Document:

EX-10.3

 Exhibit 10.3 

ZEVIA PBC 
 ELEVENTH
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 July 21, 2021 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Section 1 Definitions	  	 	2	 
	 1.1
	  	Certain Definitions	  	 	2	 
		
	Section 2 Registration Rights	  	 	6	 
	 2.1
	  	Requested Registration	  	 	6	 
	 2.2
	  	Company Registration	  	 	8	 
	 2.3
	  	Registration on Form S-3	  	 	10	 
	 2.4
	  	Expenses of Registration	  	 	11	 
	 2.5
	  	Registration Procedures	  	 	11	 
	 2.6
	  	Indemnification	  	 	14	 
	 2.7
	  	Information by Holder	  	 	16	 
	 2.8
	  	Permitted Transferees	  	 	16	 
	 2.9
	  	Rule 144 Reporting	  	 	17	 
	 2.10
	  	Lock-Up Agreements	  	 	17	 
	 2.11
	  	Delay of Registration	  	 	17	 
	 2.12
	  	Company Information Requests	  	 	18	 
	 2.13
	  	Limitations on Subsequent Registration Rights	  	 	18	 
	 2.14
	  	Termination of Registration Rights	  	 	18	 
		
	Section 3 Miscellaneous	  	 	18	 
	 3.1
	  	Amendment	  	 	18	 
	 3.2
	  	Notices	  	 	19	 
	 3.3
	  	Governing Law	  	 	19	 
	 3.4
	  	Successors and Assigns	  	 	20	 
	 3.5
	  	Entire Agreement	  	 	20	 
	 3.6
	  	Delays or Omissions	  	 	20	 
	 3.7
	  	Severability	  	 	20	 
	 3.8
	  	Titles and Subtitles	  	 	20	 
	 3.9
	  	Counterparts	  	 	21	 
	 3.10
	  	Telecopy Execution and Delivery	  	 	21	 
	 3.11
	  	Jurisdiction; Venue	  	 	21	 
	 3.12
	  	WAIVER OF JURY TRIAL.	  	 	21	 
	 3.13
	  	Further Assurances	  	 	22	 
	 3.14
	  	Conflict	  	 	22	 
	 3.15
	  	Attorneys’ Fees	  	 	22	 
	 3.16
	  	Aggregation of Securities	  	 	22	 
	 3.17
	  	Certain Interpretive Matters	  	 	22	 

  
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 ZEVIA PBC 

ELEVENTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Eleventh Amended and Restated Registration Rights Agreement (this “Agreement”) is dated as of July 21, 2021, and is
by and among Zevia PBC, a Delaware public benefit corporation (the “Company”), each person and entity executing this Agreement on Schedule I hereto (each, a “Holder” and collectively, the
“Holders”). 
 RECITALS 

A. Zevia LLC, a Delaware limited liability company, the investors and the common holders party thereto previously entered into that certain
Tenth Amended and Restated Registration Rights Agreement, dated as of December 17, 2020 (the “Prior Registration Rights Agreement”), pursuant to which Zevia LLC provided certain registration rights to the investors and common
holders party thereto. 
 B. Zevia LLC, the Company and the Holders have effected or will effect in connection with the closing of the
initial public offering (the “IPO”) of the Company’s Class A common stock, par value $0.001 per share (the “Class A Common Stock”), a series of reorganization transactions pursuant to
which the Company will become the sole managing member of Zevia LLC (collectively, the “Reorganization Transactions”). 

C. After giving effect to the Reorganization Transactions, the Holders Beneficially Own or will Beneficially Own (x) shares of
Class A Common Stock and/or (y) shares of the Company’s Class B common stock, par value $0.001 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the
“Common Stock”) and Class B units in Zevia LLC (“Class B Units”), which Class B Units, together with the shares of Class B Common Stock, subject to certain conditions, are
exchangeable from time to time for shares of Class A Common Stock pursuant to the terms of the Thirteenth Amended and Restated Limited Liability Company Agreement of Zevia LLC (as may be further amended from time to time, the “Zevia LLC
Agreement”). 
 D. The parties believe that it is in each of their best interests to amend and restate the Prior Registration
Rights Agreement and to execute and deliver this Agreement setting forth their agreements regarding registration rights following the IPO. 

