereafter, the obligation of Lender to make or maintain any Loan bearing interest at the applicable LIBOR
Rate shall be suspended until Lender revokes such notice, and any Loan which would otherwise bear interest at the applicable LIBOR Rate
shall accrue interest at that rate, per annum, equal to a rate determined by Lender in Lender’s reasonable discretion.

 

Article
12 - MISCELLANEOUS

 

12.01            
Entire Agreement. This Agreement and the other Loan Documents,
collectively: (i) represent the sum of the understandings and agreements between Lender and Party concerning this credit; (ii) replace
any prior oral or written agreements between Lender and Party concerning this credit; and (iii) are intended by Lender and Party as the
final, complete and exclusive statement of the terms agreed to by them. In the event of any conflict between this Agreement and any other
agreements required by this Agreement, this Agreement will prevail.

 

12.02            
Joint and Several Obligations. If Borrower consists of more
than one Person on a Facility Sheet, each Borrower on such Facility Sheet (a) expressly acknowledges that it has benefited and will benefit,
directly and indirectly, from each Loan contained in such Facility Sheet and acknowledges and undertakes, together with the other Borrowers
on such Facility Sheet, joint and several liability for the punctual payment when due, whether at stated maturity, by acceleration or
otherwise, of such Facility Sheet; (b) acknowledges that this agreement is the independent and several obligation of each Borrower and
may be enforced against each Borrower on such Facility Sheet, separately, whether or not enforcement of any right or remedy hereunder
has been sought against any other Borrower on such Facility Sheet; and (c) agrees that its liability hereunder and under any other Loan
Document is absolute, unconditional, continuing and irrevocable.  BORROWER EXPRESSLY WAIVES ANY REQUIREMENT THAT LENDER EXHAUST ANY
RIGHT, POWER OR REMEDY AND PROCEED AGAINST THE OTHER BORROWERS UNDER THIS AGREEMENT, OR ANY OTHER LOAN DOCUMENTS, OR AGAINST ANY OTHER
PERSON UNDER ANY GUARANTY OF, OR SECURITY FOR, ANY OF THE OBLIGATIONS.

 

12.03            
Authority to Bind Party. If Party is comprised of multiple
Persons, any Person comprising Party is authorized to bind all Parties comprising Party. Without limitation of the foregoing, Lender may
require any Request for Advance or other request, authorization, or other action by or on behalf of Party be by one or more Designated
Person. Lender may, at any time and without notice, waive any prior requirement that requests, authorizations, or other actions be taken
only by a Designated Person.

 

12.04            
Binding Effect; Successors and Assigns. All Loan Documents
will inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

 

12.05            
Assignment; Participations. Party shall not assign its rights
or Obligations hereunder without Lender's consent in Lender’s sole and absolute discretion. Lender may assign or sell participations
in all or any portion of its interest in any Loan or under any Loan Documents to any Person. Lender may disclose to any actual or potential
assignee or participant any information that Party has delivered to Lender in connection with any Loan Documents; and Party shall cooperate
fully with Lender in providing that information. If Lender assigns or sells a participation in any Loan or any Loan Documents, the purchaser
will have a right of set-off against Party.

 

12.06            
Severability. Any provision of any Loan Document which is prohibited
or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of that Loan Document or affecting the validity or enforceability of that provision in any
other jurisdiction; except that if such provision relates to the payment of any monetary sum, then Lender may, at its option, declare
all Loan Obligations immediately due and payable.

 

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12.07            
Amendments in Writing. The Loan Documents may not be amended,
changed, modified, altered or terminated without the prior written consent of all Parties to the respective Loan Document.

 

12.08            
Governing Law. (A) This
MCA and ALL lOAN DOCUMENTS have been negotiated, executed and delivered in various jurisdictions.  In order to provide for a uniform
and well established body of commercial and other law to define and govern the rights and duties of the parties, the parties agree that
this Agreement shall be governed by and construed in accordance with the internal substantive laws of the governing law state without
giving effect to any choice of law rules thereof; provided, however, that (I) if any of the Collateral shall be located in any jurisdiction
other than governing law state, the laws of such jurisdiction shall govern the CREATION, PERFECTION AND/OR ENFORCEMENT OF THE LIENS, ASSIGNMENTS
AND/OR SECURITY INTERESTS CREATED HEREIN OR IN ANY LOAN DOCUMENT IN CONNECTION HEREWITH AND TO THE ENFORCEMENT OF LENDER’S RIGHTS
AND REMEDIES AGAINST THE collateral, WHICH MATTERS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE in which
the collateral is located AND (II) IN THE EVENT THE LAWS OF THE UNITED STATES OF AMERICA AND ANY RULES, REGULATIONS, OR ORDERS ISSUED
OR PROMULGATED THEREUNDER APPLICABLE TO THE AFFAIRS AND TRANSACTIONS OF LENDER AND/OR PARTY OTHERWISE PREEMPT governing law state LAW,
SUCH FEDERAL LAW SHALL CONTROL.  IN PARTICULAR, THE PARTIES HERETO AGREE THAT ALL ISSUES RELATING TO USURY, LIMITATIONS ON INTEREST,
LOAN CHARGES AND COMMITMENT FEES PAYABLE UNDER THE OBLIGATIONS AND THE LOAN AGREEMENT SHALL BE GOVERNED BY the laws of governing law state.
  TO THE FULLEST EXTENT PERMITTED BY LAW, PARTY HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF
ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF governing law state. Party
understands, agrees and acknowledges that (a) this Agreement and the transaction evidenced hereby have significant and substantial contacts
with the Governing Law State, (b) it is convenient to Party and Lender to select the law of the Governing Law State to govern this Agreement
and the transactions evidenced hereby, (c) the transactions evidenced by this Agreement bear a reasonable connection to the laws of the
Governing Law State, (d) the choice of the internal laws of the Governing Law State was made for good and valid reasons, and (e) the choice
of the Governing Law State constitutes good and valuable consideration for Lender to enter into this Agreement and Lender has entered
into this Agreement in reliance on this choice.

 

12.09            
Governing Law State. The Governing Law State is Iowa.

 

12.10            
Jurisdiction and Venue. PARTY HEREBY AGREES THAT ALL ACTIONS
OR PROCEEDINGS INITIATED BY PARTY AND ARISING DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT SHALL BE LITIGATED IN ANY CIRCUIT COURT OR
UNITED STATES DISTRICT COURT OF THE GOVERNING LAW STATE, OR, IF LENDER INITIATES SUCH ACTION, ANY COURT IN WHICH LENDER SHALL INITIATE
SUCH ACTION AND WHICH HAS JURISDICTION. PARTY HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING
COMMENCED BY LENDER IN ANY OF SUCH COURTS, AND HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS
ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL ADDRESSED TO PARTY AT THE ADDRESS TO WHICH NOTICES ARE TO BE SENT PURSUANT TO THIS AGREEMENT. PARTY WAIVES ANY CLAIM THAT THE GOVERNING
LAW STATE IS AN INCONVENIENT FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD PARTY, AFTER BEING SO SERVED, FAIL TO APPEAR OR
ANSWER TO ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW AFTER THE MAILING THEREOF, PARTY
SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY LENDER AGAINST PARTY AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR PARTY SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT
BY LENDER OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING BY LENDER OF ANY ACTION TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE
JURISDICTION, AND PARTY HEREBY WAIVES THE RIGHT, IF ANY, TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR ACTION.

 

12.11            
Counterpart Execution and Signatures. All Loan Documents may
be executed in one or more counterparts, each of which shall be deemed to be an original and all of which, when taken together, shall
be deemed to be one and the same agreement or document. An original signed counterpart of this Agreement in the form of paper with a signature
in ink transmitted by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as delivery
of an original executed copy of this Agreement for all purposes; subject to the obligation, that Borrower shall within twenty (20) days
of delivery of the copy, deliver an original signed copy of this Agreement to Lender. Failure to deliver the original in accordance with
this paragraph shall be a Non-Monetary Default After Notice.

 

12.12            
Necessary Action.  Lender is authorized to execute any other
documents or take any other actions necessary to effectuate any Loan Documents and the consummation of the transactions contemplated therein.

 

12.13            
Credit Report. Lender is authorized to order a credit report
and verify all other credit information, including past and present loans and standard references from time to time to evaluate the creditworthiness
of Party. Without limitation, a copy of the consent for release of information, general authorization or similar document on file with
Lender shall authorize third Persons to provide the information requested from time to time.

 

12.14            
Consent to Disclosure. Party agrees and consents to the communication
and disclosure of all information in respect of the transaction governed by this Agreement and all matters incidental hereto and thereto
by Lender: (i) to the head office and all other branches and Affiliates of Lender, provided such communication and disclosure is for risk
management and administrative purposes; and (ii) as required by any Applicable Law or regulation or any court or regulatory or other authority
of competent jurisdiction.

 

12.15            
No Construction Against Drafter. Each Party has participated
in negotiating and drafting this Agreement, so if an ambiguity or a question of intent or interpretation arises, this Agreement is to
be construed as if the Parties had drafted it jointly, as opposed to being construed against a Party because it was responsible for drafting
one or more provisions of this Agreement.

