Document:

EX-10.3

 Exhibit 10.3 

March 4, 2021 
 Lerer Hippeau Acquisition Corp. 

100 Crosby Street 
 Suite 201 

New York, NY 10012 
 Attention: Eric Hippeau 

Re: Initial Public Offering 
 Ladies and Gentlemen: 

This letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
“Underwriting Agreement”) entered into or proposed to be entered into by and among Lerer Hippeau Acquisition Corp., a Delaware corporation (the “Company”), and Barclays Capital Inc. and CODE Advisors LLC, as the
representatives (the “Representatives”) of the several underwriters named therein (collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”) of
up to 23,000,000 of the Company’s shares of Class A common stock (including up to 3,000,000 shares that may be purchased to cover over-allotments, if any), par value $0.0001 per share (“Common Stock”). The Common Stock
will be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the
“Commission”) and the Company has applied to have the Common Stock listed on the NASDAQ Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of LHAC Sponsor LLC (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s board of
directors, a nominee for membership on the Company’s board of directors and/or a member of the Company’s management team (each, an “Insider” and collectively, the “Insiders”), hereby agrees, severally but
not jointly, with the Company as follows: 
 1. The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a
proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem
any shares of Capital Stock owned by it, him or her in connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider agrees that it, he or she
will not sell or tender any shares of Capital Stock owned by it, him or her to the Company in connection therewith. 
 2. The Sponsor and
each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering, or such later period as approved by the Company’s stockholders in accordance with
the Company’s amended and restated certificate of incorporation (such later period, an “Extension Period”), it, he or she shall take all reasonable steps to cause the Company to (i) cease all operations except for the
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) Business Days thereafter, redeem 100% of the shares of Common Stock sold in the Public Offering (the “Offering Shares”), at a per
share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of taxes payable and less up to $100,0000 of interest to pay dissolution
expenses), divided by the number of then outstanding Offering Shares, which redemption 

 
will completely extinguish all Public Stockholders’ rights as stockholders of the Company (including the right to receive further liquidation distributions, if any) and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations
under Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Company’s amended and restated certificate of incorporation to modify the
substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 24
months from the closing of the Public Offering or with respect to any other provision relating to stockholders rights or pre-initial Business Combination activity, unless the Company provides Public
Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds
held in the Trust Account (net of taxes payable), divided by the number of then outstanding Offering Shares. 
 The Sponsor and each Insider
acknowledges that, with respect to the Founder Shares and Private Placement Shares held by it, it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account as a result of any liquidation of the
Company (although the Sponsor and the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 24 months from the date of the
closing of the Public Offering or during any Extension Period). The Sponsor and each Insider hereby further waives, with respect to any shares of Capital Stock held by it, him or her, if any, any redemption rights it, he or she may have in
connection with (A) the consummation of a Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or in the context of a tender offer made by the
Company to purchase shares of Common Stock, or (B) a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to
allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within 24 months from the closing of the Public Offering or
(ii) with respect to any other provision relating to stockholders rights or pre-initial Business Combination activity. 

3. Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the date of the Underwriting
Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representatives, (i) offer, pledge, hypothecate, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, any shares of Common Stock, Founder Shares, Private
Placement Shares or any securities convertible into, or exercisable, or exchangeable for, any Common Stock, Founder Shares or Private Placement Shares, (ii) file with, or submit to, the Commission a registration statement under the Securities
Act of 1933, as amended (the “Securities Act”) relating to any shares of Common Stock, Founder Shares, Private Placement Shares or any securities convertible into, or exercisable, or exchangeable for, any Common Stock, Founder
Shares or Private Placement Shares, (iii) establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended
(“Section 16”) with respect to any shares of Common Stock, Founder Shares, Private Placement Shares or any securities convertible into, or exercisable, or exchangeable for, any Common Stock, Founder Shares or
Private Placement Shares, (iv) enter into any swap or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any shares of Common Stock, Founder Shares, Private Placement Shares or any securities
convertible into, or exercisable, or exchangeable for, any 

 
Common Stock, Founder Shares or Private Placement Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (v) publicly disclose the
intention to undertake any transaction specified in clause (i), (ii), (iii) or (iv) above; provided, however, the foregoing shall not apply to the forfeiture of any Founder Shares pursuant to their terms. 

4. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate a Business Combination within 24 months
from the date of the closing of the Public Offering or during any Extension Period, the Sponsor (which for purposes of clarification shall not extend to the stockholders, members or managers of the Sponsor or any of the other undersigned) agrees to
indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third party (other than the Company’s independent registered public accounting
firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that
such indemnification of the Company by the Sponsor (x) shall apply only to the extent necessary to ensure that such claims by a third party (other than the Company’s independent registered public accounting firm) for services rendered or
products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of
the Trust Account due to reductions in the value of the trust assets, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay the Company’s taxes (less up to $100,000 of interest to
pay dissolution expenses), (y) shall not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and (z) shall not apply to any claims under the Company’s indemnity of the
Underwriters against certain liabilities, including liabilities under the Securities Act. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any
liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the
Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense. 
 5. To the extent that the Underwriters do not
exercise their over-allotment option to purchase up to an additional 3,000,000 shares of Common Stock within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost,
a number of Founder Shares equal to the product of 750,000 multiplied by a fraction, (i) the numerator of which is 3,000,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise of their over-allotment
option, and (ii) the denominator of which is 3,000,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the number of Founder Shares will represent an aggregate
of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including the Private Placement Shares). The Initial Stockholders agree that to the extent that the size of the Public Offering is increased
or decreased, the Company will effect a stock dividend or share repurchase or contribution back to capital, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at
20.0% of its issued and outstanding shares of Capital Stock upon the consummation of the Public Offering (not including the Private Placement Shares). In connection with such increase or decrease in the size of the Public Offering, then (A) the
references to 3,000,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of shares included in the Common Stock issued in the Public Offering and
(B) the reference to 750,000 in the formula set forth in the first sentence of this paragraph 5 shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the number of Founder Shares to
equal an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including the Private Placement Shares). 

 6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the
Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor or Insider of its, or his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), 8 and 9 of this Letter Agreement, (ii) monetary damages
may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity,
in the event of such breach. 
 7. (a) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or
shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Company’s initial Business Combination, if
the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or the date on which the Company completes a liquidation, merger, stock exchange, reorganization or
other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property (the “Founder Shares
Lock-up Period”). 
 (b) The Sponsor and each Insider agrees that, to the extent it, he or
she holds Private Placement Shares, it, he or she shall not Transfer any Private Placement Shares (or shares of Common Stock issued or issuable upon the exercise of the Private Placement Shares), until 30 days after the completion of the
Company’s initial Business Combination (the “Private Placement Shares Lock-up Period,” together with the Founder Shares Lock-up Period, the
“Lock-up Periods”). 
 (c) Notwithstanding the provisions set forth in paragraphs
7(a) and (b), Transfers of the Founder Shares, Private Placement Shares and shares of Common Stock issued or issuable upon the conversion of the Founder Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that
have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the
Sponsor; (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a
charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private
sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Shares and shares of Common Stock were originally purchased; (f) in the
event of the Company’s liquidation prior to the completion of its initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement, as amended, upon dissolution of
the Sponsor; or (h) in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the right to exchange their
shares of common stock for cash, securities or other property subsequent to the Company’s completion of a Business Combination; provided, however, that in the case of clauses (a) through (g), these permitted transferees must enter into a
written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions). 

 8. The Sponsor and each Insider represents and warrants that it, he or she has never been
suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the
Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the undersigned’s background. Each Insider’s questionnaire furnished to the
Company and the Representatives is true and accurate in all respects. Each Insider represents and warrants that: such Insider is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person or (iii) pertaining to any dealings in any securities and it is not currently a defendant in any such criminal
proceeding. 
 9. Except as disclosed in, or expressly contemplated by, the Prospectus, none of the Sponsor, any officer or director of the
Company or any affiliate of the Sponsor or any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or
in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

10. The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer
and/or a director of the Company, as applicable, and hereby consents to being named in the Prospectus as an officer and/or director of the Company, as applicable. 

