Document:

EX-4.2

 Exhibit 4.2 

Execution Version 
 THIS WARRANT AND THE
SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ARE SUBJECT TO CONTRACTUAL OBLIGATIONS AMONG THE HOLDER AND THE COMPANY AND THE TERMS OF THE
COMPANY’S SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT (I) PURSUANT TO THE FOREGOING, AND (II) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. 

Date of Issuance 
 April 13, 2020 

LAIRD SUPERFOOD, INC. 

WARRANT TO PURCHASE COMMON STOCK 

FOR VALUE RECEIVED, on and after the date of issuance of this warrant (this “Warrant”), and subject to the terms and
conditions set forth herein, Danone Manifesto Ventures, PBC (the “Holder”) is entitled to purchase up to that number of shares of Common Stock (as specified below and subject to adjustment as described below) from Laird Superfood,
Inc., a Delaware corporation (the “Company”), at a price per share equal to the Exercise Price (as defined below). This Warrant is issued in connection with (i) that certain Series B-1
Preferred Stock Purchase Agreement, dated on or around the date hereof, by and between the Company and the Holder (the “Purchase Agreement”), pursuant to which the Holder is purchasing shares of the Company’s Series B-1 Preferred Stock, $0.001 par value per share (the “Series B-1 Preferred Stock,” and together with the Company’s Series
B-2 Preferred Stock, $0.001 par value per share, which the Company may issue and sell from time to time, the “Series B Preferred Stock”) and (ii) that certain Stockholder Agreement, dated
on or around the date hereof, by and between the Company and the Holder (the “Stockholder Agreement”). 

1.    Acquisition of Shares. 

(a)    Number of Shares. Subject to the terms and conditions set forth herein, in the event the Holder exercises the
IPO Participation Right (as defined in the Stockholder Agreement) to purchase at least $10,000,000 of shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) in the IPO (as defined in the
Stockholder Agreement) and/or a Private Placement (as defined in the Stockholder Agreement), subject to ordinary course rounding adjustments (such exercise of the IPO Participation Right, a “Warrant Exercisability Trigger”), the
Holder is entitled to acquire from the Company up to that number of fully paid and nonassessable shares of the Common Stock equal to (A) ten percent (10%) multiplied by (B) the total number of shares of Common Stock (whether issued or
issuable upon conversion of the Series B Preferred Stock), but excluding the amounts purchased by the Holder and/or any of its Affiliates (as defined in the Stockholder Agreement) in the IPO and/or Private Placement or otherwise, then-held by the
Holder and its Affiliates. 

 (b)    Exercise Price. The exercise price for the shares of
Common Stock issuable pursuant to this Section 1 (the “Shares”) shall be $0.01 per share (the “Exercise Price”). The Shares and the Exercise Price shall be subject to adjustment pursuant to
Section 7 hereof. 
 2.    Exercise Period. Subject to the conditions herein, this
Warrant shall become exercisable commencing upon a Warrant Exercisability Trigger and ending at the time at which the managing underwriters for the IPO obtain from potential investors their final indications of interest immediately prior to the
pricing of the IPO (the “Exercise Period”), in the manner set forth in Section 2 hereof; provided, that this Warrant shall no longer be exercisable and become null and void (i) on the date on
which the Holder does not own any shares of capital stock of the Company, (ii) upon the consummation of a Deemed Liquidation Event (as defined in the Company’s Second Amended and Restated Certificate of Incorporation on file with the
Secretary of State of the State of Delaware, as amended and/or restated from time to time) or (iii) in the event that the Holder and its Affiliates, collectively, do not purchase at least $10,000,000 (as may be adjusted for de minimis
rounding) of shares of Common Stock in the IPO and/or a Private Placement. In the event of a Deemed Liquidation Event, the Company shall notify the Holder at least twenty (20) days prior to the consummation of such Deemed Liquidation Event.

 3.    Method of Exercise. 

(a)    While this Warrant remains outstanding and exercisable in accordance with Section 2 above,
the Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

(i)    the surrender of the Warrant, together with a duly executed copy of the Notice of Exercise in the form attached
hereto, to the Secretary of the Company at its principal office (or at such other place as the Company shall notify the Holder in writing); and 

(ii)    the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares being
purchased. 
 (b)    The exercise of this Warrant shall be deemed to have been effected at, and conditioned upon, the
closing of the IPO, simultaneous with the Holder’s purchase of shares in the IPO and/or the Private Placement in accordance with Section 2.8 of the Stockholder Agreement. For the avoidance of doubt, this Warrant shall not be exercised if
the IPO is not consummated. 
 (c)    As soon as practicable after the exercise of this Warrant in whole or in part, and
in any event within twenty (20) days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes and subject to
compliance with applicable federal and state securities laws) may direct a certificate or certificates for the number of Shares to which such Holder shall be entitled, if the certificates are certificated (including electronically). 