 

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12.16            
Indemnification. PARTY SHALL DEFEND, INDEMNIFY AND HOLD LENDER
AND ITS OFFICERS, DIRECTORS, EMPLOYEES, PARTNERS, AGENTS AND ATTORNEYS (THE “INDEMNIFIED PERSONS”) HARMLESS AGAINST ANY AND
ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES, AND RELATED EXPENSES, INCLUDING FEES, CHARGES, AND DISBURSEMENTS OF ANY KIND OR NATURE WHATSOEVER
THAT MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST THE INDEMNIFIED PERSONS ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF
: (I) THE FAILURE BY PARTY TO BORROW THE AMOUNT SPECIFIED IN A LOAN REQUEST (INCLUDING ANY FAILURE RESULTING FROM THE FAILURE TO FULFILL
THE APPLICABLE CONDITIONS PRECEDENT), INCLUDING ANY LOSS OF ANTICIPATED PROFITS AND LOSSES BY REASON OF THE LIQUIDATION OR REEMPLOYMENT
OF FUNDS ACQUIRED BY LENDER TO FUND THE LOAN; (II) AS A RESULT OF ITS ACTS OR OMISSIONS WHICH RESULT FROM COMMUNICATIONS GIVEN OR PURPORTED
TO BE GIVEN, BY PARTY OR ANY DESIGNATED PERSON, WHICH ARE INTERRUPTED, WHICH ARE MISUNDERSTOOD, OR WHICH ARE IN FACT FROM UNAUTHORIZED
PERSONS; (III) THE VIOLATION BY PARTY OF ANY ENVIRONMENTAL LAW; (IV) THE RELIANCE BY LENDER ON EACH NOTICE PURPORTEDLY GIVEN BY OR ON
BEHALF OF PARTY; (V) ANY GUARANTY, INDEMNITY OR THE LIKE GIVEN TO A BANKING COUNTERPARTY, WITH RESPECT TO INDEMNIFIED
BANKING COUNTERPARTY LIABILITIES; (VI) ANY CLAIMS ASSERTED AGAINST THE INDEMNIFIED PERSONS AS A RESULT OF LENDER BEING PARTY TO
THIS AGREEMENT OR THE TRANSACTIONS CONSUMMATED PURSUANT TO THIS AGREEMENT; AND (VII) any actual
or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and regardless of whether any Indemnitee is a party thereto. THIS INDEMNIFICATION SHALL APPLY TO EACH INDEMNIFIED PERSON
WITH RESPECT TO MATTERS WHICH, IN WHOLE OR IN PART, ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE (WHETHER SOLE, COMPARATIVE, OR
CONTRIBUTORY) OR STRICT LIABILITY OF SUCH (AND/OR ANY OTHER) INDEMNIFIED PERSON, EXCEPT THAT PARTY SHALL HAVE NO OBLIGATION TO AN INDEMNIFIED
PERSON UNDER THIS SECTION WITH RESPECT TO LOSSES RESULTING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT INDEMNIFIED PERSON
AS DETERMINED BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT ANY INDEMNITY UNDER THE LOAN DOCUMENTS IN FAVOR OF INDEMNIFIED
PARTIES IS UNENFORCEABLE FOR ANY REASON, PARTY SHALL MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION THEREOF WHICH IS PERMISSIBLE
UNDER APPLICABLE LAW. ALL INDEMNITIES UNDER THE LOAN DOCUMENTS IN FAVOR OF INDEMNIFIED PARTIES SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT.

 

12.17            
Collateral Agency Agreement. Parties hereby acknowledge Lender
has entered in to the Collateral Agency Agreement which, as amended, modified, or restated, permits Rabo AgriFinance LLC to act as a Collateral
Agent in serving the applicable Loan.

 

12.18            
Waiver of Trial By Jury. THE PARTIES (A) COVENANT AND AGREE
NOT TO ELECT A TRIAL BY JURY IN ANY ACTION OR PROCEEDING FOR THE RESOLUTION OF ANY CONTROVERSY OR CLAIM THAT ARISES OUT OF OR RELATES
TO: (I) THIS AGREEMENT; OR (II) ANY COLLATERAL DOCUMENT, WHETHER ARISING IN CONTRACT, TORT OR BY STATUTE; AND, (B) TO THE EXTENT PERMITTED
BY APPLICABLE LAW, WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH CONTROVERSY OR CLAIM TO THE EXTENT SUCH RIGHT EXISTS NOW OR IN THE FUTURE.
THE PROVISIONS OF THIS SECTION ARE GIVEN KNOWINGLY AND VOLUNTARILY AND ARE A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE COLLATERAL
DOCUMENTS AND THE SWAP COUNTERPARTIES ENTERING INTO THE HEDGING AGREEMENTS.

 

12.19            
Office of Foreign Assets Control; Patriot Act. Without limiting
the provisions of any other provision hereof above, each Party shall, and each Party shall cause each of its Subsidiaries and Affiliates
to, (1) ensure that no Person who owns a controlling interest in or otherwise controls such Person shall be listed on the Specially Designated
Nationals and Blocked Person List or other similar lists maintained by the OFAC, the Department of the Treasury or included in any executive
orders, (2) not use or permit the use of the proceeds of any Loan to violate any of the foreign asset control regulations of OFAC or any
enabling statute or executive order relating thereto, (3) comply with the Bank Secrecy Act and its implementing
laws and regulations, as amended, including without limitation those related to anti-money laundering; and (4) ensure that it is
and each of its Subsidiaries and Affiliates are not engaged in illegal activity or are a recipient of proceeds of illegal activity,. As
required by federal law and each Lender's policies and practices, each Lender may need to obtain, verify and record certain customer identification
information and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services.

 

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The Parties have signed this Agreement effective
as of the day and year first written above and certify Parties have received and agree to the provisions set forth in the Schedule of
Definitions as acknowledged and incorporated above.

 

 

	 	PARTY:
	 	 
	Address for Notices:	APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company
	500 Appalachian Way	 	 
	Morehead, KY 40351	 	 
	 	By: 	/s/ Loren Joseph Eggleton
	Alternate address for notice by U.S. Mail:  	 	LOREN JOSEPH EGGLETON
	401 W. Main Street, Suite 321	 	Chief Financial Officer
	Lexington, KY 40507	 	 

 

 

 

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	 	LENDER:
	 	 
	Address for Notices:	RABO AGRIFINANCE LLC
	 	 
	14767 N. Outer 40 Rd., Suite 400	 
	Chesterfield, MO 63017	 
	Attention:  Loan Closing Department	By: 	/s/ Sandy Siebert
	 	 	Name:	Sandy Siebert
	 	 	Title:	Vice President

 

 

 

 

 

 

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Exhibit A

 

SCHEDULE OF DEFINITIONS AND COVENANTS

 

 

 

As further acknowledged in Section 2.01 of the
Master Credit Agreement, Party has received the Schedule of Definitions via paper copy, electronic copy, electronic mail or by accessing
the Schedule of Definitions with the version number that matches the version number shown in the footer of this Agreement at https://www.raboag.com/about-us/scheduledefinitions-167.

 

 

 

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EXHIBIT B

 

APPLICABLE OBLIGOR COVENANTS SCHEDULE

 

Covenants

 

Until such time as all Obligations have been paid
in full:

 

1.02       Other
Covenants.

 

(a)           
Current Ratio. AppHarvest Morehead Farm, LLC shall maintain a current ratio of not less than 1.15:1.00 as of each semi-annual
fiscal period, beginning effective with fiscal year ending December 31,2021.

 

(b)           
Leverage Ratio. AppHarvest Morehead Farm, LLC shall maintain a Leverage Ratio of not
more than 8.00:1.00 as of each semi-annual fiscal period, beginning effective with fiscal year ending December 31, 2022; a Leverage Ratio
of not more than 5.00:1.00 as of each semi-annual fiscal period, beginning effective with fiscal year ending December 31, 2023; a Leverage
Ratio of not more than 4.50:1.00 as of each semi-annual fiscal period, beginning effective with fiscal year ending December 31, 2024;
and a Leverage Ratio of not more than 4.00:1.00 as of each semi-annual fiscal period, beginning effective with fiscal year ending December
31, 2025. Additionally: RAF to have a control agreement in place for the Reserve Account. Balance of Reserve Account to be maintained
at the amount required to satisfy the Leverage Ratio as of the most recent measurement date until such time as new measurement is performed
and Reserve Account balance is adjusted accordingly.

 

(c)           
Debt Service Coverage Ratio. AppHarvest Morehead Farm, LLC shall maintain a DSCR of not less than 1.25:1.00 as of each semi-annual
fiscal period, beginning effective with fiscal year ending December 31, 2022.

 

2.01       Reporting
Requirements.

 

(a)           
as soon as available, but no later than 120 days after the end of each fiscal year end, a copy of CPA Compiled financial statements of
AppHarvest Morehead Farm for that period;

 

(b)           
as soon as available, but no later than 60 days after the end of each June 30, a copy of CPA Compiled financial statements of AppHarvest
Morehead Farm for that period;

 

 

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ADDENDUM
TO MASTER Credit aGReement

 

This Addendum to Master Credit
Agreement ("Addendum") is entered into and is dated and made effective as of June 15, 2021 between APPHARVEST MOREHEAD
FARM, LLC, a Delaware limited liability company ("Party") and RABO AGRIFINANCE LLC, a Delaware limited liability company
(the “Lender”). The Party and the Lender agree as follows:

 

PRELIMINARY STATEMENT. The
Party and the Lender have entered into the Master Credit Agreement dated as of June 15, 2021 (said agreement as amended by any and all
modifications or amendments thereto is hereinafter referred to as the "Credit Agreement." The terms defined in
the Credit Agreement are used herein as therein defined).

 

Party and Lender wish to amend
certain provisions of the Credit Agreement.