E. Pursuant to Section 3.1 of the Prior Registration Rights Agreement, the Prior Registration Rights Agreement may be amended by a
written instrument signed by Zevia LLC, the Holders holding a majority of the Registrable Securities and the Common Holders holding a majority of the Registrable Securities then held by all Common Holders. 

The parties therefore agree as follows: 

 SECTION 1 

DEFINITIONS 
 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Act” has the meaning set forth in Section 2.8(c). 
 (b) “Affiliate” means,
with respect to a specified Person, any Person that, directly or indirectly through one (1) or more intermediaries, controls, is controlled by or is under common control with, the Person. As used in this definition, the term “control”
(including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise. 
 (c) “Agreement” has the meaning set forth in the Preamble.

 (d) “Automatic shelf registration statement” has the meaning set forth in Section 2.5(b). 

(e) “Beneficial Ownership” has the same meaning given to it in Section 13(d) under the Exchange Act and the rules
thereunder, except that, for purposes of this Agreement, no Person shall Beneficially Own any shares of Common Stock to be issued upon the exercise of options, warrants, restricted stock units or similar rights granted pursuant to the Company’s
equity compensation plans, unless and until such shares are actually issued. The terms “Beneficially Own” and “Beneficial Owner” shall have correlative meanings. 

(f) “Board” means the board of directors of the Company. 

(g) “Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York,
New York or Los Angeles, California are authorized or required to close. 
 (h) “Class A Common Stock”
has the meaning set forth in the Recitals. 
 (i) “Class B Common Stock” has the meaning set forth in
the Recitals. 
 (j) “Class B Units” has the meaning set forth in the Recitals. 

(k) “Commission” means the Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 
 (l) “Common Stock” has the meaning set forth in the Recitals. 

(m) “Company” has the meaning set forth in the Preamble. 

  
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 (n) “Exchange” means the exchange of Class B Units, together with an
equal number of shares of Class B Common Stock, for shares of Class A Common Stock or cash consideration, as applicable, pursuant to the terms of the Zevia LLC Agreement. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the
rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (p) “Holder” has the meaning set
forth in the Preamble. 
 (q) “Indemnified Party” has the meaning set forth in Section 2.6(c).

 (r) “Indemnifying Party” has the meaning set forth in Section 2.6(c). 

(s) “IPO” has the meaning set forth in the Recitals. 

(t) “Initiating Holders” mean any Person or Persons party to this Agreement Beneficially Owning in the aggregate not less
than twenty percent (20%) of Registrable Securities (as such number may be adjusted in respect of any stock dividend, stock split, combination of shares, recapitalization, merger, consolidation or other reorganization). 

(u) “Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities
Act, relating to an offer of the Registrable Securities. 
 (v) “Other Selling Equity Holders” mean persons other than
Holders who, by virtue of agreements with the Company, are entitled to include their Other Shares in certain registrations hereunder. 
 (w)
“Other Shares” mean equity interests in the Company, including, any and all equity interests of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued
in respect of, in exchange for, or in substitution for such equity interests, by reason of any distribution, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise, other than Registrable Securities
(as defined below), with respect to which registration rights have been granted. 
 (x) “Permitted Transferee” means any
Person to whom a Class B Unit Holder has validly transferred Class B Units in accordance with, and not in contravention of, the Zevia LLC Agreement. 

(y) “Person” or “person” means any individual, organization, general partnership, limited partnership,
corporation, limited liability company, joint venture, trust, business trust, estate, association, governmental entity or other legal entity or organization. 