  
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 4.    Representations and Warranties of the Company. In
connection with the transactions provided for herein, the Company hereby represents and warrants to the Holder that: 

(a)    Organization, Good Standing, and Qualification. The Company is a corporation duly organized, validly
existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on the business, assets, liabilities, financial condition, prospects, property or results of operations of the Company.

 (b)    Authorization. Except as may be limited by applicable bankruptcy, insolvency, reorganization or similar
laws relating to or affecting the enforcement of creditors’ rights, all corporate action has been taken on the part of the Company, its officers, directors, and stockholders necessary for the authorization, execution and delivery of this
Warrant. The Company has taken all corporate action required to make all the obligations of the Company reflected in the provisions of this Warrant the valid and enforceable obligations they purport to be. The issuance of this Warrant will not be
subject to preemptive rights of any stockholders of the Company. The Company has authorized, or will authorize prior to the IPO, sufficient shares of Common Stock to allow for the exercise of this Warrant. 

(c)    Valid Issuance of Common Stock. The Shares, when issued, sold, and delivered in accordance with the terms of
this Warrant for the consideration expressed therein, will be duly and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Holder in this Warrant, will be issued in compliance with all
applicable federal and state securities laws. 
 5.    Representations and Warranties of the Holder. In
connection with the transactions provided for herein, the Holder hereby represents and warrants to the Company that: 

(a)    Authorization. The Holder represents that it has full power and authority to enter into this Warrant. This
Warrant, when executed and delivered by the Holder, will constitute the Holder’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency,
reorganization, or similar laws relating to or affecting the enforcement of creditors’ rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

(b)    Acquisition Entirely for Own Account. The Holder acknowledges that this Warrant is entered into by the
Holder in reliance upon the Holder’s representation to the Company that the Warrant and the Shares will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution
of any part thereof, and that the Holder has no present intention of selling, granting any participation in or otherwise distributing the same. By acknowledging this Warrant, the Holder further represents that the Holder does not have any contract,
undertaking, agreement, or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Shares. 

  
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 (c)    Investment Experience. The Holder is an investor in
securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of the investment in the Shares. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Shares. 

(d)    Accredited Investor. The Holder is, and at the time of exercise of this Warrant, will be, an
“accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect, as promulgated by the U.S. Securities and Exchange Commission under the Securities Act. 

6.    Covenants of the Company. 

(a)    Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of
securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters and stock dividends) or other distribution, the Company
shall mail to the Holder, at least ten (10) days prior to such record date, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution. 

(b)    Covenants as to Exercise Shares. The Company covenants and agrees that all Shares that may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance in accordance with the terms hereof, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance
thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise of
the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as
may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes. 

7.    Adjustment of Exercise Price and Number of Shares. The number and kind of Shares purchasable upon exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(a)    Subdivisions, Combinations and Other Issuances. If the Company shall at any time subdivide its Common Stock,
by split-up or otherwise, or combine its Common Stock, or issue additional shares of its Common Stock as a dividend with respect to any shares of its Common Stock, the number of Shares issuable on the exercise
of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per
share, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 7(a) shall become effective at the close
of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

  
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 (b)    Reclassification, Reorganization and Consolidation. In
case of any reclassification, capital reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 7(a) above), then, as a
condition of such reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right
at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such
reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Shares by the Holder immediately prior to such reclassification, reorganization or change; provided that the foregoing shall not
nullify or amend the requirement of the Warrant Exercisability Trigger nor the Exercise Period. In any such case appropriate provisions shall be made with respect to the rights and interest of the Holder so that the provisions hereof shall
thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per Share payable hereunder, provided the aggregate
Exercise Price shall remain the same. 
 (c)    Notice of Adjustment. When any adjustment is required to be made
in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon
exercise of this Warrant. 
 8.    No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. Amounts of less than fifty (50) dollars
shall be deemed paid in hand. 
 9.    No Stockholder Rights. Prior to exercise of this Warrant, the Holder shall
not be entitled to any rights of a stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder
meetings, and, except as otherwise provided in this Warrant, the Holder shall not be entitled to any stockholder notice or other communication concerning the business or affairs of the Company in respect of the Shares. 