 

NOW, THEREFORE, Party and
Lender agree as follows:

 

1.            
Definitions. The following items, terms, and definitions are to supplement or replace the capitalized terms and/or their
definitions contained in the Credit Agreement, including without limitation Exhibit A to the Credit Agreement, Schedule of Definitions
and Covenants, Article 1 – Definitions (the “MCA Definitions”). To the extent that the capitalized terms and their definitions
below conflict with the MCA Definitions, the capitalized terms and definitions set forth below shall control:

 

ARTICLE 2

 

2.02 Good Faith and Commercial Reasonableness
Notwithstandig anything within this agreement or any of the related Loan Documents to the contrary, the parties shall act in good faith
and in commercial reasonableness in exercising their rights and remedies under this agreement and the related Loan Documents.

 

ARTICLE 3

 

		3.08	Reporting Requirements. Lender may, from time to time, ask for various reporting and other such documentation from each
Party to the Agreement regarding the operations, business, corporate affairs and financial condition, including without limitation financial,
tax, and other corporate records reporting. Said reporting and/or documentation requests will be made by Lender in its sole and absolute
discretion. Except where such reports shall be delivered within a different time period, each Party will be required to provide Lender
with the requested reporting within 30 days of the receipt of written notice from Lender. Financial reporting, if any, will be at least
of the quality specified in the notice and may be (i) tax returns, (ii) self-prepared financial statements, (iii) CPA Compiled statements,
(iv) CPA Reviewed statements and/or (v) CPA Audited statements each based upon either US GAAP or FFSC reporting as also specified in the
notice. Notwithstanding the foregoing, in the event of a conflict between this Section 3.08 and the reporting requirements in Section
2.01 of the Applicable Obligor Covenants Schedule, Section 2.01 of the Applicable Obligor Covenants Schedule shall control.

 

ARTICLE 6

 

		6.01	Representations. Party represents (collectively, the “Party Representations”) to Lender that:

 

(a)           
Good Standing. If Party is anything other than an individual, Party was duly formed, is validly existing and in good standing and
qualified to do business in its state of organization and each state in which it conducts its business. (Party must be in good standing
within 30 days of written notice from the applicable governmental authority that Party has failed to maintain good standing status)

 

(l)       Tax
Returns. Party has filed all tax returns (federal, state, and local) required to be filed by Party and has paid all taxes, assessments,
and governmental charges and levies thereon, including interest and penalties (unless the same are contested in accordance with Section
7.08 below);

 

(m)       Applicable
Laws Compliance. Party is in material compliance with all Applicable Laws (including all Environmental Laws) the violation of which might
cause a Material Adverse Effect, and there is no claim, action, proceeding or investigation pending or to Party's knowledge threatened
against Party with respect to a violation of Applicable Law by Party; 

 

ARTICLE 7

 

7.03 Maintenance of Assets.
Party shall maintain and preserve all rights, privileges, and franchises Party now has (except where a failure to do so would not reasonably
likely to have a Material Adverse Effect); and make any repairs, renewals, or replacements to keep Party's properties in good working
condition.

 

7.08 Compliance with Laws.
Party shall comply in all respects with all Applicable Laws and pay before delinquency, all taxes, assessments, and governmental charges
imposed upon Party or its property, unless such items are contested in good faith, by appropriate proceedings, which has the effect of
suspending collection and enforcement thereof, and the Party’s unrestricted cash reserves are adequate are established with respect
to such contested item in accordance with GAAP.

 

7.10 Insurance. Party shall
maintain, or cause to be maintained, all insurance policies and any such additional insurance as required by Lender or any Swap Counterparty
from time to time. All policies of insurance required must be issued by companies approved by Lender and the Swap Counterparties, and
must be acceptable to Lender and the Swap Counterparties as to amounts, forms, risk coverages, deductibles, expiration dates, and loss
payable and cancellation provisions. In addition, each required policy must contain such endorsements as Lender or the Swap Counterparties
may require and must provide that all proceeds be payable to Lender and the Swap Counterparties to the extent of their respective interests.
If and whenever Lender or a Swap Counterparty believes that any required insurance is not in effect, then unless Party provides evidence
satisfactory evidence to Lender that such insurance is in effect within three Business Days following notice from Lender to Party, Lender
or that Swap Counterparty may (but will not be obligated to) procure that insurance at Party's expense. Party shall reimburse Lender and
the Swap Counterparties, on demand, for all premiums on that insurance paid by Lender or the Swap Counterparties, respectively. If any
Real Estate is located in an area now or hereafter designated by the Director of the Federal Emergency Management Agency as a special
flood hazard area, Borrower agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given
by Lender that the Real Estate is located in a special flood hazard area, for the lesser of 1) the full unpaid principal balance of the
Loan, plus Swap Counterparties’ derivative exposure under the Hedging Agreements as calculated by Swap Counterparties, plus any
prior Lien on the property securing the Loan, 2) the total replacement value of any structure located in the flood hazard area, or 3)
the maximum amount available under the National Flood Insurance Program for the particular type of property, up to the maximum policy
limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term
of the Loan.

 

     

     

    

 

7.16 Reporting Requirements.
Party shall furnish to Lender notice of the occurrence of any of the following, promptly, but in any event no later than five days after
such occurrence becomes known to Party: (i) any lawsuit, tax claim or other dispute if filed or threatened against Party in an amount
greater than $500,000.00; (ii) any substantial dispute between Party and any Governmental Authority; (iii) the failure by Party to comply
with the terms and provisions of this Agreement; (iv) any Material Adverse Effect as to Party; or (vi) any change in Party's name, legal
structure, place of business, or executive office, including any change from Party's previous reports of: any individual who owns, directly
or indirectly, 25 percent or more of the equity interest of the legal entity that is a Party to this Agreement (e.g., each individual
who owns 25 percent or more of the shares of a corporation), and (y) any single individual with significant responsibility for managing
the legal entity that is a Party to this agreement (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
Managing Member, General Partner, President, Vice President, or Treasurer), and, as to both (x) and (y), such new individual's name, address,
date of birth, and Social Security number (or passport number or other similar information, where applicable).

 

ARTICLE 11

 

11.11 Inability to Determine Rates.
If the Lender determines, in its sole discretion (which shall be conclusive absent manifest error), that (i) an index rate or any tenor(s)
of such index rate used in connection with the calculation of interest under this Agreement is no longer appropriate for the purposes
of calculating interest; (ii) adequate and reasonable means do not exist for ascertaining such index rate; (iii) such index rate ceases
to be adopted or used for calculation of interest in customary market usage in the relevant markets; or (iv) it is announced by the applicable
administrator of such index rate, a governmental or regulatory authority or insolvency court having jurisdiction over such administrator,
or a governmental authority having jurisdiction over the Lender that such index rate will no longer be made available, or no longer be
representative or otherwise should not be used, then (A) the obligation of Lender to make or maintain any Loan bearing interest at such
index rate or calculated based on such interest rate shall be suspended, and any Loan which would otherwise bear interest at such index
rate or calculated based on such interest rate shall accrue interest at that rate, per annum, equal to a rate as determined by Lender
in (B), and (B) Lender may, in its sole discretion, upon delivery of notice to and without any further action or consent of the Borrower,
amend this Agreement effective as of the date specified in such notice to replace such index rate so that interest will be calculated
based on an alternative index rate (or rates), which, if it is not the current index rate being replaced, may include a daily index rate,
a term index rate or a compounded index rate referencing the secured overnight financing rate (“SOFR”), a measure of the cost
of borrowing cash overnight collateralized by Treasury securities, and may include a corresponding spread adjustment (or adjustments)
which may be different to the previously specified interest rate, and any spread adjustment is separate from, and in addition to,
the Interest Rate Margin, and such alternative rate and any such spread adjustments shall, in Lender’s discretion (which shall be
conclusive absent manifest error), take into account benchmark rates and means of calculating spread adjustments that are being generally
accepted in the commercial markets; provided that the Lender shall be permitted by notice to the Borrower to make any other technical,
administrative, operational or consequential changes from time to time to this Agreement and any other Loan Document as are necessary
or desirable (in Lender’s opinion, which shall be conclusive absent manifest error), in order to provide for the use of such alternative
rate (or rates) including any  corresponding spread adjustment (or adjustments). The Lender shall notify the Borrower of any
such technical, administrative, operational or consequential changes to this Agreement and/or any other Loan Document, which, in each
case, shall become effective on the date specified or described in such notice to the Borrower.

  

ARTICLE 12

 

12.09 Governing Law State.
The Governing Law State is Kentucky

  

DEFINITIONS

 

Reserve Account means a deposit account of
the Borrower maintained with a financial institution, into which account deposits are made in accordance with the Credit Agreement and
other Loan Documents. The account shall be subject to a control agreement granted by the Borrower in favor of Lender to secure the Loan
Obligations. The Reserve Account shall be classified as a current asset of the Borrower.

 

 

Leverage Ratio means, as of any date of determination,
the ratio of (a) the aggregate principal amount of all outstanding Loan Obligations as of such date, to (b) EBITDA for the four Fiscal
Quarter period then ended or most recently ended plus Reserve Account balance

 

1.83 Debt Service Coverage Ratio means the
ratio of Stabilized EBITDA minus Compensation (to the extent, if any, not treated as an expense for purposes of calculating EBITDA), minus
Distributions, plus cash contributions, and minus cash income taxes to the current portion of Funded Debt plus interest expense, plus
Capital Lease payments.

