Document:

EX-10.13

 Exhibit 10.13 

Execution Version 
 LOAN
AGREEMENT 
 This Loan Agreement (“Agreement”) is entered into by and between Laird Superfood, Inc., an Oregon corporation with its
chief executive offices at 207 N. Fir St., Unit B, Sisters, OR 97759 (“Borrower”), and East Asset Management, LLC, a Delaware limited liability company, with an office at 7777 NW Beacon Square Boulevard, Boca Raton, FL 33487
(“Lender”) effective as of August 10, 2017 (“Effective Date”). 
 RECITALS 

Borrower has requested Lender to make the loans as provided herein and Lender is willing to make such loans to Borrower subject to the terms and conditions
hereof. 
 NOW, THEREFORE, Borrower and Lender, in consideration of their mutual covenants contained in this Agreement and intending to be legally bound
hereby, agree as follows: 
 SECTION 1.    TERM 

Lender’s commitment to make Loans (as defined below) pursuant to the terms of this Agreement (the “Commitment”) shall commence as of the
Effective Date and shall continue thereafter until August 10, 2022 (the “Maturity Date”), at which time the Commitment shall terminate and all Indebtedness (as defined below) of Borrower to Lender shall be due and payable. 

SECTION 2.    DEFINITIONS. 

2.1    Capitalized Terms. Unless defined elsewhere in this Agreement, capitalized terms used in this Agreement will
have the meanings ascribed to them in the attached Appendix A. 
 2.2    UCC Terms. Unless the context
clearly indicates otherwise, terms used in this Agreement that are not capitalized but that are defined in the UCC will have the meanings ascribed to them in the UCC.  

SECTION 3.    LINE OF CREDIT LOANS 

3.1    Primary Line of Credit Loan. 

(a)    Subject to the terms and conditions and relying upon the representations and warranties set forth in this Agreement
and the other Loan Documents, Lender agrees to make loans (the “Primary Loans”) to Borrower at any time or from time to time on or after the Effective Date up to and including the day immediately preceding the Maturity Date in an
aggregate principal amount not exceeding, at any one time outstanding, the lesser of (i) the Borrowing Base (as described in Section 3.1(c) of this Agreement) and (ii) Three Million Dollars ($3,000,000) (collectively, the
“Primary Loans Limit”). If Lender and Borrower mutually agree in writing, the Primary Loan Limit may be increased up to a maximum of Ten Million Dollars ($10,000,000). The obligations of Borrower to repay the unpaid principal amount
of the Primary Loans and to pay interest on the unpaid principal amount thereof will be evidenced in part by a revolving credit note (the “Primary Note”) of Borrower in substantially the form attached as Exhibit A to this Agreement.
Borrower shall use the proceeds of the Primary Loans for acquisition of inventory and other working capital purposes, and for no other purposes. 

(b)    Borrower shall provide Lender written notice of each request for a Primary Loan, which written notice shall include
the amount of the requested Primary Loan and a copy of the most recent Monthly Availability Report, as that term is defined in Section 3.1(c) below. If the amount of the requested Primary Loan is $1,000,000 or less and all other
conditions precedent to funding the requested Primary 

 
Loan are satisfied, then Lender shall disburse the funds to Borrower within five (5) business days of Lender’s receipt of the written notice of the request. If the amount of the
requested Primary Loan is greater than $1,000,000 and all other conditions precedent to funding the requested Primary Loan are satisfied, then Lender shall disburse the funds to Borrower within ten (10) business days of Lender’s receipt of
the written notice of the request. Lender shall not be required to fund any Primary Loan to Borrower if: (i) Lender has already made a Primary Loan in the calendar month in which Lender would be required to fund the requested Primary Loan
pursuant to this Section 3.1(b); or (ii) the amount of the requested Primary Loan is less than $100,000, unless the amount of Primary Loans available for disbursement to Borrower based on the Primary Loan Limit at the time of the
request is less than $100,000, in which case Lender shall be required to fund the requested Primary Loan so long as the amount thereof, together with all then outstanding Primary Loans, is not less than the then applicable Primary Loan Limit. 

(c)    “Borrowing Base” shall be equal to the sum of: (i) ninety percent (90%) of the value of
Borrower’s Qualified Accounts utilizing the average of a trailing three (3) months of actual book value, plus (ii) ninety percent (90%) of the value of Borrower’s Inventory, utilizing the average of a trailing three
(3) months of actual book value, plus (iii) ninety percent (90%) of the value of Borrower’s Prepaid Inventory, utilizing the average of a trailing three (3) months of actual book value. If more than ninety (90) days have
passed since Borrower acquired an item of Prepaid Inventory and that item of Prepaid Inventory has not arrived at or been delivered to Borrower’s Premises, then the value of that item of Prepaid Inventory may not be used in calculating the
Borrowing Base unless and until it reaches Borrower’s Premises, at which time the item of Prepaid Inventory shall cease to be Prepaid Inventory and shall constitute Inventory. At the time of each request for a Primary Loan and in any event on
or before the 20th day of each calendar month, Borrower shall provide Lender with a report as of the first day of such month (the “Monthly Availability Report”) setting forth a
calculation of the Borrowing Base and including the information required by Section 7.1(i). Borrower’s calculation of the Borrowing Base as stated in a Monthly Availability Report shall be conclusive unless Lender provides Borrower
with written notice objecting to Borrower’s calculation within five (5) business day of Lender’s receipt of the Monthly Availability Report. 

(d)    If the Borrowing Base calculated in any Monthly Availability Report is less than the sum of all Primary Loans
outstanding, Borrower shall, within 45 days of delivery of the Monthly Availability Report, repay to Lender, in funds immediately available, the amount of such excess together with all accrued interest on the amount of such repayment. 

(e)    With respect to all accounts from time to time scheduled, listed or referred to in any Monthly Availability Report
or in any other certificate, statement or report delivered to Lender as Qualified Accounts, Borrower warrants and represents to Lender that: 

(i)    the accounts meet all specifications applicable to Qualified Accounts; 

(ii)    the accounts are genuine, are in all respects what they purport to be, and are not evidenced by a note,
instrument or judgment; and 
 (iii)    there are no facts, events or occurrences which in any way impair the validity
or enforcement of any account or tend to reduce the amount payable under any account as shown on statements delivered to Lender with respect to any accounts. 

  
 2 

 3.2    Secondary Line of Credit Loan. 

(a)    Subject to the terms and conditions and relying upon the representations and warranties set forth in this Agreement
and the other Loan Documents, Lender agrees to make loans (the “Secondary Loans”) to Borrower at any time or from time to time on or after the Effective Date up to and including the day immediately preceding the Maturity Date in an
aggregate principal amount not exceeding, at any one time outstanding, Two Hundred Thousand Dollars ($200,000) (the “Secondary Loans Limit”). Borrower may borrow, repay and reborrow the Secondary Loans on a revolving basis, which
means that there shall be available for disbursement to Borrower at all times during the term of this Agreement Secondary Loans in an amount equal to $200,000 minus the principal amount of Borrower’s then outstanding Secondary Loans. The
obligations of Borrower to repay the Secondary Loans and to pay interest on the unpaid principal amount thereof will be evidenced in part by a revolving credit note (the “Secondary Note”) of Borrower in substantially the form
attached as Exhibit B to this Agreement. Borrower shall use the proceeds of the Secondary Loans for working capital purposes, and for no other purposes. 

(b)    Borrower shall provide Lender with written notice of each request for a Secondary Loan, which written notice shall
include the amount of the requested Secondary Loan. If all conditions precedent to funding the requested Secondary Loan are satisfied, Lender shall disburse the Secondary Loan to Borrower within five (5) business days of Lender’s receipt
of the written notice of the request. Lender shall not be required to make a Secondary Loan to Borrower if: (i) Lender has made a Secondary Loan in the calendar month in which Lender would be required to fund the requested Secondary Loan
pursuant to this Section 3.2(b); or (ii) the amount of the requested Secondary Loan is less than $100,000, unless the amount of Secondary Loans available for disbursement to Borrower at the time of the request is less than $100,000,
in which case Lender shall be required to make the requested Secondary Loan to Borrower so long as the amount thereof, together with all then outstanding Secondary Loans, is not less than the Secondary Loan Limit. 

3.3    Repayment of Loans. The entire outstanding principal amount of, and all accrued and unpaid interest on, the
Primary Loans and the Secondary Loans (each a “Loan” and together the “Loans”) shall be due and payable on the Maturity Date. Borrower may prepay all or any portion of the Indebtedness owed under either the Primary
Loans or the Secondary Loans at any time, on the following conditions: (1) no more than one prepayment with respect to each of such Loans (in other words, a total of two prepayments each month) may occur within a calendar month; (2) the
amount of each prepayment must be greater than or equal to $100,000, unless the outstanding principal amount of the Loan with respect to which the prepayment is being made is less than $100,000, in which case the amount of the prepayment must be
equal to the outstanding principal amount of the Loan; and (3) the prepayment must be accompanied by all accrued and unpaid interest on the principal amount of the Loan being prepaid. 

3.4    Interest Rate. 

(a)    The outstanding principal balances of the Loans shall accrue interest at a fixed rate of fifteen percent
(15%) per annum until paid in full; provided that, if Borrower fails to perform any Obligation within fifteen (15) days after Lender notifies Borrower of the failure to perform the Obligation when due with reasonable particularity, then the
outstanding principal balances of the Loans shall accrue interest at a fixed rate of twenty percent (20%) per annum (the “Default Rate”) until the earlier of the payment in full of the Loans or the date on which the failure to
perform the Obligation is cured to the reasonable satisfaction of Lender. 

  
 3 

 (b)    Interest on the Loans shall be computed on the basis of a 365-day year. In computing interest on any Loan, the date of the making of the Loan shall be included and the date of payment shall be excluded if payment is received on or before Noon, Boca Raton time. 

3.5    Payment of Interest. Interest accrued on the principal amount of the Loans shall be due and payable on the
tenth (10th) day of each calendar month following the month during which such interest accrued; all accrued interest that is unpaid as of the Maturity Date shall become immediately due and payable
on the Maturity Date without notice, presentment or demand of any kind. 
 3.6    Payments. All payments to be
made in respect of principal, interest, fees or other amounts due from Borrower under this Agreement or under the Notes are payable at noon, prevailing time in Boca Raton, Florida, on the day when due, without presentment, demand, protest or notice
of any kind, all of which are expressly waived, and an action for the payments will accrue immediately. All such payments must be made to Lender in U.S. dollars and in funds immediately available at such office, without setoff, counterclaim or other
deduction of any nature. All such payments shall be applied first to costs and expenses due to Lender, then to accrued interest and then to principal. 

3.7    Indemnity. Borrower will indemnify Lender against any loss or expense which Lender sustains or incurs as a
consequence of an Event of Default, including, without limitation, any failure of Borrower to pay when due (by demand or otherwise) any principal, interest or any other amount due under this Agreement or the other Loan Documents, but excluding any
loss or expense that Lender sustains or incurs to the extent arising or resulting from Lender’s gross negligence, willful misconduct, legal violation, or breach of this Agreement. If Lender sustains or incurs any such loss or expense, it will,
from time to time, notify Borrower in writing of the amount determined in good faith by Lender (which determination will be presumptively deemed correct absent manifest error), to be necessary to indemnify Lender for the loss or expense. Any amount
payable to Lender under this Section will bear interest at the Default Rate until paid. In no event will Borrower have any liability for any lost profits or any indirect, special, incidental, consequential or punitive damages. 

SECTION 4.    CONDITIONS PRECEDENT TO THE MAKING OF EACH LOAN. 

Lender’s obligation to make a disbursement of a Primary Loan or a Secondary Loan (a “Loan Advance”) under this Agreement shall be subject
to the performance by Borrower of its Obligations to be performed hereunder and to the fulfillment of all of the conditions set forth in this Agreement and in the other Loan Documents, including without limitation, the following: 

4.1 Loan Documents. Borrower shall have executed (as applicable) and delivered to Lender in form satisfactory to Lender this Agreement
and the other Loan Documents, including the following documents: (a) the Note for the applicable Loan, (b) the Security Agreement, (c) a UCC-1 Financing Statement perfecting Lender’s
Security Interests, (d) evidence of insurance as required in Section 7.1(b) below, and (e) any other instruments, documents, legal opinions and certificates required under this Agreement or the other Loan Documents or
reasonably requested by Lender or its counsel, including without limitation any guaranties described below; and all filings contemplated by any of the foregoing shall have been made.  

4.2 Representations and Warranties. The representations and warranties of Borrower set forth in this Agreement and in the other Loan
Documents shall be true and correct on the Effective Date and on the date of such Loan with the same effect as if made on and as of such date. 

  
 4 

 4.3    Primary Loan Limit. With respect to a Primary Loan, the
outstanding principal amount of the Primary Loans (including any requested Primary Loan) must not exceed the Primary Loan Limit as provided in Section 3.1(c).  

4.4    No Event of Default. There shall not exist at the time of any funding of a Loan an Event of Default or
Potential Default. 
 4.5    Certificate. There shall be delivered to Lender a certificate dated as of the
Effective Date and signed by the secretary or an assistant secretary of Borrower certifying as to: 
 (a)    all
corporate action taken by Borrower relative to this Agreement and any other Loan Document; 
 (b)    the names of the
officer or officers of Borrower authorized to sign this Agreement and any other Loan Document and the true signatures of such officer or officers on which Lender may conclusively rely; and 

(c)    copies of the articles of incorporation (recently certified by the Oregon Secretary of State) and bylaws of
Borrower as in effect on the Effective Date. 
 4.6    Certificate of Existence. Borrower shall have delivered to
Lender a Certificate of Existence issued by the Oregon Secretary of State no later than ten (10) days after the Effective Date. 

4.7    Financial Statements. Borrower shall have delivered to Lender financial statements dated as of
June 30, 2017, for the year-to-date operations evidencing operating conditions satisfactory to Lender in its sole discretion. 

4.8    Insurance. Lender shall receive evidence that it has been named as lender loss payee/mortgagee on
Borrower’s property insurance and an additional insured with respect to all liability coverage. 

4.9    Material Adverse Change. Lender shall receive evidence reasonably satisfactory to Lender that no Material
Adverse Change has occurred with respect to Borrower since December 31, 2016. 
 4.10    Fees. Borrower
shall have reimbursed Lender for all fees, costs and out-of-pocket expenses incurred in connection with the negotiation, drafting, execution, and delivery of this
Agreement and the other Loan Documents, including without limitation reimbursement of attorneys’ fees and expenses in an amount not to exceed $15,000. 

4.11    Legal Details. All legal details and proceedings in connection with the transactions contemplated by this
Agreement and all Loan Documents delivered to Lender pursuant to this Section 4 shall be in form and substance reasonably satisfactory to Lender and to counsel for Lender, and Lender shall have received all such other counterpart
originals or certified or other copies of such documents and proceedings in connection with such transactions, in form and substance reasonably satisfactory to Lender and said counsel, as Lender or said counsel may reasonably request. 

  
 5 

 SECTION 5.    BORROWER’S REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants to Lender that, as of the Effective Date, as of the date of the making of each Loan, as of the date of any renewal, extension
or modification of any of the Loans, and at all times any Indebtedness exists: 5.1 Organization. Borrower is a corporation that is duly organized, validly existing and in good standing under the laws of the State of Oregon. Borrower is duly
qualified or licensed to do business as a foreign corporation and is in good standing in all jurisdictions in which the ownership of its properties or the nature of its activities or both makes such qualification or licensing necessary. Borrower has
the corporate power and authority to execute, deliver and perform its obligations under this Agreement and the other Loan Documents executed by Borrower. Borrower has the full power, authority, licenses and permits to own and operate its properties
and to transact the businesses in which it is presently engaged or presently proposes to engage. 

5.2    Authorization. The execution, delivery, and performance of this Agreement and all other Loan Documents by
Borrower, to the extent to be executed, delivered or performed by Borrower, have been duly authorized by all necessary corporate action by Borrower, do not require the consent or approval of any other person or Official Body, and do not conflict
with, result in a violation of, or constitute a default under any provision of Borrower’s articles of incorporation or bylaws, any agreement or other instrument to which Borrower is a party or by which Borrower or any of its properties is bound
or subject, or violate any Law applicable to Borrower. 
 5.3    Books and Records. The books of account and
records of Borrower are complete and accurate in all material respects and represent actual, bona fide transactions.  

