Document:

Exhibit 10.1

 

 

 

Letter of Intent

Agrify and PurePressure, LLC

 

CONFIDENTIAL

 

 

This Letter of Intent (this
“Letter”) is entered into as December 3, 2021 (“Effective Date”), between Agrify Corporation (“Agrify”),
PurePressure, LLC (together with its subsidiaries, including, without limitation, Pure Services, LLC, the “Company”),
and the Sellers listed on the signature page hereto (“collectively, the “Sellers”). The Sellers, Agrify and the
Company are collectively referred to as the “Parties” and each as a “Party”. This Letter confirms
the intention of the Parties to enter into a transaction for the acquisition of the Company by Agrify (the “Transaction”)
as described in more detail in Schedule 1. The Parties intend that this Letter create a binding obligation on each Party’s
part to act in the utmost good faith to expeditiously negotiate, execute and deliver a definitive agreement (together with any ancillary
documents, the “Definitive Documentation”) between the Parties to be consummated as soon as practicable, providing
for a target closing date of December 31, 2021, or such other date as Agrify, the Company and the Majority Sellers shall agree to in writing,
and all Parties hereto may rely justifiably on the binding nature of this Letter. The Definitive Documentation will be drafted by counsel
for Agrify and will contain provisions such as representations and warranties, covenants, indemnifications and other provisions which
are consistent with this Letter, which are acceptable to the Parties and customarily found in agreements of the kind contemplated by this
Letter. For purposes of this Letter, the term “Majority Sellers” shall collectively refer only to Benjamin Britton
and Joshua Rutherford and shall not refer to any other Sellers and the term “Minority Sellers” shall refer to all other
Sellers that are not Majority Sellers.

 

1. Due Diligence Period and No-Shop. In
consideration of, among other things, the execution of this Letter and the expenditure of extensive time, effort, and expense by or on
behalf of the Parties in negotiating this Letter, and otherwise proceeding in accordance herewith, the Company and the Sellers hereby
agree for the period (the “Due Diligence Period”) beginning on the Effective Date and ending on the date (the “Exclusivity
Termination Date”) which is the earlier of (a) March 31, 2022, and (b) the date on which this Letter is terminated in accordance
with Section 3 hereof, that the Company and the Sellers shall,
and the Company shall cause each of its affiliates, officers, managers, members, directors, employees, agents, legal counsel, financial
advisors and other representatives (“Representatives”):

 

		●	to
                                            immediately terminate all existing discussions with any corporation, partnership, person
                                            or other entity or group (other than Agrify) concerning a Transaction or any similar transaction
                                            involving the sale of the Company, its securities or any of its material assets;

 

		●	not
                                            to directly or indirectly, solicit, initiate or participate in any way in discussions or
                                            negotiations with, or provide any information to, any corporation, partnership, person or
                                            other entity or group (other than Agrify) concerning any Transaction or any similar transaction
                                            involving the sale of the Company, its securities or any of its material assets, in whole
                                            or in part, whether through direct or indirect purchase, joint venture, partnership, consolidation
                                            or other business combination, or otherwise; and

 

		●	not
                                            to disclose to any person other than its Representatives, the proposed terms of, or the existence
                                            of, the Transaction, including, without limitation, drafts of the Definitive Documentation
                                            that Agrify provides to the Company and the Sellers in connection therewith.

 

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During the Due Diligence Period, each Party shall allow the other Parties
and their respective auditors, legal counsel and other authorized representatives all reasonable opportunity and access during normal
business hours to inspect and investigate the assets and information concerning the business of the Parties for purposes of conducting
due diligence.

 

2. Prior
MNDA and Confidentiality. Agrify and the Company are parties to a Mutual Confidentiality and Non-Disclosure Agreement dated November
17, 2021 (the “Existing MNDA”). This Letter is confidential to the Parties and their representatives and is subject
to the Existing MNDA, which continues in full force and effect. Notwithstanding the above, nothing in this Letter or the Existing MNDA
shall prohibit: (i) a Party from disclosing Confidential Information of the other Party to the extent required by applicable law, rule
or regulation (including a court order or other government order) or the rules and regulations of the SEC or any national securities exchange;
or (ii) a Party from disclosing the existence or terms and conditions of this Letter to its attorneys and financial advisors, or current
or potential lenders or other sources of financing.

 

3. Term
and Termination. This Letter will terminate upon the earliest to occur of (the “Termination Date”):

 

(a) delivery
to the Company and the Sellers of the written election of Agrify, which Agrify shall promptly and in good faith deliver to the Company
if Agrify determines or evidences that it will no longer pursue the Transaction for any reason in its sole discretion upon expiration
of the Due Diligence Period; or

 

(b) at
5:00 pm, Eastern Standard Time on the Exclusivity Termination Date, unless extended by mutual written agreement of Agrify and the Company.

 

“Term” shall mean the period of time
from the Effective Date until the Termination Date.

 

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4. Nature
of Letter. The Company and each Seller agrees that, notwithstanding anything to the contrary contained herein, only the agreements
and obligations of the Company and the Sellers provided for in Sections 2, 5, 6 and 8 of this Letter shall survive any termination or
expiration of this Letter. Notwithstanding the foregoing, the provisions set forth herein shall be binding upon the Parties. The Company
and each Seller acknowledges that there may be material provisions and terms relating to the Transaction that have not yet been negotiated
or agreed as between the Parties, and that the Company and the Sellers will not have any rights or any legally binding obligations with
respect to such matters until the Definitive Documentation relating to the Transaction have been approved by each of Agrify, the Company
and the Sellers and executed and delivered by each of them and/or their respective affiliates, as applicable. The transactions described
in this Letter shall be subject to, among other things, (i) execution of Definitive Documentation mutually satisfactory to Agrify and
the Company, (ii) the reasonable satisfaction of Agrify and the Company with conditions thereto (including those described in Schedule
1), (iii) satisfaction of Agrify (in its sole and absolute discretion) with: (A) the results of its due diligence, and (B) the financial
and business condition of the Company and its affiliates.

 

5. Costs.
The Parties will bear their own costs and expenses in connection with the execution and delivery of this Letter, the negotiation of the
Transaction, and the execution of the Definitive Documentation.

 

6. Termination
Fee. Each Party recognizes the time and cost associated with consummating the Transaction. In the event that Agrify fails to consummate
the Transaction by the Exclusivity Termination Date or ceases negotiations pursuant to this Letter for any reason other than either (i)
as a result of reasonably concluding during its diligence review of the Company during the Due Diligence Period that there exists a fact
or set of facts that would reasonably be expected to result in a material adverse effect to the business or assets of the Company and
its subsidiaries, taken as a whole, or (ii) as a result of the Company or the Sellers refusing or intentionally failing to consummate
any of the transactions referenced herein or adhere to the material terms of this Letter, including, but limited to, the exclusivity provisions
of Section 1 (provided such refusal or failure is not related to any breach by Agrify of this Letter or refusal to adhere to its material
terms), then Agrify shall promptly pay to the Company an amount equal to $1,000,000.00 (the “Termination Fee”) plus
any costs reasonably incurred in connection with enforcing the payment of such Termination Fee, which shall be the sole remedy of the
Company or the Sellers arising from any termination of this Letter or otherwise in connection with any failure to close the Transaction.