11. As used herein, (i) “Business Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in The City of New York, New
York, are authorized or required by law to close; (iii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iv) “Founder Shares” shall mean the 5,750,000 shares of the Company’s Class B
common stock, par value $0.0001 per share, issued and outstanding as of the date hereof (up to 750,000 of which are subject to forfeiture by the Sponsor depending on the extent to which the Underwriters’ over-allotment option is exercised); (v)
“Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder Shares prior to the consummation of the Public Offering; (vi) “Private Placement Shares” shall mean the 640,000 shares (700,000 shares if the
Underwriters’ over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $6,400,000 (or $7,000,000 if the Underwriters’ over-allotment option is exercised in full) in a private
placement that shall occur simultaneously with the consummation of the Public Offering; (vii) “Public Stockholders” shall mean the holders of the Offering Shares; (viii) “Trust Account” shall mean the trust fund into which a
portion of the net proceeds of the Public Offering and the sale of the Private Placement Shares shall be deposited; and (ix) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction
specified in clause (a) or (b). 

 12. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and each officer or director of the Company shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s
officers or directors. 
 13. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any
such change, amendment, modification or waiver, (2) the Company and (3) the Sponsor. 
 14. No party hereto may assign either this
Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Company, the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees. 

15. This Letter Agreement may be executed in any number of original, facsimile or other electronic counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

16. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

17. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York (including,
without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Practice Laws and Rules 327(b)), without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such
exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 18. Any notice, consent or request to be given in
connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile
transmission. 
 19. This Letter Agreement shall terminate on the earlier of (i) the expiration of the
Lock-up Periods and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated by
December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation. 
 [Signature Page
Follows] 

 
			
	Sincerely,
	
	LHAC SPONSOR LLC
	
	By: KEB II LLC, its Managing Member
		
	By:	 	 /s/ Eric Hippeau

		 	Name: Eric Hippeau
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Kenneth B. Lerer

		 	Name: Kenneth B. Lerer
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Benjamin Lerer

		 	Name: Benjamin Lerer
		 	Title: Authorized Signatory
		
		 	 /s/ Kenneth B. Lerer

		 	Kenneth B. Lerer
		
		 	 /s/ Eric Hippeau

		 	Eric Hippeau
		
		 	 /s/ Benjamin Lerer

		 	Benjamin Lerer
		
		 	 /s/ Joseph Harry Medved

		 	Joseph Harry Medved
		
		 	 /s/ Daniel Rochkind

		 	Daniel Rochkind
		
		 	 /s/ Stuart Dudley Freedman

		 	Stuart Dudley Freedman
		
		 	 /s/ Arianna Huffington

		 	Arianna Huffington

 [Signature Page to Letter Agreement] 

 
	
	 /s/ Gregory Allen Parsons

	Gregory Allen Parsons
	
	 /s/ Michael Walrath

	Michael Walrath

 [Signature Page to Letter Agreement] 

 
			
	Acknowledged and Agreed:
	LERER HIPPEAU ACQUISITION CORP.
		
	By:	 	 /s/ Eric Hippeau

		 	Name: Eric Hippeau
		 	Title:   Chief Executive Officer

 [Signature Page to Letter Agreement]EX-10.4

 Exhibit 10.4 

SECURITIES PURCHASE AGREEMENT 

THIS SECURITIES PURCHASE AGREEMENT (as it may be amended from time to time, this “Agreement”), dated as of
March 4, 2021, is entered into by and between Lerer Hippeau Acquisition Corp., a Delaware corporation (the “Company”), and LHAC Sponsor LLC, a Delaware limited liability company (the “Purchaser”).

 WHEREAS, the Company intends to consummate an initial public offering of the Company’s shares of Class A common stock (the
“Public Offering”), par value $0.0001 per share (each, a “Share”), as set forth in the Company’s Registration Statement on Form S-1, filed with the U.S.
Securities and Exchange Commission (the “SEC”), File Number 333-253066 (the “Registration Statement”), under the Securities Act of 1933, as amended (the
“Securities Act”); and 
 WHEREAS, the Purchaser has agreed to purchase, at a price of $10.00 per share, an
aggregate of 640,000 shares (and up to 60,000 additional shares if the underwriters in the Public Offering exercise their over-allotment option in full) (the “Private Placement Shares”). 