5.4    Legal Effect. This Agreement constitutes, and upon execution by Borrower each other Loan Document to which
Borrower is a party and any instrument or agreement required hereunder to be given by Borrower when delivered will constitute, the legal, valid and binding obligation of Borrower enforceable against Borrower, as well as on Borrower’s
successors, representatives and assigns, in accordance with their respective terms, except as the foregoing may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, civil forfeiture, moratorium or similar laws, or by equitable
principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

5.5    Ownership and Control. The outstanding shares of Borrower’s capital stock have been duly authorized and
validly issued, and are fully paid and nonassessable. Borrower is owned by the people or entities identified on Schedule 5.5 to this Agreement. There are no options, warrants, acquisition or purchase rights, sale agreements, pledges, proxies,
voting trusts, powers of attorney or other agreements or instruments binding upon Borrower or any of its shareholders with respect to ownership of or voting rights with respect to shares of the capital stock of Borrower, except as set forth on
Schedule 5.5 hereto. Borrower may periodically update the information on Schedule 5.5 over the term of this Agreement. 

5.6    Subsidiaries. Except as set forth on Schedule 5.6, Borrower does not own any shares of stock or other
equity interest, directly or indirectly, in any Subsidiary. 
 5.7    Financial Statements. All financial
statements of Borrower (including the notes thereto) delivered to Lender present fairly in all material respects the financial condition of Borrower as of the end of the specified fiscal periods and, as applicable, the results of operations and the
changes in financial position for the fiscal periods then ended, all in conformity with GAAP applied on a basis consistent with that of the preceding fiscal periods. 

  
 6 

 5.8    Compliance with Laws. Borrower is not (a) in
violation of any Law, the violation of which could result in a Material Adverse Change, or (b) subject to any material contingent liability on account of any Law. 

5.9    Pension Plans. (a) Each Plan has been and will be maintained and funded in accordance with its terms and
with all provisions of ERISA and other applicable Laws; (b) no termination or other event exists or has occurred with respect to the Plan which has resulted, or may result, in any liability to the Pension Benefit Guaranty Corporation (the
“PBGC”) or any other Official Body; and (c) no withdrawal, either complete or partial, has occurred or commenced with respect to any multi-employer Plan, and there exists no intent to withdraw either completely or partially
from any multi-employer Plan. 
 5.10    Patents, Licenses, Franchises. Borrower owns or possesses all the
material patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises, permits and rights necessary to own and operate its properties and to carry on its business as presently conducted and planned to be conducted
by Borrower, without known conflict with the rights of others. 
 5.11    Environmental Matters.
(a) Borrower is not in violation of any Law concerning or relating to the environment or the existence, generation, storage, transportation or disposal of any material or substance regulated by any such Law (collectively referred to in this
Section as the “Environmental Laws”) the violation of which could result in a Material Adverse Change; (b) neither Borrower nor any of its directors, officers, employees, agents or independent contractors, nor, to
Borrower’s Knowledge, any predecessor person or entity, at such location has arranged, by contract, agreement or otherwise, (i) for the disposal or treatment of, or (ii) with a transporter for the transport for disposal or treatment
of, any substance or material regulated by an Environmental Law at or to any location identified under an Environmental Law concerning cleanup of waste disposal sites; (c) Borrower is not an “owner” or “operator” of a
“facility”, as defined under any Environmental Law; and (d) Borrower has not “owned” or “operated” any “facility” at the time when any hazardous substances were disposed of within the meaning of any
Environmental Law. 
 5.12    No Event of Default; No Material Adverse Change. No event has occurred and is
continuing and no condition exists which constitutes an Event of Default or Potential Default. Since the date of Borrower’s last fiscal year-end financial statement delivered to Lender, there has been no
Material Adverse Change. 
 5.13    Property. Except for Permitted Encumbrances, Borrower owns and has good and
marketable title to the Collateral, free and clear of all Security Interests, and has not executed any security documents or financing statements relating to the Collateral. 

5.14    Litigation and Claims. Except as otherwise provided on Schedule 5.14, no litigation, claim,
investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or, to Borrower’s Knowledge, threatened. 

5.15    Taxes. Prior to the Effective Date, Borrower has delivered to Lender a true and accurate copy of
Borrower’s federal income tax return for its tax year ended December 31, 2016. All tax returns and reports of Borrower that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have
been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided on the books and records of Borrower. 

  
 7 

 5.16    Lien Priority. Borrower has not entered into or granted
any Security Interests, or consented to the filing or attachment of any Security Interests on or affecting any of the Collateral as of the Effective Date that directly or indirectly secures repayment of the Loans and the Notes. 

5.17    Commercial Purposes. Borrower intends to use the Loan proceeds solely for business and commercial related
purposes. 
 5.18    Information. All information heretofore or contemporaneously herewith furnished by Borrower
to Lender for the purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all information hereafter furnished by or on behalf of Borrower to Lender will be, true and accurate in every material respect on the
date as of which such information is dated or certified; and none of such information is or will be materially incomplete by omitting to state any material fact necessary to make such information not misleading. Borrower has disclosed to Lender in
writing every fact known to it which materially and adversely affects, and would materially and adversely affect, the assets, business, operations or financial condition of Borrower or the ability of Borrower to perform its obligations under this
Agreement and the other Loan Documents. 
 5.19    Survival of Representations and Warranties. Borrower agrees
that the foregoing representations and warranties shall be continuing in nature and shall remain in full force and effect until such time as the Indebtedness is paid in full, or until this Agreement is terminated in the manner provided below,
whichever is the last to occur. 
 SECTION 6.    LENDER’S REPRESENTATIONS AND WARRANTIES. 

Lender represents and warrants to Borrower that, as of the Effective Date: 

6.1    Organization. Lender is a limited liability company that is duly organized, validly existing and in good
standing under the laws of the State of Delaware. Lender has the full power and authority to own its properties and to transact the businesses in which it is presently engaged or presently proposes to engage. 

6.2    Authorization. The execution, delivery, and performance of this Agreement and all other Loan Documents by
Lender, to the extent to be executed, delivered or performed by Lender, have been duly authorized by all necessary action by Lender; do not require the consent or approval of any other person or Official Body; and do not conflict with, result in a
violation of, or constitute a default under any provision of Lender’s articles of organization, operating agreement, or any agreement or other instrument binding on Lender. 

6.3    Legal Effect. This Agreement constitutes, and upon execution by Lender each other Loan Document to which
Lender is a party when delivered will constitute, the legal, valid and binding obligation of Lender enforceable against Lender, in accordance with its terms, except as the foregoing may be limited by bankruptcy, insolvency, reorganization,
fraudulent transfer, civil forfeiture, moratorium or similar laws, or by equitable principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

  
 8 

 SECTION 7.    BORROWER’S COVENANTS. 

7.1    Covenants. Borrower covenants and agrees with Lender that, while this Agreement is in effect and until
payment in full of the Indebtedness, unless otherwise consented to in writing by Lender: 
 (a)    Preservation of
Existence, Franchise and Licenses. Borrower will maintain its corporate existence, rights, franchises, licenses and permits in full force and effect so long as maintaining such corporate existence, rights, franchises, licenses, and permits in full
force and effect is necessary or advisable for the reasonable and prudent conduct of the Company’s business. Borrower will remain in good standing in its jurisdiction of incorporation and will qualify and remain qualified as a foreign
corporation in each jurisdiction in which failure to receive or retain qualification would result in a Material Adverse Change. 

(b)    Insurance. Borrower will maintain, with financially sound and reputable insurers, insurance with respect to
its properties and business and against such liabilities, casualties and contingencies and of such types and in such amounts as is reasonably satisfactory to Lender and as is customary in the case of corporations or other entities engaged in the
same or similar business or having similar properties similarly situated, provided that Borrower shall insure the Collateral on a replacement cost basis. Risk of loss of, damage to or destruction of the Collateral is on Borrower. Each of
Borrower’s policies of insurance shall contain lender loss payable/mortgagee clauses in favor of Lender, shall insure Lender regardless of the conduct or neglect of Borrower, and shall contain provision for written notification of Lender at
least thirty (30) days prior to termination of such policy. If Borrower fails to effect and keep in full force and effect such insurance or fails to pay the premiums when due, Lender may (but shall not be obligated to) do so for the account of
Borrower and add the cost thereof to the Obligations. Borrower assigns and sets over to Lender (as its interest may appear) all monies, up to the amount of any unpaid Indebtedness, which may become payable on account of such insurance and directs
the insurers to pay Lender (as its interest may appear) any amount so due. Lender is irrevocably appointed attorney-in-fact of Borrower to endorse any draft or check
which may be payable to Borrower in order to collect the proceeds of such insurance. Any money that Lender obtains on account of Borrower’s insurance shall be applied to the Indebtedness owed under the Loans. Any money that Lender receives in
excess of the outstanding Indebtedness shall promptly be distributed to Borrower. Borrower shall furnish to Lender, on request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including
without limitation the following: (i) the name of the insurer; (ii) the risks insured; (iii) the amount of the policy; (iv) the properties insured; (v) the then-current property values on the basis of which insurance has
been obtained; and (vi) the expiration date of the policy. 
 (c)    Financial Accounting Practices.
Borrower will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and will maintain an adequate system of internal accounting controls. 

(d)    Visitation. Borrower will permit such persons as Lender may designate from time to time to visit and inspect
any of the properties of Borrower, to examine, and to make copies and extracts from, the books and records of Borrower and to discuss its affairs with its officers and employees and its independent accountants, at such reasonable times and as often
as Lender may reasonably request. 
 (e)    Compliance with Laws. Borrower shall comply with all applicable Laws.

 (f)    Pension Plans. Borrower shall make contributions to all of Borrower’s Plans in a timely manner and
comply with all material requirements of ERISA which relate to such Plans. 

  
 9 

 (g)    Maintenance of Patents, Trademarks, etc. Borrower shall
maintain in full force and effect all patents, trademarks, trade names, copyrights, licenses, franchises, permits and other authorizations necessary for the ownership and operation of its properties and business if the failure to so maintain the
same would substantially interfere with the normal operations of Borrower or could reasonably be expected to result in a Material Adverse Change. 

(h)    Notifications. Borrower shall promptly inform Lender in writing of: (a) Borrower forming any
Subsidiary; (b) any amendment of Borrower’s Articles of Incorporation or Bylaws; (c) the existence or threat of any material proceeding by or before any Official Body, including without limitation, (i) the Food and Drug
Administration issuing an enforcement notice to Borrower and (ii) the Occupational Safety and Health Administration issuing a notice of violation to Borrower; (d) all legal actions filed against Borrower; (e) any Event of Default or
Potential Default; (f) any Material Adverse Change. 
 (i)    Monthly Availability Reports. On or before the
20th day of each month, Borrower shall provide Seller with a Monthly Availability Report, which shall include the following: 

 

	 	(1)	 A statement of Borrower’s calculation of the Borrowing Base; 

 

	 	(2)	 A balance sheet of Borrower as of the first day of the month, a statement of cash flow of Borrower as of the
first day of the month, and statements of income and surplus of Borrower as of the first day of the month and for that part of the fiscal year ending as of the first day of the month, all in reasonable detail; 

 

	 	(3)	 Agings of accounts payable and accounts receivable as of the first day of the month, in form and detail as
Lender may request, together with a report reconciling Borrower’s accounts payable, accounts receivable, Inventory, and Prepaid Inventory to Borrower’s general ledger and the preceding Monthly Availability Report; and

  

	 	(4)	 An updated listing of all Inventory and Prepaid Inventory of Borrower, including a report showing the value of
such Inventory and Prepaid Inventory and a report reconciling Inventory and Prepaid Inventory to Borrower’s general ledger and the preceding Monthly Availability Report. Each listing of Prepaid Inventory shall state the date that Borrower
acquired each item of Prepaid Inventory. 

 (j)    Annual Financial Reports. As soon as
practicable, and in any event within one hundred and twenty (120) days after the close of each fiscal year of Borrower, Borrower will furnish to Lender statements of income, retained earnings and cash flow of Borrower for such fiscal year and a
balance sheet of Borrower as of the close of such fiscal year, and notes to each, all in reasonable detail, setting forth in comparative form the corresponding figures for the preceding fiscal year, with such statements and balance sheet to be
reviewed by independent certified public accountants of recognized standing selected by Borrower. 

(k)    Guaranty. If Borrower establishes any Subsidiaries, then Borrower shall cause any such Subsidiaries to
execute an agreement guaranteeing the Loans in form and substance reasonably acceptable to Lender. 

  
 10 

 (l)    Other Agreements. Borrower shall materially comply with
all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender promptly in writing of any material default in connection with any other such agreements that, in
Borrower’s reasonable judgment, could result in a loss or claim against Borrower in excess of $50,000. 

(m)    Taxes, Charges and Liens. Borrower shall pay and discharge when due all of its indebtedness and other
obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed on Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all
lawful claims that, if unpaid, might become a lien or charge on any of Borrower’s properties, income, or profits. Provided however, Borrower shall not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so
long as (i) the legality of the same shall be contested in good faith by appropriate proceedings, and (ii) Borrower shall have established on its books adequate reserves with respect to such contested assessment, tax, charge, levy, lien,
or claim in accordance with GAAP. 
 (n)    Further Information. Borrower will promptly furnish to Lender such
other information, and in such form, as Lender may reasonably request from time to time. 
 (o)    Annual Tax Return
Filing. Borrower will promptly furnish to Lender a copy of its U.S. Income Tax Return upon its annual filing. 

(p)    Dissolution. Borrower shall not dissolve, and will not wind up or liquidate its business and affairs. 

(q)    Sales and Reorganizations. Borrower shall not enter into any transaction involving the sale of all or
substantially all of Borrower’s assets, or the reorganization, recapitalization, consolidation, conversion, or merger of Borrower. 

(r)    Debt; Security Interests. Borrower shall first provide written notice to Lender before Borrower incurs or
assumes any new obligation to pay money; provided, however, that Borrower shall not be required to provide Lender with prior written notice with respect to any accounts payable or other trade payables that Borrower incurs in the ordinary course of
Borrower’s business, any operating or capital leases, or any promissory notes that, in aggregate, amount to less than $10,000. Borrower shall not grant any security interest in Borrower’s accounts receivable, Inventory, Prepaid Inventory
or other Collateral except in favor of Lender. 
 SECTION 8.    RIGHT TO PARTICIPATE IN FUTURE EQUITY OFFERINGS 

8.1    Subsequent Offerings; Right to Participate. Subject to applicable securities laws, Borrower hereby grants to
Lender, for the period beginning on the Effective Date and ending on the fifth year anniversary of the Effective Date, a right of first refusal to purchase up to 20% of any shares of Borrower’s capital stock, or any options, rights, warrants or
securities convertible into or exchangeable for, shares of Borrower’s capital stock (“Equity Securities”), which are proposed to be offered and sold by Borrower, on the same terms and conditions being offered to other
investors, except at a price per Equity Security that is 80% of the price per Equity Security being offered to the other investors in such offering. Lender’s right of first refusal under this section may not be exercised at any time when Lender
is in breach of this Agreement or any other Loan Document.  

  
 11 

 8.2    Exercise of Rights. If Borrower proposes to issue any
Equity Securities that are subject to the right of first refusal set forth in Section 8.1 above, then Borrower shall give Lender written notice of its intention, describing the Equity Securities, the price, and the terms and conditions
on which Borrower proposes to issue the Equity Securities. Lender shall have fifteen (15) days from the delivery of such notice to notify Borrower in writing of the amount of the Equity Securities that Lender intends to purchase on the terms
and conditions specified in the notice and as authorized pursuant to Section 8.1 above. Lender may only exercise Lender’s right of first refusal with respect to those Equity Securities that are not purchased by Borrower’s
shareholders pursuant to their rights under the Shareholder Rights Agreement. If Lender does not notify Borrower of its intention to purchase Equity Securities within that time, Borrower shall be under no obligation to sell any of such offered
Equity Securities to Lender and may sell them as provided in Section 8.3 below.  
 8.3    Issuance of
Shares to Other Persons. If Lender does not elect to purchase Equity Securities as provided in Sections 8.1 and 8.2, then Borrower may sell any such Equity Securities to third parties at the price and on the terms and conditions
set forth in the notice to Lender or at a price and on terms and conditions more favorable to Borrower.  