 

In the event that the Company fails to consummate
the Transaction by the Exclusivity Termination Date or ceases negotiations pursuant to this Letter for any reason other than as a result
of Agrify refusing or intentionally failing to consummate any of the transactions referenced herein or adhere to the material terms of
this Letter (provided such refusal or failure is not related to any breach by the Company or any of the Sellers of this Letter or refusal
to adhere to its material terms), then the Majority Sellers shall promptly pay to Agrify an amount equal to the Termination Fee plus any
reasonable costs incurred in connection with enforcing the payment of such Termination Fee, which shall be the sole remedy of Agrify arising
from any termination of this Letter or otherwise in connection with any failure to close the Transaction.

 

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Notwithstanding anything to the contrary herein,
the Parties acknowledge and agree that this Section 6 is binding upon each of the Parties and shall survive the termination of this Letter.

 

7. Entire
Agreement. This Letter supersedes any prior written or oral communications or agreements between Agrify and the Company relating to
its subject matter and constitutes the entire agreement of the Parties with respect thereto. This Letter may not be amended, except in
a writing signed by each of Agrify and the Company. Except as otherwise set forth herein, the provisions contained in this Letter shall
be binding upon the Parties until such time as the Parties execute and deliver the Definitive Documentation at which time the Parties
shall be bound by the terms thereof.

 

8. General
Provisions. This Letter will be construed under the laws of the Commonwealth of Massachusetts, without giving effect to its conflicts
of law provisions. This Letter may be executed in one or more counterparts, each of which will be deemed to be an original and all of
which taken together will constitute but one and the same instrument. No Party may assign its rights hereunder without the prior written
consent of all of the other Parties.

 

These
terms and conditions CONTAINED HEREIN REPRESENT a BINDING commitment to consummate the TRANSACTION SUBJECT TO EXECUTION OF THE DEFINITIVE
DOCUMENTATION CONSISTENT WITH THE TERMS OF THIS LETTER. Notwithstanding the foregoing or anything else contained herein to the contrary,
the company and each seller, by its signature below, hereby expressly acknowledges and agrees that this letter SHALL BE BINDING UPON THE
PARTIES AND THAT SECTIONS 2, 5, and 8 are hereby binding on the company AND EACH SELLER and THAT SECTION 6 IS BINDING ON AGRIFY AND THE
MAJORITY SELLERS AND THAT THE TERMS OF THESE SECTIONS shall survive any termination hereof.

 

[Signature page follows]

 

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	Agreed to as of the Effective Date.	 
	 	 	 
	AGRIFY	 	COMPANY
	 	 	 
	AGRIFY CORPORATION	 	PUREPRESSURE, LLC
	 	 	 
	By:	/s/ Raymond Chang	 	By: 	/s/ Benjamin Britton
	Name: 	Raymond Chang	 	Name: 	Benjamin Britton
	Title: 	CEO	 	Title:	CEO
	 	 	 
	SELLERS	 	 
	 	 	 
	/s/ Benjamin Britton	 	/s/ Joshua Rutherford
	Name: Benjamin Britton	 	Name: Joshua Rutherford
	 	 	 
	/s/ Eric Vlosky	 	/s/ Scott Christensen
	Name: Eric Vlosky	 	Name: Scott Christensen
	 	 	 
	/s/ Kyle Manuel	 	/s/ Alicia Britton
	Name: Kyle Manuel	 	Name: Alicia Britton
	 	 	 
	/s/ John Harned	 	 
	Name: John Harned	 	 

 

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Schedule 1

 

Summary of Terms and Conditions 

 

This Schedule 1 summarizes
the principal terms of the Transaction. Capitalized terms used but not defined herein and not defined are as defined in the Letter.

 

	Closing Date	The closing date (“Closing”) shall occur by December 31, 2021. 
	Transaction Overview	Agrify will purchase 100% of Company’s outstanding equity interests (the “Interests”).
	 	 
	Closing Payment	Aggregate purchase price payable to the Sellers pro rata at closing equal to $9.0 million on a cash-free, debt-free basis and subject to adjustment as provided below (the “Closing Consideration Amount”).
	 	 
	 	$5.0 million of the Closing Consideration Amount will be in the form of unregistered shares of Agrify common stock based on the 30-day VWAP up to and including the fifth business day prior to Closing (such price per share, the “Closing Share Price”), and $4.0 million of the Closing Consideration Amount will be paid in cash via wire transfer of immediately available funds to accounts designated in writing by the Sellers.  The Agrify common stock issued at closing will not be subject to any contractual lock-up restrictions, and the Company will use its commercially reasonable efforts to assist Agrify (who shall use its commercially reasonable efforts) with removal of restrictive legends when permitted pursuant to Rule 144 under the Securities Act of 1933, as amended. 
	 	 
	Closing Adjustments	Target Net Working Capital to be mutually agreed upon by Agrify and the Company, which amount will be customary for transactions of this size and appropriate based on the working capital needs of the Company. If the adjustment is a positive number, the cash portion of the Closing Consideration Amount shall be increased by the amount of the adjustment; if the adjustment is a negative number, the cash portion of the Closing Consideration Amount shall be reduced by the amount of the adjustment. Additionally, the cash portion of the Closing Consideration Amount will be increased by cash on hand at closing and reduced by the amount of any indebtedness and unpaid transaction expenses (including, but not limited to, any severance or transaction bonus payments payable in connection with the Transaction) of the Company. If the adjustment is a positive number, the cash portion of the Closing Consideration. Amount shall be increased by the amount of the adjustment not to exceed $1,000,000; if the adjustment is a negative number, the cash portion of the Closing Consideration Amount shall be reduced by the amount of the adjustment not to exceed $1,000,000.

 

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	 	Net Working Capital will be equal to Current Assets minus Current Liabilities.  For purposes of the net working capital adjustment, “Current Assets” shall mean accounts receivable, inventory and prepaid expenses, but excluding (a) cash, (b) the portion of any prepaid expense of Agrify will not receive the benefit following the closing, (c) deferred tax assets and (d) receivables from any of the Company's affiliates, managers, employees, officers or members and any of their respective affiliates, determined in accordance with the Company’s historic accounting principles.
	 	 
	 	For purposes of the net working capital adjustment, “Current Liabilities” shall mean accounts payable, accrued taxes and accrued expenses, but excluding (a) payables to any of the Company's affiliates, managers, employees, officers or members and any of their respective affiliates, (b) deferred tax liabilities, (c) transaction expenses, and (d) indebtedness of the Company, determined in accordance with the Company’s historic accounting principles.
	 	 