 

1.86 Default Rate means the rate applicable
to the unpaid principal balance of the Loans plus 5.000% per annum. Interest payable at the Default Rate shall be paid from time to time
on demand, or if not sooner demanded, on the first day of each month. The provisions of this section will neither constitute a waiver
of any Event of Default nor require the declaration of an Event of Default.

 

 

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1.135

 

(c) is hereby deleted

 

(d) Taxes, Insurance, Collateral Maintenance.
Borrower does not (i) pay (or cause payment of) all taxes assessed on the Collateral prior to the date when delinquent (subject to Party’s
right to context such taxers as allowed by the Transaction Documents); (ii) maintain (or cause to be maintained) all policies of insurance
required under the Transaction Documents and pay (or cause payment of) all premiums for that insurance on or prior to the date when due;
and (iii) maintain the Collateral (or cause the Collateral to be maintained) in good condition and repair, all in accordance with the
terms and conditions of the Transaction Documents;

 

(f) is herey deleted

 

1.246 Permitted Liens means the following if
not otherwise prohibited under the Loan Documents: (a) Liens in favor of Lender or any of its Affiliates; (b) if an individual, additional
Liens against the personal assets of that individual as an individual, to secure debt for primarily consumer purposes; (c) Liens for taxes
not yet due, unless contested in good faith, by appropriate proceedings, which has the effect of suspending collection and enforcement
thereof, and Party’s unrestricted cash reserves are adequate are established with respect to such contested taxes in accordance
with GAAP; (d) pledges or deposits to secure obligations under workers’ compensation or unemployment laws or similar legislation
or to secure public or statutory obligations; (e) Liens and encumbrances appearing in Lender’s title insurance policy, (f) servitudes,
easements, zoning restrictions, rights of way, covenants, conditions, and restrictions and other encumbrances on title to real property
that do not render title to the property encumbered thereby unmarketable or would not reasonably be expected to result in a Material Adverse
Effect; (g) tenancy leases and other interests of lessees and lessors under leases of real or personal property made in the ordinary course
of business that would not reasonably be expected to result in a Material Adverse Effect; (h) Liens which have been bonded over in accordance
with applicable legal procedure or as to which title insurance coverage has been obtained for the benefit of Lender; (i) Liens favor of
a banking institution arising as a matter of law encumbering deposits (including the right of set-off) arising in the ordinary course
of business in connection with the maintenance of such accounts; (k) equipment leases entered into in the ordinary course; and (l) Liens
for materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s, builders, contractors, suppliers of material
or architects or other similar construction and other similar Liens incidental to construction, maintenance or operations, in each case
arising in a manner consistent with market practice, which secure obligations that (i) (A) are not overdue for a period of more than sixty
(60) days, and (B) individually or together with all other Permitted Liens outstanding on any date of determination, would not reasonably
be expected to result in a Material Adverse Effect, or (ii) are contested in good faith, by appropriate proceedings, which has the effect
of suspending collection and enforcement thereof, and Party’s unrestricted cash reserves are adequate are established with respect
to such contested taxes in accordance with GAAP.

 

1.263 Prohibited Transfer means: any of the
following which isn’t a Permitted Lien (a) any sale, contract to sell, conveyance, encumbrance, pledge, Mortgage, or lease of the
Collateral described in any Mortgage to or for the benefit of a Person not the original Borrower under any Mortgage, and not expressly
permitted under any Mortgage or the other Collateral Documents, or other transfer of all or any material part of the Collateral secured
by any Mortgage or any interest in it, including any transfer of Mineral Rights, Water Rights, or water stock, whether voluntary, involuntary,
by operation of law or otherwise; (b) if Borrower is a corporation, any transfer or transfers of shares of the voting power or the direct
or indirect beneficial ownership of Borrower; (c) if Borrower is a partnership, withdrawal or removal of any general partner, dissolution
of the partnership under Applicable Law, or any transfer or transfers of the partnership interests; (d) if Borrower is a limited liability
company, withdrawal or removal of any managing member (unless replaced with an Affiliate of AppHarvest, Inc., a Delaware corporation),
termination of the limited liability company or any transfer or transfers of the direct voting power or the ownership of the direct economic
interest in the Borrower (other than to an Affiliate of AppHarvest, Inc., a Delaware corporation), except as provided herein; or (e) if
Borrower is a trust, withdrawal or removal of any trustee or revocation of the trust. Notwithstanding anything to the contrary in the
foregoing, (i) Borrower shall be permitted to transfer up to 49% of the direct ownership interests in Borrower, so long as AppHarvest,
Inc., a Delaware corporation Controls Borrower, (ii) Borrower shall be permitted to transfer all or a portion of the direct ownership
interests in Borrower to an Affiliate of AppHarvest, Inc., a Delaware corporation, (iii) the transfer of any indirect ownership interest
in Borrower shall not be deemed a Prohibited Transfer, so long as AppHarvest, Inc., a Delaware corporation Controls Borrower, and (iv)
any transfer of equity securities on a nationally-recognized securities exchange shall not be deemed a Prohibited Transfer.

 

1.285 Schedule of Definitions and Covenants
means this Schedule of Definitions and Covenants, as may from time to time be amended, modified, replaced or supplemented in Lender’s
sole discretion and marked as Exhibit A and incorporated into the MCA. The Schedule of Definitions and Covenants as they pertain to this
Credit Agreement shall not be amended, modified, or replaced without consent of Party.

 

2.01 Financial Covenants: Lender may require any one
or more of the following, as applicable, if expressly set forth in the Applicable Obligor Covenant Schedule or any Facility Sheet:

 

2.01 Other Covenants

 

Section 2.01 (a) and (b) are hereby deleted

 

2.02 Reporting Requirements.
Borrower shall furnish to Lender, if expressly set forth in the Applicable Obligor Covenant Schedule or any Facility Sheet:

  

2.             
Modification Agreement. This Addendum does not release or extinguish the Loans under the Credit Agreement. All Collateral
granted to or for the benefit of Lender for purposes of securing the Loans also secures the Loans under the Credit Agreement, as amended
by this Addendum; and Party reaffirms the terms and provisions of all Collateral Documents.

 

3.             
Reference to and Effect on the Credit Agreement.

 

(a)       On
and after the date hereof, each reference in the Credit Agreement to "this agreement", "hereunder" "hereof",
 "herein" or words of like import shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b)       Except
as specifically amended by any prior amendments, the Credit Agreement shall remain in full force and effect and is hereby ratified and
confirmed.

 

(c)       The
execution, delivery and effectiveness of this Addendum shall not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of Lender under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.

 

4.             
Execution in Counterparts. This Addendum may be executed in any number of counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

 

 

Addendum to Master Credit Agreement

AppHarvest MCA 2021 

    	 	3	 

     

    

 

5.            
Expenses. The Party shall pay on demand all costs and expenses incurred by the Lender in connection with the preparation,
execution, delivery, filing, and administration of this Addendum (including, without limitation, Legal Fees incurred in connection with
the preparation of this Addendum and advising the Lender as to its rights, and the cost of any credit verification reports or field examinations
of the Party's properties or books and records). The Party's Loans to the Lender under this Section shall survive termination of this
Addendum and repayment of the Party's Loans to the Lender under the Credit Agreement.

 

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

 

 

	 	PARTY:
	 	 
	Address for Notices:	APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company
	500 Appalachian Way	 	 
	Morehead, KY 40351	 	 
	 	By: 	/s/ Loren Joseph Eggleton
	Alternate address for notice by U.S. Mail:  	 	LOREN JOSEPH EGGLETON
	401 W. Main Street, Suite 321	 	Chief Financial Officer
	Lexington, KY 40507	 	 

 

 

 

Addendum to Master Credit Agreement

AppHarvest MCA 2021 

    	 	4	 

     

    

 

 

	 	LENDER:
	 	 
	Address for Notices:	RABO AGRIFINANCE LLC
	 	 
	14767 N. Outer 40 Rd., Suite 400	 
	Chesterfield, MO 63017	By: 	/s/ Sandy Siebert
	Attention:  Loan Closing Department	 	Name:	Sandy Siebert
	 	 	Title:	Vice President

  

 

Addendum to Master Credit Agreement

AppHarvest MCA 2021 

    	 	5	 

     

    

 

FACILITY SHEET

 

(REAL ESTATE TERM LOAN 1)

 

This Facility Sheet (as may be amended, modified
or supplemented from time to time, referred to herein as this “Facility Sheet”) is dated as of June 15, 2021 and is
with regard to Facility Loan No. 21627 between APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company ("Borrower")
and RABO AGRIFINANCE LLC, a Delaware limited liability company (“Lender”) and hereby supersedes any and all previous
facility sheets that governed this obligation.

 

Parties and Lender have entered into a Master
Credit Agreement (“MCA”) dated June 15, 2021 which may include schedules, addendums, and exhibits thereto. The MCA
incorporates by reference and includes a Schedule of Definitions and Covenants (“Schedule of Definitions and Covenants”)
dated of even date with the MCA and any Applicable Obligor Covenant Schedule. Borrower agrees that Borrower has received and reviewed
the Schedule of Definitions and Covenants and any Applicable Obligor Covenant Schedule. All terms, covenants, conditions and restrictions
set forth in the MCA are incorporated herein by reference as if fully set forth herein. Capitalized terms contained in this Facility Sheet
are used as defined in the Schedule of Definitions and Covenants and any Applicable Obligor Covenant Schedule. Some or all of the capitalized
terms defined in the Schedule of Definitions and Covenants are used in this Facility Sheet as so defined and the terms of such Schedule
of Definitions and Covenants are incorporated by reference into this Facility Sheet for purposes of so defining the capitalized terms
that are used in this Facility Sheet in accordance with the Schedule of Definitions and Covenants. To the extent any term is defined in
the Schedule of Definitions and Covenants but is not used in this Facility Sheet or any amendment, modification or supplement to this
Facility Sheet, such term shall be deemed to be disregarded, of no meaning and without any effect. Except as otherwise defined in this
Facility Sheet, the MCA or in the Schedule of Definitions and Covenants, or unless the context otherwise requires, each term that is used
in this Facility Sheet which is defined in Article 9 of the UCC shall have the meaning ascribed to that term in Article 9 of the UCC.