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

AGREEMENT 
 Section 1.
Authorization, Purchase and Sale; Terms of the Private Placement Shares. 
 A. Authorization of the Private Placement Shares. The
Company has duly authorized the issuance and sale of the Private Placement Shares to the Purchaser. 
 B. Purchase and Sale of the Private
Placement Shares. 
 (i) On the date of the consummation of the Public Offering, and concurrently with the consummation thereof, or on
such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “IPO Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 640,000
Private Placement Shares at a price of $10.00 per share for an aggregate purchase price of $6,400,000 (the “Purchase Price”). The Purchaser shall pay, at least one (1) business day prior to the IPO Closing Date, the
Purchase Price by wire transfer of immediately available funds, consisting of (i) $4,000,000 to the trust account, at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as
trustee, in accordance with the Company’s wiring instructions (the “Trust Account”), and (ii) $2,400,000 to, or on behalf of, the Company in accordance with the Company’s wiring instructions. On the IPO Closing
Date, upon payment by the Purchaser of the Purchase Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Shares purchased by the Purchaser on such date duly registered in the Purchaser’s name to the
Purchaser or effect such delivery in book-entry form. 
 (ii) On the date of the consummation of the closing of any over-allotment option in
connection with the Public Offering, and concurrently with the consummation thereof, or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment Closing
Date,” and each Over-allotment Closing Date (if any) and the IPO Closing Date, a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 60,000
Private Placement Shares (or, to the extent the over-allotment option is not exercised in full, a lesser number of Private Placement Shares in proportion to the portion of the over-

 
allotment option that is then exercised) at a price of $10.00 per share for an aggregate purchase price of up to $600,000 (if the over-allotment option is exercised in full) (the
“Over-allotment Purchase Price”). The Purchaser shall pay the Over-allotment Purchase Price in accordance with the Company’s wire instruction by wire transfer of immediately available funds to the Company or the Trust
Account (as set forth in the wire instructions), at least one (1) business day prior to the Over-allotment Closing Date. On each Over-allotment Closing Date, upon payment by the Purchaser of the Over-allotment Purchase Price payable by it, the
Company shall, at its option, deliver a certificate evidencing the Private Placement Shares purchased by the Purchaser on such Closing Date duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form.

 C. Terms of the Private Placement Shares. 

(i) The Private Placement Shares shall have the same terms as the Shares issued in the Public Offering, except with respect to transferability,
as set forth in a Letter Agreement to be entered into by the Company, Purchaser and the other parties thereto in connection with the Public Offering (a “Letter Agreement”). 

(ii) On or prior to the IPO Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the
“Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Shares. 

Section 2. Representations and Warranties of the Company. 

As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Shares, the Company hereby represents
and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that: 
 A. Incorporation and
Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would
reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated
by this Agreement. 
 B. Authorization; No Breach. 

(i) The execution, delivery and performance of this Agreement and the Private Placement Shares have been duly authorized by the Company as of
each Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of this
Agreement, the Private Placement Shares will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms as of the applicable Closing Date. 

(ii) The execution and delivery by the Company of this Agreement and the Private Placement Shares, the issuance and sale of the Private
Placement Shares and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (a) (1) conflict with or result in a breach of the terms, conditions or provisions
of, (2) constitute a default under, (3) result in the creation of any lien, security interest, charge or encumbrance 

  
 2 

 
upon the Company’s capital stock or assets under or (4) result in a violation of, the certificate of incorporation or the bylaws of the Company (in effect on the date hereof or as may
be amended prior to the applicable Closing Date) or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, or (b) require any authorization,
consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency, except for any filings required after the date hereof under federal or state securities laws.

 C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Private Placement Shares
will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Purchaser will have good title to the Private Placement Shares purchased by it, free and clear of all
liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims
or encumbrances imposed due to the actions of the Purchaser. 
 Section 3. Representations and Warranties of the Purchaser. 

As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Shares to the Purchaser, the
Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that: 
 A.
Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 

B. Authorization; No Breach. 

(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in
equity or law). 
 (ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms
hereof by the Purchaser does not and shall not as of each Closing Date (a) (1) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of, (2) constitute a default under, (3) result in the creation
of any lien, security interest, charge or encumbrance upon the Purchaser’s equity or assets under or (4) result in a violation of, the Purchaser’s organizational documents (in effect on the date hereof or as may be amended prior to
the applicable Closing Date), or any material law, statute, rule or regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, or (b) require any authorization,
consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency, except for any filings required after the date hereof under federal or state securities laws.