	Earnout Payments	In addition to the Closing Consideration Amount, the Sellers (on a pro rata basis) will be entitled to the following earn-outs based on revenue from the sales of Company products and services (including resales) following closing:
	 	 
		(i)	 If Agrify receives eligible revenues from the sale of Company products during
the calendar year ended December 31, 2022 (A) greater than or equal to $13,000,000.00 and less than $14,000,000.00, then the Sellers
shall receive an earn-out payment with a value of $750,000.00, or (B) greater than or equal to $14,000,000.00, then the Sellers shall
receive an earn-out payment with a value of $1,500,000.00.
	 	 
		(ii)	If Agrify receives eligible revenues from the sale of Company products during
the calendar year ended December 31, 2023 (A) greater than or equal to $18,500,000.00 and less than $20,000,000.00, then the Sellers
shall receive an earn-out payment with a value of $750,000.00, or (B) greater than or equal to $20,000,000.00, then the Sellers shall
receive an earn-out payment with a value of $1,500,000.00.

 

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	 	In each case, 40% of the applicable earn-out amounts shall be paid in the form of cash and the remaining 60% shall be paid in the form of shares of Agrify common stock, with the value per share equal to the 30-day VWAP up to and including the end of the applicable earn-out period.  Each earn-out payment will be payable within 90 calendar days after the end of the applicable earn-out period. Agrify may set off against any earn-out payment to the extent that the Sellers are liable for any indemnification obligations.
	 	 
	 	During each applicable earn-out period, Agrify shall not intentionally, directly or indirectly, take any actions in bad faith that have the primary purpose of deferring, delaying or impairing revenue for purposes of the earn-out calculations.
	 	 
	Holdback for Stock	A number of shares of Agrify common stock representing 15% of the value of the Closing Consideration Amount (the “Holdback Shares”) will be held back by Agrify for a period of twelve (12) months for purposes of satisfying any post-closing adjustments or indemnification obligations of Sellers.
	 	 
	Representations, Warranties	Customary for transactions of this type, including organization and qualification, authority, third party consents, title to and sufficiency of assets, capitalization and subsidiaries, financial statements, absence of undisclosed liabilities, absence of certain changes, legal actions and governmental orders, compliance with laws, permits, taxes, warranties, material contracts, intellectual property, inventory, real property, customers and suppliers, employees and benefits, personal data, insurance, product liability, brokers, environmental matters, affiliate transactions, bank accounts, and books and records. 
	 	 
	 	Certain of the representations and warranties will be deemed “Fundamental Representations”, including organization and qualification, authority, capitalization, compliance with laws, intellectual property, taxes, employee benefits, employee matters, brokers, and environmental matters.
	 	 
	 	The Representations and Warranties of the Parties will survive for a period of twelve (12) months following Closing, except for the Fundamental Representations, which will survive for the applicable statute of limitations plus 60 days.

 

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	Conditions to Closing	Execution of employment agreements and/or offer letters between Agrify and key Company executives and employees, including two-year employment agreements with each of the Majority Sellers, with a base salary of $175,000 and performance bonus eligibility of up to $50,000 for each Majority Seller, with the titles to be mutually agreed upon by the Parties. Additionally, in connection with the offer letters to be entered into between Agrify and each Minority Seller, each Minority Seller shall be entitled to receive 5,000 Restricted Stock Units of Agrify common stock.  Other standard conditions to Closing for transactions of this type, including Board approval, ordinary course operation during Due Diligence Period, absence of material adverse change in Company’s business or financial condition, absence of litigation, Nasdaq compliance, and stockholder approval.
	 	 
	Indemnification	The Majority Sellers will jointly and severally, and the Minority Sellers will severally (but not jointly), indemnify Agrify against losses arising from (a) misrepresentations or breaches of representations or warranties of the Sellers or the Company; (ii) breaches of any covenants, agreements or obligations of the Sellers or the Company; (iii) taxes of the Company with respect to pre-Closing periods; and (iv) indebtedness and transaction expenses of the Company, to the extent not paid at Closing. Indemnification obligations of the Majority Sellers will be satisfied (A) first, by deducting any remaining Holdback Shares due to Majority Sellers, with the value per Holdback Share being equal to the Closing Share Price, (B) second, by setting off against any earn-out payments due to Majority Sellers, and (C) third, by payment directly from Majority Sellers.  The sole Indemnification obligations of the Minority Sellers may only be satisfied by deducting any remaining Holdback Shares due to Majority Sellers, with the value per Holdback Share being equal to the Closing Share Price.
	 	 
	 	Agrify will indemnify the Sellers against losses arising from (i) misrepresentations or breaches of represents or warranties of Agrify; and (ii) breaches of any covenants, agreements or obligations of Agrify.
	 	 
	 	The indemnification obligations of the Sellers, on the one hand, and Agrify, on the other hand, with respect to losses arising from breaches of representations and warranties other than the Fundamental Representations, will be subject to (i) a basket of $90,000, at which point the indemnifying Party shall be obligated to indemnify from the first dollar, and (ii) an aggregate cap of $1,350,000.  In no event shall the Sellers be responsible to make indemnity payments or offsets with respect of breaches of representations or warranties (including breaches of Fundamental Representations) that, in the aggregate, exceed the Closing Consideration Amount plus any earn-out consideration actually received by the Sellers.
	 	 
	Governing Law/Venue	Commonwealth of Massachusetts. 
	 	 
	Transaction Documents	All other terms will be negotiated between the Parties in good faith and will be set forth in Definitive Documentation.

 

 

Page 9 of 9Exhibit
10.1

 

SPONSOR
LETTER AGREEMENT

 

This
SPONSOR LETTER AGREEMENT (this “Agreement”), dated as of December 7, 2021, is made and entered into by and among
Grove Collaborative, Inc., a Delaware corporation (“Grove”), Virgin Group Acquisition Corp. II, a
Cayman Islands exempted company (“VGII”), Credit Suisse Securities (USA) LLC, a Delaware limited liability
company (“Credit Suisse”), as representative of the several Underwriters, Virgin Group Acquisition Sponsor II
LLC, a Cayman Islands limited liability company (“Sponsor”), the Insiders (as defined in the Insider Letter (as
defined below), the “Insiders”) and the Holders (as defined in the Registration Rights Agreement (as defined
below), together with Sponsor, the “Holders”) (each individually a “Party” and collectively
the “Parties”), in respect of and in reference to:

 

(A)  that
certain Underwriting Agreement dated March 22, 2021 (the “Underwriting Agreement”), between VGII and Credit Suisse,
as representative of the several Underwriters named in Schedule 1 thereto (the “Underwriters”);

 

(B)  that
certain Letter Agreement dated March 22, 2021 (the “Insider Letter”) among VGII, Sponsor and each of the Insiders;

 

(C)  that
certain Warrant Agreement dated March 22, 2021 (the “Warrant Agreement”), between VGII and Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent; and

 

(D)  that
certain Registration Rights Agreement dated March 22, 2021 (the “Registration Rights Agreement”) by and among VGII,
Sponsor and each of the other Holders.