8.4    Excluded Shares. Without limitation, the right of first refusal established by this Section 8 shall
have no application to any of the following Equity Securities: 
 (a)    Equity Securities representing, in the
aggregate, not more than five percent (5%) of Borrower’s issued and outstanding capital stock on a fully-diluted basis, issued as bona fide compensation to employees, consultants, directors, or advisors to Borrower or any Subsidiary of
Borrower, pursuant to any equity incentive plan that Borrower may adopt from time to time; 
 (b)    Equity Securities
issued for consideration other than cash pursuant to a bona fide arms’-length merger, consolidation, acquisition or similar business combination approved by Borrower’s board of directors; 

(c)    Equity Securities issued (i) in connection with the conversion, recapitalization or reorganization of
outstanding Equity Securities or (ii) as a pro rata distribution or dividend in respect of outstanding Equity Securities in connection with a stock split or similar event; 

(d)    Equity Securities issued (i) pursuant to any bona fide, arms-length equipment loan or leasing arrangement,
real property leasing arrangement, or debt financing from a bank or similar financial or lending institution or (ii) in connection with strategic transactions involving Borrower and other entities, such as joint ventures, marketing or
distribution arrangements; provided that with respect to any issuance of Equity Securities described in (i) and (ii), (A) Borrower’s board of directors has approved the issuance of such Equity Securities and (B) the Equity Securities
to be issued in such case represent 10% or more of Borrower’ issued and outstanding capital stock on a fully diluted basis; and 

(e)    Equity Securities that are issued by Borrower pursuant to a registration statement filed under the Securities Act
in connection with an initial public offering. 
 8.5    Survival. Lender’s rights under
Section 8.1 shall survive termination of this Agreement for the time period specified in Section 8.1, unless the termination is the result of Lender’s material default or material breach of this Agreement, in which case
Lender’s rights under Section 8.1 shall immediately terminate. 

  
 12 

 SECTION 9.    EVENTS OF DEFAULT. 

An “Event of Default” means the occurrence or existence of one or more of the following events or conditions: 

9.1    Borrower shall fail to pay any Obligation, including without limitation, any principal or interest on any
Loan, any other amount payable pursuant to this Agreement or any of the other Loan Documents, within ten days of when due. 

9.2    Any representation or warranty made by Borrower under this Agreement, the other Loan Documents or any
statement made by Borrower in any financial statement, certificate, report, exhibit or document furnished by Borrower to Lender pursuant to this Agreement or the other Loan Documents shall prove to have been false or misleading in any material
respect as of the time when made. 
 9.3    Lender’s Security Interest in the Collateral under the Security
Agreement or any of the other Loan Documents is or shall become unperfected, unless the Security Interest is or becomes unperfected due to the act or omission of Lender, or an Encumbrance other than a Permitted Encumbrance shall affect the
Collateral. 
 9.4    Borrower shall be in default in the performance or observance of any Obligation under this
Agreement, or any of the other Loan Documents or any of the other agreements, instruments, documents or undertakings arising under or in connection with any of Loans, other than those referred to in Section 9.1, if such default shall
continue for longer than twenty (20) days after receipt of notice from Lender of the default with reasonable particularity; provided that, if the default is of such a nature that it cannot be completely remedied within the twenty (20) day
period, this provision shall be complied with and no Event of Default under this Agreement shall exist if Borrower begins correction of the default within the twenty (20) day period and thereafter proceeds with reasonable diligence and in good
faith to effect the remedy as soon as practicable. 
 9.5    Borrower fails to cause the outstanding principal
amount of the Primary Loans to cease to exceed the Borrowing Base within 45 days of Borrower’s delivery of a Monthly Availability Report that calculates a Borrowing Base that is less than the sum of all Primary Loans under
Section 3.1(c). 
 9.6    Lender does not consent in writing to this Agreement continuing in effect
within thirty (30) days after Laird Hamilton’s death. 
 9.7    Borrower shall (i) default (as
principal or guarantor or other surety) in any payment of principal of or interest on any obligation for borrowed money in excess of Fifty Thousand Dollars ($50,000) beyond any period of grace with respect thereto or, if such obligation or
obligations is or are payable or repayable on demand, shall fail to pay or repay such obligation or obligations when demanded or (ii) default in the observance of any covenant, term or condition contained in any agreement or instrument by which
such obligation or obligations is or are created, secured or evidenced if the effect of such default is to cause, or to permit the holder or holders of such obligation or obligations (or a trustee or agent on behalf of such holder or holders) to
cause, all or part of such obligation or obligations to become due before its or their otherwise stated maturity. 

9.8    (a) A judgment for the payment of money in excess of Fifty Thousand Dollars ($50,000) is entered, and
remains open and not stayed for a period in excess of thirty (30) days; or (b) a writ or warrant of attachment, garnishment, execution, distraint or similar process shall have been entered or issued against

  
 13 

 
Borrower or any of Borrower’s properties other than accounts receivable, Inventory, Prepaid Inventory or proceeds thereof and shall remain pending and not stayed for a period in excess of
thirty (30) days; or (c) a writ or warrant of attachment, garnishment, execution, distraint or similar process shall have been entered or issued against Borrower’s accounts receivable, Inventory, Prepaid Inventory or proceeds thereof.

 9.9    The indictment or threatened indictment of Borrower under any criminal statute, or commencement or
threatened commencement of criminal or civil proceedings against Borrower pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture of any of the property of Borrower or are in excess of Fifty Thousand
Dollars ($50,000). 
 9.10    A Material Adverse Change shall have occurred, in which event, (i) Borrower
shall have sixty (60) days to make payment in full of all Obligations before Lender may exercise any of its rights under Section 10(a) or (c) of this Agreement or under Section 7 of the Security Agreement, and
(ii) Borrower shall pay all proceeds of the Collateral, in excess of the ordinary course expenses of the Company, to Lender, which payments shall be applied by Lender as provided in Section 3.6. 

9.11    Borrower shall become insolvent, shall become generally unable to pay its debts as they become due, shall
voluntarily suspend transaction of its business, shall make a general assignment for the benefit of creditors, shall dissolve, wind-up or liquidate itself or any substantial part of its property, or shall take
any action in furtherance of any of the foregoing; or 
 9.12    A proceeding shall: (a) be instituted by
Borrower: seeking to have an order for relief entered or seeking a declaration or entailing a finding that Borrower is insolvent or a similar declaration or finding, or seeking dissolution, winding-up, charter
revocation or forfeiture, liquidation, reorganization, arrangement, adjustment, composition or other similar relief or with respect to Borrower’s assets or debts under any law relating to bankruptcy, insolvency, relief of debtors or protection
of creditors, termination of legal entities of any other similar law now or in the future in effect; or seeking appointment of a receiver, trustee, custodian, liquidator, assignee, sequestrator or other similar official for Borrower or for all or
any substantial part of Borrower’s property; or (b) have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Borrower in an involuntary case under any applicable bankruptcy,
insolvency, reorganization or other similar law now or hereafter in effect, or for a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of Borrower for any substantial part of its property, or for the
winding-up or liquidation of its affairs, and such proceeding shall remain undismissed or unstayed and in effect for a period of thirty (30) consecutive days or such court shall enter a decree or order
granting any of the relief sought in such proceeding. 
 SECTION 10.    EFFECT OF AN EVENT OF DEFAULT. 

10.1    Default by Borrower. 

(a)    If an Event of Default specified in Sections 9.1 through 9.10 of this Agreement occurs and continues
or exists, Lender will be under no further obligation to make Loans and may demand all amounts owing by Borrower under this Agreement and the other Loan Documents to be immediately due and payable without presentment, demand, protest or further
notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately. If an Event of Default specified in Sections 9.11 or 9.12 of this Agreement occurs and continues or exists, Lender will
be under no further obligation to make Loans and all amounts owing by Borrower under this Agreement, any of the other Loan Documents and any other agreement, instrument, document or undertaking arising under or in connection with any of the
Indebtedness, shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately. 

  
 14 

 (b)    If an Event of Default occurs or exists, Lender may, in its sole
discretion, reduce the Borrowing Base by adjusting the advance rates or by creating such reserves as Lender shall, in its sole discretion, deem appropriate. 

(c)    If an Event of Default occurs and continues or exists, Lender may exercise each and every right and remedy granted
to Lender under the Loan Documents, the UCC and any other applicable Law and at equity. All such rights and remedies are cumulative and not exclusive of any rights or remedies which Lender would otherwise have. 

SECTION 11.    TERMINATION 

11.1    Termination of Credit Facility. The Loans made available to Borrower under this Agreement shall be
terminable on the Maturity Date, or upon the occurrence of an Event of Default under this Agreement. 

11.2    Effect of Termination. In the event that this Agreement or the Loans are terminated for any reason, the
outstanding balance of the Loans, together with any accrued and unpaid interest thereon, any fee payable pursuant to this Agreement, and any other sums then due pursuant to the terms of this Agreement, the other Loan Documents or any other
agreement, instrument, or document or undertaking arising under or in connection with the Indebtedness, shall be due and payable immediately. Notwithstanding termination of this Agreement or an Event of Default, all covenants and agreements of
Borrower will continue in full force and effect from and after the date of this Agreement until irrevocable payment and performance in full of all Obligations of Borrower and payment of the Indebtedness. All obligations of Borrower to indemnify
Lender expressly provided for in any one or more of the Loan Documents will survive the payment in full of all Obligations of Borrower under this Agreement and the other Loan Documents. 

SECTION 12. MISCELLANEOUS PROVISIONS. 

12.1    Time of Essence. Time is of the essence with respect to all dates and time periods in this Agreement. 

12.2    No Assignment. Neither party may assign or delegate any of the party’s rights or obligations under
this Agreement to any person without the prior written consent of the other party, which the other party may withhold in the other party’s sole discretion; provided, however, Lender may assign its rights and obligations under this Agreement and
the other Loan Documents without the consent of Borrower to any of the following people, provided that Lender shall agree to perform Lender’s obligations hereunder in the event such assignee fails to perform such obligations: (A) to one or
more of the owners of Lender, (B) to an entity that controls, is controlled by or is under common control with Lender, or (C) to a trust or other entity established by one or more of the owners of Lender for the benefit of such
owner’s spouse and/or one or more of such owner’s descendants. 
 12.3    Authority. The signatories to
this Agreement warrant that they have the authority to execute this Agreement on behalf of the party for whom they are signing, and to bind such party to the terms of this Agreement. 

  
 15 

 12.4    Binding Effect. This Agreement will be binding on
the parties and their respective heirs, personal representatives, successors, and permitted assigns, and will inure to their benefit. 

12.5    Amendment. This Agreement may be amended only by a written document signed by the party against whom
enforcement is sought. 
 12.6    Notices. All notices or other communications required or permitted by
this Agreement: 
 (a)    must be in writing; 

(b)    must be delivered to the parties at the addresses set forth below, or any other address that a party may designate
by notice to the other parties; and 
 (c)    are considered delivered: 

 

	 	(1)	 on actual receipt if delivered personally, by e-mail, or by a
nationally recognized overnight delivery service; or 

  

	 	(2)	 at the end of the third business day after the date of deposit in the United States mail, postage pre-paid, certified, return receipt requested. 

  

			
	 To Lender:
	  	To Borrower:
		
	 East Asset Management, LLC
	  	Laird Superfood, Inc.
	 7777 NW Beacon Square Blvd.
	  	P.O. Box 2270
	 Boca Raton, FL 33487
	  	Sisters, OR 97759
	 agusky@emslp.com
	  	paul@lairdsuperfood.com
	 Attn: Adam Gusky
	  	Attn: Paul Hodge
		
	 With a copy to:
	  	With a copy to:
	 David J. Lowe
	  	Jon J. Napier
	 Sherrard, German & Kelly, P.C.
	  	Karnopp Petersen LLP
	 535 Smithfield Street, Suite 300
	  	360 SW Bond Street, Suite 400
	 Pittsburgh, PA 15222
	  	Bend, OR 97702
	 djl@sgkpc.com
	  	jjn@karnopp.com

 12.7    Severability. If a provision of this Agreement is determined to be
unenforceable in any respect, the enforceability of the provision in any other respect and of the remaining provisions of this Agreement will not be impaired. 

12.8    Confidentiality. Lender shall treat all non-public information
concerning Borrower that is provided to Lender by Borrower or otherwise accessed by Lender, including without limitation the copy of Borrower’s 2016 income tax return, all information provided to Lender in each Monthly Availability Report, and
all information concerning Borrower accessed under the Security Agreement, as strictly confidential. Lender shall not disclose such information to any person without Borrower’s specific prior written authorization and shall not use such
information except in connection with this Agreement and the Loans. Notwithstanding the foregoing, Lender may disclose information concerning Borrower (i) pursuant to what Lender reasonably and in good faith believes to be the lawful
requirements or request of any Official 

  
 16 

 
Body, (ii) as required by any applicable Law, and (iii) to its attorneys, accountants and auditors. To the extent that Lender discloses any information pursuant to items (i) or
(ii) above, Lender shall endeavor to provide to the extent permitted by law prompt notice of such disclosure to Borrower.  

12.9    Further Assurances. The parties will sign other documents and take other actions reasonably necessary to
further effect and evidence this Agreement. 
 12.10    Remedies. The parties will have all remedies available to
them at law or in equity. All available remedies set forth herein and in the other Loan Documents are cumulative and may be exercised singularly or concurrently. 

12.11    Construction. The language in all parts of this Agreement shall in all cases be construed according to its
fair meaning and not strictly for or against any party. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part of it. 

12.12    Governing Law. This Agreement is governed by, and construed and enforced in accordance with the laws of
the State of Oregon, the state in which this Agreement shall be deemed to have been executed and delivered without giving effect to any conflict-of-law principle that
would result in the laws of any other jurisdiction governing this Agreement. 
 12.13    CONSENT TO JURISDICTION;
SERVICE OF PROCESS; JURY TRIAL WAIVER. 
 (A)    EXCLUSIVE JURISDICTION. EXCEPT AS
PROVIDED IN SECTION 12.13, EACH OF THE PARTIES HERETO AGREES THAT ALL DISPUTES BETWEEN THEM ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT, WHETHER ARISING IN
CONTRACT, TORT OR OTHERWISE, SHALL BE RESOLVED EXCLUSIVELY BY STATE COURTS LOCATED IN PALM BEACH COUNTY, FLORIDA OR THE FEDERAL COURTS IN THE SOUTHERN DISTRICT OF FLORIDA. EACH OF THE PARTIES HERETO WAIVES IN ALL DISPUTES BROUGHT PURSUANT TO THIS
AGREEMENT ANY OBJECTIONS THAT IT MAY HAVE TO THE LOCATION OF THE COURT CONSIDERING THE DISPUTE. 

(B)    OTHER JURISDICTIONS. BORROWER AGREES THAT LENDER SHALL HAVE THE RIGHT TO PROCEED IN A
COURT IN ANY LOCATION TO ENABLE LENDER TO (1) OBTAIN PERSONAL JURISDICTION OVER BORROWER OR ANY PROPERTY OF BORROWER, INCLUDING ANY PROPERTY WHICH IS SECURITY FOR THE OBLIGATIONS TO LENDER OR (2) TO ENFORCE A JUDGMENT OR OTHER COURT ORDER
IN FAVOR OF LENDER. BORROWER WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN THE WHICH LENDER HAS COMMENCED A PROCEEDING DESCRIBED IN THIS SUBSECTION. 

(C)    WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO OR 

  
 17 

 
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN
CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY
OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THE RIGHT TO TRIAL BY JURY. 

(D)    ADVICE OF COUNSEL. EACH OF THE PARTIES REPRESENTS AND WARRANTS TO THE OTHER PARTY HERETO
THAT IT HAS DISCUSSED, OR HAS HAD AN OPPORTUNITY TO DISCUSS, THIS AGREEMENT, AND SPECIFICALLY THE PROVISIONS OF THIS SECTION 12.13, WITH COUNSEL OF ITS OWN CHOOSING. 