10.    Transfer of Warrant. This Warrant may not be transferred or assigned except by the Holder to any of its
Affiliates, subject to compliance with applicable federal and state securities laws. Within a reasonable time after the Company’s receipt of an executed Assignment Form in the form attached hereto, the transfer shall be recorded on the books of
the Company upon the surrender of this Warrant, properly endorsed, to the Company at its principal offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. 

  
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 11.    Governing Law. This Warrant shall be governed by and
construed under the laws of the State of Delaware as applied to agreements among Delaware residents, made and to be performed entirely within the State of Delaware. 

12.    Successors and Assigns. The terms and provisions of this Warrant shall inure to the benefit of, and be
binding upon, the Company and the holders hereof and their respective successors and assigns. 
 13.    Titles and
Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

14.    Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages hereto (or at such other addresses as shall be specified by notice given in accordance with
this Section 14). 
 15.    Finder’s Fee. Each party represents that it neither is
nor will be obligated for any finder’s fee or commission in connection with this transaction. The Holder agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s
fee (and the costs and expenses of defending against such liability or asserted liability) for which the Holder or any of its officers, partners, employees or representatives is responsible. The Company agrees to indemnify and hold harmless the
Holder from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or
representatives is responsible. For the avoidance of doubt, a fee and/or underwriting discount may apply to the $10,000,000 of shares of Common Stock purchased by Holder in the IPO and/or Private Placement. 

16.    Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Warrant,
the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

17.    Entire Agreement; Amendments and Waivers. This Warrant, the Stockholder Agreement, the Transaction
Agreements (as defined in the Purchase Agreement) and any other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Nonetheless, any term
of this Warrant may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder. 

18.    Severability. If any provision of this Warrant is held to be unenforceable under applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

  
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 IN WITNESS WHEREOF, the parties have executed this Warrant as of the date first
written above. 
  

			
	LAIRD SUPERFOOD, INC.
		
	By:	 	/s/ Paul Hodge
	Name:	 	Paul Hodge
	 Title:
	 	 Chief Executive Officer

	
	 Address:

Laird Superfood, Inc.

P.O. Box 2270

Sisters, OR 97759

  

			
	ACKNOWLEDGED AND AGREED:
	
	DANONE MANIFESTO VENTURES, PBC
		
	By:	 	/s/ Jean-Francois Hurel
	Name:	 	Jean-Francois Hurel
	Title:	 	 Vice President & Treasurer, Head of Investments

	
	 Address:

Danone Manifesto Ventures, PBC

12 W 21st St, 12th Floor

New York, New York 10010

 SIGNATURE PAGE TO LAIRD
SUPERFOOD, INC. 
 WARRANT TO PURCHASE COMMON
STOCK 

 NOTICE OF EXERCISE 

LAIRD SUPERFOOD, INC. 
 Attention: Corporate Secretary

 The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as follows: 

 

	 	❑	
                       
          shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith payment in cash of the Exercise Price of such Shares in full, together with all applicable transfer
taxes, if any. 

 The undersigned hereby represents and warrants that Representations and Warranties in Section 5
hereof are true and correct as of the date hereof. 
  

											
		 		 		 	DANONE MANIFESTO VENTURES, PBC
						
	Date:	 	                                      
              	 		 		 	By:	 	 
		 		 		 	  	 	Name:	 	 
		 		 		 		 	Title:	 	 
					
		 		 	 Address:
	 		 	 
		 		 		 		 	 
		 		 		 	 

											
	Name in which shares should be registered:	 		 		 	
	 	 		 		 	

  

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to acquire shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to 
  

			
		
	Name:	 	    
                                         
                                         
                                         
     
		 	(Please Print)
		
	Address:	 	 
		 	(Please Print)

			
		
	Dated:	 	                                      
          
		
	Holder’s Signature:	 	 
		
	Holder’s Address:EX-4.3

 Exhibit 4.3 

LAIRD SUPERFOOD, INC. 

STOCKHOLDER AGREEMENT 

THIS STOCKHOLDER AGREEMENT (this “Agreement”) is made and entered into as of April 13, 2020 (the
“Effective Date”), by and between Laird Superfood, Inc., a Delaware corporation (the “Company”), and Danone Manifesto Ventures, PBC (“Investor”). 