 

RECITALS

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, VGII, Grove Collaborative, and certain other persons party thereto,
have entered into an Agreement and Plan of Merger (as amended or modified from time to time, the “Transaction Agreement”)
whereby the parties thereto intend to effect a business combination between VGII and Grove Collaborative, on the terms and subject to
the conditions set forth therein (collectively, the “Transactions”), including the domestication of VGII into Delaware
as a corporation organized under the laws of the State of Delaware (the “Continuing Delaware Corporation”) pursuant
to Section 388 of the Delaware General Corporation Law (the “Domestication”);

 

WHEREAS,
as of the date hereof, Sponsor, each Insider and each Holder, in its respective capacity as such, is the holder of record and the “beneficial
owner” (within the meaning of Rule 13d-3 under the Exchange Act) of (i) the number of Class A ordinary shares, par value $0.0001,
of VGII (“Class A Shares”) set forth on Exhibit A attached hereto opposite such person’s name on such
Exhibit, (ii) private placement warrants (the “Warrants”) to purchase an aggregate number of Class A Shares set forth
on Exhibit A attached hereto opposite such person’s name on such Exhibit, and (iii) the number of Class B ordinary
shares, par value $0.0001, of VGII (“Class B Shares”) set forth on Exhibit A attached hereto opposite
such person’s name on such Exhibit;

 

WHEREAS,
as part of the Transactions, effective as of and contingent upon the Domestication, each of the Class A Shares and Class B Shares will
be converted, by operation of law, into the same number of shares of Class A Common Stock, par value $0.0001, of the Continuing Delaware
Corporation (“Class A Common Stock”);

 

     

     

    

WHEREAS,
each of the Parties desires to enter into and deliver this Agreement to facilitate the Transactions and the business combination to be
effected thereby, and to clarify and to the extent applicable waive or amend certain provisions of each of the Underwriting Agreement,
the Warrant Agreement, the Insider Letter and the Registration Rights Agreement (together, the “Affected Agreements”),
in each case on the terms and subject to the conditions herein; and

 

WHEREAS,
for purposes of this Agreement, capitalized terms used but not defined herein shall have the respective meanings ascribed to them in
the Transaction Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the
Parties hereby agree (as applicable to such Party) as follows:

 

1.  
Underwriting Agreement. VGII and Credit Suisse, on its own behalf and as representative of the several Underwriters, hereby
agree as follows:

 

(a)  
The Underwriting Agreement provides for certain representations and warranties and agreements in relation to Ordinary Shares,
Founder Shares and the Amended and Restated Memorandum and Articles of Association (as such terms are defined in the Underwriting Agreement).
From and after the time and date of the Domestication, such terms shall be deemed to refer to the Class A Common Stock and the certificate
of incorporation and bylaws of the Continuing Delaware Corporation adopted in connection with the Domestication, respectively. In furtherance
thereof, the Domestication, and the conversion of the Class A Shares and Class B Shares into Class A Common Stock, respectively, and
the listing and registration of the Class A Common Stock in connection therewith, is hereby expressly permitted and agreed to by the
parties to the Underwriting Agreement, including for purposes of Sections 6(h), 6(k) and 6(aa) of the Underwriting Agreement. For the
avoidance of doubt, the representations and warranties and agreements of VGII set forth in the Underwriting Agreement shall survive the
Domestication and continue to be binding upon the Continuing Delaware Corporation, provided that the veracity of any representations
and warranties shall only be measured as of the date of consummation of the Offering, and are not continuing representations and warranties.

 

(b)  
From and after the Effective Time, all communications under the Underwriting Agreement sent to VGII (as the “Company”
thereunder) shall be delivered to:

 

Grove Collaborative Holdings, Inc.

Attention: Delida Costin

1301 Sansome St.

San Francisco, California 94111

 

With copies to:

 

Sidley Austin LLP

Attention: Martin A. Wellington

1001 Page Mill Road

Building 1

Palo Alto, California 94304

Sidley Austin LLP

Attention: Joshua G. DuClos

 

    2 

     

    

1999 Avenue of the Stars

17th Floor

Los Angeles, California 90067

Sidley Austin LLP

Attention: Sara G. Duran

2021 McKinney Avenue

Suite 2000

Dallas, Texas 75201

 

2.  
Insider Letter. VGII, Sponsor and each Insider hereby agree as follows (and Credit Suisse, on its own behalf and as representative
of the several Underwriters, hereby consents and agrees to the following):

 

(a)  
Voting; Non-Redemption. The Insider Letter provides in Section 1 thereof for certain requirements of Sponsor and the Insiders
in respect of Business Combinations (as defined therein), including in respect of voting in favor thereof and forgoing redemption rights
in respect thereof. The Transactions constitute a Business Combination and Sponsor and each Insider will comply with its, his or her
respective obligations under such Section 1. In furtherance and not in limitation of the foregoing, at any duly called meeting of the
stockholders of VGII (or any adjournment or postponement thereof), and in any action by written consent of the shareholders of VGII requested
by VGII’s board of directors or undertaken as contemplated by the Transactions, Sponsor and each Insider shall, if a meeting is
held, appear at the meeting, in person or by proxy, or otherwise cause its Ordinary Shares (including, but not limited to, Founder Shares),
to be counted as present thereat for purposes of establishing a quorum, and Sponsor and each Insider shall vote or consent (or cause
to be voted or consented), in person or by proxy, all of such shares (i) in favor of the adoption of the Transaction Agreement and
approval of the Transactions (and any actions required in furtherance thereof), (ii) against any action, proposal, transaction or
agreement that would result in a breach in any respect of any representation, warranty, covenant, obligation or agreement of VGII or
Merger Sub contained in the Transaction Agreement, (iii) in favor of the proposals set forth in the Proxy Statement, and (iv) except
as set forth in the Proxy Statement, against the following actions or proposals: (A) any proposal in opposition to approval of the
Transaction Agreement or in competition with or materially inconsistent with the Transaction Agreement, (B) except for in connection
with the Domestication, any amendment of the certificate of incorporation or bylaws of VGII; (C)  except for in connection with
the Domestication, any change in VGII’s corporate structure or business; or (D) any other action or proposal involving VGII
or any of its subsidiaries that is intended, or would reasonably be expected, to prevent, impede, interfere with, delay, postpone or
adversely affect the Transactions in any material respect or would reasonably be expected to result in any of VGII’s closing conditions
or obligations under the Transaction Agreement not being satisfied. Sponsor and each of the Insiders agree not to, and shall cause its
Affiliates not to, enter into any agreement, commitment or arrangement with any person, the effect of which would be inconsistent with
or violative of the provisions and agreements contained in this Section 2(a).