(z) “Prior Registration Rights Agreement” has the meaning set forth in the Recitals.“ 

  
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 (aa) Prospectus” means (i) the prospectus included in any Registration
Statement, all amendments and supplements to such prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

(bb) “Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration
Statement under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

(cc) “Registrable Securities” mean (i) all shares of Class A Common Stock that are not then subject to vesting or
forfeiture to the Company, (ii) all shares of Class A Common Stock issued or issuable upon exercise, conversion or exchange of any option, warrant or convertible security (including shares of Class A Common Stock issuable upon an
Exchange) not then subject to vesting or forfeiture to the Company and (iii) all shares of Class A Common Stock directly or indirectly issued or then issuable with respect to the securities referred to in clauses (i) or (ii) above by
way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration
Statement, (x) such securities shall have been transferred pursuant to Rule 144, (y) such Holder is able to immediately sell such securities (including all shares of Class A Common Stock issuable upon Exchange, subject to the conditions on
Exchange set forth in Article XII of the Zevia LLC Agreement) under Rule 144 without any volume or manner of sale restrictions thereunder, as determined in the reasonable opinion of the Company (it being understood that a written opinion of the
Company’s outside legal counsel to the effect that such securities may be so offered and sold, and that any restrictive legends on the securities may be removed, shall be conclusive evidence this clause has been satisfied), or (z) such
securities shall have ceased to be outstanding. 
 (dd) The terms “register,” “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the
effectiveness of such registration statement. 
 (ee) “Registration Expenses” mean all expenses incurred in effecting any
registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and one special counsel for the Holders (the
fees for such special counsel not to exceed $50,000), blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other
counsel for the Holders and the compensation of regular employees of the Company, which shall be paid in any event by the Company. 
 (ff)
“Restricted Securities” mean any Registrable Securities required to bear the first legend or be subject to restrictions notated in the records of the Company and/or instructions to transfer set forth in
Section 2.8(c). 

  
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 (gg) “Registration Statement” means any registration statement of the
Company filed with, or to be filed with, the Commission under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement (including pre- and post-effective
amendments) and all exhibits and material incorporated by reference in such registration statement, other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto. 
 (hh) “Rule 144” means Rule 144 as promulgated by
the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(ii) “Rule 145” means Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from
time to time, or any similar successor rule that may be promulgated by the Commission 
 (jj) “Rule 415” means Rule 415 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(kk) “Securities Act” means the Securities Act of 1933, as amended, or any similar successor federal statute and the rules
and regulations thereunder, all as the same shall be in effect from time to time. 
 (ll) “Selling Expenses” mean all
underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of one special counsel to the Holders
included in Registration Expenses). 
 (mm) “Transfer” means, with respect to any Registrable Security, any interest
therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other
right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

(nn) “Withdrawn Registration” means a forfeited demand registration under Section 2.1 in accordance
with the terms and conditions of Section 2.4. 
 (oo) “WKSI” has the meaning set forth in
Section 2.5(b). 
 (pp) “Zevia LLC Agreement” has the meaning set forth in the Recitals. 

  
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 SECTION 2 

REGISTRATION RIGHTS 
 2.1
Requested Registration 
 (a) Request for Registration. Subject to the conditions set forth in this
Section 2.1, if the Company shall receive from Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to all or a part of the Registrable Securities
(such request shall state the number of shares of Registrable Securities to be disposed of by such Initiating Holders), the Company will: 

(i) promptly give written notice of the proposed registration to all other Holders; and 

(ii) as soon as practicable, file and use its commercially reasonable efforts to effect such registration (including, without
limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or facilitate the sale and distribution of all or
such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the
Company within twenty (20) days after such written notice from the Company is mailed or delivered. 
 (b) Limitations on
Requested Registration. The Company shall not be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2.1: 

(i) Prior to one year following the closing date of the IPO; 

(ii) If the Initiating Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration statement, propose to sell Registrable Securities and such other securities (if any), the aggregate proceeds of which (after deduction for underwriter’s discounts and expenses related to the issuance) are less than $25,000,000, or
in the case of an underwritten offering, $50,000,000; 
 (iii) In any particular jurisdiction in which the Company would be
required to execute a general consent to service of process in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(iv) After the Company has initiated two (2) such registrations pursuant to this Section 2.1
(counting for these purposes only (x) registrations which have been declared or ordered effective and pursuant to which securities have been sold, and (y) Withdrawn Registrations); 

(v) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date
of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a Company-initiated registration; provided that the Company is actively employing in good faith commercially reasonable efforts to cause such
registration statement to become effective; 

  
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 (vi) If the Initiating Holders propose to dispose of shares of Registrable
Securities that may be registered on Form S-3 pursuant to a request made under Section 2.3; 