WHEREAS, the Company and Investor are parties to that certain Series B-1 Preferred Stock
Purchase Agreement, dated as of even date herewith (as amended, restated, or otherwise modified from time to time, the “Purchase Agreement”), pursuant to which Investor is acquiring shares of the Company’s Series B-1 Preferred Stock, $0.001 par value per share; and 
 WHEREAS, in connection with entering into
the Purchase Agreement, the Company and Investor desire to enter into this Agreement, pursuant to which Investor shall have the right to (i) purchase shares of the Company’s Common Stock, $0.001 par value per share (“Common
Stock”), in connection with the IPO (as defined below), (ii) designate a member of the Board (as defined below) and (iii) designate a representative as an observer of the Board, in each case subject to the terms and conditions herein.

 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    CERTAIN DEFINED TERMS. In addition to the terms defined elsewhere in this Agreement, the following terms
shall have the following meanings: 
 1.1    “Affiliate” means, with respect to any specified Person,
any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture
capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.
For purposes of this definition, the term “control”, when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person whether
through the ownership of voting securities, by contract or otherwise; provided, for the avoidance of doubt, that a Person owning or controlling a minority interest in another Person by means of a minority investment (or a functional equivalent which
would reasonably be understood to represent a minority investment or minority interest in a partnership or other entity) shall not be deemed to “control” such other Person. 

1.2    “Board” means the Company’s board of directors. 

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

1.4    “FINRA” means the Financial Industry Regulatory Authority, Inc. and any successor organizations or
entities thereto. 

 1.5    “Investor Allocated Shares” means
a number of shares of Common Stock equal to the greater of (i) the number of shares of Common Stock equal to $10,000,000 divided by the price per share to the public in the IPO (as defined below) and (ii) the total number of shares sold in
the IPO (excluding any shares sold or to be sold pursuant to any over-allotment or green shoe option) by the Company, multiplied by Investor’s percentage equity ownership of the Company (calculated in each case on an as-converted and fully diluted basis, but excluding any shares underlying any warrants or requiring additional payments to receive the underlying Common Stock upon exercise) immediately prior to the consummation of
the IPO. 
 1.6    “Investors’ Rights Agreement” shall mean that certain Amended and
Restated Investors’ Rights Agreement, dated on or around the date hereof, by and among the Company, Investor and certain other parties thereto, as may be amended from time to time. 

1.7    “IPO” means the Company’s first firm commitment underwritten public offering of its Common
Stock under the Securities Act. 
 1.8    “IPO Participation Right” shall mean the right
of Investor to purchase shares in the IPO pursuant to Section 2 herein. 

1.9    “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity. 
 1.10    “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the
declaration or ordering of effectiveness of such registration statement or document. 

1.11    “SEC” means the Securities and Exchange Commission. 

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

1.13    “Securities Laws and Regulations” means (i) all applicable federal, state or
other securities laws (including but not limited to the Securities Act, as amended from time to time, and the rules and regulation from time to time promulgated thereunder, the Exchange Act, as amended from time to time, and the rules and regulation
from time to time promulgated thereunder or the rules and regulations of any securities exchange) and (ii) all rules and regulations of FINRA or any other self-regulatory organization that are applicable to the Company, Investor or any
underwriter participating in the IPO, as applicable. 
 2.    IPO PARTICIPATION RIGHT. 

2.1    Allocation. Subject to the requirements of the Securities Laws and Regulations and subject to the other
provisions of this Agreement (including, without limitation, Section 2.2 below), the Company agrees to undertake reasonable best efforts to cause the managing underwriters of any IPO to allocate to Investor at least such number of shares
as equals the Investor Allocated Shares on the terms set forth in this Agreement. The shares of Common 

  
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Stock so offered shall be offered on the same terms and at the same price at which they are being offered to the public pursuant to the Company’s registration statement with respect to the
IPO (other than with respect to a customary lock-up agreement, on the same terms as other significant pre-IPO investors in the Company). Investor shall be entitled to
apportion the rights granted pursuant to Sections 2.1 through 2.5 hereof among itself and its Affiliates in such proportions as it deems appropriate. 