 C. Investment Representations. 

(i) The Purchaser is acquiring the Private Placement Shares (also referred to as the “Securities”) for its own account,
for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof. 

  
 3 

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

(iii) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502(c) under the Securities Act. 
 (iv) The Purchaser understands that no U.S. federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the
merits of the offering of the Securities. 
 (v) The Purchaser has been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the
Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to
the acquisition of the Securities. 
 (vi) The Purchaser understands that: (a) the Securities have not been and are not being registered
under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as
specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions
of any exemption thereunder. In this regard, the Purchaser understands that the SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial business combination, are deemed
to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 promulgated under the Securities Act would not be available for resale transactions of the Securities
despite technical compliance with the requirements of such rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration requirements of the Securities Act. 

(vii) The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the
amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be
jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities. 
 (viii) The
Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D
under the Securities Act. 

  
 4 

 Section 4. Conditions of the Purchaser’s Obligations. 

The obligations of the Purchaser to purchase and pay for the Private Placement Shares are subject to the fulfillment, on or before each Closing
Date, of each of the following conditions: 
 A. Representations and Warranties. The representations and warranties of the Company
contained in Section 2 shall be true and correct at and as of such Closing Date as though then made. 
 B.
Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date. 

C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement. 
 D. Letter Agreement and Registration Rights Agreement. The Company shall have entered
into the Letter Agreement and the Registration Rights Agreement, each on terms satisfactory to the Purchaser. 
 E. Corporate
Consents. The Company shall have obtained the consent of its board of directors authorizing the execution, delivery and performance of this Agreement and the issuance and sale of the Private Placement Shares hereunder. 

Section 5. Conditions of the Company’s Obligations. 

The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of
the following conditions: 
 A. Representations and Warranties. The representations and warranties of the Purchaser contained in
Section 3 shall be true and correct at and as of such Closing Date as though then made. 
 B. Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date. 

C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement. 
 D. Letter Agreement and Registration Rights Agreement. The Company shall have entered
into the Letter Agreement and the Registration Rights Agreement, each on terms satisfactory to the Purchaser. 
 E. Corporate
Consents. The Company shall have obtained the consent of its board of directors authorizing the execution, delivery and performance of this Agreement and the issuance and sale of the Private Placement Shares hereunder. 

  
 5 

 Section 6. Termination. 

This Agreement may be terminated by the Company or the Purchaser at any time after December 31, 2021, upon written notice to the other
party hereto if the IPO Closing Date does not occur prior to such date. 
 Section 7. Survival of Representations and Warranties. 

All of the representations and warranties contained herein shall survive each Closing Date. 

Section 8. Definitions. 
 Terms used
but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement. 
 Section 9.
Miscellaneous. 
 A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained
in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the
parties may not assign this Agreement without the prior written consent of the other party hereto, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members). 

B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. 
 C. Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to
be an original and all of which when taken together shall constitute one and the same instrument. The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate,
agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other
electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or
stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code. 
 D. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the laws of another jurisdiction. 

  
 6 

 F. Amendments. This Agreement may not be amended, modified or waived as to any
particular provision, except by a written instrument executed by the parties hereto. 
 [Signature Page Follows] 

  
 7 

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

			
	COMPANY:
	
	LERER HIPPEAU ACQUISITION CORP.
		
	By:	 	 /s/ Joseph Harry Medved

	Name: Joseph Harry Medved
	Title:   Chief Operating Officer
	
	PURCHASER:
	
	LHAC SPONSOR LLC
	
	By: KEB II LLC, its Managing Member
		
	By:	 	 /s/ Eric Hippeau

	Name: Eric Hippeau
	Title:   Authorized Signatory
		
	By:	 	 /s/ Kenneth B. Lerer

	Name: Kenneth B. Lerer
	Title:   Authorized Signatory
		
	By:	 	 /s/ Benjamin Lerer

	Name: Benjamin Lerer
	Title:   Authorized Signatory

 [Signature Page to Securities Purchase Agreement]

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