 

Borrower requests that Lender make a Loan pursuant
to this Facility Sheet. Lender agrees to make such Loan, subject to the terms and conditions of this Facility Sheet, the MCA and the Schedule
of Definitions and Covenants.

 

Article
1  - PRINCIPAL LOAN TERMS

 

This Facility Sheet is made and entered on the
following Loan terms:

 

1.01        
Loan Type: The Loan Type being made pursuant to this Facility Sheet is as follows: Real Estate Term Loan 1.

 

1.02        
Loan Amount. Lender shall lend or has loaned Borrower the original principal amount of $75,000,000.00.

 

1.03        
Purpose. The Real Estate Term Loan 1 must be used only for the refinance of AppHarvest Morehead Farm, LLC greenhouse
facility located in Morehead, KY.

 

1.04        
Interest Rate. The unpaid principal balance of the Real Estate Term Loan 1 will bear interest at a rate equal to the
one month LIBOR plus 2.500% per annum, Adjusted on the first day of each month but in no event shall the calculated interest rate under
this section be less than zero.

 

1.05        
Interest Margin Adjustment.

 

(a)           
On July 1, 2023 and the end of each successive two year period (each of those dates a "Real Estate Term Loan 1 Margin Adjustment
Date"), Lender may Adjust the Interest Rate Margin applicable to the Real Estate Term Loan 1 to any percent per annum determined
by Lender. Notwithstanding anything contained herein to the contrary, Lender shall not increase the Interest Rate Margin by more than
2% per adjustment Any portion of the Real Estate Term Loan 1 which, on any particular Real Estate Term Loan 1 Margin Adjustment Date,
is the subject of a Hedging Agreement with Lender or one of its Affiliates (the "Swapped Portion of the Real Estate Term Loan
1") will not be subject to Adjustment of the Interest Rate Margin on that Margin Adjustment Date (but will be subject to Adjustment
of the Interest Rate Margin on any and all subsequent Margin Adjustment Dates if and to the extent that portion is, at that time, a Non-Swapped
Portion of the Real Estate Term Loan 1).

 

(b)           
Beginning on each Real Estate Term Loan 1 Margin Adjustment Date until the next succeeding Real Estate Term Loan 1 Margin Adjustment
Date or the Real Estate Term Loan 1 Maturity Date, whichever is earlier, Lender will calculate the Interest Rate applicable to the Real
Estate Term Loan 1 by adding the applicable published rate to a weighted average Interest Rate Margin based on (i) the Interest Rate Margin
calculated for the Non-Swapped Portion of the Real Estate Term Loan 1, (ii) the Interest Rate Margin rate calculated for the Swapped Portion
of the Real Estate Term Loan 1 and (iii) the unpaid principal balance of each respective portion of the Real Estate Term Loan 1.

 

(c)           
Lender shall notify Borrower of the new Interest Rate Margin applicable to the Real Estate Term Loan 1 not less than 30 days prior
to the effective date of the Adjustment. The Adjusted Interest Rate Margin will become effective upon the applicable date of Adjustment;
except that Borrower may, at its option, elect to Prepay the entire unpaid principal balance of the Real Estate Term Loan 1, all accrued
interest and all other charges due under the Real Estate Term Loan 1, by giving notice to Lender no later than the effective date of the
Adjustment. If there is a Notice of Election to Prepay, Borrower shall pay the entire unpaid principal balance of the Real Estate Term
Loan 1, all accrued interest and all other charges due under this Facility Sheet with respect to the Real Estate Term Loan 1, without
Prepayment Fee or penalty, within 90 days after the effective date of the Adjustment. If Lender does not receive a Notice of Election
to Prepay Borrower will be deemed to have agreed to the Adjustment. A Notice of Election to Prepay will not affect the effective date
of the Adjustment of the Interest Rate Margin.

 

1.06        
Required Payments; Maturity Date.

 

     

     

    

 

(a)           
Borrower shall pay accrued interest on the Real Estate Term Loan 1 on July 1, 2021 and on the first day of each January, April,
July and October after the Closing Date to the Real Estate Term Loan 1 Maturity Date.

 

(b)           
Borrower shall pay principal in the amount of $937,500.00, on January 1, 2022, and on the first day of each January, April, July
and October after the Closing Date to the Real Estate Term Loan 1 Maturity Date.

 

(c)           
The unpaid principal balance of, all unpaid accrued interest on, and other charges under this Facility Sheet with respect to the
Real Estate Term Loan 1, shall be paid on April 1, 2031 (the "Real Estate Term Loan 1 Maturity Date").

 

1.07        
Prepayments. Prepayments of the Real Estate Term Loan 1 are subject to the following:

 

(a)           
The Real Estate Term Loan 1 may not be Prepaid during the first 12 Real Estate Term Loan 1 Loan Months, but may be Prepaid at any
time thereafter without Prepayment Fee or penalty.

 

1.08        
Definition of "Loan Month." The term "Real Estate Term Loan 1 Loan Month" means the one month
period beginning on the first day of the calendar month immediately following the Closing Date, and each successive one month period.

 

1.09        
The Real Estate Term Loan 1 Note. The Real Estate Term Loan 1 has been or will be evidenced by this Facility Sheet and
a promissory note in a form provided by Lender (the "Real Estate Term Loan 1 Note").

 

Article
2  - COVENANTS REGARDING THE LOAN TYPE MADE UNDER THIS FACILITY SHEET

 

2.01        
Prepayments Generally. Prepayments must be accompanied by all unpaid accrued interest on the Prepayment and all other
amounts due under this Facility Sheet. Each Prepayment of a portion of the Loan will be applied to the most remote payment of the principal
due under this Facility Sheet. If Lender receives any Prepayment which it is permitted to refuse, Lender may accept the Prepayment; except
that Lender may, as a condition of acceptance, require the payment of interest which would accrue on the amount Prepaid through the date
when Lender would be obligated to accept the Prepayment, or the date the principal amount Prepaid would be due under this Facility Sheet,
whichever is earlier.

 

2.02        
Default Rate. Upon the occurrence of an Event of Default, the principal balance of the Loan and, to the extent permitted
by Applicable Law, all other Loan Obligations shall, from the date of the Event of Default until the date Lender notifies Borrower that
it is waived or cured or all Loan Obligations are paid in full, bear interest at the Real Estate Term Loan 1 Default Rate. Subject to
the provisions of the Schedule of Definitions and Covenants and this Facility Sheet, the "Real Estate Term Loan 1 Default Rate"
means the rate applicable to the unpaid principal balance of the Real Estate Term Loan 1 plus 5% per annum. Interest payable at the Real
Estate Term Loan 1 Default Rate shall be paid from time to time on demand, or if not sooner demanded, on the first day of each month.
The provisions of this section may result in compounding of interest. The provisions of this section will neither constitute a waiver
of any Event of Default nor require the declaration of an Event of Default.

 

Article
3  - CONDITIONS

 

3.01        
Conditions of the Loan. Lender's obligation to make the Loan(s) is subject to the following conditions precedent:

 

(a)           
Lender has received a written opinion from Borrower's legal counsel acceptable to Lender, covering all issues required by Lender;

 

(b)           
Lender’s receipt of a closing fee in the amount of $375,000.00; and

 

(c)           
reimbursement of Lender's out of pocket expenses, including Legal Fees and any fees and costs payable by Lender as set forth in
the MCA or any amendment, modification or supplement thereto, incurred in connection with the underwriting of the Loans or the Closing.

 

Article
4  – REPRESENTATIONS AND WARRANTIES

 

Until such time as all Obligations
have been paid in full and Lender has no obligation to make any additional advance under the Loan, Borrower (or the Person or Persons
being one or more of the Borrowers as may be specifically named in any of the following representations and covenants) agrees to and makes
the following representations and covenants:

 

4.01        
Master Credit Agreement Representations. Borrower re-makes and confirms all of Borrower Representations set forth in
the MCA.

 

4.02        
Entire Agreement. This Facility Sheet and the other Loan Documents, collectively: (i) represent the sum of the understandings
and agreements between Lender and Borrower concerning this credit; (ii) replace any prior oral or written agreements between Lender and
Borrower concerning this credit; and (iii) are intended by Lender and Borrower as the final, complete and exclusive statement of the terms
agreed to by them.

 

4.03        
Covenants. Borrower hereby makes and agrees to be bound by all of the Covenants as set forth on Schedule 1 attached
hereto and made a part hereof.

 

4.04        
Reporting Requirements. Borrower hereby makes and agrees to be bound by all of the Reporting Requirements as set forth
on Schedule 2 attached hereto and made a part hereof.

 

4.05        
Expenses. The Borrower shall pay within ten (10) Business Days after demand from Lender, all costs and expenses incurred
(or reimburse Lender for payment of) in connection with the preparation, execution, delivery, filing, and administration of this Facility
Sheet (including, without limitation, Legal Fees incurred in connection with the preparation of this Facility Sheet and advising the Lender
as to its rights, and the cost of any credit verification reports or field examinations of the Borrower's properties or books and records).