12.14    Attorney’s Fees. If any arbitration, action, suit, or proceeding is instituted to interpret, enforce,
or rescind this Agreement, or otherwise in connection with the subject matter of this Agreement, the prevailing party on a claim will be entitled to recover with respect to the claim, in addition to any other relief awarded, the prevailing
party’s reasonable attorney’s fees and other fees, costs, and expenses of every kind, incurred in connection with the arbitration, action, suit, or proceeding, any appeal or petition for review, the collection of any award, or the
enforcement of any order, as determined by the arbitrator or court. 
 12.15    Entire Agreement. This Agreement
and the other Loan Documents contain the entire understanding of the parties regarding their subject matter and supersedes all prior and contemporaneous negotiations and agreements, whether written or oral, between the parties with respect to their
subject matter. 
 12.16    Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original and together shall constitute one instrument. Copies of signature by facsimile, electronic scan, or otherwise shall be treated as original signatures. 

12.17    Expenses. Borrower shall bear its expenses and legal fees incurred with respect to this Agreement and the
transactions contemplated herein. Borrower shall reimburse Lender for fees and expenses incurred by Lender in the negotiation and preparation of this Agreement and the other Loan Documents, up to a maximum reimbursable amount of $15,000. 

12.18    Attorneys. The parties understand that the law firm of Karnopp Petersen LLP has served as legal counsel to
Borrower in the negotiation of the terms of this Agreement, and does not represent Lender in connection with this Agreement. Lender acknowledges that Lender has consulted with Lender’s own legal counsel or has knowingly waived Lender’s
right to do so. 
 [signature page follows] 

  
 18 

									
	 Dated effective as of the Effective Date.
	  		  		 	
			
	 Borrower:
	  		  	Lender:
			
	 LAIRD SUPERFOOD, INC., an Oregon corporation
	  		  	EAST ASSET MANAGEMENT, LLC, a
Delaware limited liability company
					
	 By:
	 	 /s/ Paul Hodge
	  	                            	  	By:	 	 /s/ Adam Gusky

		 	 Paul Hodge, President
	  		  	Name:	 	 Adam Gusky

		 		  		  	Title:	 	 Treasurer

 APPENDIX A 

Definitions 
 The following words shall have the
following meanings when used in this Agreement. Terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of the
United States of America. 
 “Agreement” means this Loan Agreement, as this Loan Agreement may be amended or modified from time to time,
together with all appendices, exhibits and schedules attached to this Loan Agreement from time to time. 
 “Borrower” means Laird
Superfood, Inc., an Oregon corporation. 
 “Borrower’s Premises” means any premises, including without limitation any warehouse,
processing facility, or other site in the United States of America, that is owned, leased, or otherwise used by Borrower in conducting its business. 

“Borrower’s Knowledge” means the actual knowledge of Paul Hodge, Laird Hamilton, or Thomas Wetherald and the knowledge each such person
could reasonably be expected to obtain in the ordinary course of such individual’s duties and responsibilities for the Company. 

“Collateral” shall have the meaning given that term as set forth in the Security Agreement. “Encumbrance” means any lien, mortgage,
pledge, security interest, or other encumbrance. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 as in effect as of
the date of this Agreement and as amended from time to time in the future. 
 “Event of Default” means and includes without limitation any
of the Events of Default set forth above in Section 8. 
 “GAAP” means generally accepted accounting principles (as such
principles may change from time to time) applied on a consistent basis (except for changes in application in which Borrower’s independent certified public accountants concur). 

“Indebtedness” means and includes all Loans, together with all other Obligations, or any one or more of them. 

“Inventory” means and includes Borrower’s Goods that are held for sale, or consist of raw materials, work in process, or materials used
or consumed in Borrower’s business, as identified under the inventory line of Borrower’s balance sheet, and that are current assets of Borrower. 

“Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or
award of any Official Body. 
 “Loan Document” or “Loan Documents” mean individually or together, as the context may
require, this Agreement, the Security Agreement, the Notes, UCC-1 financing statements filed in accordance with this Agreement and the other Loan Documents, and any and all guaranty agreements, support
agreements, 

  
 LOAN AGREEMENT –
APPENDIX A 

 
collateral assignments and other documents, instruments, certificates, assignments, and agreements now or hereafter executed and delivered in connection with this Agreement or the Indebtedness,
as any of them may be amended, modified, extended or supplemented from time to time.  
 “Material Adverse Change” shall
mean a material adverse change in (a) the business, operations, properties, assets, condition (financial or otherwise) or prospects of Borrower; (b) the ability of Borrower to perform any of its payment or other obligations under this
Agreement or any of the other Loan Documents to which it is a party; (c) the legality, validity or enforceability of the obligations of Borrower under this Agreement or any of the other Loan Documents to which it is a party; or (d) the
ability of Lender to exercise its rights and remedies with respect to, or otherwise realize upon, any of the Collateral or any other security for the obligations set forth in this Agreement or any other Loan Document, unless the material adverse
change in Lender’s ability to exercise its rights and remedies arises from or is caused by Lender’s act or omission. 
 “Notes”
means, collectively, the Promissory Note in the principal amount of up to $3,000,000.00, dated of even date herewith, made by Borrower in favor of Lender; the Promissory Note in the principal amount of up to $200,000.00, dated of even date herewith,
made by Borrower in favor of Lender; and any substitute, replacement or refinancing note or notes therefor. 
 “Obligation” or
“Obligations” means and refers to any present and future obligation of any kind owed (or all such obligations) by Borrower to Lender, including but not limited to all of Borrower’s obligations arising out of any of the Loan
Documents. 
 “Official Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission,
department or instrumentality of either, or any court, tribunal grand jury or arbitrator, in each case whether foreign or domestic. 
 “Permitted
Encumbrances” means:  
  

	 	(a)	 Encumbrances in favor of Lender; 

 

	 	(b)	 Encumbrances arising by operation of law for taxes, assessments, or government charges not yet due;

  

	 	(c)	 statutory Encumbrances for services or materials arising in the ordinary course of Borrower’s business for
which payment is not yet due; and 

  

	 	(d)	 nonconsensual Encumbrances incurred or deposits made in the ordinary course of Borrower’s business for
workers’ compensation and unemployment insurance and other types of social security. 

 “Plan” means any deferred
compensation program, including both single and multi-employer plans, subject to Title IV of ERISA and established and maintained for employees of Borrower, any Subsidiary or any controlled group of trades or businesses under common control as
defined respectively in Section 1563 and 414(c) of the Internal Revenue Code of 1986, as amended, of which Borrower or any Subsidiary is or becomes a part. 

“Potential Default” means any event or condition which, with notice or the passage of time, or both, would constitute an Event of Default.

  
 LOAN AGREEMENT –
APPENDIX A 

 “Prepaid Inventory” means and includes Goods, as identified under the prepaid inventory
line of Borrower’s balance sheet, that Borrower acquires outside of the borders of the United States of America and that have not yet arrived at or been delivered to Borrower’s Premises. Any Good that is considered Prepaid Inventory shall
cease to be Prepaid Inventory and shall constitute Inventory when it reaches Borrower’s Premises. 
 “Qualified Accounts” means an
account receivable, net of any prepayments, progress payments, deposits and retention, owing to Borrower which meets the following specifications at the time it came into existence and continues to meet such specifications until it is collected in
full: 
 (i)    The account is not more than ninety (90) days from the date of the invoice on net thirty
(30) days or similar commercially reasonable terms; 
 (ii)    The account arose from the performance of services
or an outright sale of goods by Borrower in the ordinary course of Borrower’s business and such goods have been shipped, or services provided, to the account debtor and Borrower has possession of, or has delivered to Lender, in the case of
goods, shipping and delivery receipts evidencing such shipment and, in the case of services, receipts or other evidence satisfactory to Lender that such services have been provided; 

(iii)    The account is not subject to any assignment, claim, lien, or security interest other than the Security Interest
in favor of Lender, nor any attachment, levy, garnishment or other judicial process; 
 (iv)    The account is not
subject to set-off, credit, allowance or adjustment by the account debtor, except discounts allowed for prompt payment, and the account debtor has not complained as to his liability on the account and has not
returned, or retained the right to return, any of the goods from the sale of which the account arose; 
 (v)    The
account does not arise from a sale of goods that are delivered or to be delivered outside the United States of America or from a sale of goods to an account debtor domiciled outside of the United States of America unless Borrower has arranged and
delivered to Lender letter of credit facilities satisfactory to Lender in its reasonable discretion; 
 (vi)    The
account did not arise from the performance of services or a sale of goods to a supplier, an employee or an Affiliate of Borrower; 

(vii)    The account does not arise out of contracts with the United States or any State or political subdivision thereof,
any department, agency, or instrumentality of the United States, any State or any political subdivision, unless Borrower has executed any instruments and taken any steps required by Lender in order that all monies due and to become due under such
contracts shall be assigned to Lender and notice thereof given to the government to the extent required under the Federal Assignment of Claims Act or under any similar state or local law; 

(viii)    The account does not arise with respect to an account debtor located in any state in which Borrower is required
to make one or more filings in order for its claims against account debtors to be enforceable in the courts of such states (including, without limitation, New Jersey and Minnesota); 

(ix)    The account does not constitute a finance charge or lease receivable; 

  
 LOAN AGREEMENT –
APPENDIX A 

 (x)     No notice of bankruptcy, insolvency, or material adverse change
of the account debtor has been received by or is known to Borrower; 
 (xi)    The account does not relate to or arise
from a service or maintenance contract for future services or an obligation to supply goods or materials which has a term for performance of more than thirty (30) days; and 

(xii)    Lender has not notified Borrower that Lender has determined that in its sole discretion the account or account
debtor is unsatisfactory. 
 “Security Agreement” means the Security Agreement between Borrower and Lender dated of even date herewith.

 “Security Interest” means and includes without limitation any type of collateral security, whether in the form of a lien, charge,
mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other
security or lien interest whatsoever, whether created by law, contract, or otherwise. 
 “Subsidiary” means (i) any corporation,
limited liability company, limited partnership or other entity (each, an “Entity”) of which Borrower owns, directly or indirectly through one or more Subsidiaries, either (a) 50% or more of the shares in its capital or other
interest which entitle it to vote in the election of directors or comparable persons or Entities performing similar functions or (b) a 50% interest in the profits or capital of such Entity, or (ii) any other Entity whose net earnings, or
any portion thereof, are consolidated with the net earnings of Borrower and are recorded on the books of Borrower for financial reporting purposes, and includes any entity in like relation to a Subsidiary. 

“UCC” means the Uniform Commercial Code as enacted in the State of Oregon or any other jurisdiction which controls the perfection of a
security interest in any of the Collateral in favor of Lender, in effect on the Effective Date and as amended from time to time. 

  
 LOAN AGREEMENT –
APPENDIX AEX-10.14

 Exhibit 10.14 

 
 

 
 COMMERCIAL PLEDGE AGREEMENT 
  

															
	 Principal

$5,000,000.00
	  	 Loan Date

02-05-2019
	  	 Maturity

02-04-2020
	  	 Loan No

    
	  	 Call / Coll

    
	  	 Account

    
	  	 Officer

    
	  	 Initials

    

	 References in the boxes above are for Lender’s use only and do not limit the applicability of
this document to any particular loan or item.
 Any item above containing “***” has been omitted due to text length
limitations.

  

											
	Grantor:        	  	 Laird Superfood, Inc.
 PO
Box 2270
 Sisters, OR 97759
	  		  	Lender:        	  	 First Interstate Bank

Sisters
 272 SE Main Street

PO Box 520
 Sisters, OR 97759
	  	

  
  

 
 THIS COMMERCIAL PLEDGE AGREEMENT dated
February 5, 2019, is made and executed between Laird Superfood, Inc. (“Grantor”) and First interstate Bank (“Lender”). 
 GRANT
OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a security interest in the Collateral to secure the Indebtedness and agrees that Lender shall have the rights stated
in this Agreement with respect to the Collateral, in addition to all other rights which Lender may have by law. 
 COLLATERAL DESCRIPTION. The word
“Collateral” as used in this Agreement means all of Grantor’s property (however owned if more than one), in the possession of, or subject to the control of, Lender (or in the possession of, or subject to the control of, a
third party subject to the control of Lender), whether existing now or later and whether tangible or intangible in character, including without limitation each and all of the following: 

First Interstate Wealth Management Account
No.                  
 In addition, the word
“Collateral” includes all of Grantor’s property (however owned), in the possession of, or subject to the control of, Lender (or in the possession of, or subject to the control of, a third party subject to the control of Lender),
whether now or hereafter existing and whether tangible or intangible in character, including without limitation each of the following: 
 (A)
    All properly to which Lender acquires title or documents of title. 
 (B)     All properly
assigned to Lender. 
 (C)     All promissory notes, bills of exchange, stock certificates, bonds, investment property,
savings passbooks, time certificates of deposit, insurance policies, and all other Instruments and evidences of an obligation. 
 (D)
    All records relating to any of the property described in this Collateral section, whether in the form of a writing, microfilm, microfiche, or electronic media. 

(E)     All income and Proceeds from the Collateral as defined herein. 

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Grantor’s accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Grantor holds jointly with someone else and all accounts Grantor may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which
setoff would be prohibited by law. Grantor authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts. 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. Grantor represents and warrants to Lender that: 

Ownership. Grantor is the lawful owner of the Collateral free and clear of all security interests, liens, encumbrances and claims of
others, except as disclosed to and accepted by Lender in writing prior to execution of this Agreement. 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 2  

  

 Right to Pledge. Grantor has the full right, power and authority to enter into this
Agreement and to pledge the Collateral. 
 Authority; Binding Effect. Grantor has the full right, power and authority to enter into
this Agreement and to grant a security interest in the Collateral to Lender. This Agreement is binding upon Grantor as well as Grantor’s successors and assigns, and is legally enforceable in accordance with its terms. The foregoing
representations and warranties, and all other representations and warranties contained in this Agreement are and shall be continuing in nature and shall remain in full force and effect until such time as this Agreement is terminated or cancelled as
provided herein. 
 No Further Assignment. Grantor has not, and shall not, sell, assign, transfer, encumber or otherwise dispose of
any of Grantor’s rights in the Collateral except as provided in this Agreement. 
 No Defaults. There are no defaults existing
under the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly and promptly perform each of the terms, conditions, covenants and agreements, if any, contained in the Collateral which are to be performed by
Grantor. 
 No Violation. The execution and delivery of this Agreement will not violate any law or agreement governing Grantor or to
which Grantor is a party, and its certificate or articles of incorporation and bylaws do not prohibit any term or condition of this Agreement. 

Financing Statements. Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect
Lender’s security interest. At Lender’s request, Grantor additionally agrees to sign all other documents that are necessary to perfect, protect, and continue Lender’s security interest in the Property. Grantor will pay all filing
fees, title transfer fees, and other fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees and costs. Grantor irrevocably appoints Lender to execute documents necessary to transfer title if there is a
default. Lender may file a copy of this Agreement as a financing statement. 
 LENDER’S RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL.
Lender may hold the Collateral until all Indebtedness has been paid and satisfied. Thereafter Lender may deliver the Collateral to Grantor or to any other owner of the Collateral. Lender shall have the following rights in addition to all other
rights Lender may have by law: 
 Maintenance and Protection of Collateral. Lender may, but shall not be obligated to, take such steps
as it deems necessary or desirable to protect, maintain, insure, store, or care for the Collateral, including paying of any liens or claims against the Collateral. This may include such things as hiring other people, such as attorneys, appraisers,
or other experts. Lender may charge Grantor for any cost incurred in so doing. When applicable law provides more than one method of perfection of Lender’s security interest, Lender may choose the method(s) to be used. If the Collateral consists
of stocks, bonds, or other investment property for which no certificate has been issued, Grantor agrees, at Lender’s request, either to request issuance of an appropriate certificate or to give instructions on Lender’s forms to the issuer,
transfer agent, mutual fund company, or broker, as the case may be, to record on its books or records Lender’s security interest in the Collateral. Grantor also agrees to execute any additional documents, including, but not limited to, a
control agreement, necessary to perfect Lender’s security interest as Lender may desire. 
 Income and Proceeds from the
Collateral. Lender may receive all Income and Proceeds and add it to the Collateral. Grantor agrees to deliver to Lender immediately upon receipt, in the exact form received and without commingling with other property, all Income and Proceeds
from the Collateral which may be received by, paid, or delivered to Grantor or for Grantor’s account, whether as an addition to, in discharge of, in substitution of, or in exchange for any of the Collateral. 

