Document:

Exhibit 10.6

 

AUTOMALYST LLC

520 Madison Avenue

New York, New York 10022

 

August 24, 2020

 

TJF, LLC

1510 West Loop South

Houston, Texas 77027

 

RE: Membership Interest
Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the
 “Agreement”) is entered into on August 24, 2020 by and between TJF, LLC, a Delaware limited liability company
(the “Subscriber” or “you”), and Automalyst LLC, a Delaware limited liability company (the
 “Company”, “we” or “us”). Pursuant to the terms hereof, the Company hereby
accepts the offer the Subscriber has made to purchase a 51.7% membership interest in the Company (the “Membership Interest”).
The Company and the Subscriber’s agreements regarding such Membership Interest are as follows:

 

1.                  
Purchase of Membership Interest.

 

1.1     
Purchase of Membership Interest. For the sum of $1,070 (the “Purchase Price”), which the Company
acknowledges receiving in cash, the Company hereby sells the Membership Interest to the Subscriber, and the Subscriber hereby purchases
the Membership Interest from the Company on the terms and subject to the conditions set forth in this Agreement. Concurrently with
the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber an amended and
restated limited liability company agreement of the Company which reflects the Membership Interest as owned by the Subscriber.

 

2.                  
Representations, Warranties and Agreements.

 

2.1     
Subscriber’s Representations, Warranties and Agreements. To induce the Company to sell the Membership Interest
to the Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1 No Government
Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the purchase of the Membership Interest.

 

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

 

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

 

    1

     

    

 

2.1.4 Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Membership Interest and (ii) able to bear the economic risk of its investment in the Membership
Interest for an indefinite period of time. Subscriber is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment. Subscriber is able
to bear the economic risks of an investment in the Membership Interest and to afford a complete loss of Subscriber’s investment
in the Membership Interest.

 

2.1.5 Access to
Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

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

 

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

 

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

 

    2

     

    

 

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

 

2.2     
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Membership Interest,
the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1 Organization
and Corporate Power. The Company is a Delaware limited liability company and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

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

 

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

 

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

 

2.2.5 Consent
of M Science Holdings LLC. M Science Holdings LLC, a Delaware limited liability company and the sole member of the Company
owning 100% of its membership interest, hereby consents to the sale of the Membership Interest to the Subscriber.

 

3.                  
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Membership Interest purchased
pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
by the Company from the trust account which will be established for the benefit of the Company’s public stockholders and
into which substantially all of the proceeds of the Initial Public Offering (the “IPO”) will be deposited (the
 “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete
an initial business combination. For purposes of clarity, in the event the Subscriber purchases units or shares of Class A common
stock in the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive any liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any shares of Class B common stock into funds
held in the Trust Account upon the successful completion of an initial business combination.

 

    3

     

    

 

4.                  
 Restrictions on Transfer.

 

4.1     
Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company,
Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Membership Interest
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Membership Interest proposed to be transferred shall then be effective or (b) the Company has received
an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction
is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder
and with all applicable state securities laws.

 

4.2     
Lock-up. Subscriber acknowledges that the securities will be subject to lock-up provisions (the “Lock-up”)
contained in the Insider Letter.

 

4.3     
Restrictive Legends. Any certificates representing the Membership Interest shall have endorsed thereon legends substantially
as follows: “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.” “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

4.4     
 Registration Rights. Subscriber acknowledges that the Membership Interest is being purchased pursuant to an exemption
from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met
or they are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing of
the IPO.

 

5.                  
Other Agreements.

 

5.1     
Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement.

 

5.2     
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be:
(i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

5.3      Entire
Agreement. This Agreement embodies the entire agreement and understanding between the Subscriber and the Company with
respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the
subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in
this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this
Agreement.

 

    4

     

    

 

5.4     
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by all parties hereto.

 

5.5     
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

5.6     
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the
prior written consent of the other party.

 

5.7     
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding
on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.

 

5.8     
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

5.9     
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.

 

5.10 
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or
remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right,
power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party
hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a
party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further
notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand
to any other or further action in any circumstances without such notice or demand.

 

5.11 
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution
and delivery hereof and any investigations made by or on behalf of the parties.

 

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

 

    5

     

    

 

5.13 
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

5.14 
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

5.15 
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any
provision of this Agreement. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

5.16 
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against
any party hereto.