 

4.06        
Counterpart Execution. This Facility Sheet may be executed in one or more counterparts, each of which shall be deemed
to be an original and all of which, when taken together, shall be deemed to be one and the same agreement or document. A signed copy of
this Facility Sheet transmitted by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect
as delivery of an original executed copy of this Facility Sheet for all purposes; provided, however that Borrower shall promptly deliver
an original signed copy of this Facility Sheet to Lender.

 

AppHarvest MCA 2021

Real Estate Term Loan 1 Facility Sheet

    	 	2	 

     

    

 

 

	 	BORROWER:
	 	 
	Address for Notices:	APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company
	500 Appalachian Way	 	 
	Morehead, KY 40351	 	 
	 	By: 	/s/ Loren Joseph Eggleton
	Alternate address for notice by U.S. Mail:  	 	LOREN JOSEPH EGGLETON
	401 W. Main Street, Suite 321	 	Chief Financial Officer
	Lexington, KY 40507	 	 

  

 

	 	LENDER:
	 	 
	Address for Notices:	RABO AGRIFINANCE LLC
	 	 
	14767 N. Outer 40 Rd., Suite 400	 
	Chesterfield, MO 63017	 
	Attention:  Loan Closing Department	By: 	/s/ Sandy Siebert
	 	 	Name:	Sandy Siebert
	 	 	Title:	Vice President

  

 

AppHarvest MCA 2021

Real Estate Term Loan 1 Facility Sheet

    	 	3	 

     

    

 

SCHEDULE 1

 

Covenants

 

Until such time as all Obligations have been paid
in full:

 

1.01       Insurance.

 

(a)           
If any Real Estate is located in an area now or hereafter designated by the Director of the Federal Emergency Management Agency
as a special flood hazard area, Borrower agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice
is given by Lender that the Real Estate is located in a special flood hazard area, for the lesser of 1) the full unpaid principal balance
of the Loan, 2) the total replacement value of any structure located in the flood hazard area or 3) the maximum amount available under
the National Flood Insurance Program for the particular type of property, up to the maximum policy limits set under the National Flood
Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the Loan.

 

 

AppHarvest MCA 2021

Real Estate Term Loan 1 Facility Sheet 

    	 	4	 

     

    

 

 

 

SCHEDULE 2

 

Reporting Requirements

 

2.01       Reporting
Requirements. Borrower shall furnish to Lender:

 

(a)           
promptly upon receipt, copies of all Notices, orders, or other communications regarding (i) any enforcement action by any Governmental
Authority relating to health, safety, the environment, or any Hazardous Substances with regard to Borrower's property, activities, or
operations, or (ii) any claim against Borrower regarding Hazardous Substances;

 

(b)           
promptly upon Lender's request, all other books, records, statements, lists of property and accounts, budgets, forecasts, reports,
records or other information pertaining to the condition or operations of Borrower requested by Lender.

 

 

AppHarvest MCA 2021

Real Estate Term Loan 1 Facility Sheet

    	 	5	 

     

    

 

 

 

	
    RECORDING REQUESTED BY

    AND WHEN RECORDED MAIL TO:

     

    RABO AGRIFINANCE LLC

    14767 N. Outer 40 Rd., Suite 400

    Chesterfield, MO 63017

    Attn: Loan Operations
	 

  

Space above this line for Recorder's Use

 

	 	AppHarvest MCA 2021
	 	Real Estate Term Loan 1: 21627

ENVIRONMENTAL INDEMNITY AGREEMENT

 

(Rowan County, Kentucky)

 

This agreement (“Environmental Indemnity”)
is dated as of June 15, 2021. It is by APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company ( "Indemnitor"),
to and in favor of RABO AGRIFINANCE LLC, a Delaware limited liability company, as agent for itself and the other Secured Parties under
the Collateral Agency Agreement (defined herein; and Rabo AgriFinance LLC, in that capacity, "Indemnified Agent").

 

RABO AGRIFINANCE LLC, a Delaware limited liability
company, as Lender ("Lender") has or may extend credit to Indemnitor under the terms and conditions of the Master Credit
Agreement between Indemnitor and Lender dated June 15, 2021 (the "MCA"). Each capitalized term used in this Environmental
Indemnity that is defined in the MCA and not defined in this Environmental Indemnity will have the meaning specified in the MCA. This
Environmental Indemnity will be interpreted in accordance with the Drafting Conventions.

 

Indemnitor has or may also enter into certain derivatives
transactions under Hedging Agreements with Swap Counterparties, under which Indemnitor has or may incur Hedging Obligations to Swap Counterparties.

 

The Loan Obligations (defined in the MCA) may be,
from time to time, guaranteed by or will be guaranteed by the Guarantor(s) (“Guarantor Indemnitor”) under the terms
and conditions of one or more guaranties in favor of Secured Parties (collectively, the "Guaranty").

 

Subject to this Environmental Indemnity, the Loan
Obligations and the Obligations of Guarantor Indemnitor to Swap Counterparties under the Hedging Agreements or any guaranty given by Guarantor
Indemnitor to secure the Hedging Obligations are secured by the Mortgage, Assignment of Rents and Security Agreement given by AppHarvest
Morehead Farm ("Grantor") to Indemnified Agent and dated as of the date of this agreement (the "Mortgage"),
encumbering the real estate described on Exhibit A attached (the "Land"; and the Land and all buildings, structures
and other improvements now or hereafter located thereon, the "Property").

 

The Mortgage also secures all Obligations of Indemnitor
to Lender, Coöperatieve Rabobank U.A., (trading as Rabobank), a foreign banking organization organized as a cooperative bank under
the laws of The Netherlands ("Rabobank") and Rabobank, N.A., a national banking association ("RNA"),
or any other Affiliate of Lender (Lender, Rabobank and RNA, and any other Affiliate of Lender are herein individually and collectively,
 "Secured Parties") under the terms and conditions of any other written instrument or agreement executed by Indemnitor
and which specifically recites that those Obligations are secured by the Mortgage.

 

Lender and Swap Counterparties require that Indemnitor
provide this Environmental Indemnity as a condition of the MCA and the Hedging Agreements, respectively.

 

     

     

    

 

 

1.                    
Due Investigation. Indemnitor has delivered to Lender the Environmental Information which constitutes
due investigation of (a) the present and past uses of the Property including due inquiry of the appropriate governmental agencies and
offices and Indemnitor has examined or been advised of Environmental Laws (defined herein); and (b) the condition of all buildings and
other improvements on the Property under applicable Building Laws (defined herein). Upon Indemnified Agent's or a Secured Party's request,
Indemnitor will provide Indemnified Agent and the Secured Parties with a written summary of Indemnitor's investigations and copies of
all written inquiries and responses to and from applicable governmental authorities.

 

2.                    
Representations.

 

(a)                 
Indemnitor is the owner of fee simple title to the Property.

 

(b)                 
The Property is substantially in the same condition as when Lender made its appraisal thereof.

 

(c)                 
To the best of Indemnitor’s knowledge, there is outstanding no unrecorded contract of sale or other conveyance of the Property
or any part thereof.

 

(d)                 
To the best of Indemnitor’s knowledge, there are no claims, liens, easements or other rights or interests which affect or
might affect the Property other than Permitted Liens.

 

(e)                 
There is no security interest on equipment or fixtures attached to said premises; other than those shown by the appropriate public
records and Permitted Liens.

 

 

(f)                  
The Property does not contain any facility that is subject to reporting under Section 312 of the Emergency Planning and Community
Right-to-Know Act of 1986 (42 U.S.C. 11022).

 

(g)                 
The Property is not listed on the Comprehensive Environmental Response, Compensation and Liability Information System (CERCLIS)
in accordance with Section 116 of CERCLA (42 U.S.C. 9616).

 

(h)                 
Except as may be set forth in the Environmental Information, Indemnitor has no knowledge after due investigation (i) of the presence
of any Hazardous Substances on the Property in violation of any Environmental Laws; (ii) of any spills, releases, discharges or disposal
of Hazardous Substances that have occurred or are presently occurring on or onto the Property or any Other Property (defined herein) other
than the presence, use, storage and disposal of Hazardous Substances in quantities as necessary for the operation and maintenance of the
Property and Indemnitor’s business operations thereon, or in the form of consumer products held for retail sale in sealed containers,
all of which Indemnitor covenants have and will be used, stored and disposed of in accordance with commercially reasonable practices and
all applicable Environmental Laws; or (iii) of any underground storage tanks or underground Hazardous Substance deposits are located on
the Property.

 

(i)                  
Indemnitor has not received written notice of (a) any failure by any Person to comply with all currently applicable Environmental
Laws with respect to the generation, recycling, reuse, sale, storage, handling, transport and disposal of Hazardous Substances on or from
the Property; or (b) any failure of the Property to comply with all currently applicable Building Laws. Indemnitor shall cause the Property
to be in compliance with all Building Laws and Environmental Laws and agrees to provide Lender, within thirty (30) days after a written
demand by Lender, satisfactory evidence of such compliance. Indemnitor warrants the Property is the only real property or interest in
real property required to operate the Property (and all improvements thereon) and, to Indemnitor’s knowledge, the Property is in
compliance with all Building Laws, except as otherwise disclosed to Lender in writing. All certificates of occupancy and other governmental
permits and approvals necessary for the occupancy of the Property have been obtained. All buildings and other improvements currently located
on the Property are located outside a 100-year flood plain, or are covered by adequate flood insurance.