Application of Cash. At Lender’s option, Lender may apply any cash, whether included in the Collateral or received as Income and
Proceeds or through liquidation, sale, or retirement, of the Collateral, to the satisfaction of the Indebtedness or such portion thereof as Lender shall choose, whether or not matured. 

Transactions with Others. Lender may (1) extend time for payment or other performance, (2) grant a renewal or change in terms
or conditions, or (3) compromise, compound or release any obligation, with any one or more Obligors, endorsers, or Guarantors of the Indebtedness as Lender deems advisable, without obtaining the prior written consent of Grantor, and no such act
or failure to act shall affect Lender’s rights against Grantor or the Collateral. 
 All Collateral Secures Indebtedness. All
Collateral shall be security for the Indebtedness, whether the Collateral is located at one or more offices or branches of Lender. This will be the case whether or not the office or branch where Grantor obtained Grantor’s loan knows about the
Collateral or relied upon the Collateral as security. 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 3  

  

 Collection of Collateral. Lender at Lender’s option may, but need not, collect
the Income and Proceeds directly from the Obligors. Grantor authorizes and directs the Obligors, if Lender decides to collect the Income and Proceeds, to pay and deliver to Lender all Income and Proceeds from the Collateral and to accept Lenders
receipt for the payments. 
 Power of Attorney. Grantor irrevocably appoints Lender as Grantor’s
attorney-in-fact, with full power of substitution, (a) to demand, collect, receive, receipt for, sue and recover all Income and Proceeds and other sums of money and
other property which may now or hereafter become due, owing or payable from the Obligors in accordance with the terms of the Collateral; (b) to execute, sign and endorse any and all instruments, receipts, checks, drafts and warrants issued in
payment for the Collateral; (c) to settle or compromise any and all claims arising under the Collateral, and in the place and stead of Grantor, execute and deliver Grantor’s release and acquittance for Grantor; (d) to file any claim
or claims or to take any action or institute or take part in any proceedings, either in Lender’s own name or in the name of Grantor, or otherwise, which in the discretion of Lender may seem to be necessary or advisable; and (e) to execute
in Grantor’s name and to deliver to the Obligors on Grantor’s behalf, at the time and in the manner specified by the Collateral, any necessary instruments or documents. 

Perfection of Security Interest. Upon Lender’s request, Grantor will deliver to Lender any and all of the documents evidencing or
constituting the Collateral. When applicable law provides more than one method of perfection of Lender’s security interest, Lender may choose the method(s) to be used. Upon Lender’s request, Grantor will sign and deliver any writings
necessary to perfect Lender’s security interest. If any of the Collateral consists of securities for which no certificate has been issued, Grantor agrees, at Lender’s option, either to request issuance of an appropriate certificate or to
execute appropriate instructions on Lender’s forms instructing the issuer, transfer agent, mutual fund company, or broker, as the case may be, to record on its books or records, by book-entry or otherwise, Lender’s security interest in the
Collateral. Grantor hereby appoints Lender as Grantor’s irrevocable attorney-in-fact for the purpose of executing any documents necessary to perfect, amend, or to
continue the security interest granted in this Agreement or to demand termination of filings of other secured parties. This is a continuing Security Agreement and will continue in effect even though all or any part of the indebtedness is paid in
full and even though for a period of time Grantor may not be indebted to Lender. 
 LENDER’S EXPENDITURES. If any action or proceeding is
commenced that would materially affect Lender’s interest in the Collateral or if Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor’s failure to discharge or pay when
due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents, Lender on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Collateral and paying all costs for insuring, maintaining and preserving the Collateral. All such expenditures incurred or
paid by Lender for such purposes will then bear interest at the rate charged under the Credit Agreement from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at
Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Credit Agreement and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable
insurance policy; or (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the Credit Agreement’s maturity. The Agreement also will secure payment of these amounts.
Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default. 
 LIMITATIONS ON OBLIGATIONS OF
LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody of the Collateral in Lender’s possession, but shall have no other obligation to protect the Collateral or its value. In particular, but without
limitation, Lender shall have no responsibility for (A) any depreciation in value of the Collateral or for the collection or protection of any Income and Proceeds from the Collateral, (B) preservation of rights against parties to the
Collateral or against third persons, (C) ascertaining any maturities, calls, conversions, exchanges, offers, tenders, or similar matters relating to any of the Collateral, or (D) informing Grantor about any of the above, whether or
not Lender has or is deemed to have knowledge of such matters. Except as provided above, Lender shall have no liability for depreciation or deterioration of the Collateral. 

DEFAULT. Each of the following shall constitute an Event of Default under this Agreement. 

Payment Default. Grantor fails to make any payment when due under the Indebtedness. 

Other Defaults, Grantor fails to comply with or to perform any other term,
obligation, covenant or condition contained in this Agreement or any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Grantor. 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 4  

  

 Default in Favor of Third Parties. Grantor defaults under any loan, extension of
credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor’s property or ability to perform Grantor’s obligations under this Agreement
or any of the Related Documents. 
 False Statement. Any warranty, representation or statement made or furnished to Lender by Grantor
or on Grantor’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of
any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 
 Insolvency. The
dissolution or termination of Grantor’s existence as a going business, the insolvency of Grantor, the appointment of a receiver for any part of Grantor’s property, any assignment for the benefit of creditors, any type of creditor workout,
or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. 
 Creditor or Forfeiture
Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Grantor or by any governmental agency against any collateral securing the. Indebtedness. This includes a garnishment of any of Grantor’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute
by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety
bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 

Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the Indebtedness or guarantor, endorser, surety, or accommodation party dies or becomes incompetent or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. 

Adverse Change. A material adverse change occurs in Grantor’s financial condition, or Lender believes the prospect of payment or
performance of the Indebtedness is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 

RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter, Lender may exercise any one or more
of the following rights and remedies: 
 Accelerate Indebtedness. Declare all Indebtedness, including any prepayment penalty
which Grantor would be required to pay, immediately due and payable, without notice of any kind to Grantor. 
 Collect the
Collateral. Collect any of the Collateral and, at Lender’s option and to the extent permitted by applicable law, retain possession of the Collateral while suing on the Indebtedness. 

Sell the Collateral. Sell the Collateral, at Lender’s discretion, as a unit or in parcels, at one or more public or private sales.
Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender shall give or mail to Grantor, and other persons as required by law, notice at least ten (10) days in
advance of the time and place of any public sale, or of the time after which any private sale may be made. However, no notice need be provided to any person who, after an Event of Default occurs, enters into and authenticates an agreement waiving
that person’s right to notification of sale. Grantor agrees that any requirement of reasonable notice as to Grantor is satisfied if Lender mails notice by ordinary mail addressed to Grantor at the last address Grantor has given Lender in
writing. If a public sale is held, there shall be sufficient compliance with all requirements of notice to the public by a single publication in any newspaper of general circulation in the county where the Collateral is located, setting forth the
time and place of sale and a brief description of the property to be sold. Lender may be a purchaser at any public sale. 
 Sell
Securities. Sell any securities included in the Collateral in a manner consistent with applicable federal and state securities laws. If, because of restrictions under such laws, Lender is unable, or believes Lender is unable, to sell the
securities in an open market transaction, Grantor agrees that Lender will have no obligation to delay sale until the securities can be registered. Then Lender may make a private sale to one or more persons or to a restricted group of persons in
compliance with such laws, even though such sale may result in a price that is less favorable than might be obtained in an 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 5  

  

 
open market transaction. Such a sale will be considered commercially reasonable. If any securities held as Collateral are “restricted securities” as defined in the Rules of the
Securities and Exchange Commission (such as Regulation D or Rule 144) or the rules of state securities departments under state “Blue Sky” laws, or if Grantor or any other owner of the Collateral is an affiliate of the issuer of the
securities, Grantor agrees that neither Grantor, nor any member of Grantor’s family, nor any other person signing this Agreement will sell or dispose of any securities of such issuer without obtaining Lender’s prior written consent. 

Rights and Remedies with Respect to Investment Property, Financial Assets and Related Collateral. In addition to other rights and
remedies granted under this Agreement and under applicable law, Lender may exercise any or all of the following rights and remedies: (1) register with any Issuer or broker of other securities intermediary any of the Collateral consisting of
investment property or financial assets (collectively herein, “Investment Property”) in Lender’s sole name or in the name of Lender’s broker, agent or nominee; (2) cause any issuer, broker or other securities intermediary to
deliver to Lender any of the Collateral consisting of securities, or investment property capable of being delivered; (3) enter into a control agreement or power of attorney with any issuer or securities intermediary with respect to any
Collateral consisting of investment property, on such terms as Lender may deem appropriate, in its sole discretion, including without limitation, an agreement granting to Lender any of the rights provided hereunder without further notice to or
consent by Grantor; (4) execute any such control agreement on Grantor’s behalf and in Grantor’s name, and hereby irrevocably appoints Lender as agent and
attorney-in-fact, coupled with an interest, for the purpose of executing such control agreement on Grantor’s behalf; (5) exercise any and all rights of Lender
under any such control agreement or power of attorney; (6) exercise any voting, conversion, registration, purchase, option, or other rights with respect to any Collateral; (7) collect, with or without legal action, and issue receipts
concerning, any notes, checks, drafts, remittances or distributions that are paid or payable with respect to any Collateral consisting of investment property. Any control agreement entered with respect to any Investment property shall contain the
following provisions, at Lender’s discretion. Lender shall be authorized to instruct the issuer, broker, or other securities intermediary to take or to refrain from taking such actions with respect to the investment property as Lender may
instruct, without further notice to or consent by Grantor. Such actions may include without limitation the issuance of entitlement orders, account instructions, general trading or buy or sell orders, transfer and redemption orders, and stop loss
orders. Lender shall be further entitled to instruct the issuer, broker or securities intermediary to sell or to liquidate any investment property, or to pay the cash surrender or account termination value with respect to any and all investment
property, and to deliver all such payments and liquidation proceeds to Lender. Any such control agreement shall contain such authorizations as are necessary to place Lender in “control” of such investment collateral as contemplated under
the provisions of the Uniform Commercial Code, and shall fully authorize Lender to issue “entitlement orders” concerning the transfer, reclamation, liquidation, or disposition of investment collateral, in conformance with the provisions of
the Uniform Commercial Code. 
 Foreclosure. Maintain a judicial suit for foreclosure and sale of the Collateral. 

Transfer Title. Effect transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor irrevocably appoints
Lender as Grantor’s attorney-in-fact to execute endorsements, assignments, and Instruments in the name of Grantor and each of them (if more than one) as shall be
necessary or reasonable. 
 Other Rights end Remedies. Have and exercise any or all of the rights and remedies of a secured creditor
under the provisions of the Uniform Commercial Code, at law, in equity, or otherwise. 
 Application of Proceeds. Apply any cash which
is part of the Collateral, or which is received from the collection or sale of the Collateral, to reimbursement of any expenses, including any costs for registration of securities, commissions incurred in connection with a sale, attorneys’ fees
and court costs, whether or not there is a lawsuit and including any fees on appeal, incurred by Lender in connection with the collection and sale of such Collateral and to the payment of the Indebtedness of Grantor to Lender, with any excess funds
to be paid to Grantor as the interests of Grantor may appear. Grantor agrees, to the extent permitted by law, to pay any deficiency after application of the proceeds of the Collateral to the Indebtedness. 

Election of Remedies. Except as may be prohibited by applicable law, all of Lender’s rights and remedies, whether evidenced by this
Agreement, the Related Documents, or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Agreement, after Grantor’s failure to perform, shall not affect Lender’s right to declare a default and exercise its remedies. 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 6  

  

 COLLATERAL VALUE PROVISIONS. 
  

	 	(a)	 Value Requirements. As indicated above, the Property consists of an Agency Account comprised of various
assets (“Assets”). The Margin Value of Assets which constitute qualified First Interstate Bank Deposits; Cash and Cash Equivalents; US Government Securities, Commercial Paper; Municipal and State Bonds; Corporate Bonds; Equities; Exchange
Traded Fund; and Mutual Funds Assets (“Qualified Assets”) that are contained in the Property shall at all times exceed the outstanding balance of the Indebtedness (“Value Requirement”). Whenever applicable, the credit limits of
Regulation U of the Federal Reserve Board (12 CFR 221) shall also be satisfied as prescribed therein. Such of the Property as is necessary to satisfy any other value requirement imposed by Lender shall not be eligible to satisfy the Value
Requirement herein. 

  

	 	(b)	 Maintenance of Value. If at any time the Value Requirement is not satisfied I shall, within three
(3) business days (“Cure Period”) of the breach of the Value Requirement, take all remedial action necessary to restore the Value Requirement to satisfactory status. Remedial action may include the following in any combination or
amount: (i) delivery of additional collateral to Lender; (ii) substitution of Qualified Assets providing little or no support to the Value Requirement with Qualified Assets providing greater support; (iii) payoff or reduction of the
amount of Indebtedness due under the Credit Agreement; and/or (iv) conversional of Assets to cash. If the Value Requirement is not timely restored by me, Lender, through its First Interstate Bank Wealth Management Asset Management Team, will
convert all or some of the Assets to cash as necessary to restore value and satisfy the Value Requirement. Although the Lender will attempt to notify me prior to remedial action to restore the Value Requirement, I understand that the Lender is not
required to do so. Liquidation of Assets after the Cure Period will be at the sole discretion of the Lender’s Wealth Management Portfolio Manager. 

  

	 	(c)	 Breach of Value Requirements. Lender shall be under no obligation to permit advances when the Value
Requirement is not satisfied, or should an advance be permitted, would not then be satisfied. Failure to satisfy the Value Requirement within the Cure Period constitutes a default as provided herein. 

 

	 	(d)	 Excess Collateral. Unless there is a default, Assets which are not Qualified Assets and Qualified Assets
in excess of the Value Requirement are available for withdrawal by me, free and clear of Lenders’ security interest, at my discretion. Upon reasonable notice and information, Lender shall accommodate my requests for withdrawal of excess Assets.
Under no circumstances shall any intermediary be authorized to release Qualified Assets, or allow withdrawal(s) of excess Assets, without the express written consent of an authorized employee of Lender from its applicable credit department.

  

	 	(e)	 Trading of Collateral Permitted. Unless there is a default and provided that the
Value Requirement would continue to be satisfied after such activity, I, or any party authorized by me to act with respect to the Property, may receive payments of Income and Proceeds from the Assets, and may trade Assets. 

 

	 	(f)	 Rule 144/145 Collateral. As to any Assets that may be subject to the provisions of SEC Rule 144 or Rule
145, I will not sell or otherwise transfer shares of securities of the issuer thereof without Lender’s prior written consent, which consent shall be given in Lender’s sole discretion. 

 

	 	(g)	 Determination of Value; Collateral Eligibility; Definitions. Notwithstanding anything herein to the
contrary, Qualified Assets subject to assignment, pledge, or other consent requirements of any third party, shall not be considered eligible for purposes of determining whether the Property meets the Value Requirement unless and until such required
consent(s) shall have been furnished to Lender. In addition, the following definitions apply for all purposes in determining which Assets are Qualified Assets and their related Margin Value for purposes of determining satisfaction of the Value
Requirement: 

 “Commercial Paper” means fixed rate debt instruments of domestic corporations rated Prime
2 or higher by Moody’s. Floating rate commercial paper and commercial paper of non-US corporations are not included. 