(vii) If the Company has filed another Registration Statement (other than Form S-8 or
Form S-4 or any successor thereto) that has not yet become effective; or 
 (viii) If
such registration covers Registrable Securities that are issuable upon Exchange under and pursuant to the terms of the Zevia LLC Agreement, if the Zevia LLC Agreement would not, on the date of the written request for registration, then permit such
Exchange, except with the approval of the Company’s Board. 
 (c) Deferral. If (i) in the good faith judgment of the
Board, the filing of a registration statement covering the Registrable Securities would be materially detrimental to the Company and the Board concludes, as a result, that it is in the best interests of the Company to defer the filing of such
registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental
to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then the Company shall have the right to defer such
filing for a period of not more than one hundred eighty (180) days after receipt of the request of the Initiating Holders, and, provided, further, that the Company shall not defer its obligation in this manner more than once in
any twelve-month period. 
 (d) Other Shares. The registration statement filed pursuant to the request of the Initiating
Holders may, subject to the provisions of Section 2.1(e), include Other Shares, and may include securities of the Company being sold for the account of the Company. 

(e) Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of
an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1 and the Company shall include such information in the written notice given pursuant to
Section 2.1(a)(i). In such event, the right of any Holder to include all or any portion of its Registrable Securities in such registration pursuant to this Section 2.1 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. If the Company shall request inclusion in any registration pursuant to
Section 2.1 of securities being sold for its own account, or if other persons shall request inclusion in any registration pursuant to Section 2.1, the Initiating Holders shall, on behalf of all
Holders, offer to include such securities in the underwriting and such offer shall be conditioned upon the participation of the Company or such other persons in such underwriting and the inclusion of the Company’s and such person’s other
securities of the Company and their acceptance of the further applicable provisions of this Section 2 (including Section 2.10). The Company shall (together with all Holders and other persons
proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by a majority in interest of the
Initiating Holders, which underwriters are reasonably acceptable to the Company. 

  
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 Notwithstanding any other provision of this Section 2.1, if the
underwriters advise the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, the number of Registrable Securities and Other Shares that may be so included shall be allocated as
follows: (i) first, among all Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders; (ii) second, to the Other Selling
Equity Holders requesting to include Other Shares in such registration statement based on the pro rata percentage of Other Shares held by such Other Selling Equity Holders; and (iii) third, to the Company, which the Company may allocate, at its
discretion, for its own account, or for the account of other holders or employees of the Company. In no event shall the number of Registrable Securities or Other Shares underwritten in such registration be limited unless and until all shares held by
persons other than Holders or Other Selling Equity Holders including the Company, are completely excluded from such offering. Notwithstanding the foregoing, no such reduction shall reduce the value of the Registrable Securities of the Holders
included in such registration below thirty percent (30%) of the total value of securities included in such registration. 
 If a person who
has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The
securities so excluded shall also be withdrawn from registration. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the
registration and if the number of shares to be included in such registration was previously reduced as a result of marketing factors pursuant to this Section 2.1(e), then the Company shall then offer to all Holders and
Other Selling Equity Holders who have retained rights to include securities in the registration the right to include additional Registrable Securities or Other Shares in the registration in an aggregate amount equal to the number of shares so
withdrawn, with such shares to be allocated among such Holders and Other Selling Equity Holders requesting additional inclusion, as set forth above. 

(f) Conditions to Participation. No Person may participate in any underwritten offering hereunder unless that
Person agrees to sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in customary form and completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements, and other documents reasonably required under the terms of the underwriting arrangements. 