 

6.                  
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature Page Follows]

 

    6

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	AUTOMALYST LLC
	 
	 	By:	/s/ Michael J. Sharp
	 	 	Name: Michael J. Sharp
	 	 	Title: Executive Vice President

 

	 	M SCIENCE HOLDINGS LLC, as its sole Member
	 
	 	By:	/s/ Michael J. Sharp
	 	 	Name: Michael J. Sharp
	 	 	Title: Executive Vice President

 

[Signature Page to Membership Interest Subscription Agreement]

 

     

     

    

 

Accepted and agreed as of the date first
written above.

TJF, LLC

 

	By:	/s/ Tilman J. Fertitta	 
	 	Name: Tilman J. Fertitta
	 	Title: Sole Managing Member

 

[Signature Page to Membership Interest Subscription Agreement]Exhibit 10.7

 

FORM OF

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT
WARRANTS PURCHASE AGREEMENT, dated as of ______________, 2020 (as it may from time to time be amended and including all exhibits
referenced herein, this “Agreement”), is entered into by and among Landcadia Holdings III, Inc., a Delaware
corporation (the “Company”), and Jefferies Financial Group, Inc., a New York corporation, and TJF, LLC, a Delaware
limited liability company (collectively, the “Purchasers”).

 

WHEREAS, the Company
intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each
unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (each, a “Share”),
and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one Share at an exercise price of $11.50
per Share. The Purchasers have agreed to purchase an aggregate of 8,000,000 warrants (or 9,000,000 warrants in the aggregate if
the over-allotment option in connection with the Public Offering is exercised in full) (the “Private Placement Warrants”),
each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, in such amounts
as described on Exhibit A hereto.

 

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

 

AGREEMENT

 

Section 1                   
Authorization, Purchase and Sale; Terms of the Private Placement Warrants.

 

A.                
Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private
Placement Warrants to the Purchasers.

 

B.                 
Purchase and Sale of the Private Placement Warrants.

 

On the date of
the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchasers and the
Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchasers, and the
Purchasers shall purchase from the Company, an aggregate of 8,000,000 Private Placement Warrants at a price of $1.50 per
warrant for an aggregate purchase price of $12,000,000 (the “Purchase Price”) (in such amounts as
described on Exhibit A hereto), which shall be paid by wire transfer of immediately available funds to the Company in
accordance with the Company’s wiring instructions at least one business day prior to the date of effectiveness of the
registration statement to be filed in connection with the Public Offering. On the Initial Closing Date, the Company, shall
either, at its option, deliver certificates evidencing the Private Placement Warrants purchased by the Purchasers on such
date duly registered in each Purchaser’s name to each Purchaser, or effect such delivery in book-entry form. On the
date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on such
earlier time and date as may be mutually agreed by the Purchasers and the Company (each such date, an
 “Over-allotment Closing Date,” and each Over-allotment Closing Date (if any) and the Initial Closing Date
being sometimes referred to herein as a “Closing Date”), the Company shall issue and sell to the
Purchasers, and the Purchasers shall purchase from the Company, up to an aggregate of 1,000,000 Private Placement Warrants,
in the same proportion as the amount of the over-allotment option that is exercised, at a price of $1.50 per warrant for an
aggregate purchase price of up to $1,500,000 (if the over-allotment option in connection with the Public Offering is
exercised in full) (the “Over-allotment Purchase Price”) (in such amounts as described on Exhibit A
hereto), which shall be paid by wire transfer of immediately available funds to the Company in accordance with the
Company’s wiring instructions. On the Over-allotment Closing Date, upon the payment by the Purchasers of the
Over-allotment Purchase Price payable by them by wire transfer of immediately available funds to the Company, the Company
shall either, at its option, deliver certificates evidencing the Private Placement Warrants purchased by the Purchasers on
such date duly registered in each Purchaser’s name to each Purchaser, or effect such delivery in book-entry form.

 

     

     

    

 

C.                 
Terms of the Private Placement Warrants.

 

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

 

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

 

Section 2                   
Representations and Warranties of the Company. As a material inducement to the Purchasers to enter into this Agreement
and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchasers (which representations
and warranties shall survive each Closing Date) that:

 

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

 

B.                 
Authorization; No Breach.

 

(i)                 
The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized and
approved by the Company as of each Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable
in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and
this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance
with their terms.