“Corporate Bonds” means bonds of domestic corporations which are not convertible to equity and which are rated Baa3 or
higher by Moody’s. Bonds of non-US corporations are not included. “Short Term” Corporate Bonds means those with five (5) years or less remaining until date of maturity; all others are
“Longer Term”. 
 “Equities” means stock of domestic corporations and, except in the case of Small and Micro Cap
Equities, American depository receipts (“ADR’s”), and securities of real estate investment trusts (“REIT’s”), which, as to all of the foregoing, have a value greater than or equal to $10.00 per share, trade on a
National Securities Exchange, and have done so for at least 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 7  

  

 
one year after initial settlement of the public offering of such securities. Equity securities of value less than $10.00 per share, newly issued, trading on OTC, Pink Sheets or regional exchanges
only, unregistered, unlisted or de-listed, or not publicly traded entities, and put or call options, rights or warrants, managed futures, stand-alone
ADR’s, auction rate preferred stock, and exchange funds, hedge funds, and other private equity or investment groups are not included in the term in this context. Otherwise qualifying restricted and control securities are included within the
meaning of “Equities”, but only to the extent such securities can be converted to cash by Lender in three days or less in accordance with SEC Rules 144 or 145 should an Event of Default occur. “Large Cap” Equities are those of an
issuer having an market capitalization greater than $10 billion; “Mid Cap” are those with a market capitalization greater than $2 billion but no more than S10 billion; “Small Cap” are those with market
capitalization greater than $1 billion but no more than $2 billion; and “Micro Cap” are those with a market capitalization greater than $250 million but no more than $1 billion. In order to be considered a Qualified
Asset, Equities must be approved by Lender’s First Interstate Bank Wealth Management Asset Management Team. 
 “Exchange Traded
Fund” or “ETF” means a security of an investment company formed under the Investment company Act of 1940 which trades on a national Securities Exchange and which is approved by Lender’s First Interstate Bank Wealth
Management Asset Management Team. 
 “Fair Market Value” or “FMV” means, as to any Qualified Asset in the
Agency Account, the per share or per unit closing sale price determined at the close of the immediately preceding business day by the pricing service utilized by First Interstate Bank Wealth Management Asset Management Team multiplied by the number
of shares or units of like property. If Fair Market Value cannot be determined by the foregoing procedure, then Fair Market Value shall be determined by Lender by reference to such public information and procedures as may otherwise then be
available. All cash and other value references are to currency denominated in dollars of the United States of America. 
 “First
Interstate Bank Deposits” means acceptable certificates of deposit and savings accounts with First Interstate Bank held in the Agency Account. Demand deposits, money market and uninsured deposits accounts of any kind, brokered and market
linked certificates of deposit and deposits or account of any other financial institution are not included in the term. 
 “Margin
Value” means the Fair Market Value of the Collateral multiplied by the applicable percentage set forth in the following table: 
  

					
	 Asset Type
	  	% of FMV	 
	 First Interstate Bank Deposits
	  	 	100	% 
	 Cash & Cash Equivalents
	  	 	90	% 
	 US Government Securities – Short Term
	  	 	90	% 
	 US Government Securities – Longer Term
	  	 	75	% 
	 Commercial Paper
	  	 	50	% 
	 Municipal/State Bond
	  	 	50	% 
	 Corporate Bonds
	  	 	50	% 
	 Equities, ADR’s, ETF’s
	  	 	50	% 
	 Mutual Funds
	  	 	50	% 

 If a single issue Asset pledged to support the Indebtedness represents more than 25% of the total margin Value
of the eligible Qualified Asset, the excess Margin Value above 25% is ignored for the purpose of determining satisfaction of the Value Requirement. This applies to Commercial Paper, Bonds and Equities. 

“Municipal Bonds” means bonds of state, city, county, municipality and other public entities rated Baa3 or higher by
Moody’s. “Short Term” Municipal Bonds are those with five (5) years or less remaining until date of maturity; all other are “Longer Term”. 

“Mutual Funds” means Investment companies regulated under the Investment Company Act of 1940, except those regulated under
Sections 4 and 26, that invest primarily in money markets securities (“Money Market”), short or longer term US government taxable or tax exempt bonds (“US Government”), short or longer term taxable corporate bonds
(“Corporate”), short or longer term, insured and single state municipal bonds (“Municipal”), bonds that seek higher returns to compensate 

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 8  

  

 
increased risk of investing in lower rated issuers (”High Yield”), equities of US Issuers in particular market capitalization segments (Large Cap, Mid Cap, “Multi Cap” and
Small Cap), bonds and/or equities of non-US issuers (“International”), or worldwide including the US Issuers (“Global”), or invest by designs to track the performance of the S&P 500
Index (“S&P Index”), to provide both current income and growth potential (“Equity Income”), for balanced or allocated portfolios of securities (“Balanced”), for high dividend yields (“Equity Income”), for
particular sectors of the economy (“Sector”), or for particular specialized traits associated with their investments made (“Specialty”) and which is approved by Lender’s First Interstate Bank Wealth Management Asset
Management Team. 
 “National Securities Exchange” means the following securities exchanges registered with the Securities
Exchange Commission as national securities exchanges in accordance with Section 6 (a) of the Securities Exchange Act of 1934: NYSE Amex, LLC (formerly the American Stock Exchange), BATS Exchange, Inc., NSASDAQ OMX BX, Inc. (formerly Boston
Stock Exchange), C2 Options Exchange, Incorporated, Chicago Board Exchange, LLC, National Stock Exchange, Inc., The NASDAQ Stock Market LLC, New York Stock Exchange, LLC, New York Arca, Inc. (formerly the Pacific Exchange), and NASDAQ OMX PHLX, Inc.
(formerly the Philadelphia Stock Exchange). 
 “US Government Obligations” means US Treasury Bills, US Treasury Bonds and
Notes, US Government Zero Coupon Bonds, Government National Mortgage Association fixed income securities and U.S. Government sponsored enterprise (Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage
Corporation, Government National Mortgage Corporation) fixed income securities. “Short Term” US Government Obligations are those with one (1) year or less remaining until date of
maturity; all others are “Longer Term”. 
 MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

 Amendments. This Agreement together with any Related Documents, constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Agreement. No alternation of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alternation or amendment. 

Attorneys’ Fees; Expenses. Grantor agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s
attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Grantor shall pay the costs and expenses of such
enforcement. Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts of modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgement collection services. Grantor also shall pay all court costs and such additional feels as may be directed by the court. 

Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the
provisions of this Agreement. 
 Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent
not preempted by federal law, the laws of the State of Oregon without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Oregon. 

Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender’s request to submit to the jurisdiction of the courts of
Deschutes County, State of Oregon. 
 No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement
unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not
prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. NO prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall
constitute a waiver of any of Lender’s rights or of any of Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall
not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

Preference Payments. Any monies Lender pays because of an asserted preference claim in Grantor’s bankruptcy will become a part of
the Indebtedness and, at Lender’s option, shall be payable by Grantor as provided in this Agreement. 
 Notices. Any notice
required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually receive d by telefacsimile (unless otherwise required by law), when deposited with a nationally

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 9  

  

 
recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the
beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice
purposes, Grantor agrees to keep Lender informed at all times of Grantor’s current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given
to all Grantors. 
 Waiver of Co-Obligor’s Rights. If more than one person is obligated
for the Indebtedness, Grantor irrevocably waives, disclaims and relinquishes all claims against such other person which Grantor has or would otherwise have by virtue of payment of the Indebtedness or any part thereof, specifically including but not
limited to all rights on indemnity, contribution or exoneration. 
 Severability. If a court of competent jurisdiction finds any
provision of this Agreement to be illegal, in valid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision
shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 

Successors and Assigns. Subject to any limitations stated in this Agreement on transfer of Grantor’s Interest, this Agreement shall
be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the collateral becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors with
reference to this Agreement and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Agreement or liability under the Indebtedness. 

Time is of the Essence. Time is of the essence in the performance of this Agreement. 

DEFINITIONS. The following capitalized words and terms shall have the following meaning when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code: 

Agreement. The word “Agreement” means this Commercial Pledge Agreement, as this Commercial Pledge Agreement may be amended or
modified from time to time, together with all exhibits and schedules attached to this Commercial Pledge Agreement from time to time. 

Borrower. The word “Borrower” means Laird Superfood, Inc. and includes all co-signers
and co-makers signing the Credit Agreement and all their successors and assigns. 

Collateral. The word “Collateral” means all of Grantor’s right, title and interest in and to all the Collateral as
described in the Collateral Description section of this Agreement. 
 Credit Agreement. The words “Credit Agreement” mean
the Credit Agreement dated February 5, 2019 and executed by Laird Superfood, Inc. in the principal amount of $5,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions
for the notes or credit agreement. 
 Default. The word “Default” means the Default set forth in this Agreement in the
section titled “Default”. 
 Event of Default. The words “Event of Default” mean any of the events of default set
forth in this Agreement in the default section of this Agreement. 
 Grantor. The word “Grantor” means Laird Superfood, Inc.

 Guaranty. The word “Guaranty” means the guaranty from guarantor, endorser, surety, or accommodation party to Lender,
including without limitation a guaranty of all or part of the Credit Agreement. 
 Income and Proceeds. The words “Income and
Proceeds” mean all present and future income, proceeds, earnings, increases, and substitutions from or for the Collateral of every kind and nature, including without limitation all payments, interest, profits, distributions, benefits, rights,
options, warrants, dividends, stock dividends, stock splits, stock rights, regulatory dividends, subscriptions, monies, claims for money due and to become due, proceeds of any insurance of the Collateral,

			
	 COMMERCIAL PLEDGE AGREEMENT

(Continued)

		
	Loan No:                     	  	Page 10  

  

 
shares of stock of different par value or no par value issued in substitution or exchange for share included in the Collateral, and all other property Grantor is entitled to receive on account of
such Collateral, including accounts, documents, instruments, chattel paper, investment property, and general intangibles. 

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Credit Agreement or Related Documents, including
all principal and interest together with all other indebtedness and costs and expenses for which grantor is responsible under this Agreement or under any of the Related Documents. 

Lender. The word “Lender” means First Interstate Bank, its successors and assigns. 

Obligor. The word “Obligor” means without limitation any and all persons obligated to pay money or to perform some other act
under the Collateral. 
 Property. The word “Property” means all of Grantor’s right, title and interest in and to all
the Property as described in the “Collateral Description” section of this Agreement. 
 Related Documents. The words
“Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements an d documents, whether now or hereafter existing, executed in connection with the Indebtedness. 
 GRANTOR HAS READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS COMMERCIAL PLEDGE AGREEMENT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED FEBRUARY 5, 2019. 
 GRANTOR: 

 

			
	LAIRD SUPERFOOD, INC.
		
	By:	 	/s/ Paul W. Hodge, Jr.
		 	Paul W. Hodge, Jr., President/Secretary of Laird Superfood, Inc.

 

 
 CREDIT AGREEMENT AND DISCLOSURE 

 

															
	 Principal

$5,000,000.00
	  	 Loan Date

02-05-2019
	  	 Maturity

02-04-2020
	  	 Loan No

    
	  	 Call / Coll

    
	  	 Account

    
	  	 Officer

    
	  	 Initials

    

	 References in the boxes above are for Lender’s use only and do not limit the applicability of
this document to any particular loan or item.
 Any item above containing “***” has been omitted due to text length
limitations.

  

											
	Borrower:        	  	 Laird Superfood, Inc.
 PO
Box 2270
 Sisters, OR 97759
	  		  	Lender:        	  	 First Interstate Bank

Sisters
 272 SE Main Street

PO Box 520
 Sisters, OR 97759
	  	

  
  

 
  

			
	CREDIT LIMIT: $5,000,000.00	  	DATE OF AGREEMENT: FEBRUARY 5, 2019

 Introduction. This Credit Agreement and Disclosure (“Agreement”) governs Borrower’s line of
credit (the “Credit Line” or the “Credit Line Account”) issued through First Interstate Bank. Borrower agrees to the following terms and conditions: 

Promise to Pay. Borrower promises to pay First Interstate Bank, or order, the total of all credit advances and FINANCE CHARGES, together with all costs
and expenses for which Borrower is responsible under this Agreement or under “a Pledge Agreement” which secures Borrower’s Credit Line. Borrower will pay Borrower’s Credit Line according to the payment terms set forth below. If
there is more than one Borrower, each is jointly and severally liable on this Agreement. This means Lender can require any Borrower to pay all amounts due under this Agreement, including credit advances made to any Borrower. Each Borrower authorizes
any other Borrower, on his or her signature alone, to cancel the Credit Line, to request and receive credit advances, and to do all other things necessary to carry out the terms of this Agreement. Lender can release any Borrower from responsibility
under this Agreement, and the others will remain responsible. 
 Term. The term of Borrower’s Credit Line will begin as of the date of this
Agreement (“Opening Date”) and will continue until February 4, 2020 (“Maturity Date”). All Indebtedness under this Agreement, if not already paid pursuant to the payment provisions below, will be due and payable upon
maturity. The draw period of Borrower’s Credit Line will begin on the Opening Date and will continue as follows: for the term of the Agreement, Borrower may obtain credit advances during this period (“Draw Period”). Borrower agrees
that Lender may renew or extend the period during which Borrower may obtain credit advances or make payments. Borrower further agrees that Lender may renew or extend Borrower’s Credit Line Account. 

Minimum Payment. Borrower’s “Regular Payment” will equal the amount of Borrower’s accrued FINANCE CHARGES. Borrower will make 11 of
these payments. Borrower will then be required to pay the entire balance owing in a single balloon payment. If Borrower makes only the minimum payments, Borrower may not repay any of the principal balance by the end of this payment stream.
Borrower’s payments will be due monthly. Borrower’s “Minimum Payment” will be the Regular Payment, plus any amount past due and all other charges. An increase in the ANNUAL PERCENTAGE RATE may increase the amount of
Borrower’s Regular Payment. 
 In any event, if Borrower’s Credit Line balance falls below $1,000.00, Borrower agrees to pay Borrower’s
balance in full. Borrower agrees to pay not less than the Minimum Payment on or before the due date. 
 Balloon Payment. Borrower’s Credit Line
Account is payable in full upon maturity in a single balloon payment. Borrower must pay the entire outstanding principal, interest and any other charges then due. Unless otherwise required by applicable law, Lender is under no obligation to
refinance the balloon payment at that time. Borrower may be required to make payments out of other assets Borrower owns or find a lender, which may be Lender, willing to lend Borrower the money. If Borrower refinances the balloon payment, Borrower
may have to pay some or all of the closing costs normally associated with a new credit line account, even if Borrower obtains refinancing from Lender. 

			
	 CREDIT AGREEMENT AND DISCLOSURE

(CONTINUED)

		
	Loan No:                     	  	Page 2  

  

 Loan Advance Authority. This Credit Agreement and Disclosure (Agreement) evidences a revolving line of
credit. Advances under this Agreement may be requested either orally or in writing by Borrower or as provided in this provision. Lender may, but need not, require that all oral requests be confirmed in writing. The following person or persons are
authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address, written notice of revocation of such authority: Paul W. Hodge, Jr, President/Secretary of Laird Superfood,
Inc.; Valerie Ells and Tom Wetherald. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender, regardless of
the fact that persons other than those authorized to borrow have authority to draw against the accounts. 
 How Borrower’s Payments Are Applied.
Unless otherwise agreed or required by applicable law, payments and other credits will be applied to accrued interest first, then to principal, then to accrued and unpaid loan fees. 

Credit Limit. This Agreement covers a revolving line of credit for the principal amount of Five Million & 00/100 Dollars ($5,000,000.00),
which will be Borrower’s “Credit Limit” under this Agreement. Borrower may borrow against the credit Line, repay any portion of the amount borrowed, and re-borrow up to the amount of the Credit
Limit. Borrower’s Credit Limit is the maximum amount Borrower may have outstanding at any one time. Borrower agrees not to attempt, request, or obtain a credit advance that will make Borrower’s Credit Line Account balance exceed
Borrower’s Credit Limit. Borrower’s Credit Limit will not be increased should Borrower overdraw Borrower’s Credit Line Account. If Borrower exceeds Borrower’s Credit Limit, Borrower agrees to repay immediately the amount by which
borrower’s Credit Line Account exceeds Borrower’s Credit Limit. Any amount greater than the Credit Limit will be secured by the security agreement covering Borrower’s property. 

