Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

STANDBY EQUITY PURCHASE AGREEMENT 

THIS STANDBY EQUITY PURCHASE AGREEMENT (this “Agreement”) dated as of November 2, 2022 is made by and between YA II
PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and 10X CAPITAL VENTURE ACQUISITION CORP. II, a company incorporated under the laws of the Cayman Islands (the “Company”). 

WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the Company, upon the closing of the
Business Combination (as defined below) shall have the right to issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to the lesser of (i) $100 million in aggregate gross
purchase price of the newly issued shares of the Company’s common stock, par value $0.001 per share (the “Common Shares”), and (ii) the Exchange Cap (to the extent applicable); and 

WHEREAS, upon the closing of the Business Combination, the Company will redomicile in Delaware and the Common Shares of the combined
entity will be listed for trading on the Nasdaq Stock Market LLC; 
 WHEREAS, the offer and sale of the Common Shares issuable
hereunder will be made in reliance upon Section 4(a)(2) under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or upon such other exemption from the
registration requirements of the Securities Act as may be available with respect to any or all of the transactions to be made hereunder; and 

WHEREAS, in consideration of the Investor’s execution and delivery of this Agreement, the Company shall issue to the Investor the
Commitment Shares pursuant to and in accordance with Section 12.04. 
 NOW, THEREFORE, the parties hereto agree as
follows: 
 Article I. Certain Definitions 

“Additional Shares” shall have the meaning set forth in Section 2.01(d)(ii). 

“Adjusted Advance Amount” shall have the meaning set forth in Section 2.01(d)(i). 

“Advance” shall mean any issuance and sale of Advance Shares from the Company to the Investor pursuant to Article II hereof.

 “Advance Date” shall mean the first Trading Day after expiration of the applicable Pricing Period for each Advance. 

“Advance Notice” shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an officer
of the Company and setting forth a number of Advance Shares that the Company desires to issue and sell to the Investor. 

 “Advance Notice Date” shall mean each date the Company is deemed to have
delivered (in accordance with Section 2.01(b) of this Agreement) an Advance Notice to the Investor, subject to the terms of this Agreement. 

“Advance Shares” shall mean the Common Shares that the Company desires to issue and sell to the Investor as requested by the
Company pursuant to an Advance Notice. 
 “Affiliate” shall have the meaning set forth in Section 3.07. 

“Agreement” shall have the meaning set forth in the preamble of this Agreement. 

“Applicable Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives,
policies, guidelines and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) all applicable laws that relate to money laundering, terrorist financing,
financial record keeping and reporting, (ii) all applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt Practices Act of 1977, and (iii) any
Sanctions laws. 
 “Average Price” shall mean a price per Share (rounded to the nearest tenth of a cent) equal to the
quotient obtained by dividing (i) the aggregate gross purchase price paid by the Investor for all Shares purchased pursuant to this Agreement, by (ii) the aggregate number of Shares issued pursuant to this Agreement. 

“Black Out Period” shall have the meaning set forth in Section 6.02. 

“Business Combination” shall mean the transactions contemplated by the Business Combination Agreement, dated on or about the
date hereof (the “Business Combination Agreement”), by and among the Company, 10X AA Merger Sub, Inc., a Delaware corporation (the “Merger Sub”) and African Agriculture, Inc., a Delaware corporation (the
“Target”), whereby (i) the Merger Sub will merge with and into the Target, with the Target surviving as a wholly owned Subsidiary of the Company, (ii) at least one day prior to the transactions referred to in clause (i),
the Company will, subject to the approval of the Company’s shareholders, domesticate and transfer by way of continuation as a Delaware corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware and
Part XII of the Companies Act (As Revised) of the Cayman Islands, and (iii) the shares of the Company, after giving effect to the transactions contemplated in clauses (i) and (ii), shall become listed on the Nasdaq Stock Market LLC under a
new ticker symbol. 
 “Closing” shall have the meaning set forth in Section 2.02. 

“Commitment Amount” shall mean $100,000,000 of Common Shares, provided that, the Company shall not issue and sell any
Common Shares pursuant to this Agreement and the Investor shall not purchase or acquire any Common Shares pursuant to this Agreement to the extent (but only to the extent) that after giving effect to such purchase and sale the aggregate number of
Common Shares that would be issued pursuant to this Agreement and the transactions 

  
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contemplated hereby would exceed 19.99% of the voting power or number of issued and outstanding Common Shares calculated in accordance with the applicable rules of the Principal Market, which
number of shares shall be reduced, on a share-for-share basis, by the number of Common Shares issued or issuable pursuant to any transaction or series of transactions
that may be aggregated with the transactions contemplated by this Agreement under applicable rules of the Principal Market (such maximum number of shares, the “Exchange Cap”) provided further that, the Exchange Cap will not
apply if (a) the Company’s stockholders have approved the issuance of Common Shares pursuant to this Agreement in excess of the Exchange Cap in accordance with the applicable rules of the Principal Market or (b) solely to the extent
that (and only for so long as) the Average Price (including any sales covered by an Advance Notice that has been delivered prior to the determination of whether this clause (b) applies) equals or exceeds the lower of (i) the Nasdaq
Official Closing Price (as reflected on Nasdaq.com) immediately preceding the Effective Date; or (ii) the average Nasdaq Official Closing Price for the five Trading Days immediately preceding the Effective Date. 

“Commitment Fee Payment Date” shall have the meaning set forth in Section 12.04. 

“Commitment Shares” shall have the meaning set forth in Section 12.04. 

“Commitment Period” shall mean the period commencing on the Effective Date and expiring upon the date of termination of this
Agreement in accordance with Section 11.02. 
 “Common Shares” shall have the meaning set forth in the recitals of
this Agreement. 
 “Company” shall have the meaning set forth in the preamble of this Agreement. 

“Company Indemnitees” shall have the meaning set forth in Section 5.02. 

“Condition Satisfaction Date” shall have the meaning set forth in Section 7.01. 

“Daily Traded Amount” shall mean the daily trading volume of the Company’s Common Shares on the Principal Market during
regular trading hours as reported by Bloomberg L.P. 
 “Effective Date” shall mean the 6th Trading Day following the date of closing of the Business Combination. 

“Environmental Laws” shall have the meaning set forth in Section 4.13. 

“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Cap” shall have the meaning set forth in Article I. 

“Excluded Day” shall have the meaning set forth in Section 2.01(d)(i). 

“Hazardous Materials” shall have the meaning set forth in Section 4.13. 

  
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 “Indemnified Liabilities” shall have the meaning set forth in
Section 5.01. 
 “Investor” shall have the meaning set forth in the preamble of this Agreement. 

“Investor Indemnitees” shall have the meaning set forth in Section 5.01. 

“Market Price” shall mean an Option 1 Market Price or Option 2 Market Price, as applicable. 

“Material Adverse Effect” shall mean any event, occurrence or condition that has had or would reasonably be expected to have
(i) a material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material adverse effect on the operations, assets, business, earnings, properties, prospects,
stockholder’s equity, results of operations, or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated hereby, or
(iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement. 

“Material Outside Event” shall have the meaning set forth in Section 6.08. 

“Maximum Advance Amount” in respect of each Advance Notice means the greater of: (i) an amount equal to 100% of the
average of the Daily Traded Amount of Common Shares on the Company’s Principal Market during the three consecutive Trading Days immediately preceding an Advance Notice, or (ii) 2 million Common Shares. 

“Minimum Acceptable Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in
each Advance Notice, if applicable. 
 “OFAC” shall have the meaning set forth in Section 4.30. 

“Option 1 Market Price” shall mean the VWAP of the Common Shares during the Option 1 Pricing Period. 

“Option 2 Market Price” shall mean the lowest daily VWAP of the Common Shares during the Option 2 Pricing Period. 

“Option 1 Pricing Period” shall mean the period on the applicable Advance Notice Date with respect to an Advance Notice
selecting an Option 1 Pricing Period commencing upon receipt by the Company of written confirmation (which may be by e-mail) of acceptance of such Advance Notice by the Investor, and which confirmation shall
specify such commencement time, and ending on 4:00 p.m. New York City time on the applicable Advance Notice Date. 
 “Option 2
Pricing Period” shall mean the three consecutive Trading Days commencing on the Advance Notice Date. 
 “Ownership
Limitation” shall have the meaning set forth in Section 2.01(c)(i). 

  
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 “Person” shall mean an individual, a corporation, a partnership, a limited
liability company, a trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Plan of Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares.

 “Pricing Period” shall mean the Option 1 Pricing Period or Option 2 Pricing Period, as applicable. 

“Principal Market” shall mean the Nasdaq Stock Market LLC; provided however, that in the event the Company’s Common
Shares are ever listed or traded on the New York Stock Exchange, or the NYSE American, then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Shares are then listed or traded to the extent
such other market or exchange is the principal trading market or exchange for the Common Shares. 
 “Prospectus” shall mean
the prospectus in the form included in a Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents incorporated by reference therein. 

“Prospectus Supplement” shall mean any prospectus supplement to the Prospectus filed with the SEC from time to time pursuant
to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, including, without limitation, any prospectus supplement to be filed in accordance with Section 6.01 hereof. 

“Purchase Price” shall mean the price per Advance Share obtained by multiplying the Market Price by (i) 96% in respect of an
Advance Notice with an Option 1 Pricing Period, and (ii) 97% in respect of an Advance Notice with an Option 2 Pricing Period. 

“Registrable Securities” shall mean (i) the Shares, and (ii) any securities issued or issuable with respect to any
of the foregoing by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. 

“Registration Limitation” shall have the meaning set forth in Section 2.01(c)(ii). 

“Registration Statement” shall mean a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the resale by
the Investor of the Registrable Securities under the Securities Act, which registration statement provides for the resale from time to time of the Shares as provided herein. 

“Regulation D” shall mean the provisions of Regulation D promulgated under the Securities Act. 

  
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 “Sanctions” shall have the meaning set forth in Section 4.30. 

“Sanctioned Countries” shall have the meaning set forth in Section 4.30. 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“SEC Documents” shall have the meaning set forth in Section 4.05. 

“Securities Act” shall have the meaning set forth in the recitals of this Agreement. 

“Settlement Document” shall have the meaning set forth in Section 2.02(a). 

“Shares” shall mean the Commitment Shares and the Common Shares to be issued from time to time hereunder pursuant to an
Advance. 
 “Subsidiaries” shall mean any Person in which the Company, directly or indirectly, (x) owns a majority of
the outstanding capital stock or holds a majority of the equity or similar interest of such Person or (y) controls or operates all or substantially all of the business, operations or administration of such Person, and the foregoing are
collectively referred to herein as “Subsidiaries.” 
 “Trading Day” shall mean any day during which the
Principal Market shall be open for business. 
 “Transaction Documents” shall have the meaning set forth in
Section 4.02. 
 “Volume Threshold” shall mean a number of Common Shares equal to the quotient of (a) the number
of Advance Shares requested by the Company in an Advance Notice divided by (b) 0.3 
 “VWAP” shall mean for any Trading
Day, the daily volume weighted average price of the Common Shares for such Trading Day on the Principal Market during regular trading hours (or such other period in the case of an Option 1 Pricing Period) as reported by Bloomberg L.P through its
“AQR” function. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period. 

Article II. Advances 
 Section 2.01
Advances; Mechanics. As a condition to the effectiveness of this Agreement, on or before the completion of the Business Combination (and prior to the Effective Date), the legal entity that will be the surviving entity upon completion of the
Business Combination, shall assume all benefits and obligations under this Agreement, all representations and warranties shall apply in respect of such entity and all references to the “Company” in this Agreement shall be the legal entity
that will be the surviving entity upon completion of the Business Combination. Upon the terms and subject to the conditions of this Agreement, during the Commitment Period, the Company, at its sole discretion, shall have the right, but not the
obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, Advance Shares by the delivery to the Investor of Advance Notices on the following terms: 

  
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	 	(a)	 Advance Notice. At any time during the Commitment Period the Company may require the Investor to
purchase Shares by delivering an Advance Notice to the Investor, subject to the satisfaction or waiver by the Investor of the conditions set forth in Section 7.01, and in accordance with the following provisions: 

 

	 	(i)	 The Company shall, in its sole discretion, select the number of Advance Shares, not to exceed the Maximum
Advance Amount, it desires to issue and sell to the Investor in each Advance Notice and the time it desires to deliver each Advance Notice, and the Pricing Period to be used, provided, however, if a Promissory Note is outstanding, then
the Option 2 Pricing Period shall apply. 

  

	 	(ii)	 There shall be no mandatory minimum Advances and no non-usages fee for
not utilizing the Commitment Amount or any part thereof. 

  

	 	(b)	 Date of Delivery of Advance Notice. Advance Notices shall be delivered in accordance with the
instructions set forth on the bottom of Exhibit A attached hereto. An Advance Notice selecting an Option 1 Pricing Period shall only be delivered on a Trading Day and shall be deemed delivered on the day such notice is received by e-mail. An Advance Notice selecting an Option 2 Pricing Period shall be deemed delivered on (i) the day it is received by the Investor if such notice is received by
e-mail at or before 8:30 a.m. New York City time (or at such later time if agreed to by the Investor in its sole discretion) in accordance with the instructions set forth on the bottom of Exhibit A
attached hereto, or (ii) the immediately succeeding day if it is received by e-mail after 8:30 a.m. New York City time. Upon receipt of an Advance Notice, the Investor shall promptly (and, with respect to
an Advance Notice selecting an Option 1 Pricing Period, in no event more than one-half hour after receipt) provide written confirmation (which may be by e-mail) of
receipt of such Advance Notice, and which confirmation, in the case of an Advance Notice selecting an Option 1 Pricing Period, shall specify the commencement time of the Option 1 Pricing Period. 