2.2    Cutbacks. Notwithstanding the foregoing, in the event that the managing underwriters of the IPO determine,
in good faith, that the purchase of the Investor Allocated Shares by Investor would be detrimental to the IPO, then the managing underwriters may, in their sole discretion, by written notice delivered to the Company and Investor within two
(2) business days of such determination, reduce the number of Investor Allocated Shares to be allocated to Investor for purchase in the IPO to such number of shares as the underwriters, in good faith, determine is appropriate to ensure the
success of the IPO (any such reduced amount, the “Adjusted Investor Allocated Shares”) (which amount may, for the avoidance of doubt, be equal to zero if determined to be appropriate by the managing underwriters). In
no event shall the number of Investor Allocated Shares to be allocated to Investor for purchase in the IPO pursuant to this Agreement be reduced unless the Board has consulted with the managing underwriters for the IPO and the Board also concludes,
acting in good faith, that such reduction is appropriate to ensure the success of the IPO. Notwithstanding the foregoing, Investor (so long as Investor is an “accredited investor” within the meaning of Rule 501 under the Securities Act)
shall have the right to purchase in the Private Placement (as defined below) the number of shares of the Company’s Common Stock as shall equal the difference between the number of Investor Allocated Shares and the number of Adjusted Investor
Allocated Shares at a price per share equal to the price to the public in the IPO, and subject to the other terms and conditions provided in Section 2.7 below. 

2.3    Notice of IPO. Within two (2) business days after the Company first publicly files with the SEC a
registration statement covering shares of its Common Stock for an IPO (not including any confidential submissions of draft registration statements pursuant to the Jumpstart Our Business Startups Act of 2012, as may be amended from time to time), the
Company will notify Investor in writing (email sufficing) of the Company’s intent to undertake the IPO (the “Offering Notice”). Such Offering Notice shall set forth the anticipated schedule for such IPO, including
(i) the approximate date that the Company expects to print and distribute preliminary prospectuses relating to the IPO, (ii) the anticipated date on which the Company and the managing underwriters will begin the marketing effort generally
known as the “road show”, (iii) the anticipated date that the shares to be included in the IPO will be first offered to the public, (iv) the anticipated closing date of the IPO, (v) an estimation of the aggregate gross proceeds
in the IPO and (vi) if known at the time of such Offering Notice, the Investor Allocated Shares or Adjusted Investor Allocated Shares, as applicable, to be allocated to Investor, as well as calculations supporting such allocations. The Company
and Investor acknowledge that the schedule in such Offering Notice will be based upon the Company’s reasonable best estimate of the timing of the IPO, but that such schedule and such valuation are subject to substantial revision based upon
market conditions, disclosure issues that may arise during the preparation of the registration statement, interaction with the SEC regarding the registration statement and other factors. The Company may periodically provide written updates regarding
the schedule and valuation range provided to Investor as well as the Investor Allocated Shares or Adjusted Investor Allocated Shares, as applicable, as the process for the IPO progresses. 

  
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 2.4    Preliminary Indication of Interest. No later than five
(5) business days prior to the date specified in the Offering Notice (as updated from time to time by the Company in writing) on which the Company expects to begin distribution of preliminary prospectuses relating to the IPO (the
“Response Period”), Investor may provide to the Company and the managing underwriters for the IPO a written statement setting forth the aggregate dollar amount that Investor is interested in purchasing in the IPO
(which indication of interest may be expressly made dependent on valuation and the pricing of the offering). The Company and Investor acknowledge that this indication of interest is not intended to be an offer to purchase from Investor, but merely
an indication of interest to assist the Company and the managing underwriters in structuring the IPO and preparing appropriate disclosure in the registration statement. The failure by Investor to notify the Company and the managing underwriters
within the Response Period of its interest in purchasing shares in the IPO shall terminate Investor’s right to purchase shares in the IPO and pursuant to the Private Placement (as defined below), unless the IPO is not completed within ninety
(90) days of the Offering Notice. 
 2.5    Final Indication of Interest. No later than the time at which
the managing underwriters for the IPO obtain from potential investors their final indications of interest just prior to the pricing of the IPO, Investor may provide to the Company and the managing underwriters Investor’s final indication of
interest setting forth the number of shares Investor is interested in purchasing in the IPO (which number of shares may be more than, less than or equal to, and shall supersede, the number of shares represented by the dollar amount set forth in the
written statement provided by Investor pursuant to Section 2.4 above). 
 2.6    Compliance with
Securities Laws and Regulations. Notwithstanding anything to the contrary contained in this Agreement, the Company is not undertaking the obligation to commit any act in violation of the Securities Laws and Regulations or any other laws, rules
and regulations applicable to the IPO. In the event that (i) by reason of the provisions of this Section 2, in the Company’s reasonable judgment, and based on the advice of securities counsel for the Company and concurred in by
counsel for the managing underwriters, there would be any conflict with any Securities Laws and Regulations or other legal impediment or legal requirement which would prevent or materially delay the consummation of or unreasonably interfere with
either the IPO or the purchase of shares of Common Stock as contemplated in Sections 2.1 through 2.5 hereof, or (ii) the IPO shall commence within twelve (12) months of the date hereof, then Investor shall not have any rights
under Sections 2.1 through 2.5 hereof; provided that subsection (ii) of this Section 2.6 shall not apply if the Company obtains a “no action” letter or exemptive order from the SEC providing that the
purchase of shares of Common Stock by Investor as contemplated in Sections 2.1 through 2.5 hereof in an IPO commencing less than twelve (12) months of the date hereof will not result in a violation of Section 5 of the
Securities Act and the purchase of shares of Common Stock by Investor as contemplated in Sections 2.1 through 2.5 hereof complies with the terms and conditions of such “no action” letter or exemptive order. 