 

(b)  
Lock-Up. The Insider Letter provides in Section 7 thereof for certain restrictions on Transfer of Founder Shares and Class
A Ordinary Shares issued upon conversion thereof until the expiration of certain time periods or the happening of certain prior events.
Notwithstanding, and in precedence to, the Insider Letter, from and after the time and date of the Domestication, (i) references
in the Insider Letter to the Class A Shares and Class B Shares (including by reference to Units, Founder Shares and Warrants, among other
things) shall include the shares of Class A Common Stock issued upon conversion of such Class A Shares and Class B Shares in connection
with the Domestication, and (ii) 35% of the number of Class B Shares of Sponsor (such shares, together with the shares of Class A Common
Stock issued upon conversion of such shares in connection with the Domestication, the “Earn-Out Shares”), as further
set forth

 

    3 

     

    

under
the heading “Number of Earn-Out Shares” on Exhibit A attached hereto opposite Sponsor’s name on such Exhibit
(assuming no stock dividend, subdivision, reclassification, recapitalization, split, combination or exchange of shares, or any similar
event occurs between the date hereof and the Closing), shall continue to be subject to the restrictions on transfer set forth in the
Insider Letter, and shall also be subject to the provisions set forth in Section 2(c), and the remaining 65% of such Class
B Shares (and the shares of Class A Common Stock issued upon conversion of such shares in connection with the Domestication) and Warrants
(and the shares of Class A Common Stock issued upon exercise of such Warrants) shall continue to be subject to the restrictions on transfer
set forth in Section 7 of the Insider Letter for the time periods set forth therein. Earn-Out Shares shall continue to be Earn-Out Shares
following their transfer to any permitted transferee under Section 7(c) of the Insider Letter.

 

(c)  
Earn-Out.

 

(i)  
With respect to the Earn-Out Shares, the Sponsor agrees that: (i) 50% of such Earn-Out Shares will automatically vest if the Stock
Price (as defined below) equals or exceeds $12.50 per share (the “$12.50 Share Price Milestone”) on any 20 Trading
Days (as defined below) (which may be consecutive or not consecutive) within any consecutive 30 Trading Day period that occurs after
the Closing Date and on or prior to the ten-year anniversary of the Closing Date (the “Earn-Out Period”); and (ii)
50% of such Earn-Out Shares will automatically vest if the Stock Price equals or exceeds $15.00 per share (the “$15.00 Share
Price Milestone” and, each of the $15.00 Share Price Milestone and the $12.50 Share Price Milestone, a “Milestone”)
for any 20 Trading Days (which may be consecutive or not consecutive) within any consecutive 30 Trading Day period that occurs after
the Closing Date and on or prior to the expiration of the Earn-Out Period.

 

(ii)  
Subject to the limitations contemplated herein, the Sponsor shall have all of the rights of a stockholder of the Continuing Delaware
Corporation with respect to the Earn-Out Shares, including the right to receive dividends and to vote such shares; provided, that,
subject to the provisions of this Section 2(c), the Earn-Out Shares shall not entitle the Sponsor to consideration in connection
with any sale or other transaction, other than in connection with a Change of Control as set forth below, and may not be Transferred
by Sponsor or be subject to execution, attachment or similar process without the consent of the Continuing Delaware Corporation, and
shall bear a customary legend with respect to such transfer restrictions; provided, further, that Transfers are permitted to Permitted
Transferees who shall (A) be subject to the restrictions in this Section 2(c)(ii) as if they were the original holders of such Earn-Out
Shares and (B) promptly transfer such Earn-Out Shares back to the Sponsor if they cease to be a Permitted Transferee for any reason prior
to the date such Earn-Out Shares become freely transferable in accordance herewith; provided, further, that, any such Permitted
Transferee executes and delivers to the Continuing Delaware Corporation a written agreement, in form and substance reasonably acceptable
to the Continuing Delaware Corporation, agreeing to be bound by the restrictions herein. Any attempt to Transfer such Earn-Out Shares
shall be null and void.

 

(iii)  
If, upon the expiration of the Earn-Out Period, the $12.50 Share Price Milestone and/or the $15.00 Share Price Milestone have
not occurred, then all Earn-Out Shares which would have otherwise vested in connection with such Milestone shall be automatically forfeited
and deemed transferred to the Continuing Delaware Corporation and shall be automatically cancelled by the Continuing Delaware Corporation
and cease to exist. For the avoidance of doubt, prior to such forfeiture, all Earn-Out Shares shall be entitled to any dividends or distributions
made to the stockholders of the Continuing Delaware Corporation and shall be entitled to the voting rights generally granted to stockholders
of the Continuing Delaware Corporation.

 

    4 

     

    

(iv)  
In the event of occurrence of any Milestone, as soon as practicable (but in any event within five (5) Business Days), the Continuing
Delaware Corporation shall deliver written notice thereof to the Sponsor.

 

(v)  
In the event that after the Closing and prior to the expiration of the Earn-Out Period, (A) there is a Change of Control (or a
definitive agreement providing for a Change of Control has been entered into prior to expiration of the Earn-Out Period and such Change
of Control is ultimately consummated, even if such consummation occurs after the expiration of the Earn-Out Period), (B) any liquidation,
dissolution or winding up of the Continuing Delaware Corporation (whether voluntary of involuntary) is initiated, (C) any bankruptcy,
reorganization, debt arrangement or similar proceeding under any bankruptcy, insolvency or similar law, or any dissolution or liquidation
proceeding, is instituted by or against the Continuing Delaware Corporation, or a receiver is appointed for the Continuing Delaware Corporation
or a substantial part of its assets or properties or (D) the Continuing Delaware Corporation makes an assignment for the benefit of creditors,
or petitions or applies to any Governmental Authority for, or consents or acquiesces to, the appointment of a custodian, receiver or
trustee for all or substantially all of its assets or properties, then any Milestone that has not previously occurred and the related
vesting conditions shall be deemed to have occurred.

 

(vi)  
For purposes hereof:

 

(A)  
a “Change of Control” means the occurrence in a single transaction or as a result of a series of related transactions,
of one or more of the following events: (1) any person or any group of persons acting together which would constitute a “group”
for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto (a “Group”) (excluding a corporation
or other entity owned, directly or indirectly, by the stockholders of the Continuing Delaware Corporation in substantially the same proportions
as their ownership of stock of the Continuing Delaware Corporation) (x) is or becomes the beneficial owner, directly or indirectly, of
securities of the Continuing Delaware Corporation representing more than fifty percent (50%) of the combined voting power of the Continuing
Delaware Corporation’s then outstanding voting securities or (y) has or acquires control of the board of directors of the Continuing
Delaware Corporation; (2) a merger, consolidation, reorganization or similar business combination transaction involving the Continuing
Delaware Corporation, and, immediately after the consummation of such transaction or series of transactions, either (x) the board of
directors of the Continuing Delaware Corporation immediately prior to the merger or consolidation does not constitute at least a majority
of the board of directors of the company surviving the merger or, if the surviving company is a subsidiary, the ultimate parent thereof,
or (y) the voting securities of the Continuing Delaware Corporation immediately prior to such merger or consolidation do not continue
to represent or are not converted into more than fifty percent (50%) of the combined voting power of the then outstanding voting securities
of the person resulting from such transaction or series of transactions or, if the surviving company is a subsidiary, the ultimate parent
thereof; or (3) the sale, lease or other disposition, directly or indirectly, by the Continuing Delaware Corporation of all or substantially
all of the assets of the Continuing Delaware Corporation and its subsidiaries, taken as a whole, other than such sale or other disposition
by VGII of all or substantially all of the assets of the Continuing Delaware Corporation and its subsidiaries, taken as a whole, to an
entity at least a majority of the combined voting power of the voting securities of which are owned by stockholders of the Continuing
Delaware Corporation;