 

	 	(c)	 Advance Limitations. Regardless of the number of Advance Shares requested by the Company in the Advance
Notice, the final number of Shares to be issued and sold pursuant to an Advance Notice shall be reduced (if at all) in accordance with each of the following limitations: 

 

	 	(i)	 Ownership Limitation; Commitment Amount. At the request of the Company, the Investor shall inform the
Company of the amount of shares the Investor beneficially owns. Notwithstanding anything to the contrary contained in this Agreement, the Investor shall not be obligated to purchase or acquire, and shall not purchase or acquire, any Common Shares
under this Agreement which, when aggregated with all other Common Shares 

  
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beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated
thereunder), would result in the beneficial ownership by the Investor and its affiliates (on an aggregated basis) to exceed 4.99% of the outstanding voting power or number of Common Shares (the “Ownership Limitation”). Upon the
written request of the Investor, the Company shall promptly (but no later than the next business day on which the transfer agent for the Common Shares is open for business) confirm orally or in writing to the Investor the number of Common Shares
then outstanding. In connection with each Advance Notice delivered by the Company, any portion of the number of Advance Shares that would (i) cause the Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of
Shares issued and sold to the Investor hereunder to exceed the Commitment Amount shall automatically be withdrawn with no further action required by the Company, and such Advance Notice shall be deemed automatically modified to reduce the number of
Advance Shares requested by an amount equal to such withdrawn portion; provided that in the event of any such automatic withdrawal and automatic modification, the Investor will promptly notify the Company of such event. 

 

	 	(ii)	 Registration Limitation and Exchange Cap. In no event shall an Advance exceed the amount registered
under the Registration Statement then in effect (the “Registration Limitation”) or the Exchange Cap, to the extent applicable. In connection with each Advance Notice, any portion of an Advance that would exceed the Registration
Limitation or the Exchange Cap shall automatically be withdrawn with no further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested Advance by an amount equal
to such withdrawn portion in respect of each Advance Notice; provided that in the event of any such automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event. 

 

	 	(iii)	 Volume Threshold. In connection with an Advance Notice where the Company selected an Option 1 Pricing
Period, if the total number of Common Shares traded on the Principal Market during the applicable Option 1 Pricing Period is less than the Volume Threshold, then the number of Advance Shares issued and sold pursuant to such Advance Notice shall be
reduced to the greater of (a) 30% of the trading volume of the Company’s Common Shares on the Principal Market during the Option 1 Pricing Period as reported by Bloomberg L.P., or (b) the number of Common Shares sold by the Investor during
such Option 1 Pricing Period, but not to exceed the amount requested in the Advance Notice. 

  

	 	(d)	 Minimum Acceptable Price. 

  
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	 	(i)	 With respect to each Advance Notice selecting an Option 2 Pricing Period, the Company may notify the Investor
of the MAP with respect to such Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in effect in connection with such Advance. Each Trading Day during an Option 2 Pricing Period for
which (A) with respect to each Advance Notice with a MAP, the VWAP of the Common Shares is below the MAP in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), shall
result in an automatic reduction to the number of Advance Shares set forth in such Advance Notice by one-third (the resulting amount of each Advance being the “Adjusted Advance Amount”), and
each Excluded Day shall be excluded from the Option 2 Pricing Period for purposes of determining the Market Price. 

  

	 	(ii)	 The total Advance Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted
Advance Amount, if any) shall be automatically increased by such number of Common Shares (the “Additional Shares”) equal to the number of Common Shares sold by the Investor on such Excluded Day, if any, and the price paid per share
for each Additional Share shall be equal to the MAP in effect with respect to such Advance Notice multiplied by 97%, provided that this increase shall not cause the total Advance Shares to exceed the amount set forth in the original Advance Notice
or any limitations set forth in Section 2.01(c). 

  

	 	(e)	 Unconditional Contract. Notwithstanding any other provision in this Agreement, the Company and the
Investor acknowledge and agree that upon the Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an unconditional contract binding on both parties for the purchase and sale of Advance Shares pursuant to
such Advance Notice in accordance with the terms of this Agreement and subject to Applicable Laws and (ii) subject to Section 3.08, the Investor may sell Common Shares during the Pricing Period. 

Section 2.02 Closings. The closing of each Advance and each sale and purchase of Advance Shares (each, a “Closing”) shall take
place as soon as practicable on or after each Advance Date in accordance with the procedures set forth below. The parties acknowledge that the Purchase Price is not known at the time the Advance Notice is delivered (at which time the Investor is
irrevocably bound) but shall be determined on each Closing based on the daily prices of the Common Shares that are the inputs to the determination of the Purchase Price as set forth further below. In connection with each Closing, the Company and the
Investor shall fulfill each of its obligations as set forth below: 

  
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	 	(a)	 On each Advance Date, the Investor shall deliver to the Company a written document, in the form attached hereto
as Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to be purchased by the Investor (taking into account any adjustments pursuant to Section 2.01), the Market Price, the
Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg, L.P., another reporting
service reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this Agreement. 

  

	 	(b)	 Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event, not later
than one Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer such number of Advance Shares to be purchased by the Investor (as set forth in the Settlement Document) by crediting the
Investor’s account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit
notification to the Investor that such share transfer has been requested. Promptly upon receipt of such notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Settlement Document) in cash
in immediately available funds to an account designated by the Company in writing and transmit notification to the Company that such funds transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be rounded
to the next higher whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement covering the resale of such
Common Shares (it being understood and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares pursuant to the Plan of Distribution set forth in the Prospectus included in the
Registration Statement and otherwise in compliance with the requirements of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption). 

 

	 	(c)	 On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents,
instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated herein. 

 

	 	(d)	 Notwithstanding anything to the contrary in this Agreement, if on any day during the Pricing Period
(i) the Company notifies Investor that a Material Outside Event has occurred, or (ii) the Company notifies the Investor of a Black Out Period, the parties agree that the pending Advance shall end and the final number of Advance Shares to
be purchased by the Investor at the Closing for such Advance shall be equal to the number of Common Shares sold by the Investor during the applicable Pricing Period prior to the notification from the Company of a Material Outside Event or Black Out
Period. 

  
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 Section 2.03 Hardship. 
  

	 	(a)	 In the event the Investor sells Common Shares after receipt of an Advance Notice and the Company fails to
perform its obligations as mandated in Section 2.02, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Investor is entitled at
law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with
such default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Investor shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement
and to specifically enforce (subject to Applicable Laws and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement. 

 

	 	(b)	 In the event the Company provides an Advance Notice and the Investor fails to perform its obligations as
mandated in Section 2.02, the Investor agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Company is entitled at law or in equity,
including, without limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the
Investor and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Company shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically
enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement. 

Section 2.04 Completion of Resale Pursuant to the Registration Statement. After the Investor has purchased the full Commitment Amount and has
completed the subsequent resale of the full Commitment Amount pursuant to the Registration Statement, Investor will notify the Company in writing (which may be by e-mail) that all subsequent resales are
completed and the Company will be under no further obligation to maintain the effectiveness of the Registration Statement. 
 Section 2.05 Pre-Advance Loans. Subject to the mutual consent of the parties, from time to time, the Company may request, and the Investor shall provide, a pre-advance loan in the
principal amount not to exceed $10,000,000, pursuant to a promissory note to be issued by the Company, on terms and conditions to be agreed by the parties. 

Article III. Representations and Warranties of Investor 

The Investor represents and warrants to the Company, as of the date hereof, as of each Advance Notice Date and each Advance Date that: 

Section 3.01 Organization and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman
Islands and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to purchase or acquire Shares in accordance with the terms hereof. The decision to invest and the execution and delivery
of this Agreement by the Investor, the performance by the Investor of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby have 

  
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been duly authorized and require no further consent or authorization by the Investor or its sole member. The undersigned has the right, power and authority to execute and deliver this Agreement
and all other instruments on behalf of the Investor or its shareholders. This Agreement has been duly executed and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company, will constitute the
legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms. 
 Section 3.02 Evaluation of
Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company
and of protecting its interests in connection with the transactions contemplated hereby. The Investor acknowledges and agrees that its investment in the Company involves a high degree of risk, and that the Investor may lose all or a part of its
investment. 
 Section 3.03 No Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review
this Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or
any of the Company’s representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common Shares hereunder, the transactions contemplated by this Agreement or the laws of any
jurisdiction, and the Investor acknowledges that the Investor may lose all or a part of its investment. 
 Section 3.04 Investment Purpose. The
Investor is acquiring the Common Shares for its own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, in violation of the Securities Act or any applicable state
securities laws; provided, however, that by making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves
the right to dispose of the Shares at any time in accordance with, or pursuant to, a Registration Statement filed pursuant to this Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or
understanding, directly or indirectly, with any Person to sell or distribute any of the Shares. The Investor acknowledges that it will be disclosed as an “underwriter” and a “selling stockholder” in each Registration Statement
and in any Prospectus contained therein to the extent required by applicable law and to the extent the Prospectus is related to the resale of Registrable Securities. 

Section 3.05 Accredited Investor. The Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of
Regulation D. 
 Section 3.06 Information. The Investor and its advisors (and its counsel), if any, have been furnished with all materials
relating to the business, finances and operations of the Company and information the Investor deemed material to making an informed investment decision which have been requested by the Investor. The Investor and its advisors (and its counsel), if
any, have been afforded the opportunity to ask questions of the Company and its management and have received answers to such questions. Neither such inquiries nor any other due diligence investigations

  
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conducted by such Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations
and warranties contained in this Agreement. Notwithstanding Section 3.02 and Section 3.03, the Investor acknowledges and agrees (i) that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not
relied upon, any representations and warranties of the Company, its employees or any third party other than the representations and warranties of the Company contained in this Agreement, (ii) the Investor understands that its investment
involves a high degree of risk, and (iii) the Investor has sought such accounting, legal and tax advice, as it has considered necessary to make an informed investment decision with respect to the transactions contemplated hereby. 

Section 3.07 Not an Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with the Company or any “Affiliate” of the Company (as that term is defined in Rule 405 promulgated under the Securities Act). During the Commitment Period,
the Investor will not acquire for its own account any Common Shares or securities exercisable for or convertible into Common Shares, other than pursuant to this Agreement or pursuant to any transaction entered into directly with the Company. 

Section 3.08 No Prior Short Sales. At no time prior to the date of this Agreement has the Investor, its sole member, any of their respective
officers, or any entity managed or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own principal account, any (i) “short sale” (as such term is defined in
Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares that remains in effect as of the date of this Agreement. 

Section 3.09 General Solicitation. Neither the Investor, nor any of its affiliates, nor any person acting on its or their behalf, has engaged or
will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Common Shares by the Investor. 

Section 3.10 No Conflicts. The execution, delivery and performance by the Investor of this Agreement and the consummation by the Investor of the
transactions contemplated hereby do not and shall not (i) result in a violation of such Investor’s applicable organizational instruments, (ii) conflict with, constitute a default (or an event which, with notice or lapse of time or
both, would become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to
which the Investor is a party or is bound, or (iii) result in a violation of any federal, state, local or foreign statute, rule, or regulation, or any order, judgment or decree of any court or governmental agency applicable to the Investor or
by which any of its properties or assets are bound or affected, except, in the case of clauses (ii) and (iii), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in
the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform its obligations under this Agreement. 

  
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 Section 3.11 Reliance on Exemptions. The Investor understands that the Shares are being offered
and sold to it in reliance on specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Investor’s compliance with, the
representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the Shares. 

Section 3.12 No Governmental Review. The Investor understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares nor have such authorities passes upon or endorsed the merits of the offering of the Shares. 

Section 3.13 Resale of Shares. The Investor represents, warrants and covenants that it will resell such Shares only pursuant to a Registration
Statement in which the resale of such Advance Shares is registered under the Securities Act, in a manner described under the caption “Plan of Distribution” in such Registration Statement, and in a manner in compliance with all applicable
U.S. federal and state securities laws, rules and regulations, including, without limitation, any applicable prospectus delivery requirements of the Securities Act. 

Article IV. Representations and Warranties of the Company 

Except as set forth in the SEC Documents, the Company represents and warrants to the Investor that, upon the closing of the Business
Combination and each Advance Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct as written as of such certain date): 

Section 4.01 Organization and Qualification. Each of the Company and its Subsidiaries is an entity duly organized and validly existing under the
laws of their respective jurisdiction of organization, and has the requisite power and authority to own its properties and to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and
is in good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not
have a Material Adverse Effect. 
 Section 4.02 Authorization, Enforcement, Compliance with Other Instruments. The Company has the requisite
corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance with the terms hereof and thereof. The execution and delivery by the Company of
this Agreement and the other Transaction Documents, and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) have been or (with respect to
consummation) will be duly authorized by the Company’s board of directors and no further consent or authorization will be required by the Company, its board of directors or its shareholders. This Agreement and the other Transaction Documents to
which the Company is a party have been (or, when executed and delivered, will be) duly executed 

  
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and delivered by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when duly executed and delivered, will be) the legal, valid and
binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or other laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities
law. “Transaction Documents” means, collectively, this Agreement and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and
thereby, as may be amended from time to time. 
 Section 4.03 Authorization of the Shares. The Shares to be issued under this Agreement have
been, or with respect to Shares to be purchased by the Investor pursuant to an Advance Notice, will be, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a
duly authorized executive committee, against payment therefor as provided herein, duly and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including
any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform to the description thereof
set forth in or incorporated into the Prospectus. 
 Section 4.04 No Conflict. The execution, delivery and performance of the Transaction
Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not (i) result in a violation of the articles of
incorporation or other organizational documents of the Company or its Subsidiaries (with respect to consummation, as the same may be amended prior to the date on which any of the transactions contemplated hereby are consummated), (ii) conflict with,
or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or its Subsidiaries or by
which any property or asset of the Company or its Subsidiaries is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material Adverse Effect. 

Section 4.05 SEC Documents; Financial Statements. The Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the Exchange Act for the two years preceding the date hereof (or such
shorter period as the Company was required by law or regulation to file such material) (all of the foregoing filed within two years preceding the date hereof or amended after the date hereof, or filed after the date of such representation, and all
exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements filed by the Company under the Securities Act (including any Registration Statements filed
hereunder), 

  
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being hereinafter referred to as the “SEC Documents”). The Company has delivered or made available to the Investor through the SEC’s website at http://www.sec.gov, true and
complete copies of the SEC Documents, as applicable. As of their respective dates (or, with respect to any filing that has been amended or superseded, the date of such amendment or superseding filing), the SEC Documents complied in all material
respects with the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and did not contain any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

Section 4.06 Financial Statements. The consolidated financial statements of the Company included or incorporated by reference in the SEC
Documents, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash
flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with generally accepted accounting principles
in the United States (“GAAP”) applied on a consistent basis (except for (i) such adjustments to accounting standards and practices as are noted therein, (ii) in the case of unaudited interim financial statements, to the extent
such financial statements may not include footnotes required by GAAP or may be condensed or summary statements and (iii) such adjustments which are not material, either individually or in the aggregate) during the periods involved; the other
financial and statistical data with respect to the Company and the Subsidiaries contained or incorporated by reference in the SEC Documents are accurately and fairly presented and prepared on a basis consistent with the financial statements and
books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the SEC Documents that are not included or incorporated by reference as required; the
Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the SEC Documents (excluding the exhibits
thereto); and all disclosures contained or incorporated by reference in the SEC Documents regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the
Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business
Reporting Language included or incorporated by reference in the SEC Documents fairly presents the information called for in all material respects and has been prepared in accordance with the SEC’s rules and guidelines applicable thereto. 