  
 4 

 2.7    Private Placement Right. In the event that
(i) Investor is not entitled to purchase a number of shares of Common Stock in the IPO that is equal to or greater than the number of Investor Allocated Shares (determined in accordance with Section 2.2) because any such purchase is
prevented, in whole or in part, by operation of Section 2.6 above, or (ii) the number of Adjusted Investor Allocated Shares is less than the Investor Allocated Shares, then in either case, Investor shall instead have the right, but
not the obligation (so long as Investor is an “accredited investor” within the meaning of Rule 501 under the Securities Act) to purchase from the Company, in a separate and contemporaneous private placement transaction exempt from
registration with the SEC (a “Private Placement”), a number of shares of Common Stock as shall equal the difference between (x) the number of Investor Allocated Shares and (y) the number of shares of Common Stock that
Investor is actually provided the opportunity to purchase (provided such number is lesser than the number of Investor Allocated Shares) in the IPO (the “Private Placement Shares”), at a price per share equal to the
price to the public in the IPO. In the event that any such right of Investor to purchase shares in the Private Placement arises, the Company shall deliver written notice to Investor containing all of the information required to be included in an
Offering Notice pursuant to Section 2.3 hereto, as well as, in the event such right arose pursuant to clause (i) of Section 2.6, a summary of the basis for the Company’s conclusion that there would be any conflict
with any Securities Laws and Regulations or other legal impediment or legal requirement which would prevent or materially delay the consummation of or unreasonably interfere with either the IPO or the purchase shares of Common Stock as contemplated
in Sections 2.1 through 2.5 hereof (the “Private Placement Notice”). Investor shall inform the Company in writing of its desire to purchase any or all of the Private Placement Shares (which indication of
interest may be expressly made dependent on valuation and the pricing of the offering) or not to participate in the Private Placement at all. If Investor does not so inform the Company within ten (10) business days following the date of the
Private Placement Notice, then the Private Placement shall not occur and the Company, on the one hand, and Investor, on the other hand, shall have no liability or obligation to one another in connection therewith. Notwithstanding anything to the
contrary contained in this Agreement, in the event that any such Private Placement would, in the Company’s reasonable judgment, based on the advice of securities counsel for the Company and concurred in by counsel for the managing underwriters,
be deemed invalid as a private placement under Section 4(a)(2) of the Securities Act for any reason (including but not limited to by reason of the doctrine of “integration” with the IPO) or would otherwise conflict with any Securities
Laws and Regulations or give rise to any other legal impediment or legal requirement that would prevent or materially delay the consummation of or unreasonably interfere with the IPO, then the Private Placement shall not occur and the Company, on
the one hand, and Investor, on the other hand, shall have no liability or obligation to one another in connection therewith. Investor shall be entitled to apportion the rights granted pursuant to this Section 2.7 among itself and its
Affiliates in such proportions as it deems appropriate. 
 2.8    Closing(s). The closing of Investor’s
purchase of shares in the IPO or the Private Placement, as applicable, pursuant to this Agreement shall take place simultaneously with the closing of the Company’s sale of shares to the underwriters in the IPO. Investor agrees to sign such
reasonable and customary documents, and take such other reasonable and customary actions as the Company and, to the extent that Investor purchases shares in the IPO, the managing underwriters of the IPO may reasonably request, in connection with
such closing; provided, that, notwithstanding the foregoing, Investor shall not be required to sign such documents or take such actions if such documents and/or actions conflict with, or would in any