 

(j)                  
With respect to all buildings or improvements to the Property, if any, to be constructed and paid for with Loan proceeds, no changes
to the plans and specifications for such buildings or improvements, submitted to and approved by Lender, have been required by governmental
authorities, and all permits necessary to construct such buildings and improvements have been issued on the basis of the plans and specifications
submitted to and approved by Lender.

 

AppHarvest MCA 2021

Environmental Indemnity Agreement

    	 	2	 

     

    

 

 

3.                    
Construction of New Improvements. All buildings, structures and other improvements to be built or constructed
on the Property shall be constructed in accordance with and shall fully comply with all applicable Building Laws and shall be located
outside of any 100-year flood plain or will be continuously covered by adequate flood insurance.

 

4.                    
No Release or Waiver. Indemnitor has not and will not release or waive the liability of any previous owner,
lessee or operator of the Property, or any other person or entity potentially responsible under applicable Environmental Laws for the
presence or removal of Hazardous Substances on or from the Property without the prior consent of Lender, and Indemnitor has made no promises
of indemnification regarding Hazardous Substances to any Person other than Indemnified Agent.

 

5.                    
Notice to Lender. Indemnitor will promptly notify Indemnified Agent if Indemnitor receives written notice
or otherwise becomes aware of (a) any Hazardous Substances or other environmental problem or liability with respect to the Property or
Other Property in violation of Environmental Laws, (b) any lien, action or notice resulting from the violation of any Environmental Laws
or any Building Laws, or (c) the Property being in violation of any applicable Building Laws or Environmental Laws. Pursuant to the terms
of this Environmental Indemnity, at no cost to Indemnified Agent, Indemnitor will take all actions required under Environmental Laws which
are necessary to remediate any Hazardous Substances affecting the Property, including removal, containment or other remedial action required
by Applicable Law, or cause the Property to be in compliance with any applicable Environmental Laws or Building Laws. Any notice sent
to Indemnified Agent pursuant to this paragraph will describe with particularity any actual, potential or alleged violation of Building
Laws or Environmental Laws, and shall contain Indemnitor's plan or recommendations for correcting the violations.

 

6.                    
INDEMNIFICATION. INDEMNITOR SHALL INDEMNIFY, DEFEND AND HOLD INDEMNIFIED AGENT AND SECURED PARTIES HARMLESS
FROM AGAINST ANY AND ALL LOSSES WHICH ACCRUE TO OR ARE MADE AGAINST OR INCURRED BY INDEMNIFIED AGENT AND THE OTHER SECURED PARTIES WHICH
DIRECTLY OR INDIRECTLY ARISE OUT OF OR RESULT FROM (A) THE INACCURACY OF ANY OF THE CERTIFICATIONS, REPRESENTATIONS OR WARRANTIES OF INDEMNITOR
CONTAINED IN THIS ENVIRONMENTAL INDEMNITY, (B) THE OCCURRENCE, AT ANY TIME PRIOR TO FORECLOSURE TRANSFER, OF ANY ACTIVITIES ON THE PROPERTY
DURING INDEMNITOR’S OWNERSHIP, POSSESSION OR CONTROL OF THE PROPERTY WHICH DIRECTLY OR INDIRECTLY RESULT IN THE PROPERTY OR ANY
OTHER PROPERTY BEING CONTAMINATED WITH HAZARDOUS SUBSTANCES, OR THE PROPERTY BEING IN VIOLATION OF ANY APPLICABLE BUILDING LAWS OR ENVIRONMENTAL
LAWS (A "HAZARDOUS SUBSTANCE ACTIVITY"), (C) ANY INVESTIGATION,
INQUIRY, ORDER HEARING, ACTION, OR OTHER PROCEEDING BY OR BEFORE ANY GOVERNMENTAL AGENCY IN CONNECTION WITH ANY HAZARDOUS SUBSTANCE ACTIVITY
OCCURRING OR ALLEGEDLY OCCURRING AT ANY TIME PRIOR TO A FORECLOSURE TRANSFER, (D) THE DISCOVERY AND/OR CLEANUP OF HAZARDOUS SUBSTANCES
DEPOSITED OR EXISTING OR ALLEGEDLY EXISTING ON THE PROPERTY OR ANY OTHER PROPERTY AT ANY TIME PRIOR TO A FORECLOSURE TRANSFER, (E) ANY
BREACH BY INDEMNITOR OF ANY OF ITS COVENANTS OR AGREEMENTS SET FORTH IN THIS ENVIRONMENTAL INDEMNITY; AND (F) ANY CLAIM, DEMAND OR CAUSE
OF ACTION, OR ANY ACTION OR OTHER PROCEEDING, WHETHER MERITORIOUS OR NOT, BROUGHT OR ASSERTED AGAINST INDEMNIFIED AGENT OR THE OTHER SECURED
PARTIES WHICH RELATES TO, ARISES FROM OR IS BASED ON ANY OF THE MATTERS DESCRIBED IN CLAUSES (A), THROUGH (F) HEREOF, OR ANY ALLEGATION
OF ANY SUCH MATTERS, EXCEPT TO THE EXTENT ARISING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT BY THE INDEMNIFIED AGENT OR SECURED
PARTIES AS DETERMINED BY A COURT OF COMPETENT JURISDICTION. THIS INDEMNIFICATION WILL APPLY TO AND INCLUDE CLAIMS OR ACTIONS BROUGHT BY
OR ON BEHALF OF EMPLOYEES OF INDEMNITOR. INDEMNITOR AGREES THAT A SEPARATE ACTION MAY BE BROUGHT TO ENFORCE THE PROVISIONS IN THIS ENVIRONMENTAL
INDEMNITY. As used in this Environmental Indemnity, the phrase "at any time prior to a Foreclosure Transfer" includes the period
between the time of Indemnitor's disposition of the Property and the time of a Foreclosure Transfer (in the event that Indemnitor disposes
of the Property prior to a Foreclosure Transfer), as well as the period during which Indemnitor holds title to the Property.

 

7.                    
Survival of Obligations. Indemnitor's Obligations under this Environmental Indemnity will survive the
sale or other transfer of the Property prior to a Foreclosure Transfer. The rights of Indemnified Agent and Secured Parties under this
Environmental Indemnity shall be in addition to any other rights and remedies of Indemnified Agent or Secured Parties against Indemnitor
under any other document or instrument now or hereafter executed by Indemnitor, or at law or in equity (including, without limitation,
any right of reimbursement or contribution pursuant to CERCLA), and shall not in any way be deemed a waiver of any such rights. Indemnitor
agrees that it shall have no right of contribution (including, without limitation, any right of contribution under CERCLA) or subrogation
against any other Indemnitor under this Environmental Indemnity unless and until all Obligations of such Indemnitor have been satisfied.
Indemnitor further agrees that, to the extent that the waiver of its rights of subrogation and contribution as set forth herein is found
by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation or contribution such Indemnitor
may have shall be junior and subordinate to the rights of Indemnified Agent and the other Secured Parties against each Indemnitor hereunder.

 

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8.                    
Unconditional Obligations. Indemnitor's Obligations under this Environmental Indemnity are unconditional
and shall not be limited by any limitations on liability provided for in any Transaction Document. The certifications, representations,
warranties, covenants and agreements of Indemnitor set forth in this Environmental Indemnity (including without limitation the indemnity
provided for in Section 6), (a) are separate and distinct Obligations from Indemnitor’s Obligations with respect to the Loan
and under the Transaction Documents shall continue in effect after any transfer of the Property, including without limitation transfers
pursuant to foreclosure proceedings (whether judicial or nonjudicial), or by any conveyance in lieu of foreclosure.

 

9.                    
Definitions. Each capitalized term used in this Environmental Indemnity that is defined in the MCA or
the Mortgage and not defined in this Environmental Indemnity will have the meaning specified in the MCA or the Mortgage, respectively.

 

"Building Laws" means all Applicable
Laws, applicable to the ownership, development or operation of the Property, including all building, zoning, planning, subdivision, fire,
traffic, safety, health, labor, air quality, wetlands, shoreline and flood plain laws, statutes, regulations, ordinances and requirements,
and specifically includes all applicable requirements of the Fair Housing Act of 1968, and the Americans With Disabilities Act of 1990,
and all government and private covenants, conditions and restrictions applicable to the Property, all as now or hereafter amended.

 

"Environmental Laws" means all
federal, state and local statutes, regulations, ordinances, and requirements, now or hereafter in effect, pertaining to environmental
protection, contamination or cleanup, including without limitation: The Federal Resource Conservation and Recovery Act of 1976, 42 U.S.C.
Section 6901 et seq., as amended by the Solid and Hazardous Waste Amendment of 1984, the Federal Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. Section 9601
et seq., the Federal Clean Air Act, 42 U.S.C. Sections 7401-7626, Federal Water Pollution Control Act, Federal Clean Water Act of 1977,
33 U.S.C. Section 1251 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, Federal Pesticide Act of 1978, 7 U.S.C. Section
136 et seq., the Federal Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq., the Federal Safe Drinking Water Act, 42 U.S.C.
Section 300(f) et seq., the Federal Rivers and Harbors Act of 1988, 33 U.S.C. Section 3401 et seq., the Federal Endangered Species
Act of 1973, as amended 16 U.S.C. Section 1531 et seq. , the Federal Atomic Energy Act, 42 U.S.C. Section 3011 et seq., the Federal Occupational
Safety and Health Act, 29 U.S.C. Section 651 et seq. , the Federal Environmental Policy Act, 42 U.S.C. Section 4321 et seq., the
Federal Hazardous Materials Transportation Act, 49 U.S.C. Section 1471 et seq., the Federal Hazardous Materials Transportation Table,
49 C.F.R. Section 172.101 et seq., the Federal Refuse Act, 33 U.S.C. Section 407 et seq., the Federal Emergency Planning and Community
Right-to-Know Act, 42 U.S.C. Section 1101 et seq., and

 

"Event of Default" means the breach
of any term, provision, warranty or representation under this Environmental Indemnity which is not cured within any cure or grace period,
if any.