Section 4.07 Registration Statement and Prospectus. Each Registration Statement and the offer and sale of Shares as contemplated hereby will meet
the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in a Registration Statement or a Prospectus, or
to be filed as exhibits to a Registration Statement have been so described or filed. Copies of each Registration Statement, any Prospectus, and any such amendments or supplements thereto and all documents incorporated by reference therein that were
filed with the Commission 

  
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on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Investor and its counsel. The Company has not distributed and, prior to the later to occur of
each Settlement Date and completion of the distribution of the Shares, will not distribute any offering material in connection with the offering or sale of the Shares other than a Registration Statement and the Prospectus to which the Investor has
consented. 
 Section 4.08 No Misstatement or Omission. Each Registration Statement, when it became or becomes effective, and any Prospectus, on
the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Advance Date, the Registration Statement and the Prospectus, each as of such date, will
conform in all material respects with the requirements of the Securities Act. Each Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. Each Prospectus did not, or will not, include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in a Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not,
when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which
they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by the Investor specifically for use in the
preparation thereof. 
 Section 4.09 Conformity with Securities Act and Exchange Act. Each Registration Statement, each Prospectus, or any
amendment or supplement thereto, and the documents incorporated by reference in each Registration Statement, Prospectus or any amendment or supplement thereto, when such documents were or are filed with the SEC under the Securities Act or the
Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

Section 4.10 Equity Capitalization. On the date of the closing of the Business Combination, the authorized share capital of the Company shall be
provided to the Investor as a supplement hereto prior to the completion of the Effective Date. Upon the closing of the Business Combination, the Common Shares will be registered pursuant to Section 12(b) of the Exchange Act and will be listed
on a Principal Market under the trading symbol “AAGR.” The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act or delisting the Common Shares
from the Principal Market, nor has the Company received any notification that the Commission or the Principal Market is contemplating terminating such registration or listing. To the Company’s knowledge, it will be in compliance with all
applicable listing requirements of the Principal Market upon the closing of the Business Combination. 

  
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 Section 4.11 Intellectual Property Rights. The Company and its Subsidiaries own or possess
adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and
rights, if any, necessary to conduct their respective businesses as now conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice of any infringement by the Company or its
Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, or trade secrets, except as would not cause a Material Adverse Effect. To the knowledge
of the Company, there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention,
copyright, license, service names, service marks, service mark registrations, trade secret or other infringement except as would not cause a Material Adverse Effect. 

Section 4.12 Employee Relations. Neither the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the
Company or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect. 

Section 4.13 Environmental Laws. To the Company’s knowledge, the Company and its Subsidiaries (i) have not received written notice
alleging any failure to comply in all material respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses and (iii) have not received written notice alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply
would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws relating to pollution or protection of human health
or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated
or approved thereunder. 
 Section 4.14 Title. Except as would not cause a Material Adverse Effect, the Company (or its Subsidiaries) has
indefeasible fee simple or leasehold title to its properties and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than such as are not material to the business of the
Company. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and
proposed to be made of such property and buildings by the Company and its Subsidiaries. 

  
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 Section 4.15 Insurance. The Company and each of its Subsidiaries are insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. The Company has no
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a
Material Adverse Effect. 
 Section 4.16 Regulatory Permits. Except as would not cause a Material Adverse Effect, the Company and its
Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective businesses, and neither the Company nor any such Subsidiary has
received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permits. 

Section 4.17 Internal Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and management is not aware of any material weaknesses that are not disclosed in the SEC Documents as and when required. 

Section 4.18 Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the Company’s Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.

 Section 4.19 Subsidiaries. The Company does not presently own or control, directly or indirectly, any interest in any other corporation,
partnership, association or other business entity. 
 Section 4.20 Tax Status. Each of the Company and its Subsidiaries (i) has timely made
or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid all taxes and other governmental assessments and charges that are
material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. The Company has not received written notification of any unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the
officers of the Company and its Subsidiaries know of no basis for any such claim where failure to pay would cause a Material Adverse Effect. 

  
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 Section 4.21 Certain Transactions. Except as not required to be disclosed pursuant to Applicable
Laws, none of the officers or directors of the Company is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer or director, or to the knowledge of the Company, any corporation, partnership, trust or other
entity in which any officer or director has a substantial interest or is an officer, director, trustee or partner. 
 Section 4.22 Rights of First
Refusal. The Company is not obligated to offer the Common Shares offered hereunder on a right of first refusal basis to any third parties including, but not limited to, current or former shareholders of the Company, underwriters, brokers, agents
or other third parties. 
 Section 4.23 Dilution. The Company is aware and acknowledges that issuance of Common Shares hereunder could cause
dilution to existing shareholders and could significantly increase the outstanding number of Common Shares. 
 Section 4.24 Acknowledgment Regarding
Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder.
The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereunder and any advice given by the
Investor or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder. The Company is aware and acknowledges that
it shall not be able to request Advances under this Agreement if a Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate any rules of the Principal Market. The Company acknowledges and
agrees that it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement. 

Section 4.25 Finder’s Fees. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage
commissions or similar payments in connection with the transactions herein contemplated.
 Section 4.26 Relationship of the Parties. Neither the
Company, nor any of its Subsidiaries, affiliates, or, to the Company’s knowledge, any person acting on its or their behalf is a client or customer of the Investor or any of its affiliates and neither the Investor nor any of its affiliates has
provided, or will provide, any services to the Company or any of its affiliates, its subsidiaries, or any person acting on its or their behalf. The Investor’s relationship to Company is solely as investor as provided for in the Transaction
Documents.
 Section 4.27 

  
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 Section 4.28 Compliance with Laws. The Company and each of its Subsidiaries are in compliance
with Applicable Laws; the Company has not received a notice of non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that any director, officer, or employee of the Company or any
Subsidiary nor, to the Company’s knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has, has not complied with Applicable Laws, or could give rise to a notice of
non-compliance with Applicable Laws, and is not aware of any pending change or contemplated change to any applicable law or regulation or governmental position; in each case that would have a Material Adverse
Effect. 
 Section 4.29 Sanctions Matters. Neither the Company nor any of its Subsidiaries or, to the knowledge of the Company, any director,
officer or controlled affiliate of the Company or, to the knowledge of the Company, any director or officer of any Subsidiary, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions administered or
enforced by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including,
without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions Evaders List or other relevant sanctions authority (collectively, “Sanctions”), or
(ii) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including, without limitation, the Crimea region, the Donetsk People’s Republic
and Luhansk People’s Republic in Ukraine, Cuba, Iran, North Korea, Russia, Sudan and Syria (the “Sanctioned Countries”)). Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds from the
sale of Advance Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (a) for the purpose of funding or facilitating any activities or business of or with any Person or in
any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or (b) in any other manner that will result in a violation of Sanctions or Applicable Laws by any Person
(including any Person participating in the transactions contemplated by this Agreement, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries has engaged in, and is now not
engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country. Neither the Company nor any of its Subsidiaries
nor, to the knowledge of the Company, any director, officer or controlled affiliate of the Company or any of its Subsidiaries, has ever had funds blocked by a United States bank or financial institution, temporarily or otherwise, as a result of OFAC
concerns. 

  
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 Article V. Indemnification 

The Investor and the Company represent to the other the following with respect to itself: 

Section 5.01 Indemnification by the Company. In consideration of the Investor’s execution and delivery of this Agreement and acquiring the
Shares hereunder, and in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the Investor and its investment manager, Yorkville Advisors Global, LP, and each of
their respective officers, directors, managers, members, partners, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs,
penalties, fees, liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party to the action for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of
or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of the Investor specifically for inclusion therein; (b) any material misrepresentation or breach of any material representation or material warranty made by the Company in this Agreement or
any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate,
instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable under Applicable Law, the Company shall make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities, which is permissible under Applicable Law. 
 Section 5.02 Indemnification by the Investor. In consideration of the
Company’s execution and delivery of this Agreement, and in addition to all of the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the Company and all of its officers,
directors, shareholders, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising out
of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf of the Investor specifically for inclusion in the documents referred to in the foregoing
indemnity, and will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue 

  
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statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Investor by or on behalf of the
Company specifically for inclusion therein; (b) any misrepresentation or breach of any representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby or thereby executed by the Investor; or
(c) any breach of any covenant, agreement or obligation of the Investor contained in this Agreement or any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To the extent that the foregoing
undertaking by the Investor may be unenforceable under Applicable Laws, the Investor shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Laws. 

Section 5.03 Notice of Claim. Promptly after receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company Indemnitee, as applicable, shall, if a claim for an Indemnified Liability in respect thereof is to be made
against any indemnifying party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but the failure to so notify the indemnifying party will not relieve it of liability under this Article V except to
the extent the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume control of the defense thereof with counsel mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company Indemnitee
shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee or Company Indemnitee to be paid by the indemnifying party, if, in the reasonable
opinion of counsel retained by the indemnifying party, the representation by such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be inappropriate due to actual or potential differing interests between such
Investor Indemnitee or Company Indemnitee and any other party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with the indemnifying party in connection with any negotiation or
defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Investor Indemnitee or Company Indemnitee which relates to such action or claim. The indemnifying
party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Investor
Indemnitee or Company Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or
Company Indemnitee of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification required by this Article V shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received and payment therefor is due. 

  
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 Section 5.04 Remedies. The remedies provided for in this Article V are not exclusive and shall
not limit any right or remedy which may be available to any indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article V shall survive expiration or termination of this Agreement. 

Section 5.05 Limitation of liability. Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive,
indirect, incidental or consequential damages. 
 Article VI. 

Covenants 
 The Company covenants with the
Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Commitment Period: 

Section 6.01 Registration Statement. 
  

	 	(a)	 Filing of a Registration Statement. The Company shall prepare and file with the SEC a Registration
Statement, or multiple Registration Statements for the resale by the Investor of the Registrable Securities. The Company in its sole discretion may choose when to file such Registration Statements; provided, however, that the Company shall
not have the ability to request any Advances until the effectiveness of a Registration Statement. 

  

	 	(b)	 Maintaining a Registration Statement. The Company shall maintain the effectiveness of any Registration
Statement that has been declared effective at all times during the Commitment Period, provided, however, that if the Company has received notification pursuant to Section 2.04 that the Investor has completed resales pursuant to the Registration
Statement for the full Commitment Amount, then the Company shall be under no further obligation to maintain the effectiveness of the Registration Statement. Notwithstanding anything to the contrary contained in this Agreement, the Company shall
ensure that, when filed, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such
Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the
circumstances in which they were made) not misleading. During the Commitment Period, the Company shall notify the Investor promptly if (i) the Registration Statement shall cease to be effective under the Securities Act, (ii) the Common
Shares shall cease to be authorized for listing on the Principal Market, (iii) the Common Shares cease to be registered under Section 12(b) or Section 12(g) of the Exchange Act or (iv) the Company fails to file in a timely manner
all reports and other documents required of it as a reporting company under the Exchange Act. 

  
 - 24 - 

	 	(c)	 Filing Procedures. The Company shall (A) permit counsel to the Investor an opportunity to review
and comment upon (i) each Registration Statement at least three (3) Trading Days prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without limitation, the Prospectus
contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K, and any similar or successor reports or Prospectus Supplements the contents of which is limited to that set forth in such reports) within a reasonable number of days prior to their filing
with the SEC, and (B) shall reasonably consider any comments of the Investor and its counsel on any such Registration Statement or amendment or supplement thereto or to any Prospectus contained therein. The Company shall promptly furnish to the
Investor, without charge, (i) electronic copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall be redacted to exclude any material, non-public information regarding the Company or any of its Subsidiaries), (ii) after the same is prepared and filed with the SEC, one (1) electronic copy of each Registration Statement and
any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor, and all exhibits and (iii) upon the effectiveness of
each Registration Statement, one (1) electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto; provided, however, the Company shall not be required to furnish any document to the
extent such document is available on EDGAR). 

  

	 	(d)	 Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under
the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Commitment Period, and prepare and file with the SEC such additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities; (ii) cause the related prospectus to be amended or supplemented by any required prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed
pursuant to Rule 424 promulgated under the Securities Act; (iii) provide the Investor copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein
which would constitute material, non-public information, and (iv) comply with the provisions of the Securities Act with respect to the Registration Statement. In the case of amendments and supplements to
a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 6.01(d) by reason of the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous report under the Exchange Act, the Company shall file such report in a prospectus supplement filed pursuant to Rule 424 promulgated under
the Securities Act to incorporate such filing into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC either on the day on which the Exchange Act report is filed which created the requirement for the
Company to amend or supplement the Registration Statement, if feasible, or otherwise promptly thereafter. 

  
 - 25 - 

	 	(e)	 Blue-Sky. The Company shall use its commercially
reasonable efforts to, if required by Applicable Laws, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the
Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof
during the Commitment Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take all other actions reasonably necessary or
advisable to qualify the Common Shares for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its articles of incorporation or bylaws
or any other organizational documents of the Company or any of its Subsidiaries, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.01, (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with respect to the suspension of
the registration or qualification of any of the Common Shares for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such
purpose. 

 Section 6.02 Suspension of Registration Statement. 

 

	 	(a)	 Establishment of a Black Out Period. During the Commitment Period, the Company from time to time may
suspend the use of the Registration Statement by written notice to the Investor in the event that the Company determines in its sole discretion in good faith that such suspension is necessary to (A) delay the disclosure of material, non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the
Registration Statement or Prospectus so that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (a “Black Out Period”). 