 

    5 

     

    

(B)  
“Permitted Transferee” means (1) in the case of an individual, (a) by gift to any person related to the applicable
holder by blood, marriage, or domestic relationship (“immediate family”), a charitable organization or a trust or
other entity formed for estate planning purposes for the benefit of an immediate family member, (b) by will, intestacy or by virtue of
laws of descent and distribution upon the death of such individual, or (c) pursuant to a qualified domestic relations order, or (2) in
the case of a corporation, limited liability company, partnership, trust or other entity, to any stockholder, member, partner or trust
beneficiary as part of a distribution, or to any corporation, partnership or other entity that is an affiliate (as defined in Rule 405
of the Securities Act of 1933, as amended) of the applicable holder;

 

(C)  
“Stock Price” means, on any date after the Closing, the volume weighted average price of the shares of Class
A Common Stock reported as of such date by Bloomberg, or if not available on Bloomberg, as reported by Morningstar;

 

(D)  
“Trading Day” means any day on which trading is generally conducted on the New York Stock Exchange or any other
exchange on which the shares of Common Stock are traded and published; and

 

(E)  
 “Transfer” means the (1) sale or assignment of, offer to sell, contract or agreement to sell, gift, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning
of Section 16 of the Exchange Act with respect to, any security, (2) entry into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise, or (3) public announcement of any intention to effect any transaction specified in
clause (1) or (2).

 

(d)  
If the Continuing Delaware Corporation shall, at any time or from time to time, after the date hereof effect a subdivision, share
or stock split, share or stock dividend, reorganization, combination, recapitalization or similar transaction affecting the outstanding
Ordinary Shares or shares of Class A Common Stock, as applicable, the number of Earn-Out Shares subject to vesting pursuant to, and the
stock price targets set forth in, subsection (i) of Section 2(c), shall be equitably adjusted for such subdivision, share or stock
split, share or stock dividend, reorganization, combination, recapitalization or similar transaction. Any adjustment under this paragraph
shall become effective at the close of business on the date the subdivision or combination becomes effective. For the avoidance of doubt,
the Transactions shall not constitute an event requiring an equitable adjustment hereunder.

 

3.  
Working Capital Loans. The Prospectus (as such term is defined in the Underwriting Agreement) permits loans made by the
Sponsor or an affiliate of the Sponsor or any of VGII’s officers or directors (each, a “Lender”), on such terms
as to be determined by VGII from time to time, to finance transaction costs in connection with an intended initial Business Combination
(“Working Capital Loans”). Each of the Insider Letter, the Warrant Agreement and the Registration Rights Agreement
contemplates that up to $1,500,000 of Working Capital Loans may be convertible into warrants at a price of $1.50 per warrant, at the
option of the Lender. VGII, Sponsor and each Insider, each on its own behalf and on behalf of its affiliates (including the officers
and directors of VGII), hereby agrees, and shall take such necessary or appropriate actions so as to ensure, that each and any Working
Capital Loan shall be repaid solely in cash, at or prior to the Closing, and that no Working Capital Loan will be converted into warrants
or other securities (derivative or otherwise) of VGII, notwithstanding any provisions of the Insider Letter, the Warrant Agreement or
any other agreement to the contrary.

 

    6 

     

    

4.  
Registration Rights Agreement. Each of VGII, Sponsor, and each Holder hereby agree that the Registration Rights Agreement
is being amended and restated in its entirety, and superseded, in connection with the Closing, and until such time as the Closing occurs
(or this Agreement is terminated in accordance with its terms), all references in the Registration Rights Agreement to the Founder Shares
Lock-Up Period shall mean the period of restriction on Transfer of the Founder Shares set forth in Section 2(b) of this Agreement.

 

5.  
Anti-Dilution Adjustment Waiver. Sponsor, who is the holder of at least a majority of the outstanding Class B Shares, hereby
waives on behalf of the holders of all Class B Shares, pursuant to and in compliance with the provisions of the Amended and Restated
Memorandum and Articles of Association of VGII (the “Articles”), any adjustment to the conversion ratio set forth
in Section 17 of the Articles, and any rights to other anti-dilution protections with respect to the Class B Shares (or the shares of
Class B Common Stock issued upon conversion thereof in connection with the Domestication), that may result from the PIPE Financing and/or
the consummation of the Transactions.

 

6.  
Representations and Warranties of Sponsor and the Insiders. Each of Sponsor and each Insider hereby represents and warrants,
severally but not jointly, to Grove Collaborative and VGII as follows:

 

(a)  
Binding Agreement. Each of Sponsor and each Insider (i) if a natural person, is of legal age to execute this Agreement
and is legally competent to do so and (ii) if not a natural person, (A) is a corporation, limited liability company or partnership
duly organized and validly existing under the laws of the jurisdiction of its organization and (B) has all necessary power and authority
to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby by Sponsor and such Insider has been duly authorized by all necessary corporate,
limited liability or partnership action on the part of Sponsor and such Insider, as applicable. This Agreement, assuming due authorization,
execution and delivery hereof by the other Parties, constitutes a legal, valid and binding obligation of Sponsor and such Insider, enforceable
against Sponsor or such Insider, as applicable, in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general applicability relating to or affecting
creditor’s rights, and to general equitable principles).

 

(b)  
Ownership of Shares. Exhibit A attached hereto sets forth opposite such Person’s name the number of all of
the Class A Shares, Class B Shares and Warrants over which such Person has beneficial ownership as of the date hereof. As of the date
hereof, such Person is the lawful owner of the Class A Shares, Class B Shares and Warrants denoted as being owned by such Person on Exhibit
A and has the sole power to vote or cause to be voted such Class A Shares and Class B Shares and, assuming the exercise of the Warrants,
the Class A Shares underlying such Warrants. Sponsor or such Insider, as applicable, has good and valid title to the Class A Shares,
Class B Shares and Warrants denoted as being owned by Sponsor or such Insider, as applicable, on Exhibit A, free and clear of
any and all Liens, other than those created by this Agreement, those imposed by the Insider Letter and those imposed by applicable Law,
including federal and state securities Laws. There are no claims for finder’s fees or brokerage commissions or other like payments
in connection with this Agreement or the transactions contemplated hereby payable by Sponsor or such Insider pursuant to arrangements
made by Sponsor or such Insider. Except for the Class A Shares, Class B Shares and Warrants denoted on Exhibit A, as of the date
of this Agreement, neither Sponsor nor such Insider is a beneficial owner or record holder of any (i) equity securities of VGII, (ii)
securities of VGII having the right to vote on any matters on which the holders of equity securities of VGII may vote or which are convertible
into or exchangeable for, at any time, equity securities of VGII, or (iii) options or other rights to acquire from VGII any equity securities
or securities convertible into or exchangeable for equity securities of VGII.