  
 5 

 
way diminish, mitigate, reduce or otherwise adversely affect, any of Investor’s rights set forth in this Agreement. To the extent that Investor purchases shares in the Private Placement,
Investor shall, on or before the date of the final prospectus relating to the registration by the Company of shares of Common Stock in the IPO, execute and deliver a stock purchase agreement containing representations, warranties and conditions to
closing, that, in each case, are customary for a transaction structured as a concurrent private placement with an initial public offering and reasonably satisfactory to the Company and Investor. To the extent that Investor purchases shares in the
IPO pursuant to this Agreement, Investor shall comply with all requirements and procedures ordinarily required by the managing underwriters of the IPO of Investors participating in a directed share program, if any, or of Investors in the IPO
generally. 
 2.9    Conditionality. The right of Investor to purchase shares in the IPO under this
Section 2, and the right of Investor to purchase shares in the Private Placement under this Section 2 shall be conditioned, in each case, upon the completion of the IPO. The Company may withdraw any registration statement for
an IPO at any time without thereby incurring any liability to Investor or any permitted assignee of Investor or other party that has been apportioned rights hereunder. 

2.10    Rights and Restrictions; Cooperation. Any Investor Allocated Shares or Adjusted Investor Allocated Shares,
as applicable, purchased by Investor in the IPO shall not be entitled to any registration rights and shall not be deemed to be “Registrable Securities” as such term is defined in Section 1.26 of the Investors’ Rights Agreement. The
Company and Investor shall, as applicable, take steps reasonably necessary to effect such purchase, including, without limitation, disclosures in the registration statement regarding the purchase of shares by Investor, satisfactory in form and
substance to the Company and Investor. 
 2.11    Termination. The IPO Participation Right shall terminate and be
of no further force or effect upon the first to occur of (i) the consummation of the IPO pursuant to which Investor was afforded the opportunity to exercise its IPO Participation Right in accordance with this Agreement; provided that, in
the event Investor exercises its IPO Participation Right, the IPO Participation Right shall not terminate until the full satisfaction of such right, (ii) upon the consummation of a Deemed Liquidation Event (as defined in the Company’s
Second Amended and Restated Certificate of Incorporation on file with the Secretary of State of the State of Delaware, as amended and/or restated from time to time) or (iii) the date on which Investor does not hold any shares of capital stock
of the Company. In the event of a Deemed Liquidation Event, the Company shall notify Investor at least twenty (20) days prior to the consummation of such Deemed Liquidation Event. 

3.    ANTITRUST. To the extent Investor determines it is required, each of the Company and Investor
shall use reasonable best efforts to file, within ten (10) business days after the delivery of the applicable notice under Section 2 of this Agreement, any premerger notification and report forms required under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, including the rules and regulations thereunder, and any similar filings required under foreign antitrust or competition laws and regulations (together, the “Antitrust
Filings”). Upon receipt of the indication of interest pursuant to Section 2.4, the Company shall promptly provide Investor with all information necessary to determine whether any Antitrust Filing is required. The parties
shall cooperate in the timely preparation and submission of any 