Charges to Borrower’s Credit Line. Lender may charge Borrower’s Credit Line to pay other fees and costs that Borrower is obligated to pay
under this Agreement or any other document related to Borrower’s Credit Line. Any amount so charged to Borrower’s Credit Line will be a credit advance and will decrease the funds available, if any, under the Credit Line. However, Lender
has no obligation to provide any of the credit advances referred to in this paragraph. 
 Credit Advances. Beginning on the Opening Date of this
Agreement, Borrower may obtain credit advances under Borrower’s Credit Line as follows: 
 Overdrafts. Overdrawing a designated
deposit account with us. Overdrafts may occur in the designated deposit account as a result of any transaction made or initiated in the account, which, either alone or together with other transactions in the account, exceeds the available collected
balance in the account. Lender may, but are not required to, use the entire credit limit available under this Credit Line Account to authorize and/or pay debit card and ATM transactions on the designated deposit account. 

Requests By Mail. Requesting an advance by mail. 

Requests in Person. Requesting a credit advance in person at any of Lender’s authorized locations. 

If there is more than one person authorized to use this Credit Line Account, Borrower agrees not to give Lender conflicting instructions, such as one Borrower
telling Lender not to give advances to the other. 
 Transaction Requirements. The following transaction limitations will apply to the use of
Borrower’s Credit Line: 
 Request By Mail and In Person Request Limitations. The following transaction limitations will apply to
Borrower’s Credit Line and requested an advance by mail and requesting an advance in person. 
 Other Transaction Requirements.
Cease advances when the Value Requirements described in the Pledge Agreement are not satisfied as explained in subparagraph (C): 

Overdraft Limitations. There are no transaction limitations for overdrawing a designated deposit account. 

Limitation on All Access Devices. You may not use any access device, whether described above or added in the future, for any illegal or unlawful
transaction, and we may decline to authorize any transaction that we believe poses an undue risk of illegality or unlawfulness. Notwithstanding the foregoing, we may collect on any debt arising out of any illegal or unlawful transaction. 

			
	 CREDIT AGREEMENT AND DISCLOSURE

(CONTINUED)

		
	Loan No:                     	  	Page 3  

  

 Future Credit Line Services. Borrower’s application for this Credit Line also serves as a request
to receive any new services (such as access devices) which may be available at some future time as one of Lender’s services in connection with this Credit Line. Borrower understands that this request is voluntary and that Borrower may refuse
any of these new services at the time they are offered. Borrower further understands that the terms and conditions of this Agreement, together with any specific terms covering the new service, will govern any transactions made pursuant to any of
these new services. 
 Collateral. Borrower acknowledges this Agreement is secured by the following collateral described in the security instrument
listed herein: 
 (A)    a commercial Pledge Agreement dated February 5, 2019 made and executed between Laird
Superfood, Inc. and us on collateral described as: 
 First Interstate Wealth Management Account
No.                      
 Right of Setoff.
To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or some other account), including without limitation, all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on this Agreement
against any and all such accounts. 
 When FINANCE CHARGES Begin to Accrue. Periodic FINANCE CHARGES for credit advances under Borrower’s Credit
Line will begin to accrue on the date credit advances are posted to Borrower’s Credit Line. There is no “free ride period” which would allow Borrower to avoid a FINANCE CHARGE on Borrower’s Credit Line credit advances. 

Method Used to Determine the Balance on Which the FINANCE CHARGE Will Be Computed. A daily FINANCE CHARGE will be imposed on all credit advances made
under Borrower’s Credit Line imposed from the date of each credit advance based on the “daily balance” method. To get the daily balance, Lender takes the beginning balance of Borrower’s Credit Line Account each day, adds any new
advances, and subtracts any unpaid FINANCE CHARGES and any payments or credits. This gives Lender the “daily balance.” 
 Method of Determining
the Amount of FINANCE CHARGE. Any FINANCE CHARGE is determined by applying the “Periodic Rate” to the balance described herein. Then Lender adds together the periodic FINANCE CHARGES for each day in the statement cycle. This is
Borrower’s FINANCE CHARGE calculated by applying a Periodic Rate. 
 Borrower also agrees to pay FINANCE CHARGES, not calculated by applying a Periodic
Rate, as set forth below: 
 Other. The following other FINANCE CHARGE is applicable: $5.00. This charge will be due as follows: At
Time of Transfer. 
 Additional Finance charges. The following additional FINANCE CHARGES will be charged to Borrower’s Credit
Line or paid in cash: 
  

									
	 Loan Origination Fee ($):
	  	 	In Cash	 	  	$	500.00	 

 Periodic Rate and Corresponding ANNUAL PERCENTAGE RATE. The Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE
on Borrower’s Credit Line are subject to change from time to time based on changes in an Independent index which is the one (1) month London Interbank Offered Rate (LIBOR), as of close of the first business day of each month and published
in the ‘Money Rates’ section of the Wall Street Journal (the “Index”). The Index is not necessarily the lowest rate charged by Lender on Lender’s loans. If the Index becomes unavailable during the term of this Credit
Line Account, Lender may designate a substitute Index after notice to Borrower. The ANNUAL PERCENTAGE RATE on Borrower’s Credit Line is based upon the Index and the margin described below (“Margin”). 

The Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE on Borrower’s Credit Line will increase or decrease as the Index increases or decreases
from time to time. Lender will determine the Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE as follows: Lender starts with the current Index and then adds a certain Margin as disclosed below. To determine the Periodic Rate that will
apply to Borrower’s account, Lender adds a margin to the value of the Index, then divides the value by the number of days in a year (daily). To obtain the ANNUAL PERCENTAGE RATE Lender multiplies the Periodic Rate by the number of days in a
year (daily). This result is the ANNUAL PERCENTAGE RATE. In no event will the Periodic Rate result in a 

			
	 CREDIT AGREEMENT AND DISCLOSURE

(CONTINUED)

		
	Loan No:                     	  	Page 4  

  

 
corresponding ANNUAL PERCENTAGE RATE that is more than 18.000%, nor will the Periodic Rate or corresponding ANNUAL PERCENTAGE RATE exceed the maximum rate allowed by applicable law. Adjustments
to the Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE resulting from changes in the Index will take effect Monthly. Today the Index is 2.507% per annum; and therefore the initial ANNUAL PERCENTAGE RATE and the corresponding Periodic Rate
on Borrower’s Credit Line are as stated below: 
  

							
	Current Rates for the First Payment Stream
				
	Range of Balance
or Conditions	  	Margin Added
to Index	  	ANNUAL PERCENTAGE
RATE	  	Daily Periodic
Rate
	All Balances	  	2.000%	  	4.507%	  	0.01235%

 Notwithstanding any other provision of this Agreement, Lender will not charge interest on any
undisbursed loan proceeds. 
 Conditions Under Which Other Charges May Be Imposed. Borrower agrees to pay all the other fees and charges related to
Borrower’s Credit Line as set forth below. 
 Overlimit Charge. Borrower’s Credit Line Account may be charged $27.00 if
Borrower causes Borrower’s Credit Line Account to go over Borrower’s Credit Limit. 
 Right to Credit Advances. Beginning on the Opening
Date, Lender will honor Borrower’s requests for credit advances up to Borrower’s Credit Limit so long as: (A) Borrower is not in default under the terms of this Agreement; (B) this Agreement has not been terminated or suspended.

 Default. Lender may declare Borrower to be in default if any one or more of the following events occur. (A) Borrower fails to pay a Minimum
Payment when due; (B) an event of default occurs under the security agreement for the Property; (C) the Property is further encumbered in any way, voluntarily or involuntarily; (D) Borrower dies; (E) Borrower makes any false or
misleading statements on Borrower’s Credit Line application; (F) Borrower violates any provision of this Agreement or any other agreement with Lender; (G) any garnishment, attachment, or execution is issued against any material asset
owned by Borrower; (H) Borrower exceeds Borrower’s Credit Limit; (I) Borrower files for bankruptcy or other insolvency relief, or an involuntary petition under the provisions of the Bankruptcy Code is filed against Borrower;
(J) Lender in good faith believes itself insecure. 
 Lender’s Rights. If Borrower is in default, Lender may terminate or suspend
Borrower’s Credit Line Account without prior notice. However, Lender will notify Borrower in writing of Lender’s action as soon as practicable. 

Suspension. If Lender suspends Borrower’s Credit Line, Borrower will lose the right to obtain further credit advances. However, all
other terms of this Agreement will remain in effect and be binding upon Borrower, including Borrower’s liability for any further unauthorized use of any Credit Line access devices. 

Termination. If Lender terminates Borrower’s Credit Line, Borrower’s Credit Line will be suspended and the entire unpaid
balance of Borrower’s Credit Line Account will be immediately due and payable, without prior notice expect as may be required by law, and Borrower agrees to pay that amount plus all FINANCE CHARGES and other amounts due under this
Agreement. 
 Collection Costs. Lender may hire or pay someone else to help collect this Agreement if Borrower does not pay. Borrower
will pay Lender that amount. This includes, subject to any limits under applicable law. Lender’s attorneys’ fees and Lender’s legal expenses, whether or not there is a lawsuit, including attorneys’ fees, expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any courts costs. In addition to all other sums provided by law. 

Delay in Enforcement. Lender may delay or waive the enforcement of any of Lender’s rights under this Agreement without losing that right or any
other right. If Lender delays or waives any of Lender’s rights, Lender may enforce that right at any time in the future without advance notice. For example, not terminating Borrower’s account for
non-payment will not be a waiver of Lender’s right to terminate Borrower’s account in the future if Borrower has not paid. 

			
	 CREDIT AGREEMENT AND DISCLOSURE

(CONTINUED)

		
	Loan No:                     	  	Page 5  

  

 Termination by Borrower. If Borrower terminates this Agreement, Borrower must notify Lender in writing
at the address shown on Borrower’s periodic statement or other designated address. Despite termination, Borrower’s obligations under this Agreement will remain in full force and effect until Borrower has paid Lender all amounts due under
this Agreement. 
 Prepayment. Borrower may prepay all or any amount owing under this Credit Line at any time without penalty, except Lender will be
entitled to receive all accrued FINANCE CHARGES, and other charges, if any. Payments in excess of Borrower’s Minimum Payment will not relieve Borrower of Borrower’s obligation to continue to make Borrower’s Minimum Payments.
Instead, they will reduce the principal balance owed on the Credit Line. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may
accept it without losing any of Lender’s rights under this Agreement, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment
instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: First
Interstate Bank, Billings Operations Center, PO Box 30918 Billings, MT 59115-0918. 
 Notices. All notices will be sent to Borrower’s address as
shown in Borrower’s Credit Line application. Notices will be mailed to Borrower at a different address if Borrower gives Lender written notice of a different address. Borrower agrees to advise Lender promptly if Borrower changes Borrower’s
mailing address. 
 Annual Review. Borrower agrees that Borrower will provide Lender with a current financial statement, a new credit application, or
both, annually, on forms provided by Lender. Based upon this information Lender will conduct an annual review of Borrower’s Credit Line Account. Borrower also agrees Lender may obtain credit reports on Borrower at any time, at Lender’s
sole option and expense, for any reason, including but not limited to determining whether there has been an adverse change in Borrower’s financial condition. Lender may require a new appraisal of the Property which secures Borrower’s
Credit Line at any time, including an internal inspection, at Lender’s sole option and expense. Borrower authorizes Lender to release information about Borrower to third parties as described in Lender’s privacy policy and Lender’s
Fair Credit Report Act notice, provided Borrower did not opt out of the applicable policy, or as permitted by law. Based upon a material adverse change in Borrower’s financial condition (such as termination of employment or loss of income),
Lender may suspend Borrower’s Credit Line. 
 Transfer or Assignment. Without prior notice or approval from Borrower, Lender reserves the right
to sell or transfer Borrower’s Credit Line Account and Lender’s rights and obligations under this Agreement to another lender, entity, or person, and to assign Lender’s rights under the security agreement. Borrower’s rights under
this Agreement belong to Borrower only and may not be transferred or assigned. Borrower’s obligations, however, are binding on Borrower’s heirs and legal representatives. Upon any such sale or transfer, Lender will have no further
obligation to provide Borrower with credit advances or to perform any other obligation under this Agreement. 
 Governing Law. This Agreement will be
governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Oregon without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Oregon. 

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Deschutes County,
State of Oregon. 
 Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or
define the provisions of this Agreement. 
 Interpretation. Borrower agrees that this Agreement, together with the security agreement, is the most
reliable evidence of Borrower’s agreements with Lender. If a court finds that any provision of this Agreement is not valid or should not be enforced, that fact by itself will not mean that the rest of this Agreement will not be valid or
enforced. Therefore, a court may enforce the rest of the provisions of this Agreement may be found to be invalid or unenforceable. If Lender goes to court for any reason, Lender can use a copy, filmed or electronic, of any periodic statement this
Agreement, the security agreement or any other document to prove what Borrower owes Lender or that a transaction has taken place. The copy, microfilm, microfiche, or optical image will have the same validity as the original. Borrow agrees that,
except to the extent Borrower can show there is a billing error, Borrower’s most current periodic statement is the most reliable evidence of Borrower’s obligation to pay. 

Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If 

			
	 CREDIT AGREEMENT AND DISCLOSURE

(CONTINUED)

		
	Loan No:                     	  	Page 6  

  

 
feasible, the attending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted
from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US (LENDER) CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL,
FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY US TO BE ENFORCEABLE. 

Acknowledgments and Amendments. Borrower understands and agrees to the terms and conditions in this Agreement. Borrower acknowledges that, subject to
applicable laws, Lender has the right to change the terms and conditions of the Credit Line program. Borrower also understands and agrees that Borrower may be subject to other agreements with Lender regarding transfer instruments or access devices
which may access Borrower’s Credit Line. Any person signing below may request a modification to this Agreement, and, if granted, the modification will be binding upon all signers. By signing this Agreement, Borrower acknowledges that Borrower
has read this Agreement. Borrower also acknowledges receipt of a completed copy of this Agreement, including the Fair Credit Billing Notice. 
 BORROWER:

  

			
	LAIRD SUPERFOOD, INC.
		
	By:	 	/s/ Paul W. Hodge, Jr.
		 	Paul W. Hodge, Jr., President/Secretary of Laird Superfood, Inc.

 

 
 BUSINESS LOAN AGREEMENT 
  

															
	 Principal

$5,000,000.00
	  	 Loan Date

02-05-2019
	  	 Maturity

02-04-2020
	  	 Loan No

    
	  	 Call / Coll

    
	  	 Account

    
	  	 Officer

    
	  	 Initials

    

	 References in the boxes above are for Lender’s use only and do not limit the applicability of
this document to any particular loan or item.
 Any item above containing “***” has been omitted due to text length
limitations.

  

											
	Borrower:        	  	 Laird Superfood, Inc.
 PO Box
2270
 Sisters, OR 97759
	  		  	Lender:        	  	 First Interstate Bank
 Sisters

272 SE Main Street
 PO Box 520

Sisters, OR 97759
	  	

 THIS BUSINESS LOAN AGREEMENT dated February 5, 2019, is made and executed between Laird Superfood, Inc.
(“Borrower”) and First Interstate Bank (“Lender”) on the following terms and conditions. Borrower had received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other
financial accommodations, including those which may described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) In granting, renewing, or extending any Loan, Lender is relying upon Borrower’s
representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans
shall be and remain subject to the terms and conditions of this Agreement. 
 TERM. This Agreement shall be effective as of February 5, 2019,
and shall continue in full force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such
time as the parties may agree in writing to terminate this Agreement. 
 CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the
initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents. 

Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Credit Agreement; (2) Security
Agreements granting to Lender security interests in the Collateral; (3) financing, statements and all other document perfecting Lender’s Security Interests; (4) evidence of insurance as required below; (5) together with all such
Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 

Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions,
duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

 Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and
payable as specified in this Agreement or any Related Document. 
 Representations and Warranties. The representations and warranties
set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct. 

No Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this
Agreement or under any Related Document. 
 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this
Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists. 

Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good
standing under and by virtue of the laws of the State of Delaware. Borrower is duly authorized to transaction business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and
approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 2  

  

 
qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and
authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower maintains an office at 275 W Lundgren Mill Drive, Sisters, OR 97759. Unless Borrower has designated otherwise in
writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or
any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees
of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities. 
 Assumed
Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under
which Borrower does business: None. 
 Authorization. Borrower’s execution, delivery, and performance of this Agreement and all
the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with; result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of incorporation or
organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties. 