 

"Foreclosure Transfer" means the
transfer of title to all or any part of the Property at a foreclosure sale under the Mortgage, either pursuant to judicial decree or the
power of sale contained in the Mortgage, or by deed in lieu of such foreclosure.

 

"Hazardous Substances" means any
chemical, substance or material classified or designated as hazardous, toxic or radioactive, or other similar term, and now or hereafter
regulated under any Environmental Law, including without limitation, asbestos, petroleum and hydrocarbon products.

 

"Losses" means any and all claims,
suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, Obligations, debts, damages, losses, costs,
expenses, fines, penalties, charges, fees, Judgments, awards, amounts paid in settlement of whatever kind or nature (including Legal Fees),
and all foreseeable and unforeseeable consequential damages (including, without limitation, costs of any and all investigation, cleanup,
removal, remediation, closure, site restoration of any Hazardous Material, or any other remedial acts that are required to be performed
on the Property by any Environmental Laws and all Legal Fees therefore).

 

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"Other Property" means any adjacent
real property which becomes contaminated with Hazardous Substances as a result of the Indemnitor’s construction, development, operation
or other activities on, or the contamination of, the Property.

 

"Secured Parties" means Secured
Parties and any person or entity designated or appointed by Indemnified Agent or Secured Parties to acquire the Property through foreclosure
or by transfer in lieu of foreclosure, and any and all other financial institutions participating in the Secured Obligations.

 

10.                 
Indemnified Agent's Right to Join Legal Actions. Indemnified Agent shall have the right, at its option,
but at Indemnitor's sole cost and expense, to join and participate in, as a party if it so elects, any legal proceedings or actions initiated
by Indemnitor or against Indemnitor or the Property, in connection with any Environmental Laws.

 

11.                 
Interest. All Obligations of the Indemnitor under this Environmental Indemnity shall be payable on demand,
and any amount due and payable under this Environmental Indemnity to Indemnified Agent by any Indemnitor that is not paid within five
days after written demand for it from Indemnified Agent with an explanation of the amounts demanded shall bear interest from the highest
rate permitted under Applicable Law.

 

12.                 
Payment of Costs and Expenses. The Indemnitor shall pay to Secured Parties and Indemnified Agent all court
costs, Legal Fees, including reasonable attorney’s fees and other expenses of Secured Parties or Indemnified Agent, respectively,
in connection with, or the enforcement of, this Environmental Indemnity.

 

13.                 
Notices. All notices, approvals, consents, and other communications, under this Environmental Indemnity
(“Notices”) must be given in accordance with and will be subject to the terms and provisions of the MCA. Notices must
be mailed or delivered, if to Indemnitor, to the address adjacent Indemnitor's signature below; if to Indemnified Agent or Lender, to
14767 N. Outer 40 Rd., Suite 400, Chesterfield, MO 63017, Attention: Loan Operations; if to Secured Parties other than Lender, c/o Rabobank,
245 Park Avenue, New York, NY 10167, Attention: Customer Service Representative; and in the case of any other Person, to the address designated
by that Person in a notice to Indemnitor, Indemnified Agent, and Lender.

 

14.                 
Binding Effect; Successors and Assigns. The Transaction Documents shall inure to the benefit of and shall
be binding upon the parties and their respective successors and assigns.

 

15.                 
Joint and Several Obligations. If Indemnitor consists of more than one Person, each Indemnitor (a) expressly
acknowledges and undertakes, together with the other Indemnitors, joint and several liability for the punctual payment when due, whether
at stated maturity, by acceleration or otherwise, of all indebtedness, liabilities and Obligations under this Environmental Indemnity;
(b) acknowledges that this Environmental Indemnity is the independent and several obligation of each Indemnitor and may be enforced against
each Indemnitor separately, whether or not enforcement of any right or remedy hereunder has been sought against any other Indemnitor;
and (c) agrees that its liability hereunder and under any other Transaction Document shall be absolute, unconditional, continuing and
irrevocable. INDEMNITOR EXPRESSLY WAIVES ANY REQUIREMENT THAT INDEMNIFIED AGENT EXHAUST ANY RIGHT, POWER OR REMEDY AND PROCEED AGAINST
THE OTHER INDEMNITORS UNDER THIS ENVIRONMENTAL INDEMNITY, OR ANY OTHER TRANSACTION DOCUMENTS, OR AGAINST ANY OTHER PERSON UNDER ANY GUARANTY
OF, OR SECURITY FOR, ANY OF THE INDEBTEDNESS, LIABILITIES AND OBLIGATIONS UNDER THIS ENVIRONMENTAL INDEMNITY.

 

16.                 
Severability. Any provision of any Transaction Document which is prohibited or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions of that Transaction Document or affecting the validity or enforceability of that provision in any other jurisdiction; except
that if such provision relates to the payment of any monetary sum, then all or any Secured Parties may, at their option, declare all Obligations
in their favor immediately due and payable.

 

17.                 
Governing Law. This Environmental Indemnity shall be governed exclusively by the applicable laws of the
Commonwealth of Kentucky (the "Governing Law State") without regard or reference to its conflict of laws principles.

  

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18.                 
Miscellaneous. This Environmental Indemnity may be executed in counterparts, each of which will be an
original and all of which together are deemed one and the same instrument. If Indemnitor is comprised of multiple Persons, any Person
comprising Indemnitor is hereby authorized to bind all parties comprising Indemnitor. Indemnified Agent or Secured Parties may, at any
time and without notice, waive any prior requirement that requests, authorizations, or other actions be taken only by a Designated Person.
This Environmental Indemnity shall be interpreted in light of the Drafting Conventions specified in the MCA. Each Party has participated
in negotiating and drafting this Environmental Indemnity, so if an ambiguity or a question of intent or interpretation arises, this Environmental
Indemnity is to be construed as if the parties had drafted it jointly, as opposed to being construed against a Party because it was responsible
for drafting one or more provisions of this Environmental Indemnity. Indemnitor agrees to execute any other documents or take any other
actions reasonably necessary to effectuate this Environmental Indemnity and the consummation of the transactions contemplated herein.
This Environmental Indemnity may not be amended, changed, modified, altered or terminated without the prior written consent of Indemnitor
Indemnified Agent and Secured Parties. All rights and remedies under this Environmental Indemnity and the Secured Obligation Documents
are cumulative, and the exercise of any one or more of them does not constitute an election of remedies.

 

19.                 
WAIVER OF JURY TRIAL. INDEMNITOR, AND BY ACCEPTANCE HEREOF, COLLATERAL AGENT (A) COVENANTS AND AGREES NOT
TO ELECT A TRIAL BY JURY IN ANY ACTION OR PROCEEDING FOR THE RESOLUTION OF ANY CONTROVERSY OR CLAIM THAT ARISES OUT OF OR RELATES TO:
(I) THIS ENVIRONMENTAL INDEMNITY; OR (II) ANY SECURED OBLIGATION DOCUMENT, WHETHER ARISING IN CONTRACT, TORT OR BY STATUTE (INDIVIDUALLY
AND COLLECTIVELY, A "CONTROVERSY OR CLAIM"); AND, (B) TO THE EXTENT PERMITTED BY APPLICABLE LAW, WAIVES ANY RIGHT TO
A TRIAL BY JURY IN ANY CONTROVERSY OR CLAIM TO THE EXTENT SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THE PROVISIONS OF THIS SECTION ARE GIVEN
KNOWINGLY AND VOLUNTARILY; AND ARE A MATERIAL INDUCEMENT FOR THE SECURED PARTIES ENTERING INTO THE SECURED OBLIGATION DOCUMENTS.

 

Indemnitor is signing this Environmental Indemnity
effective as of the day and year first written above.

 

 

	 	

INDEMNITOR

	 	 
	Address for Notices:	APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company
	500 Appalachian Way	 	 
	Morehead, KY 40351	 	 
	 	By: 	/s/ Loren Joseph Eggleton
	Alternate address for notice by U.S. Mail:  	 	LOREN JOSEPH EGGLETON
	401 W. Main Street, Suite 321	 	Chief Financial Officer
	Lexington, KY 40507	 	 

 

 

 

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	STATE OF KENTUCKY        	)
	 	) SS
	County Of Fayette	)

 

The foregoing instrument was acknowledged
before me this 15th day of June, 2021 by LOREN JOSEPH EGGLETON, Chief Financial Officer on behalf of
APPHARVEST MOREHEAD FARM, LLC, a Delaware limited liability company.

 

 

	 	/s/ Laura A. Taylor
	 	Signature of person taking Acknowledgment
	[***]	 
	 	Notary
	 	Title or Rank
	 	 
	 	[***]
	 	Serial Number, if any

 

 

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EXHIBIT A

 

AppHarvest MCA 2021

 

ENVIRONMENTAL INDEMNITY AGREEMENT

REGARDING HAZARDOUS SUBSTANCES AND BUILDING LAWS

 

Legal Description of Real Estate

 

Rowan County, Kentucky

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