  

	 	(b)	 No Sales by Investor During the Black Out Period. During such Black Out Period, the Investor agrees not
to sell any Common Shares of the Company pursuant to such Registration Statement, but may sell shares pursuant to an exemption from registration, if available, subject to the Investor’s compliance with Applicable Laws. 

  
 - 26 - 

	 	(c)	 Limitations on the Black Out Period. The Company shall not impose any Black Out Period that is longer
than 30 days or in a manner that is more restrictive (including, without limitation, as to duration) than the comparable restrictions that the Company may impose on transfers of the Company’s equity securities by its directors and senior
executive officers. In addition, the Company shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, non-public information is made during a Black Out
Period, the Black Out Period shall terminate immediately after such announcement, and the Company shall immediately notify the Investor of the termination of the Black Out Period. 

Section 6.03 Listing of Common Shares. As of each Advance Date, the Shares to be sold by the Company from time to time hereunder will have been
registered under Section 12(b) of the Exchange Act and approved for listing on the Principal Market, subject to official notice of issuance. 

Section 6.04 Opinion of Counsel. Prior to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received an
opinion letter from counsel to the Company in form and substance reasonably satisfactory to the Investor. 
 Section 6.05 Exchange Act
Registration. The Company will file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or
the rules thereunder) to terminate or suspend its reporting and filing obligations under the Exchange Act. 
 Section 6.06 Transfer Agent
Instructions. During the Commitment Period (or such shorter time as permitted by Section [2.04] of this Agreement) and subject to Applicable Laws, the Company shall cause (including, if necessary, by causing legal counsel for the Company to
deliver an opinion) the transfer agent for the Common Shares to remove restrictive legends from Common Shares purchased by the Investor pursuant to this Agreement, provided that counsel for the Company shall have been furnished with such documents
as they may require for the purpose of enabling them to render the opinions or make the statements requested by the transfer agent, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the
covenants, obligations or conditions, contained herein. 
 Section 6.07 Corporate Existence. The Company will use commercially reasonable
efforts to preserve and continue the corporate existence of the Company during the Commitment Period. 
 Section 6.08 Notice of Certain Events
Affecting Registration; Suspension of Right to Make an Advance. During the Commitment Period, the Company will promptly notify the Investor, and confirm in writing, upon its becoming aware of the occurrence of any of the following events in
respect of a Registration Statement or related Prospectus relating to an offering of the Common Shares (in each of which cases the information provided to Investor will be kept strictly confidential): (i) except for requests made in connection with
SEC investigations disclosed in the SEC Documents, receipt of any request for additional information by the SEC or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement or

  
 - 27 - 

 
any request for amendments or supplements to the Registration Statement or related Prospectus; (ii) the issuance by the SEC or any other Federal governmental authority of any stop order
suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with respect to the suspension of the qualification or exemption from qualification of any of
the Common Shares for sale in any jurisdiction or the initiation or written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement made in the Registration Statement or related Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the related Prospectus, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or
of the necessity to amend the Registration Statement or supplement a related Prospectus to comply with the Securities Act or any other law (and the Company will promptly make available to the Investor any such supplement or amendment to the related
Prospectus); (v) the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be required under Applicable Law; (vi) the Common Shares shall cease to be authorized for listing on the Principal
Market; or (vii) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act. The Company shall not deliver to the Investor any Advance Notice, and the Company shall
not sell any Shares pursuant to any pending Advance Notice (other than as required pursuant to Section 2.02(d)), during the continuation of any of the foregoing events (each of the events described in the immediately preceding clauses
(i) through (vii), inclusive, a “Material Outside Event”). 
 Section 6.09 Consolidation. If an Advance Notice has been
delivered to the Investor, then the Company shall not effect any consolidation of the Company with or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated in such Advance
Notice has been closed in accordance with Section 2.02 hereof, and all Shares in connection with such Advance have been received by the Investor. 

Section 6.10 Issuance of the Company’s Common Shares. The issuance and sale of the Common Shares hereunder shall be made in accordance with
the provisions and requirements of Section 4(a)(2) of the Securities Act and any applicable state securities law. 
 Section 6.11 Expenses.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the
preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant
to this Agreement, (iii) all fees and disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees and disbursements of Investor’s counsel, accountants and other advisors), (iv)
the qualification of the 

  
 - 28 - 

 
Shares under securities laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the printing and delivery of copies of any prospectus and
any amendments or supplements thereto requested by the Investor, (vi) the fees and expenses incurred in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of the SEC and the
Principal Market. 
 Section 6.12 Current Report. The Company shall, not later than 5:30 p.m., New York City time, on the fourth business day
after the date of this Agreement, file with the SEC a Current Report on Form 8-K disclosing the execution of this Agreement by the Company and the Investor (including any exhibits thereto, the
“Current Report”). The Company shall provide the Investor and its legal counsel a reasonable opportunity to comment on any description of this Agreement contained in a draft of the Current Report, including any exhibit to be filed
related thereto, as applicable, prior to filing the Current Report with the SEC and shall give due consideration to all such comments. From and after the filing of the Current Report with the SEC, the Company shall have publicly disclosed all
material, non-public information delivered to the Investor (or the Investor’s representatives or agents) by the Company or any of its Subsidiaries, or any of their respective officers, directors,
employees, agents or representatives (if any) in connection with the transactions contemplated by the Transaction Documents. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective
officers, directors, employees and agents not to, provide the Investor with any material, non-public information regarding the Company or any of its Subsidiaries without the express prior written consent of
the Investor (which may be granted or withheld in the Investor’s sole discretion); it being understood that the mere notification of Investor required pursuant to Section 6.08(iv) hereof shall not in and of itself be deemed to be material,
non-public information. Notwithstanding anything contained in this Agreement to the contrary, the Company expressly agrees that it shall publicly disclose in the Current Report or otherwise make publicly
available any information communicated to the Investor by or, to the knowledge of the Company, on behalf of the Company in connection with the transactions contemplated herein, which, following the date hereof would, if not so disclosed, constitute
material, non-public information regarding the Company or its Subsidiaries. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting resales of Shares
under a Registration Statement. 
 Section 6.13 Advance Notice Limitation. The Company shall not deliver an Advance Notice if a stockholder
meeting or corporate action date, or the record date for any stockholder meeting or any corporate action, would fall during the period beginning two (2) Trading Days prior to the date of delivery of such Advance Notice and ending two
(2) Trading Days following the Closing of such Advance. 
 Section 6.14 Use of Proceeds. The proceeds from the sale of the Shares by the
Company to Investor shall be used by the Company in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to this
Agreement. 
 Section 6.15 Compliance with Laws. The Company shall comply in all material respects with all Applicable Laws. 

  
 - 29 - 

 Section 6.16 Market Activities. Neither the Company, nor any Subsidiary, nor any of their
respective officers, directors or controlling persons will, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute or result, in the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of Common Shares or (ii) sell, bid for, or purchase Common Shares in violation of Regulation M, or pay anyone any compensation for soliciting purchases of
the Shares. 
 Section 6.17 Trading Information. Upon the Company’s request, the Investor agrees to provide the Company with trading
reports setting forth the number and average sales prices of shares of Common Stock sold by the Investor during the prior trading week. 
 Section 6.18
Selling Restrictions. (i) Except as expressly set forth below, the Investor covenants that from and after the date hereof through and including the Trading Day next following the expiration or termination of this Agreement as provided in
Section 11.01 (the “Restricted Period”), none of the Investor any of its officers, or any entity managed or controlled by the Investor (collectively, the “Restricted Persons” and each of the foregoing is
referred to herein as a “Restricted Person”) shall, directly or indirectly, (i) engage in any “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or
(ii) engage in any hedging transaction, which establishes a net short position with respect to any securities of the Company (including the Common Shares), with respect to each of clauses (i) and (ii) hereof, either for its own principal
account or for the principal account of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit
any Restricted Person during the Restricted Period from: (1) selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of Common Shares equal to the number of Advance Shares
that such Restricted Person is unconditionally obligated to purchase under a pending Advance Notice but has not yet received from the Company or the transfer agent pursuant to this Agreement. 

Section 6.19 Assignment. Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person. 

Article VII. 
 Conditions
for Delivery of Advance Notice 
 Section 7.01 Conditions Precedent to the Right of the Company to Deliver an Advance Notice. The right of
the Company to deliver an Advance Notice and the obligations of the Investor hereunder with respect to an Advance are subject to the satisfaction or waiver, on each Advance Notice Date (a “Condition Satisfaction Date”), of each of
the following conditions: 
  

	 	(a)	 Accuracy of the Company’s Representations and Warranties. The representations and
warranties of the Company in this Agreement shall be true and correct in all material respects. 

  
 - 30 - 

	 	(b)	 Registration of the Common Shares with the SEC. There is an effective Registration Statement pursuant to
which the Investor is permitted to utilize the prospectus thereunder to resell all of the Common Shares issuable pursuant to such Advance Notice. 

  

	 	(c)	 Authority. The Company shall have obtained all permits and qualifications required by any applicable
state for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability of exemptions therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and
regulations to which the Company is subject. 

  

	 	(d)	 No Material Outside Event. No Material Outside Event shall have occurred and be continuing.

  

	 	(e)	 Performance by the Company. The Company shall have performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the applicable Condition Satisfaction Date. 

 

	 	(f)	 No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement.

  

	 	(g)	 No Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted for trading on
the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading on the Principal Market. The issuance of Common Shares with respect to the applicable Advance Notice will not violate the
shareholder approval requirements of the Principal Market. The Company shall not have received any written notice that is then still pending threatening the continued quotation of the Common Shares on the Principal Market. 

 

	 	(h)	 Authorized. There shall be a sufficient number of authorized but unissued and otherwise unreserved
Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice. 

  

	 	(i)	 Executed Advance Notice. The representations contained in the applicable Advance Notice shall be true
and correct in all material respects as of the applicable Condition Satisfaction Date. 

  

	 	(j)	 Consecutive Advance Notices. Except with respect to the first Advance Notice, the Company shall have
delivered all Shares relating to all prior Advances. 

  
 - 31 - 

 Article VIII. 

Non Exclusive Agreement 

Notwithstanding anything contained herein, this Agreement and the rights awarded to the Investor hereunder are
non-exclusive, and the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or convertible notes,
bonds, debentures, options to acquire shares or other securities and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew and/or recycle any bonds and/or debentures,
and/or grant any rights with respect to its existing and/or future share capital. 
 Article IX. 

Choice of Law/Jurisdiction 

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of
conflict of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the
United States District Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant to this Agreement. 

Article X. Termination 

Section 10.01 Termination. 
  

	 	(a)	 Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest
of (i) the first day of the month next following the 36-month anniversary of the Effective Date, (ii) the date on which the Investor shall have made payment of Advances pursuant to this Agreement for
Common Shares equal to the Commitment Amount, (iii) the termination of the Business Combination Agreement. 

  

	 	(b)	 The Company may terminate this Agreement effective upon five Trading Days’ prior written notice to the
Investor; provided that (i) there are no outstanding Advance Notices, the Common Shares under which have yet to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may be
terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent. 

 

	 	(c)	 Nothing in this Section 11.01 shall be deemed to release the Company or the Investor from any liability
for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement. Section 12.06 and the indemnification provisions contained
in Article V shall survive termination hereunder. 

  
 - 32 - 

	 	(d)	 Notwithstanding anything to the contrary in this Agreement, no obligation, including the obligation to issue to
the Investor the Commitment Shares, shall arise until the consummation of the Business Combination. If the Business Combination Agreement is terminated, other than in connection with the consummation of the Business Combination, then this Agreement
shall be terminated and of no further effect, without any liability of any party hereunder. 

 Article XI. Notices

 Other than with respect to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in
Section 2.01(b), any notices, consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by e-mail if sent on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) five (5) calendar days after being sent
by U.S. certified mail, return receipt requested, (iv) one (1) calendar day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such
communications (except for Advance Notices which shall be delivered in accordance with Exhibit A hereof) shall be: 
  

			
	If to the Company prior to the consummation of the Business Combination, to:	  	10X Capital Venture Acquisition Corp. II
		  	Attention: Hans Thomas
		  	 Telephone: (212) 257-0069

Email: hans@10xcapital.com

		
	 With a Copy (which shall not
 constitute notice
or delivery of process) to:
	  	 Latham & Watkins (London) LLP
 99
Bishopsgate
 London, EC2M 3XF
 United Kingdom

Attention:         J. David Stewart

		  	Telephone:       +44.20.7710.3098
		  	Email:               j.david.stewart@lw.com
		
	If to the Company following the consummation of the Business Combination, to:	  	African Agriculture, Inc.
		  	445 Park Avenue, Ninth Floor
		  	New York, NY 1022
		  	 Attention:        Alan Kessler

		  	 Telephone:      (212)
745-1164

		  	
Email:              
ak@africanagriculture.com

  
 - 33 - 

			
	 With a Copy (which shall not
 constitute notice
or delivery of process) to:
	  	Morrison Cohen LLP
		  	909 Third Avenue
		  	27th Floor
		  	New York, NY 10022
		  	 Attention:        Jack Levy

        Anthony Saur

		  	 Telephone:      (212) 735-8764

        (212) 735-8834

		  	 Email: jlevy@morrisoncohen.com

asaur@morrisoncohen.com

		
	If to the Investor(s):	  	YA II PN, Ltd.
		  	1012 Springfield Avenue
		  	Mountainside, NJ 07092
		  	Attention:       Mark Angelo
		  	        Portfolio Manager

		  	Telephone:     (201) 985-8300
		  	Email: mangelo@yorkvilleadvisors.com
		
	 With a Copy (which shall not
 constitute notice
or delivery of process) to:
	  	 David Fine, Esq.
 1012 Springfield Avenue

Mountainside, NJ 07092

		  	Telephone:     (201) 985-8300
		  	Email:             legal@yorkvilleadvisors.com

 or at such other address and/or e-mail and/or to the attention of such other person as
the recipient party has specified by written notice given to each other party prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication,
(ii) electronically generated by the sender’s email service provider containing the time, date, and recipient email address or (iii) provided by a nationally recognized overnight delivery service shall be rebuttable evidence of
personal service in accordance with clause (i), (ii) or (iii) above, respectively. 