Financial Information. Each of Borrower’s financial statements supplied to Lender truly and completely disclosed Borrower’s
financial condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material
contingent obligations except as disclosed in such financial statements. 
 Legal Effect. This Agreement constitutes, and any
instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 

Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to
Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower’s properties free and clear of all Security Interests, and has not executed any
security documents or financing statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at least the last
five (5) years. 
 Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and
warrants that: (1) During the period of Borrower’s ownership of the collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under,
about or from any of the Collateral, (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal,
release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating
to such matters; (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any
of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents
to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower’s expense
and for Lender’s purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained herein are based on Borrower’s due
diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or
other costs under such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting
from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral, or as a result of a violation of any
Environmental Laws. The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 3  

  

 
indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender’s acquisition of any interest in any of the Collateral, whether by
foreclosure or otherwise. 
 Litigation and Claims. No litigation, claim, investigation, administrative proceeding or similar action
(including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition or properties, other than litigation, claims, or other evets, if
any, that have been disclosed to and acknowledged by Lender in writing. 
 Taxes. To the best of Borrower’s knowledge, all of
Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good
faith in the ordinary course of business and for which adequate reserves have been provided. 
 Lien Priority. Unless otherwise
previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreement, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing
repayment of Borrower’s Loan and Credit Agreement, that would be prior or that may in any way be superior to Lender’s Security Interests and rights in and to such Collateral. 

Binding Effect. This Agreement, the Credit Agreement, all Security Agreements (if any), and all Related Documents are binding upon the
signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms. 

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 

Notice of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s financial
condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the
financial condition of any Guarantor. 
 Financial Records. Maintain its books and records in accordance with GAAP, applied on a
consistent basis, and permit Lender to examine and audit Borrower’s books and records at all reasonable times. 
 Additional
Information. Furnish such additional information and statements, as Lender may request from time to time. 
 Insurance. Maintain
fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower’s properties and operations, in form, amounts, coverages sand with insurance companies acceptable to Lender.
Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will be not cancelled or diminished without at least ten
(10) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In
connection with all policies covering assets in which Lender holds or is offered a security interest for the loans, Borrower will provide Lender with such lender’s loss payable or other endorsements as Lender may require. 

Insurance Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as
Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties insured; (5) the then current property values on
the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more often than annually). Borrower will have an independent
appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower. 

Other Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and
any other party and notify Lender immediately in writing of any default in connection with any other such agreements. 
 Loan
Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless specifically consented to the contrary by Lender in writing. 

Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all
assessments, taxes, governmental charges, levies and liens, of every kind and nature. Imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 4  

  

 
become a lien or charge upon any of Borrower’s properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy,
lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such contested
assessment, tax, charge, levy, lien, or claim in accordance with GAAP. 
 Performance. Perform and comply, in a timely manner, with
all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and lender. Borrower shall notify Lender immediately in writing of any default in connection
with any agreement. 
 Operations. Maintain executive and management personnel with substantially the same qualifications and
experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. 

Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such investigations, studies, samplings and
testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal,
state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower. 

Compliance with Governmental Requirements. Comply with all laws, ordinances, regulations, now or hereafter in effect, of all
governmental authorities applicable to the conduct of borrower’s properties, businesses and operations, and of the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in
good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as in Lender’s sole opinion,
Lender’s interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest. 

Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or loans and
borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of borrower’s books, accounts, and records. If Borrower now or at any time hereafter maintains any records
(including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to
such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense. 

Environmental Compliance and Reports. Borrower shall comply in all respect with any and all Environmental Laws; not cause or permit to
exist, as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment,
unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty
(30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on
Borrower’s part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources. 

Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements,
assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests. 

LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if
Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or
any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances or other
claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under
the Credit Agreement from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand: (B) be added to the
balance of the Credit Agreement and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Credit Agreement; or
(C) be treated as a balloon payment which will be due and payable at the Credit Agreement’s maturity. 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 5  

  

 NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect,
Borrower shall not, without the prior written consent of Lender: 
 Indebtedness and Liens. (1) Except for trade debt incurred in
the normal course of business and indebtedness to Lender contemplated by this Agreement create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security
interest in, or encumber any of Borrower’s assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower’s accounts, except to Lender. 

Continuity of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently
engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on
Borrower’s stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if
Borrower is a “Subchapter S Corporation” (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to
pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of
Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend Borrower’s capital structure. 

Loans, Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity,
(2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business. 

Agreements. Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower’s
obligations under this Agreement or in connection herewith. 
 CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower,
whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the
Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a
bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise
attempts to limit, modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself insecure, even though no Event of Default shall have occurred. 

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone also and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for
which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts. 

DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 

Payment Default. Borrower fails to make any payment when due under the Loan. 

Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s or any Grantor’s property or Borrower’s or any Grantor’s ability to repay the Loans or perform their
respective obligations under this Agreement or any of the Related Documents. 
 False Statements. Any warranty, representation or
statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading
at any time thereafter. 
 Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency
of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or
against Borrower. 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 6  

  

 Defective Collateralization. This Agreement or any of the Related Documents cases to
be in full force and effect (including failure of ay collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 

Creditor or Forfeiture Proceedings. Commencement of foreclosure of forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However,
this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the
creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding. In an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 

Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. 
 Change in
Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. 
 Adverse Change. A
material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment of performance of the Loan is impaired. 

Insecurity. Lender in good faith believes itself insecure. 

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all
commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all
Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be
automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and
remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of
Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its rights and remedies. 
 MISCELLANEOUS
PROVISIONS. The following miscellaneous provisions are a part of this Agreement: 
 Amendments. This Agreement, together with any
Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or
parties sought to be charged or bound by the alteration or amendment. 
 Attorneys’ Fees; Expenses. Borrower agrees to pay upon
demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this
Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by
the court. 
 Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to
interpret or define the provisions of this Agreement. 
 Consent to Loan Participation. Borrower agrees and consents to Lender’s
sale or transfer, whether now or later, of one or more participation Interests in the Loan to one or more purchasers, whether related or unrelated to Lender, Lender may provide, without any limitation, whatsoever, to any one or more purchasers, or
potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally
waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that all purchasers of any such participation interests will be considered as the absolute
owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may
have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or
insolvency of any holder of any interest in the Loan. 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 7  

  

 
Borrower further agrees that the purchases of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.

 Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law,
the laws of the State of Oregon without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Oregon. 

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of
Deschutes County, State of Oregon. 
 No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement
unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not
prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between
Lender and any Grantor, shall constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the
granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

Notices. Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to
change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless otherwise provided or required by law, if there is more than one Borrower, any notice given by
Lender to any Borrower is deemed to be notice given to all Borrowers. 
 Severability. If a court of competent jurisdiction finds any
provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision
shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision in this Agreement. 

Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including
without limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances
shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates. 

Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents
shall bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein,
without the prior written consent of Lender. 
 Survival of Representations and Warranties. Borrower understands and agrees that in
extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents.
Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in
nature, shall be deemed made and redacted by Borrower at the time each Loan Advance is made, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall be terminated
in the manner provided above, whichever is the last to occur. 
 Time Is of the Essence. Time is of the essence in the performance of
this Agreement. 
 DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless
specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as
the context may 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 8  

  

 
require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined
in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement. 

Advance. The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf
on a line of credit or multiple advance basis under the terms and conditions of this Agreement. 
 Agreement. The word
“Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time. 

Borrower. The word “Borrower” means Laird Superfood, Inc. and includes all co-signers
and co-makers signing the Credit Agreement and all their successors and assigns. 

Collateral. The word “Collateral” means all property and assets granted as collateral security for a Loan, whether real or
personal property whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel
trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by
law, contract or otherwise. 
 Credit Agreement. The words “Credit Agreement” means the Credit Agreement dated
February 5, 2019 and executed by Laird Superfood, Inc. in the principal amount of $5,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit
agreement. 
 Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local statutes,
regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et
seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et
seq., the Resource Conservation and Recovery Acct, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto or intended to protect human health or the environment. 

Event of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the default
section of this Agreement. 
 GAAP. The word “GAAP” means generally accepted accounting principles. 

Grantor. The word “Grantor” means each and all of the persons or entities granting a Security Interest in any Collateral for
the Loan, including without limitation all Borrowers granting such a Security Interest. 
 Guarantor. The word “Guarantor”
means any guarantor, surety, or accommodation party of any or all of the Loan. 
 Guaranty. The word “Guaranty” means the
guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Credit Agreement. 
 Hazardous
Substances. The words “Hazardous Substances” means materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the
environment when improperly used, treated, stored, disposed of, generated., manufactured, transported or otherwise handled. The words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all
hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum and petroleum
by-products or any fraction thereof and asbestos. 
 Indebtedness. The word
“indebtedness” means the indebtedness evidenced by the Credit Agreement or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this
Agreement or under any of the Related Documents. 
 Lender. The word “Lender” means First Interstate Bank, its successors
and assigns. 
 Loan. The word “Loan’ means any and all loans and financial accommodations from Lender to Borrower whether
now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time. 

Permitted Liens. The words Permitted Liens” mean (1) liens and security interests securing indebtedness owned by Borrower to
Lender, (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) 

					
	BUSINESS LOAN AGREEMENT
			
	Loan No:                     	 	(Continued)	  	Page 9  

  

 
liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent; (4) purchase
money liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph
of this Agreement titled “Indebtedness and Liens”, (5) liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and (6) those liens and security interests
which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets. 

Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan. 

Security Agreement. The words “Security Agreement” mean and include without limitation any agreements, promise, covenants,
arrangements, understandings or other agreements, whether crated by law, contract or otherwise, evidencing, governing, representing, or creating a Security Interest. 

Security Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present
and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional
sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise. 

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US (LENDER) CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL,
FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY USE TO BE ENFORCEABLE. 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS
DATED FEBRUARY 5, 2019. 
 BORROWER: 
  

			
	LAIRD SUPERFOOD, INC.
		
	By:	 	/s/ Paul W. Hodge, Jr.    
		 	Paul W. Hodge, Jr., President/Secretary of Laird Superfood, Inc.

 LENDER: 
  

			
	FIRST INTERSTATE BANK
		
	By:	 	/s/ Jennifer Barcus
		 	Jennifer Barcus, Commercial Relationship Manager II

 FIRST INTERSTATE BANK 

CHANGE IN TERMS AGREEMENT 
  

															
	 Principal

$5,000,000.00
	 	 Loan Date

02-26-2020
	 	
Maturity
 02-05-2021
	 	Loan No	 	Call / Coll	 	Account	 	Officer	 	Initials
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular
loan or item. Any item above containing “***” has been omitted due to text length limitations.

  

									
	Borrower:	  	Laird Superfood, Inc.	  		  	Lender:	  	First Interstate Bank
		  	PO Box 2270	  		  		  	Redmond
		  	Sisters, OR 97759	  		  		  	154 Southwest 6th Street
		  		  		  		  	Redmond, OR 97756

  

					
	 Principal Amount: $5,000,000.00
	 	Initial Rate: 3.668%	 	Date of Agreement: February 26, 2020

 DESCRIPTION OF EXISTING INDEBTEDNESS. This is a modification of the Credit Agreement and Disclosure (the Note) dated
February 5, 2019 from Borrower to Lender in the original principal amount of $5,000,000.00, with an Interest Rate of the (1) month London Interbank Offered Rate (LIBOR) plus a margin of 2.000%, upon which there remains a principal
balance owing, as of the Date of Agreement, of $0.00. 
 DESCRIPTION OF COLLATERAL. A First Interstate Wealth Management Account No
_______________ pursuant to a Commercial Pledge Agreement from Borrower to Lender, dated February 5, 2019, all the terms and conditions of which are hereby incorporated and made a part of this Change in Terms Agreement. 

DESCRIPTION OF CHANGE IN TERMS. 
 Modification Date:
February 26, 2020. 
 $500.00 Modification fee to be paid by borrower at signing. 

The Maturity Date is extended to February 5, 2021. 

Continue Automatic Funds Transfer Payments from account 

The loan’s original payment schedule is hereby modified/revised by this Change in Terms Agreement, to include all principal and all accrued interest not
yet paid, as described in the ‘Payment’ paragraph below. 
 PAYMENT, Borrower will pay this loan In one payment of all outstanding principal
plus all accrued unpaid interest on February 5, 2021. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning March 4, 2020, with all subsequent interest payments to be
due on the same day of each month after that. 
 VARIABLE INTEREST RATE. The interest rate on this loan is subject to change from time to time
based on changes in an independent index which is the one (1) month London Interbank Offered Rate (LIBOR), as of close of the first business day of each month and published in the ‘Money Rates’ section of the Wall Street
Journal (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often than
each month during the term of this Note, and will occur on the date which is one (1) month from the date of this Note and on the same date each month thereafter. The adjusted interest rate will be equal to the Index as of the date of the
adjustment plus the same percentage points over the Index as described herein. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 1.668% per annum. Interest on the unpaid principal balance of
this loan will be calculated as described in the “INTEREST CALCULATION METHOD” paragraph using a rate of 2.000 percentage points over the Index (the “Margin”), resulting in an initial rate of 3.668% per annum. If Lender
determines, in its sole discretion, that the Index has become unavailable or unreliable, either temporarily, indefinitely, or permanently, during the term of this loan, Lender may amend this loan by designating a substantially similar substitute
index. Lender may also amend and adjust the Margin to accompany the substitute index. The change to the Margin may be a positive or negative value, or zero. In making these amendments, Lender may take into consideration any then-prevailing market
convention for selecting a substitute index and margin for the specific Index that is unavailable or unreliable. Such an amendment to the terms of this loan will become effective and bind Borrower 10 business days after Lender gives written notice
to Borrower without any action or consent of the Borrower. NOTICE: Under no circumstances will the interest rate on this loan be more than the maximum rate allowed by applicable law. 

INTEREST CALCULATION METHOD. Interest on this loan is computed on a 365/365 simple interest basis; that is, by applying the ratio of the interest rate over
the number of days in a year, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this loan is computed using this method. 

RATE INDEX DISCLOSURE. Notwithstanding anything herein to the contrary, in the event that Lender determines in its sole discretion, which determination
shall be conclusive absent manifest error, that LIBOR: 
  

	 	1.	 is permanently or indefinitely unavailable; 

 

	 	2.	 ceases to be published; 

 

	 	3.	 is officially discontinued or any United States or United Kingdom regulator or central bank publicly questions
the reliability of LIBOR or states that LIBOR may no longer be used; 

  

	 	4	 can no longer be lawfully relied upon in Contracts; or 

 

	 	5	 is no longer reliable because either the number of banks submitting data for use in LIBOR has been reduced or
the number of transactions reported by participating banks has been reduced; 

 then all references to the Interest Rate herein will
instead be to a replacement rate determined by Lender in its sole judgment to be a commercially reasonable replacement rate. Lender will provide reasonable notice to Borrower of such replacement rate, which will be effective on the date of the
earliest event set forth in clauses (i)-(v) of this paragraph. If there is any ambiguity as to the date of occurrence of any such event, Lender’s judgment will be dispositive. 

CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements
evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any
future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties,
unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below,
then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement
or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions. 

RECEIPT OF PAYMENTS. All payments must be made by check, automatic account debit, electronic funds transfer, money order, or other instrument in U.S.
dollars and must be received by us at the Lender’s address. Payments received at that address prior to close of business on any business day will be credited to your loan as of the date received. 

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.
BORROWER AGREES TO THE TERMS OF THE AGREEMENT. 
 BORROWER: 

LAIRD SUPERFOOD. INC. 
  

									
	 By:
	 	/s/ Paul W. Hodge, Jr.            	 		 	 By:
	 	/s/ Andrew McCormick        
	Paul W. Hodge, Jr., President and Chief Executive Officer of Laird Superfood, Inc.	 		 	Andrew McCormick, Corporate Secretary of Laird Superfood, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]