  
 6 

 
necessary Antitrust Filings, and each shall request early termination of any applicable waiting period(s) relating to the Antitrust Filings. The obligation of each of the Company and Investor to
consummate the sales of securities as contemplated in Section 2 of this Agreement is subject to, and such closing shall not occur prior to the first business day after, the expiration or early termination of any applicable waiting
period(s) relating to the Antitrust Filings. 
 4.    POST-IPO
DESIGNATION RIGHTS.  
 4.1    In connection with the IPO, in the event that Investor and its
Affiliates, collectively, hold more than five percent (5%) of the outstanding Common Stock immediately prior to the closing of the IPO, the Company agrees to use best efforts, upon request of Investor, to ensure that (i) the certificate of
incorporation of the Company in effect upon the consummation of the IPO provides that the Board shall be classified into three (3) classes of directors with staggered three (3)-year terms, and (ii) the director designated by Investor and
sitting on the Board prior to the IPO, if any, shall, following the consummation of the IPO, serve in the class of directors to be elected at the Company’s third (3rd) annual meeting of
stockholders following the IPO. 
 4.2    Following the IPO, for so long as Investor and its Affiliates, collectively,
hold more than five percent (5%) of the outstanding Common Stock, the Company agrees (i) to include an individual (the “Investor Nominee”) nominated by Investor in its slate of nominees for election as a member of
the Board at each annual or special meeting of the stockholders of the Company at which directors in the class of directors that includes the director designated by the Investor are to be elected (the “Election
Meetings”); (ii) to use best efforts to cause the election of the Investor Nominee to the Board at each of the Election Meetings (including recommending that the Company’s stockholders vote in favor of the election of the
Investor Nominee and otherwise supporting the Investor Nominee for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees); and (iii) to the extent legally permissible, if an
Investor Nominee who is elected at any Election Meeting subsequently becomes unable to serve for any reason or is removed during the course of his or her term as a director, the Board will promptly appoint a replacement of the Investor Nominee
submitted by Investor or its Affiliates to the Board until the following Election Meeting. 
 5.    POST-IPO OBSERVER RIGHT. Following the IPO, for so long as Investor and its Affiliates, collectively, hold more than five percent (5%) of the outstanding Common Stock, the Company shall invite a
representative of Investor to attend all meetings of the Board and the committees thereof in a nonvoting observer capacity (the “Observer”) and, in this respect, shall give the Observer copies of all notices, minutes,
consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, that such Observer shall agree to hold in confidence and trust all information so provided; and
provided further the Company reserves the right, upon prior written notice to the Observer, to exclude the Observer from access to the relevant portion of any materials or meeting to the extent (but only to the extent) the Company reasonably
believes, upon written advice of counsel, that such exclusion is necessary to preserve the attorney-client privilege or protect the status of a trade secret under applicable law (unless the information is specifically covered by an enforceable
confidentiality agreement, in a form reasonably acceptable to the Company). 

  
 7 

 6.    MISCELLANEOUS. 

6.1    Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard
to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

6.2    Successors and Assigns. Investor may assign its rights and obligations under this Agreement to any of its
Affiliates. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

6.3    Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the
parties with regard to the subject hereof and no party shall be liable for or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein. 

6.4    Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 
 6.5    Amendment and Waiver. This Agreement may be amended or
modified, and the rights and the obligations of the Company and the rights and obligations of Investor may be waived, only upon the written consent of the Company and Investor. 

6.6    Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under
this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any
provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be
cumulative and not alternative. 
 6.7    Notices. All notices and other communications given or made pursuant to
this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business
hours of the recipient, and if not sent during 

  
 8 

 
normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(d) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their address as set forth on the signature pages hereto or at such other address or electronic mail address as the Company or Investor may designate by ten (10) days advance written notice to the other party hereto. If
notice is given to the Company, a copy shall also be sent to Hogan Lovells US LLP, Attention: David Crandall, 1601 Wewatta Street, Suite 900, Denver, CO 80202 (Email: david.crandall@hoganlovells.com) and if notice is given to Investor, a copy shall
also be given to Goodwin Procter LLP, Attention: Oreste Cipolla, 620 Eighth Avenue, New York, New York 10018 (Email: ocippola@goodwinlaw.com). 

6.8    Expenses. Each party shall pay all costs and expenses that it incurs with respect to the negotiation,
execution, delivery and performance of this Agreement. 
 6.9    Titles and Subtitles. The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

6.10    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.11    Broker’s Fees. Each party hereto represents and warrants that no agent, broker, investment banker,
person or firm acting on behalf of or under the authority of such party (each, a “Broker Party”) hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in
connection with the transactions contemplated herein, except for (i) underwriters’ fees in connection with the IPO and (ii) any fees associated with a Broker Party engaged by a party; provided that such party has notified the
other party hereto in writing of such engagement. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 6.11 being
untrue and neither party shall be responsible for any fees of a Broker Party engaged by the other party (unless such party has expressly agreed in writing). 

6.12    Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 
 [Signature Page Follows]

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	COMPANY:
	
	LAIRD SUPERFOOD, INC.
		
	By:	 	/s/ Paul Hodge
	Name:	 	Paul Hodge
	Title:	 	Chief Executive Officer

 SIGNATURE PAGE TO LAIRD
SUPERFOODS, INC. 
 STOCKHOLDER AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	INVESTOR:
	
	DANONE MANIFESTO VENTURES, PBC
		
	By:	 	/s/ Jean-Francois Hurel
	Name:	 	Jean-Francois Hurel
	Title:	 	Vice President & Treasurer, Head of Investments

 SIGNATURE PAGE TO LAIRD
SUPERFOODS, INC. 
 STOCKHOLDER AGREEMENT

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