  
 - 34 - 

 Article XII. Miscellaneous 

Section 12.01 Counterparts. This Agreement may be executed in identical counterparts, both which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures (including any electronic signature covered by the U.S. federal ESIGN
Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), including by e-mail attachment, shall be deemed to have been
duly and validly delivered and be valid and effective for all purposes of this Agreement. 
 Section 12.02 Entire Agreement; Amendments. This
Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement contains the entire
understanding of the parties with respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters. No
provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this Agreement. 
 Section 12.03
Reporting Entity for the Common Shares. The reporting entity relied upon for the determination of the trading price or trading volume of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or
any successor thereto. The written mutual consent of the Investor and the Company shall be required to employ any other reporting entity. 

Section 12.04 Commitment and Structuring Fee. Each of the parties shall pay its own fees and expenses (including the fees of any attorneys,
accountants, appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that the Company shall pay to YA Global II SPV, LLC, a subsidiary of the Investor, a structuring fee in the
amount of $10,000 which shall be paid within five days from the date hereof, and, the Company shall pay to the Investor a commitment fee in the amount of $1,000,000, which shall be due and payable on the Effective Date. The Company, at its option,
may elect to satisfy its payment obligation by issuing such number of Common Shares to the Investor as is equal to the commitment fee divided by the average of the daily VWAP for the five consecutive Trading Days prior to the date such amount is due
(all such shares, the “Commitment Shares”). 
 Section 12.05 Brokerage. Each of the parties hereto represents that it has had
no dealings in connection with this transaction with any finder or broker who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other hand, agree to indemnify the other against
and hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with this Agreement
or the transactions contemplated hereby. 
 Section 12.06 Trust Fund Waiver. Notwithstanding anything else in this Agreement, the Investor
acknowledges that it has read the Company’s prospectus dated August 10, 2021, and understands that the Company has established a trust account at J.P. Morgan Chase Bank, N.A. (the “Trust Fund”) for the benefit of the
Company’s public shareholders and that the Company may disburse monies from the Trust Fund only (a) to the Company’s public shareholders in the event they elect 

  
 - 35 - 

 
to convert their ordinary shares into cash in accordance with the Company’s amended and restated memorandum and articles of association and/or the liquidation of the Company or (b) to
the Company after, or concurrently with, the consummation of a business combination. The Investor further acknowledges that, if the transactions contemplated by the Business Combination Agreement, or, upon termination of the Business Combination
Agreement, another business combination, are not consummated by May 13, 2023, or such later date as shall be set forth in an amendment to the Company’s amended and restated memorandum and articles of association for the purpose of
extending the date by which the Company must complete a business combination, the Company will be obligated to return to its shareholders the amounts being held in the Trust Fund. Accordingly, the Investor, on behalf of itself and its Affiliates,
hereby waives all rights, title, interest or claim of any kind against the Company to collect from the Trust Fund any monies that may be owed to them by the Company for any reason whatsoever, including but not limited to a breach of this Agreement
by the Company or any negotiations, agreements or understandings with the Company (whether in the past, present or future), and will not seek recourse against the Trust Fund at any time for any reason whatsoever. This paragraph will survive the
termination of this Agreement for any reason, but, notwithstanding anything set forth herein, will not limit the rights of the Company or its shareholders at or following the date of the closing of the Business Combination. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 36 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Standby Equity Purchase
Agreement to be executed by the undersigned, thereunto duly authorized, as of the date first set forth above. 
  

			
	COMPANY:
	10X CAPITAL VENTURE ACQUISITION CORP. II
		
	By:	 	 /s/ Hans Thomas

	Name: Hans Thomas
	Title:   Chairman and Chief Executive Officer

  

					
	INVESTOR:
	YA II PN, LTD.
		
	By:	 	Yorkville Advisors Global, LP
	Its:	 	Investment Manager
			
		 	By:	 	Yorkville Advisors Global II, LLC
		 	Its:	 	General Partner
			
		 	By:	 	 /s/ Matt Beckman

		 	Name:	 	Matt Beckman
		 	Title:	 	Member

  
 - 37 - 

 EXECUTION VERSION 

EXHIBIT A 
 ADVANCE
NOTICE 
 10X CAPITAL VENTURE ACQUISITION CORP. II 
  

			
	        Dated: ______________	  	Advance Notice Number: ____        

 The undersigned, _______________________, hereby certifies, with respect to the sale of Common Shares of
[African Agriculture Holdings Inc.] (the “Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Standby Equity Purchase Agreement, dated as of [____________] (the
“Agreement”), as follows (with capitalized terms used herein without definition having the same meanings as given to them in the Agreement): 

1. The undersigned is the duly elected ______________ of the Company. 

2. There are no fundamental changes to the information set forth in the Registration Statement which would require the Company to file a
post-effective amendment to the Registration Statement. 
 3. The Company has performed in all material respects all covenants and
agreements to be performed by the Company contained in this Agreement on or prior to the Advance Notice Date. All conditions to the delivery of this Advance Notice are satisfied as of the date hereof. 

4. The number of Advance Shares the Company is requesting is _____________________. 

5. The Pricing Period for this Advance shall be an [Option 1 Pricing Period]/[Option 2 Pricing Period] 

6. The Minimum Acceptable Price with respect to this Advance Notice is____________ (if left blank then no Minimum Acceptable Price will be
applicable to this Advance). [Only applicable for an Option 2 Pricing Period] 
 7. The number of Common Shares of the Company outstanding
as of the date hereof is ___________. 
 The undersigned has executed this Advance Notice as of the date first set forth above. 

 

			
	[African Agriculture Holdings Inc.]
	By:	 	  

 EXHIBIT B 

FORM OF SETTLEMENT DOCUMENT 
 VIA
EMAIL 
 [African Agriculture Holdings Inc.] Attn: 

Email: 
  

					
		  	Below please find the settlement information with respect to the Advance Notice Date of:	  	
			
	1.	  	Number of Common Shares requested in the Advance Notice	  	
			
	2.	  	Minimum Acceptable Price for this Advance (if any)	  	
			
	3.	  	Number of Excluded Days (if any)	  	
			
	4.	  	Adjusted Advance Amount (if applicable)	  	
			
	5.	  	Option [1] / [2] Market Price	  	
			
	6.	  	Purchase Price (applicable Market Price x 97%/96%) per share	  	
			
	7.	  	Number of Advance Shares due to the Investor	  	
			
	8.	  	Total Purchase Price due to Company (row 6 x row 7)	  	

 If there were any Excluded Days then add the following (see Section [2.01(d)] 

 

					
	9.	  	Number of Additional Shares to be issued to the Investor	  	
			
	10.	  	Additional amount to be paid to the Company by the Investor (Additional Shares in row 9 x Minimum Acceptable Price x 97%)	  	
			
	11.	  	Total Amount to be paid to the Company (Purchase Price in row 8 + additional amount in row 10)	  	
			
	12.	  	Total Advance Shares to be issued to the Investor (Advance Shares due to the Investor in row 7 + Additional Shares in row 9)	  	

 Please issue the number of Advance Shares due to the Investor to the account of the Investor as follows: 

INVESTOR’S DTC PARTICIPANT #: 
 ACCOUNT NAME:

 ACCOUNT NUMBER: 
 ADDRESS: 

CITY: 

  
 - 39 - 

COUNTRY:                 

CONTACT PERSON: 
 NUMBER AND/OR EMAIL: 

 

	
	Sincerely,
	
	YA II PN, LTD.

  

	
	Agreed and approved By: [African Agriculture Holdings Inc.]:
	
	  

	Name:
	Title:

  
 - 40 -EX-10.4

 Exhibit 10.4 

[Execution Version] 
  

			
	Date:	  	November 2, 2022
		
	To:	  	10X Capital Venture Acquisition Corp. II, a Cayman Islands exempted company (“10X II”) and African Agriculture, Inc., a Delaware corporation (“Target”).
		
	Address:	  	 1 World Trade Center, 85th Floor
 New York, New
York 10007

		
	From:	  	Vellar Opportunity Fund SPV LLC—Series 8 (“Seller”)
		
	Re:	  	OTC Equity Prepaid Forward Transaction

 The purpose of this agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction
(the “Transaction”) entered into between Seller, 10X II and Target on the Trade Date specified below. The term “Counterparty” refers to (a) 10X II until the Business Combination (as defined below), and whereby upon
the closing of the transactions contemplated by the Merger Agreement (defined below), where 10X AA Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of 10X II, will merge with and into Target with Target as the surviving entity as
a wholly-owned subsidiary of 10X II (the “Combined Company”) and (b) the Combined Company after the Business Combination. Certain terms of the Transaction shall be as set forth in this Confirmation, with additional terms
as set forth in a Pricing Date Notice (the “Pricing Date Notice”) in the form of Schedule A hereto. This Confirmation, together with the Pricing Date Notice(s), constitutes a “Confirmation” and the Transaction
constitutes a separate “Transaction” as referred to in the ISDA Form (as defined below). 
 This Confirmation, together with the Pricing Date
Notices, evidences a complete binding agreement between Seller, 10X II and Target as to the subject matter and terms of the Transaction to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral
communications with respect thereto. 
 The 2006 ISDA Definitions (the “Swap Definitions”) and the 2002 ISDA Equity Derivatives Definitions
(the “Equity Definitions”, and with the Swap Definitions, the “Definitions”), each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. If there is any
inconsistency between the Definitions and this Confirmation, this Confirmation governs. If, in relation to the Transaction to which this Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation (including the Pricing
Date Notice), the Swap Definitions and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) this Confirmation (including the Pricing Date Notice(s)); (ii) the Equity
Definitions; (iii) the Swap Definitions, and (iv) the ISDA Form. 
 This Confirmation, together with the Pricing Date Notice, shall supplement,
form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Seller, Target and Counterparty had executed an agreement in such form (but without any Schedule except as set
forth herein under “Schedule Provisions”) on the Trade Date of the Transaction. 
 The terms of the particular Transaction to which this
Confirmation relates are as follows: 
 General Terms 
  

			
	Type of Transaction:	  	Share Forward Transaction
		
	Trade Date:	  	November 2, 2022
		
	Pricing Date:	  	As specified in the Pricing Date Notice.
		
	Effective Date:	  	One (1) Settlement Cycle following the Pricing Date.

			
	Valuation Date:	  	The earliest to occur of (a) the third anniversary of the closing of the transactions between Counterparty and Target pursuant to an Agreement and Plan of Merger dated November 2, 2022, as may be entered into on or after
the date hereof (the “Merger Agreement”), by and among Counterparty, the Target and certain other parties thereto, to be reported on a Form 8-K filed by the Counterparty (the “Form 8-K”) (the “Business Combination”), and (b) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s discretion (not earlier than the day such
notice is effective) after the occurrence of any of a (x) Seller VWAP Trigger Event, (y) a Registration Failure or (z) a Delisting Event (in each case the “Maturity Date”).
		
	Seller VWAP Trigger Event	  	An event that occurs if the VWAP Price is at or below $3.00 per share for any 20 trading days (whether or not consecutive) during a 30 consecutive trading day-period following the closing of
the Business Combination.
		
	VWAP Price:	  	For any scheduled trading day, the Rule 10b-18 volume weighted average price per Share for such day as reported on the relevant Bloomberg Screen “[Counterparty] <Equity> AQR
SEC” (or any successor thereto), or if such price is not so reported on such trading day for any reason or is manifestly erroneous, the VWAP Price shall be as reasonably determined in good faith by the Calculation Agent.
		
	Dilutive Offering Reset	  	To the extent the Counterparty or the Target, after the closing of the Business Combination, sells, enters any agreement to sell or grants any right to reprice, or otherwise dispose of or issues (or announce any offer, sale, grant
or any option to purchase or other disposition) any Shares or any securities of the Counterparty or the Target or any of their respective subsidiaries which would entitle the holder thereof to acquire at any time Shares, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Shares, at an effective price per share
less than the then existing Reset Price then the Reset Price shall be modified to equal such reduced price.
		
	Reset Price	  	The Reset Price shall be adjusted on the first scheduled trading day of each month (each a “Reset Date”) commencing on the first calendar month following the closing of the Business Combination to be the lowest of
(a) the then-current Reset Price, (b) $10.00 and (c) the VWAP Price of the Shares of the last ten (10) trading days of the prior calendar month, but not lower than $6.00; provided that the Reset Price may be further reduced pursuant
to a Dilutive Offering Reset.
		
	Seller:	  	Seller.
		
	Buyer:	  	Counterparty.
		
	Shares:	  	Prior to the closing of the Business Combination, the ordinary shares, par value $0.0001 per share, of 10X II (Ticker: “VCXAU”) and, after the closing of the Business Combination, the shares of the Combined Company.
Seller will hold the Recycled Shares and the Additional Shares (together with the Recycled Shares, the “Subject Shares”) in a bankruptcy remote special purpose vehicle for the benefit of Counterparty.

  
 2 

			
	Number of Shares:	  	The sum of (a) the number of Recycled Shares and (b) the number of Additional Shares, as specified in the Pricing Date Notice(s), but in no event more than the Maximum Number of Shares. The Number of Shares is subject to
reduction only as described under “Optional Early Termination”.
		
	Maximum Number of Shares:	  	4,000,000 Shares; provided that the Maximum Number of Shares (a) will be automatically reduced to the number 10X II shares that are issued and outstanding as of 10X II’s redemption deadline and (b) may be increased to
10,000,000 Shares upon the mutual agreement of Counterparty and Seller.
		
	Initial Price:	  	The Per-Share Redemption Price (the “Redemption Price”) as defined in Section 49.5 of the Amended and Restated Memorandum and Articles of Association of Counterparty
dated as of August 10, 2021, as amended from time to time (the “Certificate of Incorporation”); provided that the Counterparty agrees and covenants to publicly disclose two (2) days prior to the expiration of the
Counterparty’s redemption offer the estimated Redemption Price as of the same date.
		
	Recycled Shares:	  	The number of Shares purchased by Seller from third parties (other than Counterparty) through a broker in the open market (other than through Counterparty); provided that Seller shall have irrevocably waived all redemption rights
with respect to such Shares as provided below in the section captioned “Transactions by Seller in the Shares.” Seller shall specify the number of Recycled Shares (the “Number of Recycled Shares”) in the initial Pricing
Date Notice.
		