 

    7 

     

    

(c)  
No Conflicts.

 

(i)  
No filing with, or notification to, any Governmental Authority, and no consent, approval, authorization or permit of any other
Person is necessary for the execution of this Agreement by Sponsor or such Insider and the consummation by Sponsor and such Insider of
the transactions contemplated hereby. If such Insider is a natural person, no consent of such Insider’s spouse is necessary under
any “community property” or other Laws in order for such Insider to enter into and perform its obligations under this Agreement.

 

(ii)  
None of the execution and delivery of this Agreement by Sponsor or such Insider, the consummation by Sponsor or such Insider,
as applicable, of the transactions contemplated hereby or compliance by Sponsor or such Insider, as applicable, with any of the provisions
hereof shall (A) conflict with or result in any breach of the organizational documents of Sponsor or such Insider, as applicable,
(B) result in, or give rise to, a violation or breach of or a default under any of the terms of any material contract to which Sponsor
or such Insider, as applicable, is a party or by which such Sponsor or such Insider, as applicable, or any of their respective Class
A Shares, Class B Shares or Warrants or assets may be bound, or (C) violate any applicable order, writ, injunction, decree, Law,
statute, rule or regulation of any Governmental Authority, except for any of the foregoing in clauses (A) through (C) as would
not reasonably be expected to materially impair Sponsor’s or such Insider’s ability to perform its obligations under this
Agreement in any material respect.

 

(d)  
No Inconsistent Agreements. Each of Sponsor and such Insider hereby covenants and agrees that, except for this Agreement,
Sponsor and such Insider, as applicable, (i) has not entered into, nor will enter into at any time while this Agreement remains in effect,
any voting agreement or voting trust with respect to Sponsor’s or such Insider’s Class A Shares or Class B Shares, as applicable,
inconsistent with Sponsor’s or such Insider’s obligations pursuant to this Agreement, (ii) has not granted, nor will grant
at any time while this Agreement remains in effect, a proxy, consent or power of attorney with respect to Sponsor’s or such Insider’s
Class A Shares or Class B Shares, as applicable, and (iii) has not entered into any agreement or knowingly taken any action (nor will
enter into any agreement or knowingly take any action) that would make any representation or warranty of Sponsor or such Insider contained
herein untrue or incorrect in any material respect or have the effect of preventing Sponsor or such Insider from performing any of its
material obligations under this Agreement.

 

(e)  
Adequate Information. Each of Sponsor and such Insider is a sophisticated stockholder and has adequate information concerning
the business and financial condition of VGII and Grove Collaborative to make an informed decision regarding the Transactions and has
independently and without reliance upon VGII or Grove Collaborative and based on such information as each of Sponsor and such Insider
has deemed appropriate, made its own analysis and decision to enter into this Agreement. Each of Sponsor and such Insider acknowledges
that Grove Collaborative has not made and does not make any representation or warranty, whether express or implied, of any kind or character
except as expressly set forth in this Agreement. Each of Sponsor and such Insider acknowledges that the agreements contained herein with
respect to the Class A Shares, Class B Shares and Warrants held by Sponsor or such Insider, as applicable, are irrevocable.

 

(f)  
Absence of Litigation. As of the date hereof, there is no Action pending or, to the knowledge of Sponsor or such Insider,
as applicable, threatened, against Sponsor or such Insider that would reasonably be expected to materially impair the ability of Sponsor
or such Insider, as applicable, to perform Sponsor’s or such Insider’s obligations hereunder or to consummate the transactions
contemplated hereby.

 

    8 

     

    

7.  
Representations and Warranties of Grove Collaborative. Grove Collaborative hereby represents to Sponsor, the Insiders and
VGII as follows:

 

(a)  
Binding Agreement. Grove Collaborative is a corporation duly organized and validly existing under the Laws of the State
of Delaware. Grove Collaborative has all necessary corporate power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby by Grove Collaborative have been duly authorized by all necessary corporate actions on the part of Grove Collaborative. This Agreement,
assuming due authorization, execution and delivery hereof by the other Parties, constitutes a legal, valid and binding obligation of
Grove Collaborative enforceable against Grove Collaborative in accordance with its terms (except as such enforceability may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general applicability relating to
or affecting creditor’s rights, and to general equitable principles).

 

(b)  
No Conflicts.

 

(i)  
No filing with, or notification to, any Governmental Authority, and no consent, approval, authorization or permit of any other
Person is necessary for the execution of this Agreement by Grove Collaborative and the consummation by Grove Collaborative of the transactions
contemplated hereby.

 

(ii)  
None of the execution and delivery of this Agreement by Grove Collaborative, the consummation by Grove Collaborative of the transactions
contemplated hereby or compliance by Grove Collaborative with any of the provisions hereof shall (A) conflict with or result in
any breach of the organizational documents of Grove Collaborative, (B) result in, or give rise to, a violation or breach of or a
default under any of the terms of any material contract, understanding, agreement or other instrument or obligation to which Grove Collaborative
is a party or by which Grove Collaborative or any of its assets may be bound, or (C) violate any applicable order, writ, injunction,
decree, Law, statute, rule or regulation of any Governmental Authority, except for any of the foregoing as would not reasonably be expected
to impair Grove Collaborative’s ability to perform its obligations under this Agreement in any material respect.

 

8.  
Representations and Warranties of VGII. VGII hereby represents and warrants to Sponsor, the Insiders and Grove Collaborative
as follows:

 

(a)  
Binding Agreement. VGII is a an exempted company incorporated with limited liability in the Cayman Islands, and is duly
organized and validly existing under the Laws of the Cayman Islands. VGII has all necessary corporate power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby by VGII have been duly authorized by all necessary corporate actions on the part
of VGII. This Agreement, assuming due authorization, execution and delivery hereof by the other Parties, constitutes a legal, valid and
binding obligation of VGII enforceable against VGII in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general applicability relating to or affecting
creditor’s rights, and to general equitable principles).

 

(b)  
No Conflicts.

 

(i)  
No filing with, or notification to, any Governmental Authority, and no consent, approval, authorization or permit of any other
Person is necessary for the execution of this Agreement by VGII and the consummation by VGII of the transactions contemplated hereby.

 

    9 

     

    

(ii)  
None of the execution and delivery of this Agreement by VGII, the consummation by VGII of the transactions contemplated hereby
or compliance by VGII with any of the provisions hereof shall (A) conflict with or result in any breach of the organizational documents
of Grove Collaborative, (B) result in, or give rise to, a violation or breach of or a default under any of the terms of any material
contract, understanding, agreement or other instrument or obligation to which VGII is a party or by which VGII or any of its assets may
be bound, or (C) violate any applicable order, writ, injunction, decree, Law, statute, rule or regulation of any Governmental Authority,
except for any of the foregoing as would not reasonably be expected to impair VGII’s ability to perform its obligations under this
Agreement in any material respect.