 

(ii)                
The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of
the Private Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment
of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (a)
conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the
creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result
in a violation of, or (e) require any authorization, consent, approval, exemption, action, notice, declaration or filing, in each
case, by or to any court or administrative or governmental body or agency pursuant to the certificate of incorporation or the bylaws
of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or
any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which
the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

 

    2

     

    

 

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

 

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

 

Section 3                   
Representations and Warranties of the Purchasers. As a material inducement to the Company to enter into this Agreement
and issue and sell the Private Placement Warrants to the Purchasers, each Purchaser hereby represents and warrants to the Company
(which representations and warranties shall survive each Closing Date) that:

 

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

 

B.                 
Authorization; No Breach.

 

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

 

(ii)                
The execution and delivery by each Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof
by the Purchasers does not and shall not as of each Closing Date conflict with or result in a breach by either Purchaser of the
terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which either Purchaser is subject that
would materially impact its ability to perform its obligations hereunder.

 

C.                  
Investment Representations.

 

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

 

(ii)                
Each Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D of the
Securities Act of 1933, as amended (the “Securities Act”), and neither Purchaser has experienced a disqualifying
event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

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

 

    3

     

    

 

(iv)               
 Each Purchaser did not enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502(c) under the Securities Act.

 

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

 

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

 

(vii)              
Each Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act
or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered
thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights
Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act
or any state securities laws or to comply with the terms and conditions of any exemption thereunder. While such Purchaser understands
that Rule 144 under the Securities Act is not available for the resale of securities initially issued by shell companies (other
than business combination related shell companies) or issuers that have been at any time previously a shell company, such Purchaser
understands that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the
securities that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
(iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during
the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form
8-K reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the
SEC reflecting its status as an entity that is not a shell company.

 

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

 

Section 4                   
Conditions of the Purchasers’ Obligations. The obligations of the Purchasers to purchase and pay for the Private
Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A.                
Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be
true and correct at and as of such Closing Date as though then made.

 

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

 

    4

     

    

 

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

 

D.                
Warrant Agreement and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and
the Registration Rights Agreement, each on terms satisfactory to the Purchasers.

 

E.                 
Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution,
delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants
hereunder.

 

Section 5                   
Conditions of the Company’s Obligations. The obligations of the Company to the Purchasers under this Agreement
are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A.                 
Representations and Warranties. The representations and warranties of the Purchasers contained in Section 3 shall
be true and correct at and as of such Closing Date as though then made.

 

B.                 
Performance. The Purchasers shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by the Purchasers on or before such Closing Date.

 

C.                 
Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution,
delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants
hereunder.

 

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

 

E.                 
Warrant Agreement. The Company shall have entered into the Warrant Agreement on terms satisfactory to the Company.

 

Section 6                   
Termination. This Agreement may be terminated at any time after December 31, 2020 upon the election by either the Company
or the Purchasers upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7                   
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive
each Closing Date.

 

Section 8                   
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in
the registration statement on Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission under the Securities
Act.

 

Section 9                   
Miscellaneous.

 

A.                 Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by
or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties
hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not
assign this Agreement without the prior written consent of the other party hereto, other than assignments by the Purchasers
to their respective affiliates (including, without limitation, one or more of its members).

 

    5

     

    

 

B.                 
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid

 

under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.                 
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain
the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. In
the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

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

 

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

 

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

 

[Signature Page Follows]

 

    6

     

    

 

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

 

	 	COMPANY:
	 	LANDCADIA HOLDINGS III
    INC.
	 	 
	 	By:	 
	 	 	Name: Steven L. Scheinthal
	 	 	Title: Vice President and General Counsel
	 	 
	 	PURCHASERS:
	 	JEFFERIES FINANCIAL GROUP
    INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	TJF, LLC
	 	 
	 	By:	 
	 	 	Name: Tilman J. Fertitta
	 	 	Title: Sole Managing Member

 

[Signature Page
to Private Placement Warrants Purchase Agreement]

 

    7

     

    

 

Exhibit A

 

	Name	 	Number
of

Private

Placement

 Warrants (No

 Exercise of

 Over-allotment

 Option)
	 	 	Purchase Price

 (No Exercise of

 Over-allotment

 Option)	 	 	Number of

 Private

 Placement

 Warrants

 (Exercise of

 Over-allotment

 Option in Full)	 	 	Purchase Price

 (Exercise of

 Over-allotment

 Option in Full)	 
	Jefferies Financial Group, Inc.	 	 	3,864,000	 	 	$	5,796,000	 	 	 	483,000	 	 	$	724,500	 
	TJF, LLC.	 	 	4,136,000	 	 	$	6,204,000	 	 	 	517,000	 	 	$	775,500	 
	Total	 	 	8,000,000	 	 	$	12,000,000	 	 	 	1,000,000	 	 	$	1,500,000	 

 

    8

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