	Additional Shares:	  	Additional Shares may be purchased at any time prior to the Maturity Date for no separate consideration by Seller, in Seller’s sole discretion, from the Counterparty, with such number of Shares to be specified in a Pricing Date
Notice(s) as Additional Shares; provided that such number of Additional Shares that may be purchased from the Counterparty shall not exceed the difference of (x) the Maximum Number of Shares and (y) the Recycled Shares; provided further
that such number of Additional Shares included in a Pricing Date Notice shall be promptly issued to Seller in its name free and clear of all liens.
		
	Prepayment:	  	Applicable. Payment of the Prepayment Amount shall be made directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in
Counterparty’s initial public offering and the sale of private placement units (the “Trust Account”) no later than the Prepayment Date. Counterparty shall provide (a) notice to Counterparty’s trustee of the entrance
into this Confirmation no later than one (1) Local Business Day following the date hereof, with a copy to Seller and Seller’s outside legal counsel, and (b) to Seller and Seller’s outside legal counsel a final draft of the flow
of funds from the Trust Account prior to the closing of the Business Combination itemizing the Prepayment Amount due to Seller; provided that Seller shall be invited to attend closing call in connection with the Business Combination.

  
 3 

			
	Prepayment Amount:	  	A cash amount equal to (x) (i) the Number of Recycled Shares underlying the Transaction as set forth on the initial Pricing Date Notice, multiplied by (ii) the Initial Price less (y) the Prepayment Shortfall (if
requested in writing to Seller by Counterparty).
		
	Prepayment Date:	  	Subject to Counterparty receiving the initial Pricing Date Notice, the earlier of (a) one (1) Local Business Day after the closing of the Business Combination and (b) the date any assets from the Trust Account are
disbursed in connection with the Business Combination.
		
	Variable Obligation:	  	Not applicable.
		
	Prepayment Shortfall	  	An amount in USD equal to an aggregate of up to 10% of the product of the Number of Shares and the Initial Price (at the option of and subject to the written request of the Counterparty no later than two (2) Local Business Day
before the Prepayment Date); provided that upon the written request of the Counterparty, Seller may either (i) submit a Registration Request prior to the Prepayment Date, in which case the Prepayment Shortfall will be paid by Seller no later
than one (1) Local Business Day following the Registration Statement Effective Date or (ii) pay the Prepayment Shortfall to Counterparty on the Prepayment Date (which amount shall be netted from the Prepayment Amount); provided further
that the Prepayment Shortfall may be requested by Counterparty after the Prepayment Date and prior to the Registration Effective Date and will be paid by Seller no later than one (1) Local Business Day following the Registration Statement
Effective Date.
		
	Prepayment Shortfall Consideration	  	In the event that Counterparty has requested and the Seller has paid the Prepayment Shortfall, Seller in its sole discretion may sell Subject Shares at any time and at any sales price, without payment by Seller of any Early
Termination Obligation (as defined below) until such time as the proceeds from the such sales equal 100% of the Prepayment Shortfall (as set forth under Shortfall Sales below) (such sales, “Shortfall Sales,” and such Shares,
“Shortfall Sale Shares”). Any sales of Subject Shares by Seller that result in proceeds in excess of 100% of the Prepayment Shortfall shall constitute an Optional Early Termination for purposes hereof. Seller may designate any sale
of Shares as either a “Shortfall Sale,” subject to the terms and conditions herein applicable to Shortfall Sale Shares, by delivering a Shortfall Sale Notice as required hereunder, or an Optional Early Termination, subject to the terms and
conditions herein applicable to Terminated Shares, by delivering an OET Notice as required hereunder.
		
	Exchanges	  	Nasdaq Capital Market
		
	Related Exchange(s)	  	All Exchanges
		
	Break-up Fees:	  	A break-up fee equal to $500,000 (the “Break-up Fee”) shall be payable, jointly and severally, by the Counterparty and the Target to
the Seller in the event this Confirmation or Transaction is terminated by either the Counterparty or the Target; provided that the Break-up Fee shall not be payable if (i) the Business Combination is
terminated pursuant to the terms and conditions of the Merger Agreement, (ii) upon any Optional Early Termination or (iii) upon any Additional Termination Events; provided that Counterparty and Target may terminate this Transaction,
including the Confirmation, with no liability to Seller, if redemptions (including as redemptions such Shares that

  
 4 

			
		  	were tendered for redemption and then unredeemed to be purchased in connection with the transactions contemplated hereunder) are less than 75% as calculated in good faith by the board of directors of Counterparty (based on the
number of shares submitted for redemption as the numerator and the total issued and outstanding shares as the denominator calculated as a percentage) upon written notice to Seller certifying the same no later than the Counterparty’s redemption
deadline (two days prior to the shareholder vote); provided that notwithstanding any other provision, clause or proviso (including the immediately preceding proviso)of this Confirmation, this Transaction, including the Confirmation may not be
terminated by Counterparty or Target after Seller purchases any Subject Shares; provided further that Seller hereby waives any and all right, title and interest, or any claim of any kind they have or may have during the term of this Confirmation, in
or to any monies held in the Counterparty’s Trust Account and agrees not to seek recourse against the Trust Account in each case, as a result of, or arising out of, this Transaction; provided, however, that nothing herein shall (x) serve
to limit or prohibit Seller’s right to pursue a claim against the Counterparty for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit or prohibit any claims
that the Seller may have in the future against the Counterparty’s assets or funds that are not held in the Trust Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired
with any such funds), (z) be deemed to limit Seller’s right, title, interest or claim to the Trust Account by virtue of such Seller’s record or beneficial ownership of securities of the Counterparty acquired by any means other than
pursuant to this Transaction or (aa) serve to limit Seller’s redemption right with respect to any such securities of the Seller other than during the term of the Confirmation. The Breakup Fee is not intended to constitute a liquidated damages
provision, and it will be payable in addition to any other amount due and payable to Seller as a result of the occurrence of an Early Termination Date under the ISDA Master Agreement.
		
	Payment Dates:	  	Following the Business Combination the last day of each calendar quarter or, if such date is not a Local Business Day, the next following Local Business Day, until the Maturity Date.
		
	Reimbursement of Legal Fees and Other Expenses:	  	Together with the Prepayment Amount, Counterparty shall pay to Seller an amount equal to the expenses actually incurred in connection with the acquisition of the Shares in an amount not to exceed $0.05 per Share.
		
	Settlement Terms	  	
		
	Settlement Method Election:	  	Not Applicable.
		
	Settlement Method:	  	Physical Settlement.
		
	Settlement Currency:	  	USD.
		
	Settlement Date:	  	Two (2) Local Business Days following the Valuation Date.
		
	Excess Dividend Amount	  	Ex Amount.

  
 5 

			
	Optional Early Termination:	  	From time to time and on any date following the Business Combination (any such date, an “OET Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, terminate the Transaction in
whole or in part so long as Seller provides written notice to Counterparty (the “OET Notice”), no later than the later of (a) the third Local Business Day following the OET Date and (b) the first Payment Date after the OET
Date which shall specify the quantity by which the Number of Shares is to be reduced (such quantity, the “Terminated Shares”); provided that “Terminated Shares” includes only such quantity of Shares by which the Number of
Shares is to be reduced and included in an OET Notice and does not include any Shortfall Sale Shares or sales of Shares that are designated as Shortfall Sales (which designation can be made only up to the amount of Shortfall Sale Proceeds),
which Shares will not be included in any OET Notice or included in the definition, or when calculating the number, of Terminated Shares. Notwithstanding anything to the contrary contained herein, Seller shall terminate the Transaction in respect of
any Shares sold by it on or prior to the Maturity Date, and Seller shall be obligated to deliver an OET Notice in respect of any Shares sold prior to the Maturity Date that are not covered in a Shortfall Sale Notice (described below). The effect of
an OET Notice given shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, Counterparty shall be entitled to an amount from Seller, and the
Seller shall pay to Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date (an “Early Termination Obligation”). No Early Termination
Obligation shall be due to Counterparty upon any Shortfall Sale Shares. Any proceeds from the Optional Early Termination shall be payable to Counterparty pursuant to the terms hereof. The remainder of the Transaction, if any, shall continue in
accordance with its terms; provided that if the OET Date is also the stated Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.” Seller shall pay to Counterparty
any and all unsatisfied Early Termination Obligations, calculated as of the last day of each calendar quarter, on the first Local Business Day following such day; provided that Seller shall be under no obligation to settle an Early Termination
Obligation set forth in an OET Notice prior to one (1) Local Business Day following the settlement of the Share sale(s) covered in such OET notice.
		
	Shortfall Sales	  	From time to time and on any date following the Business Combination (any such date, a “Shortfall Sale Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, at any sales
price, sell Shortfall Sale Shares, and in connection with such sales, Seller shall provide written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the third Local Business Day following the
Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds. Seller shall not have any Early Termination Obligation
in connection with any Shortfall Sales. The Counterparty covenants and agrees for a period of at least sixty (60) Local Business Days not to publicly issue, sell or offer or agree to sell any Shares, or securities or debt that is convertible,
exercisable or exchangeable into Shares, including under any existing

  
 6 

			
		
		  	or future equity line of credit (collectively, “Private Sale Transacitons”), commencing on the date that the Seller pays the Counterparty the Prepayment Shortfall; provided that Counterparty shall cause any securities or
derivative securities that may be issued or sold pursuant to or relate to such Private Sale Transactions to not be sold, resold or transferred publicly, including on or through an exchange during the 60-day
period referenced above.
		
	Maturity Consideration:	  	The “Maturity Consideration” means an amount equal to the product of (1) (a) the Maximum Number of Shares less (b) the number of Terminated Shares multiplied by (2) $2.00. On the Maturity Date, Seller shall be
entitled to receive the Maturity Consideration in cash or, at the option of Counterparty (other than in the case of a Delisting Event), Shares based on the average daily VWAP Price over 10 scheduled trading days ending on the Maturity Date (such
shares to be paid as Maturity Consideration, the “Maturity Shares”); provided that the Maturity Shares used to pay the Maturity Consideration (i) (a) are registered for resale under an effective registration statement pursuant
to the Securities Act under which Seller may sell or transfer the Shares or (b) may be transferred by Seller without any restrictions including the requirement for the Counterparty to be in compliance with the current public information
required under Rule 144(c)(1) (or Rule 144(i)(2)) or the volume and manner of sale limitations under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”) and (ii) bear no restrictive legend
(collectively, (i) and (ii) above, the “Share Conditions”); provided further that if the Maturity Shares do not satisfy the Share Conditions, Seller shall receive such number of Shares equal to 225% of the Maturity Shares (the
“Penalty Shares”); provided further that if the Maturity Shares satisfy the Share Conditions within 120 days of the Maturity Date, Seller shall return to Counterparty such number of Penalty Shares that are valued in excess of
Maturity Consideration based on the 10-day VWAP ending on date that such Shares satisfied the Share Conditions. Counterparty, at Sellers’s option, will pay the Maturity Consideration on a net basis such
that Seller retains a number of shares due to Counterparty upon the Maturity Date equal to the number of Maturity Shares payable to Seller, only to the extent the Number of Shares due to Counterparty upon the Maturity Date are equal to or more than
the number of Maturity Shares payable to Seller, with any Maturity Consideration remaining due to be paid to Seller in newly issued Shares. For the avoidance of doubt, in addition to the Maturity Consideration, at the Maturity Date, Seller will be
entitled to retain a cash amount equal to the product of (y) the Number of Shares remaining in the Transaction multiplied by (z) the Redemption Price, and Seller will deliver to Buyer the Number of Shares that remain in the
Transaction.
		
	Share Consideration:	  	In addition to the Prepayment Amount, Counterparty shall pay directly from the Trust Account, on the Prepayment Date, an amount equal to the product of (x) such number that is the greater of (a) 5% of the Maximum Number of
Shares and (b) 200,000 (provided that if Counterparty has requested and the Seller has paid the Prepayment Shortfall such number will be increased to the greater of (a) 10% of the Maximum Number of Shares and (b) 400,000) and (y) the Initial
Price. The Shares purchased with the Share Consideration (the “Share Consideration Shares”) shall be incremental to the Maximum Number of Shares, shall not be included in the Number of Shares in this Transaction, and the Seller shall be
free and clear of all obligations with respect to such Share Consideration Shares in connection with this Confirmation.

  
 7 

			
	Share Registration	  	At the written request of Seller, to be no earlier than in connection with the Prepayment Date (as described in Prepayment Shortfall above), (the “Registration Request”), within thirty (30) calendar days of the
Registration Request, Counterparty shall use its best efforts to file (at Counterparty’s sole cost and expense) with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement registering the resale
of all shares held by the Seller and its affiliates, including the Recycled Shares, the Additional Shares and any Share Consideration Shares (the “Registration Statement”), and have the Registration Statement declared effective as
soon as practicable after the filing thereof, but no later than the earliest of (i) the 45th calendar day (or 90th calendar day if the Commission notifies the Counterparty that it will “review” the Registration Statement) following
the filing of the Registration Statement (which shall be no later than 30 calendar days following the Registration Request) and (ii) the 5th Local Business Day after the date the Counterparty is notified (orally or in writing, whichever is
earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission,
within two (2) Local Business Days thereafter, the Counterparty shall file the final prospectus under Rule 424 of the Securities Act of 1933, as amended. In no event shall Seller be identified as a statutory underwriter in the Registration
Statement unless requested by the Commission. The Counterparty will use its best efforts to keep the Registration Statement covering the resale of the shares as described above continuously effective (except for customary blackout periods, up to
twice per year and for a total of up to 15 calendar days (and not more than 10 calendar days in an occurrence), if and when the Counterparty is in possession of material non-public information the disclosure
of which, in the good faith judgment of the Counterparty’s board of directors, would be prejudicial, and the Counterparty agrees to promptly notify Seller of any such blackout determination) until the earlier of (a) the Maturity Date or
(b) the date on which all such shares have been sold or may be transferred without any restrictions including the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule
144(i)(2) or the volume and manner of sale limitations under Rule 144 under the Securities Act; provided that Counterparty covenants and agrees to promptly make all necessary filings, amendments, supplements and submissions in furtherance of the
foregoing, including to register all of Sellers Shares for resale. The Seller may, at its sole discretion, accelerate the Maturity Date (and payment of the Maturity Consideration) by written notice to the Counterparty at any time, if (a) the
Registration Statement covering all of the shares described above in this section is not declared effective after the 60th calendar day (or 105th calendar day if the Commission notifies the Counterparty that it will “review” the
Registration Statement) after its filing (which shall be no later than 90 calendar days (or 135 days in the case of a “review”) following the Registration Request) or (b) the Registration Statement after it is declared effective
ceases to be continuously effective (subject to the blackout periods as indicated above) as set forth in the preceding sentence ((a) and (b)

  
 8 

			
		  	together, collectively, a “Registration Failure”). If requested by Seller, the Counterparty shall remove or instruct its transfer agent to remove any restrictive legend with respect to transfers under the Securities
Act from any and all Shares held by Seller if (1) the Registration Statement is and continues to be effective under the Securities Act, (2) such Shares are sold or transferred pursuant to Rule 144 under the Securities Act (subject to all
applicable requirements of Rule 144 being met), or (3) such Shares are eligible for sale under Rule 144, without the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule
144(i)(2), if applicable) as to the Shares and without volume or manner-of-sale restrictions; provided that Seller shall have timely provided customary representations
and other documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent in connection therewith. Any fees (with respect to the transfer agent, Counterparty’s counsel or otherwise) associated with the issuance of
any legal opinion required by the Counterparty’s transfer agent or the removal of such legend shall be borne by the Counterparty. If a legend is no longer required pursuant to the foregoing, the Counterparty will, no later than five
(5) Local Business Days following the delivery by Seller to the Counterparty or the transfer agent (with notice to the Counterparty) of customary representations and other documentation reasonably acceptable to the Counterparty, its counsel
and/or its transfer agent, remove the restrictive legend related to the book entry account holding the Shares and make a new, unlegended book entry for the Shares. Consistent with the foregoing, the Seller and the Counterparty agree to enter into a
separate registration rights agreement providing for customary demand and piggyback registration rights and customary indemnification of the Seller.
		