 

9.  
Acknowledgment. Each Party understands and acknowledges that each of the other Parties is entering into the Transaction
Agreement in reliance upon such Party’s execution and delivery of this Agreement. Such Party has had the opportunity to read the
Transaction Agreement, this Agreement and the Affected Agreements and has had the opportunity to consult with its tax and legal advisors
in respect thereof.

 

10.  
Termination. This Agreement and all of its provisions shall automatically terminate and be of no further force or effect
upon the termination of the Transaction Agreement in accordance with its terms. Upon such termination of this Agreement, all obligations
of the Parties under this Agreement will terminate, without any liability or other obligation on the part of any Party to any person
in respect hereof or the transactions contemplated hereby.

 

11.  
Governing Law. This Agreement, the rights and duties of the Parties, and any disputes (whether in contract, tort or statute)
arising out of, under or in connection with this Agreement will be governed by and construed and enforced in accordance with the Laws
of the State of Delaware, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules
would require or permit the application of the Laws of another jurisdiction. The Parties irrevocably and unconditionally submit to the
exclusive jurisdiction of the United States District Court for the District of Delaware or, if such court does not have jurisdiction,
the Delaware state courts located in Wilmington, Delaware, in any action arising out of or relating to this Agreement. The Parties irrevocably
agree that all such claims shall be heard and determined in such a Delaware federal or state court, and that such jurisdiction of such
courts with respect thereto will be exclusive. Each Party hereby waives, and agrees not to assert, as a defense in any action, suit or
proceeding arising out of or relating to this Agreement that it is not subject to such jurisdiction, or that such action, suit or proceeding
may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may
not be enforced in or by such courts. The Parties hereby consent to and grant any such court jurisdiction over the person of such Parties
and over the subject matter of any such dispute and agree that mailing of process or other papers in connection with any such action,
suit or proceeding in the manner provided in Section 14 or in such other manner as may be permitted by law, will be
valid and sufficient service thereof.

 

12.  
Waiver of Jury Trial. To the extent not prohibited by applicable law that cannot be waived, each of the Parties irrevocably
waives any right it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with this
Agreement or any course of conduct, course of dealing, verbal or written statement or action of any Party or thereto, in each case, whether
now existing or hereafter arising, and whether in contract, tort, statute, equity or otherwise. Each Party hereby further agrees and
consents that any such litigation shall be decided by court trial without a jury and that the Parties to this Agreement may file a copy
of this Agreement with any court as written evidence of the consent of the Parties to the waiver of their right to trial by jury.

 

13.  
Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the Parties
and their respective heirs, successors and permitted assigns. Neither this

 

    10 

     

    

Agreement
nor any of the rights, interests or obligations hereunder will be assigned (including by operation of law) without the prior written
consent of the Parties.

 

14.  
Specific Performance. The Parties agree that irreparable damage may occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that monetary
damages may not be an adequate remedy for such breach and the non-breaching Party shall be entitled to injunctive relief, in addition
to any other remedy that such Party may have in law or in equity, and to enforce specifically the terms and provisions of this Agreement
in the chancery court or any other state or federal court within the State of Delaware. Without limiting the foregoing, each of the Parties
acknowledges and agrees that Grove Collaborative is a beneficiary of each of the provisions of this Agreement and has the right to enforce
the same it its own name.

 

15.  
Amendment. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except
upon the execution and delivery of a written agreement executed by all of the Parties.

 

16.  
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

17.  
Notices. All notices, consents, waivers and other communications under this Agreement must be in writing and will be deemed
to have been duly given (a) if personally delivered, on the date of delivery; (b) if delivered by express courier service of national
standing for next day delivery (with charges prepaid), on the Business Day following the date of delivery to such courier service; (c)
if delivered by telecopy (with confirmation of delivery), on the date of transmission if on a Business Day before 5:00 p.m. local time
of the recipient Party (otherwise on the next succeeding Business Day); (d) if delivered by electronic mail, on the date of transmission
if on a Business Day before 5:00 p.m. local time of the business address of the recipient Party (otherwise on the next succeeding Business
Day); and (e) if deposited in the United States mail, first-class postage prepaid, on the date of delivery, in each case to the appropriate
addresses or electronic mail addresses set forth below (or to such other addresses or electronic mail addresses as a Party may designate
by notice to the other Parties in accordance with this Section 17):

 

(a)  
If to VGII, to its address of record under the Transaction Agreement;

 

(b)  
If to Credit Suisse as representative of the several Underwriters, to its address of record under the Underwriting Agreement;

 

(c)  
If to the Sponsor or to the Insiders, to their respective addresses of record under the Insider Letter; and

 

(d)  
If to the Holders, to their respective addresses of record under the Registration Rights Agreement.

 

18.  
Counterparts. This Agreement may be executed in two or more counterparts (any of which may be delivered by facsimile or
electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute one and the same
instrument.

 

19.  
Entire Agreement. In the event and to the extent that there shall be a conflict between the provisions of this Agreement
and the provisions of any Affected Agreement, this Agreement shall control

 

    11 

     

    

with
respect to the subject matter thereof. This Agreement and the Transaction Agreement constitute the entire agreement and understanding
of the Parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among
the Parties to the extent they relate in any way to the subject matter hereof.

 

[Signature Page
Follows]

 

    12 

     

    

IN
WITNESS WHEREOF, the Parties have each caused this VGII Letter Agreement to be duly executed as of the date first written above.

 

	 	VGII:	VIRGIN ACQUISITION CORP. II
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:  	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	CREDIT SUISSE:	CREDIT SUISSE SECURITIES (USA) LLC
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:  	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	Acting on behalf of itself and as the representative of the several Underwriters
	 	 	 	 	 
	 	SPONSOR:	VIRGIN GROUP ACQUISITION SPONSOR II LLC
	 	 	 	 	 
	 	 	By:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	INSIDERS:	 
	 	 	RAYHAN ARIF, individual
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	CHRIS BURGGRAEVE, individually
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	LATIF PERACHA, individually
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	ELIZABETH NELSON, individually

    [Signature Page to VGII Letter Agreement.]

     

    

	 	 
	 	Evan Lovell, individually
	 	 
	 	 
	 	 
	 	Josh Bayliss, individually

    [Signature Page to VGII Letter Agreement.]

     

    

	 	GROVE COLLABORATIVE, INC.
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

    [Signature Page to VGII Letter Agreement.]

     

    

EXHIBIT A

 

	Name	Number
    of Class A 

    Shares Currently Held	Number
    of Class A Shares Issuable Upon exercise of Warrants Currently Held	Number
    of Class B 

    Shares Currently Held	Number
    of 

    Earn-Out Shares
	Sponsor:	 	 	 	 
	Virgin
    Acquisition Sponsor II LLC	 	 	 	 
	Insiders:	  	 	 	 
	Rayhan
    Arif	 	 	 	 
	Josh
    Bayliss	 	 	 	 
	Chris
    Burggraeve	 	 	 	 
	Evan
    Lovell	 	 	 	 
	Elizabeth
    Nelson	 	 	 	 
	Latif
    Peracha	 	 	 	 
	Holders:	 	 	 	 
	Virgin
    Acquisition Sponsor II LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]