	Share Adjustments:	  	
		
	Method of Adjustment: 	  	Calculation Agent Adjustment.
		
	Extraordinary Events:	  	
		
	Consequences of Merger Events involving Counterparty:	  	
		
	Share-for-Share:	  	Calculation Agent Adjustment.
		
	Share-for-Other:	  	Cancellation and Payment.
		
	Share-for-Combined:	  	Component Adjustment.
		
	Tender Offer:	  	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof. Sections
12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
		
	Consequences of Tender Offers:	  	
		
	Share-for-Share: 	  	Calculation Agent Adjustment.
		
	Share-for-Other:	  	Calculation Agent Adjustment.

  
 9 

			
	Share-for-Combined:	  	Calculation Agent Adjustment.
		
	Composition of Combined Consideration:	  	Not Applicable.
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the
United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the
Nasdaq Global Select Market, Nasdaq Capital Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the
aforementioned exchanges; if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation
system, such exchange or quotation system shall be deemed to be the Exchange.
		
	Business Combination Exclusion:	  	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.
		
	Additional Disruption Events:	  	
		
	 (a)   Change in Law: 
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new
regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.
		
	 (a)   Failure to Deliver:
	  	Not Applicable.
		
	 (b)   Insolvency Filing:
	  	Applicable.
		
	 (c)   Hedging Disruption:
	  	Not Applicable.
		
	 (d)   Increased Cost of Hedging:
	  	Not Applicable.
		
	 (e)   Loss of Stock Borrow:
	  	Not Applicable.
		
	 (f)   Increased Cost of Stock Borrow:
	  	Not Applicable.
		
	Determining Party:	  	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations
as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party. When making any determination or calculation as “Determining Party,” Seller shall be
bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.

  
 10 

			
	Additional Provisions:	  	
		
	Calculation Agent:	  	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in
which case an unaffiliated leading dealer in the relevant market selected by Counterparty in its sole discretion will be the Calculation Agent.
		
		  	 In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any
determination) by the Calculation Agent, the Disputing Party shall have the right to require that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject
of the dispute and that is not an Affiliate of either party (a “Third Party Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one (1) Local Business Day after the Disputing Party’s exercise
of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall
elect a Third Party Dealer and such two dealers shall agree on a Third Party Dealer by the end of the subsequent Local Business Day. Such Third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party
of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later than the third Local Business Day following the Local Business Day on which the Calculation Agent notifies the Disputing Party of any determination
made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Local Business Day
following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or
(b) the non-Disputing Party if the Substitute Calculation Agent does not substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth
above, a binding determination is not achieved, the original determination of the Calculation Agent shall apply.
  

Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the
Calculation Agent will promptly (but in any event within five Exchange Business Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and
manipulation of financial data) displaying in reasonable detail the basis for such adjustment, determination or calculation (including any quotations, market data or information from internal or external sources, and any assumptions used in making
such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models
used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such information.
  

All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.

  
 11 

			
	Non-Reliance:	  	Applicable.
		
	Agreements and Acknowledgements Regarding Hedging Activities:	  	Applicable.
		
	Additional Acknowledgements:	  	Applicable.
		
	Schedule Provisions:	  	
		
	Specified Entity:	  	In relation to both Seller and Counterparty for the purpose of:
		  	Section 5(a)(v), Not Applicable
		  	Section 5(a)(vi), Not Applicable
		  	Section 5(a)(vii), Not Applicable
		
	Cross-Default	  	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.
		
	Credit Event Upon Merger	  	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
		
	Automatic Early Termination:	  	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
		
	Termination Currency:	  	United States Dollars.
		
	Additional Termination Events:	  	Will apply to Seller and to Counterparty and Target. The occurrence of any of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty and Target shall be Affected
Parties:
		
		  	(a) The Business Combination fails to close on or before the Termination Date (as defined in the Merger Agreement) (as such Termination Date may be amended or extended from time to time); and
		
		  	 (b) The Merger Agreement is terminated pursuant to its terms prior to the closing of the Business Combination

 
 (c) Seller terminates this Transaction, including the Confirmation, in its sole
discretion.

		
		  	Notwithstanding the foregoing, Counterparty’s obligations set forth under the captions, “Reimbursement of Legal Fees and Expenses,” and “Other Provisions — (d) Indemnification” shall survive any
termination due to the occurrence of either of the foregoing Additional Termination Events.
		
	Governing Law:	  	New York law (without reference to choice of law doctrine).
		
	Credit Support Provider:	  	With respect to Seller and Counterparty, None.
		
	Local Business Days:	  	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York. Counterparty specifies the following places for the purposes of the definition of Local Business Day as it
applies to it: New York.

  
 12 

 Representations, Warranties and Covenants 

 

	1.	 Each of Counterparty, Target and Seller represents and warrants to, and covenants and agrees with, the other as
of the date on which it enters into the Transaction that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 

 

	(a)	 Non-Reliance. It is acting for its own account,
and it has made its own independent decisions to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not
relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms and conditions of the Transaction
will not be considered investment advice or a recommendation to enter into the Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the
Transaction. 

  

	(b)	 Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. It is also capable of assuming, and assumes, the risks of the Transaction. 

 

	(c)	 Non-Public Information. It is in compliance with
Section 10(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

  

	(d)	 Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3). 

  

	(e)	 Tax Characterization. It shall treat the Transaction as a derivative financial contract for U.S.
federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization. 

  

	(f)	 Private Placement. It (i) is an “accredited investor” as such term is defined in
Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition
of the Transaction has not been and will not be registered under the Securities Act. 

  

	(g)	 Investment Company Act. It is not and, after giving effect to the Transaction, will not be
required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of 1940, as amended. 

  

	(h)	 Authorization. The Transaction, including this Confirmation, has been entered into
pursuant to authority granted by its board of directors or other governing authority. It has no internal policy, whether written or oral, that would prohibit it from entering into any aspect of the Transaction, including, but not limited to, the
purchase of Shares to be made in connection therewith. 

  

	(i)	 Affiliate Status. It is the intention of the parties hereto that Seller shall not be an
“affiliate” (as such term is defined in Rule 405 under the Securities Act) of the Counterparty including 10X II prior to the Business Combination or the Combined Company following the closing of the Business Combination, as a result of the
transactions contemplated hereunder. 

  

	2.	 Counterparty represents and warrants to, and covenants and agrees with Seller as of the date on which it enters
into the Transaction that: 

  

	(a)	 Total Assets. 10X II has total assets as of the date hereof and expects to have as of the closing
of the Business Combination of at least USD $5,000,001. 

  
 13 

	(b)	 Non-Reliance. Without limiting the generality of
Section 13.1 of the Equity Definitions, Counterparty acknowledges that Seller is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting
standards. 

  

	(c)	 Solvency. Counterparty is, and shall be as of the date of any payment or delivery by Counterparty
under the Transaction, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in
and will not engage in any business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not incurred and does not intend to incur debts beyond its ability to pay as they
mature, and (iii) as a result of entering into and performing its obligations under the Transaction, (a) it has not violated and will not violate any relevant state law provision applicable to the acquisition or redemption by an issuer of
its own securities and (b) it would not be nor would it be rendered “insolvent” (as such term is defined under Section 101(32) of the Bankruptcy Code or under any other applicable local insolvency regime). 

 

	(d)	 Public Reports. As of the Trade Date, Counterparty is in material compliance with its
reporting obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and
documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. 

  

	(e)	 No Distribution. Except with respect to any Shares that may be offered and sold pursuant to the
Registration Statement, Counterparty is not entering into the Transaction to facilitate a distribution of the Shares (or any security that may be converted into or exercised or exchanged for Shares, or whose value under its terms may in whole or in
significant part be determined by the value of the Shares) or in connection with any future issuance of securities. 

  

	(f)	 SEC Documents. The Counterparty shall comply with the Securities and Exchange Commission’s
guidance, including Compliance and Disclosure Interpretation No. 166.01, for all relevant disclosure in connection with this Confirmation and the Transaction, and will not file with the Securities and Exchange Commission any Form 8-K, Registration Statement on Form S-4 (or Form F-4) (including any post-effective amendment thereof), proxy statement, or other
document that includes any disclosure regarding this Confirmation or the Transaction without consulting with and reasonably considering any comments received from Seller, provided that, no consultation shall be required with respect to any
subsequent disclosures that are substantially similar to prior disclosures by Counterparty that were reviewed by Seller. 

  

	(g)	 Waiver. The Counterparty hereby waives any violation of its “bulldog clause” and any
other restrictions that would be caused by Seller entering into this Transaction. 

  

	(h)	 Disclosure. The Counterparty shall preview with Seller all public disclosure relating to the
Transaction and shall consult with Seller to ensure that such public disclosure, including the press release, Form 8-K or other filing that announces the Transaction adequately discloses the material terms and
conditions of the Transaction in form and substance reasonably acceptable to Seller; provided that the Form 8-K shall be publicly filed within one business day of the date that definitive transaction documents
are signed and provided further, that to the extent definitive transaction documents are not signed at least 48 hours prior to the Redemption Deadline, the Counterparty agrees to make all necessary disclosures (if any) at least 24 hours prior to the
Redemption Deadline to ensure that Seller is not in possession of material non-public information as a result of the transactions outlined herein. 

 

	(i)	 Listing. The Counterparty agrees to use its best efforts to maintain the listing of the Shares on
a national securities exchange; provided that if the Shares cease to be listed on a national securities exchange or upon the filing of a Form 25 (each a “Delisting Event”), Seller may accelerate the Maturity Date under this
Confirmation by delivering notice to the Counterparty and shall be entitled to the Break-up Fees, which shall be due and payable immediately following the Maturity Date. 

  
 14 

	(j)	 Regulatory Filings. Counterparty covenants that it will make all regulatory filings that it is
required by law or regulation to make with respect to the Transaction. 

  

	(k)	 Regulation M and Target Approvals. Counterparty is not on the Trade Date and agrees and covenants
that it will not be on any date Seller is purchasing shares that may be included in a Pricing Date Notice, engaged or engaging in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of Counterparty, other
than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the second scheduled trading day immediately following dates referenced in the preceding
sentence, engage in any such distribution. Counterparty, including Target, also agrees and covenants that the Merger Agreement shall be executed and all required approvals and consents of the Target security holders in connection with the Business
Combination shall be obtained and any subsequent valuation periods as contemplated under Regulation M under the Exchange Act, shall be completed in each case no later than 10X II’ redemption deadline. 

 

	(l)	 Other Agreements. Counterparty covenants and agrees that it has not and will not enter into any
other (i) OTC Equity Prepaid Forward Transactions or similar transaction(s) or agreement(s) with any other person(s) without the prior written consent of Seller or (ii) agreements or arrangements that would change or have the effect of
changing or manipulating the number of redemptions for purposes of canceling this Transaction, including the Confirmation, as set forth in Break-up Fees. 

 

	(m)	 No conflicts. The execution and delivery by the Counterparty and Target of, and the
performance by the Counterparty and the Target of its obligations under, the Transaction and the Confirmation and the consummation of the transactions contemplated by the Confirmation, including the payments and share issuances hereunder, do not and
will not result in any breach or violation of or constitute a default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of or constitute a default under or give the holder of any
indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition of a lien, charge or encumbrance on any
property or assets of the Counterparty, the Target or any of their respective subsidiaries pursuant to) (i) any provision of applicable law, (ii) the organizational documents of any of the Counterparty, the Target or any of their
respective subsidiaries, (iii) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument binding upon the Counterparty, the Target
or any of their respective subsidiaries, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Counterparty, the Target or any of their respective subsidiaries, and no consent, approval,
authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Counterparty or the Target of their respective obligations under the Confirmation, except as have been obtained. In addition,
the Counterparty and Target covenant and agree not to enter into any agreement or other arrangement that would prohibit, restrict or otherwise prevent the Counterparty from performing its obligations hereunder, including the making of any payment or
Share issuance to the Seller. 

  

	3.	 Seller represents and warrants to, and covenants and agrees with Counterparty as of the date on which it enters
into the Transaction and each other date specified that: 

  

	(a)	 Regulatory Filings. Seller covenants that it will make all regulatory filings that it is required
by law or regulation to make with respect to the Transaction including, without limitation, as may be required by Section 13 or Section 16 (if applicable) under the Exchange Act and, assuming the accuracy of Counterparty’s Repurchase
Notices (as described under “Repurchase Notices” below) any sales of the Recycled Shares and the Additional Shares will be in compliance therewith. 

  

	(b)	 Shorting. Seller agrees not effect any Short Sales in respect of the Shares prior to the
earlier of a) the Maturity Date and b) the cancellation of the Transaction. “Short Sales” means all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and
all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and
similar arrangements (including on a total return basis). 

  
 15 

	(c)	 Share Sales. Seller acknowledges that certain shares acquired by it as part of the this
Transaction may be “restricted shares” (as such term is used under Rule 144 of the Securities Act) and any sales, transfers or other dispositions of such shares may only be made pursuant to an effective registration statement under the
Securities Act, an available exemption from the registration requirements of the Securities Act or a transaction not subject to the registration requirements of the Securities Act. 

 

	(d)	 Tax Forms. Seller agrees to deliver to Counterparty a duly executed and completed United States
Internal Revenue Service Form W-8 or W-9 (or successor thereto) promptly upon (i) execution of this Confirmation, (ii) reasonable request of Counterparty and
(iii) upon learning that any such form previously provided has become obsolete or incorrect. 

 Transactions by Seller in the
Shares 
  

	(e)	 Seller hereby waives the redemption rights (“Redemption Rights”) set forth in Article 8.1 and
49.5 of the Certificate of Incorporation in connection with the Business Combination with respect to the Subject Shares only during the term of this Confirmation. Seller may sell or otherwise transfer, loan or dispose of any of the Shares or any
other shares or securities of the Counterparty in one or more public or private transactions at any time. Any Subject Shares that are not Shortfall Sale Shares sold by Seller during the term of the Transaction will cease to be included in the Number
of Shares. 

  

	(f)	 Unless otherwise noted herein, Seller will give written notice to Counterparty of any sale of Subject Shares by
Seller within one (1) Local Business Day following the date of such sale, such notice to include the date of the sale and the number of Subject Shares sold, and if required, make public disclosure of such sale or provide Counterparty with
information it reasonably requests for Counterparty to publicly disclose such sale. 

 No Arrangements 

Seller, Counterparty and Target each acknowledge and agree that: (i) there are no voting, hedging or settlement arrangements between or among Seller,
Counterparty and Target with respect to any Shares or the Counterparty or Target, other than those set forth herein; (ii) although Seller may hedge its risk under the Transaction in any way Seller determines, Seller has no obligation to hedge
with the purchase, sale or maintenance of any Shares or otherwise; (iii) Counterparty and Target will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction; and (iv) Counterparty and Target will
not seek to influence Seller with respect to the voting or disposition of any Shares. 
 Wall Street Transparency and Accountability Act 

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that
neither the enactment of WSTAA or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
date of this Confirmation, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA Form, as applicable, arising from a termination event,
force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form. 

Address for Notices 
 Notice to Seller:

 3 Columbus Circle 
 24th Floor 
 New York, NY 10019 

  
 16 

 With a copy to: 

Seward & Kissel LLP 
 One Battery Park Plaza 

New York, NY 10004 
 Attention: Keith Billotti 

Email:       billotti@sewkis.com 

Notice to Counterparty: 
 10X II Acquisition Corp.
II 
 World Trade Center, 85th Floor 
 New York, New York 10007

 Attn:     Hans Thomas 
 E-mail: hans@10xcapital.com 
 with a copy (which shall not constitute notice) to: 

Latham & Watkins (London) LLP 
 99 Bishopsgate 

London, EC2M 3XF 
 United Kingdom 

Attn:      J. David Stewart 

    Ryan Maierson 
 E-mail:   david.stewart@lw.com 
       ryan.maierson@lw.com 

Following the Closing of the Business Combination: 

African Agriculture Holdings Inc. 
 415 Park Avenue, 9th Floor 
 New York, NY 10022 

Attn:    Alan Kessler 

  Harry Green 
 E-mail:     ak@africanagriculture.com 

        hg@africanagriculture.com 

with a copy (which shall not constitute notice) to: 
 Morrison
Cohen LLP 
 909 Third Avenue 
 New York, NY 10022 

Attn:    Zachary Jacobs 

  Jack Levy 
 E-mail:    zjacobs@morrisoncohen.com 

      jlevy@morrisoncohen.com 

Notice to Target: 
 African Agriculture Holdings
Inc. 
 415 Park Avenue, 9th Floor 

New York, NY 10022 
 Attn:    Alan Kessler

   Harry Green 
 E-mail:     ak@africanagriculture.com 

        hg@africanagriculture.com 

  
 17 

 with a copy (which shall not constitute notice) to: 

Morrison Cohen LLP 
 909 Third Avenue 

New York, NY 10022 
 Attn:    Zachary Jacobs

   Jack Levy 
 E-mail:    zjacobs@morrisoncohen.com 

      jlevy@morrisoncohen.com 

Other Provisions. 
  

	(g)	 Transactions in the Shares. 

 

	 	(i)	 Counterparty represents and warrants to Seller that Counterparty is not entering into the Transaction to create
actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the
Shares) for the purpose of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Counterparty represents and warrants to Seller that Counterparty has not entered into or altered, and agrees that
Counterparty will not enter into or alter, any corresponding or hedging transaction or position with respect to the Shares. 

  

	 	(ii)	 Counterparty agrees that it will not seek to control or influence Seller’s decision to make any purchases
or sales under the Transaction, including, without limitation, Seller’s decision to enter into any hedging transactions. Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption
and implementation of this Confirmation and the Transaction under federal securities laws including, without limitation, the prohibitions on manipulative and deceptive deceives under the Exchange Act. 

 

	 	(iii)	 Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this
Confirmation must be effected in accordance with the requirements for the amendment or termination of a written trading plan for trading securities. Without limiting the generality of the foregoing, Counterparty acknowledges and agrees that any such
amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, the prohibitions on manipulative and deceptive devices
under the Exchange Act, and no such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material
non-public information regarding Counterparty or the Shares. 

  

	(h)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty is not a “foreign
private issuer” for purposes of the Securities Act and Counterparty effects any repurchase of Shares, promptly give Seller a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase,
the number of outstanding Shares as determined on such day is (i) less than the number of Shares outstanding that would result in the percentage of total Shares outstanding represented by the number of Shares underlying the Transaction
increasing by 0.10% (in the case of the first such notice) or (ii) thereafter more than the number of Shares that would need to be repurchased to result in the percentage of total Shares outstanding represented by the number of Shares
underlying the Transaction increasing by a further 0.10% less than the number of Shares included in the immediately preceding Repurchase Notice; provided that Counterparty agrees that this information does not constitute material non-public information; provided further if this information shall be material non-public information, it shall publicly disclosed immediately. If, on any date, Counterparty
is not a “foreign private issuer” for purposes of the Securities Act, Counterparty agrees to indemnify and hold harmless Seller and its affiliates and their respective officers,

  
 18 

	 	
directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to
Seller’s hedging activities as a consequence of remaining or becoming a Section 16 “insider” following the closing of the Business Combination, including without limitation, any forbearance from hedging activities or cessation of
hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become
subject to, as a result of Counterparty’s failure to provide Seller with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within thirty (30) days, upon written request, each of such
Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing; provided, however, for the avoidance
of doubt, Counterparty has no indemnification or other obligations with respect to Seller becoming a Section 16 “insider” prior to the closing of the Business Combination. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Seller with a Repurchase Notice at a time when Counterparty is not a “foreign private
issuer” for purposes of the Securities Act in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably
satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable
for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified
Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated
by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such
Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in
equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction. 

 

	(i)	 Transfer or Assignment. The Seller may freely transfer or assign the rights and duties under this
Confirmation. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage exceeds the Section 16 Threshold, or (B) the Share Amount exceeds the Applicable Share Limit (if any applies)
(any such condition described in clause (A) or (B), an “Excess Ownership Position”), Seller is unable to effect a transfer or assignment of a portion of the Transaction to a third party on pricing terms reasonably acceptable to
Seller and within a time period reasonably acceptable to Seller such that no Excess Ownership Position exists, then Seller may designate any Local Business Day as an Early Termination Date with respect to a portion of the Transaction (the
“Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the event that Seller so designates an Early Termination Date with respect to a portion of the Transaction, a portion of the
Shares with respect to the Transaction shall be delivered to Counterparty as if the Early Termination Date was the Valuation Date in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the number of
Shares underlying the Terminated Portion. The “Section 16 Threshold” means (x) if Counterparty is a “foreign private issuer” for purposes of the Securities Act, infinity and (y) in all other cases, 9.9%. The
“Section 16 Percentage” as of any day is the fraction, expressed as a percentage, as determined by Seller, (A) the numerator of which is the number of Shares that Seller and each person subject to aggregation
of Shares with Seller under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) of
the Exchange Act) with Seller directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) (the “Seller Group” ) and (B) the denominator of
which is the number of Shares outstanding. 

  
 19 

 The “Share Amount” as of any day is the number of Shares that Seller and any person whose
ownership position would be aggregated with that of Seller and any group (however designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”) under any law, rule, regulation, regulatory order or
organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or
otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Seller in its sole discretion. 
 The
“Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person
or entity) of a Seller Person, or could result in an adverse effect on a Seller Person, under any Applicable Restriction, as determined by Seller in its sole discretion, minus (B) 0.1% of the number of Shares outstanding. 

 

	(j)	 Indemnification. Counterparty agrees to indemnify and hold harmless Seller, its affiliates and
its assignees and their respective directors, officers, employees, agents and controlling persons (each such person being an “Indemnified Party”) from and against any and all losses (but not including financial losses to an
Indemnified Party relating to the economic terms of the Transaction provided that the Counterparty performs its obligations under this Confirmation in accordance with its terms), claims, damages and liabilities (or actions in respect thereof)
expenses, joint or several, incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to, investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever,
whether arising out of any action between any of the Indemnified Parties and the Counterparty or between any of the Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act, the
Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon the Transaction, including the execution or delivery of this Confirmation the performance by the Counterparty of its
obligations under the Transaction, any breach of any covenant, representation or warranty made by Counterparty in this Confirmation or the ISDA Form, regulatory filings and submissions made by or on behalf of the Counterparty related to the
Transaction (other than as relates to any information provided in writing by or on behalf of Seller or its affiliates), or the consummation of the transactions contemplated hereby, including the Registration Statement or any untrue statement or
alleged untrue statement of a material fact contained in any registration statement, press release, filings or other document, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that Counterparty has no indemnification obligations with respect to any loss, claim, damage, liability or expense related to the
manner in which Seller sells, or arising out of any sales by Seller of, the Subject Shares or any other Shares owned by Seller. Counterparty will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage,
liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to have resulted solely from Seller’s material breach of any covenant, representation or other obligation in this Confirmation or the ISDA Form or
from Seller’s willful misconduct, gross negligence or bad faith in performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold
harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition (and in addition to
any other Reimbursement of Legal Fees and other Expenses contemplated by this Confirmation), Counterparty will reimburse any Indemnified Party for all reasonable,
out-of-pocket, expenses (including reasonable counsel fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense or
settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on
behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any liability to Counterparty or any person asserting claims on behalf of or in right of Counterparty in connection with or as a result of any matter referred to
in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by Counterparty result from such Indemnified Party’s breach of any covenant, representation or

  
 20 

	 	
other obligation in this Confirmation or the ISDA Form or from the gross negligence, willful misconduct or bad faith of the Indemnified Party or breach of any U.S. federal or state securities
laws or the rules, regulations or applicable interpretations of the Securities and Exchange Commission. The provisions of this paragraph shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and/or
delegation of the Transaction made pursuant to the ISDA Form or this Confirmation shall inure to the benefit of any permitted assignee of Seller. 

  

	(k)	 Amendments to Equity Definitions. 

 

	 	(i)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line
thereof the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) the
occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”; and 

  

	 	(ii)	 Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the
Transaction will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising, as applicable, in good faith acting in a commercially reasonable manner, to cancel the
Transaction,”; 

  

	(l)	 Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other
things, the mutual waivers and certifications provided herein. 

  

	(m)	 Attorney and Other Fees. Subject to clause (d) Indemnification (above), in the event of any
legal action initiated by any party arising under or out of, in connection with or in respect of, this Confirmation or the Transaction, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in such
action, as determined and fixed by the court. 

  

	(n)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

  

	(o)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
(a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to the Transaction is a “termination value,” “payment amount” or “other transfer
obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy Code, and (b) a “swap agreement” as defined in the
Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of
the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and the
parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the
Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code. 

 

	(p)	 Process Agent. For the purposes of Section 13(c) of the ISDA Form: 

  
 21 

 Seller appoints as its Process Agent: None 

Counterparty appoints as its Process Agent: None. 

[Signature page follows] 

  
 22 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us at your earliest convenience. 
  

			
	Very truly yours,
	
	VELLAR OPPORTUNITY FUND SPV LLC – SERIES 8
		
	By:	 	 /s/ Solomon Cohen

	Name:	 	Solomon Cohen
	Title:	 	Authorized Signatory

  

			
	Agreed and accepted by:
	
	10X CAPITAL VENTURE ACQUISITION CORP. II
		
	By:	 	 /s/ Hans Thomas

	Name:	 	Hans Thomas
	Title: 	 	Chairman and Chief Executive Officer
	
	AFRICAN AGRICULTURE, INC.
		
	By:	 	 /s/ Alan Kessler

	Name:	 	Alan Kessler
	Title:	 	Chairman and CEO

  
 23 

 SCHEDULE A 

FORM OF PRICING DATE NOTICE 
 Date: [•],
2022 
 To: 10X Capital Venture Acquisition Corp. II (“Counterparty”) 

Address: [•] 
 Phone: [•] 

From: Vellar Opportunity Fund SPV LLC – Series 8 (“Seller”) 

Re: OTC Equity Prepaid Forward Transaction 
 1. This Pricing Date
Notice supplements, forms part of, and is subject to the Confirmation Re: OTC Equity Prepaid Forward Transaction dated as of [•], 2022 (the “Confirmation”) between Counterparty and Seller, as amended and supplemented from time to
time. All provisions contained in the Confirmation govern this Pricing Date Notice except as expressly modified below. 
 2. The purpose of this Pricing
Date Notice is to confirm certain terms and conditions of the Transaction entered into between Seller and Counterparty pursuant to the Confirmation. 

Pricing Date: [•], 2022 
 Number of Recycled Shares:
[•] 
 Number of Additional Shares: [•] (if any) 

  
 24

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