2.2 Company Registration 

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration pursuant to Sections 2.1 or 2.3, a registration on Form S-4 or Form S-8 or any successor
form to such forms, a registration relating solely to employee benefit plans, a registration solely for the registration of securities issuable upon the conversion, exchange or exercise of any then outstanding security of the Company, a registration
relating to a dividend reinvestment plan, a registration relating to the offer and sale of debt securities, a registration relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not
permit secondary sales, the Company will: 

  
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 (i) promptly give written notice of the proposed registration to all
Holders; and 
 (ii) use its commercially reasonable efforts to include in such registration (and any related qualification
under blue sky laws or other compliance) or Public Offering or to use the proceeds of such Public Offering to repurchase, except as set forth in Section 2.2(c) below, and in any underwriting involved therein, all of such
Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the Company within five (5) Business Days after such written notice from the Company is mailed or delivered. Such written request
may specify all or a part of a Holder’s Registrable Securities. 
 (b) Limitations on Company Registration. The Company
shall not be required to provide a written notice pursuant to Section 2.2(a) to Holders of any Registrable Securities that are already registered pursuant to an effective Registration Statement. 

(c) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to include their Registrable Securities in such registration
pursuant to this Section 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.
All Holders proposing to distribute their securities through such underwriting shall (together with the Company and the Other Selling Equity Holders and other holders of securities of the Company with registration rights to participate therein
distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected by the Company. 

Notwithstanding any other provision of this Section 2.2, if the underwriters advise the Company in writing that
marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Securities to be included in the registration and underwriting. The
Company shall so advise all holders of securities requesting registration or repurchase of securities through the proceeds of such Public Offering, and the number of shares of securities that are entitled to be included in the registration and
underwriting shall be allocated, as follows: (i) first, to the Company for securities being sold for its own account; (ii) second, to the Holders requesting to include Registrable Securities in such registration statement or repurchase
through the proceeds of such Public Offering based on the pro rata percentage of Registrable Securities held by such Investors; and (iii) third, to the Other Selling Equity Holders requesting to include Other Shares in such registration
statement based on the pro rata percentage of Other Shares held by such Other Selling Equity Holders. Notwithstanding the foregoing, no such reduction shall reduce the value of the Registrable Securities of the Holders included in such registration
or repurchase below thirty percent (30%) of the total value of securities included in such registration or repurchase. 
 If a person who
has requested inclusion in such registration or repurchase as provided above does not agree to the terms of any such underwriting, such person shall also be excluded 

  
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therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration or repurchase. Any
Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration or repurchase. If shares are so withdrawn from the registration or repurchase and if the number of shares of
Registrable Securities to be included in such registration or repurchase was previously reduced as a result of marketing factors pursuant to this Section 2.2(c), the Company shall then offer to all persons who have retained
the right to include securities in the registration or repurchase the right to include additional securities in the registration or repurchase in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among
the persons requesting additional inclusion, in the manner set forth above. 
 (d) Conditions to Participation.
No Person may participate in any underwritten offering hereunder unless that Person agrees to sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements
in customary form and completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents reasonably required under the terms of the underwriting arrangements. 

(e) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

2.3 Registration on Form S-3 

(a) Request for Form S-3 Registration. After its Initial Public Offering, the Company
shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of this Section 2 and subject to the conditions set forth in this Section 2.3, if the Company
shall receive from a Holder or Holders of Registrable Securities a written request that the Company effect any registration on Form S-3 or any similar short-form registration statement with respect to all or
part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Holder or Holders), the Company will take all such action
with respect to such Registrable Securities as required by Sections 2.1(a)(i) and 2.1(a)(ii). 
 (b) Limitations on Form
S-3 Registration. The Company shall not be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2.3: 

(i) In the circumstances described in either Sections 2.1(b)(i), 2.1(b)(iii), 2.1(b)(v),
2.1(b)(vii) or 2.1(b)(viii); 
 (ii) If the Holders, together with the holders of any other securities of the
Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) on Form S-3 at an aggregate price to the public of less than $25,000,000, or in the
case of an underwritten offering, $50,000,000; or 

  
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 (iii) If, in a given twelve-month period, the Company has effected two
(2) such registrations in such period. 
 (c) Deferral. The provisions of Section 2.1(c) shall
apply to any registration pursuant to this Section 2.3. 
 (d) Underwriting. If the Holders of
Registrable Securities requesting registration under this Section 2.3 intend to distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of
Section 2.1(e) shall apply to such registration. Notwithstanding anything contained herein to the contrary, registrations effected pursuant to this Section 2.3 shall not be counted as requests for
registration or registrations effected pursuant to Section 2.1. 
 (e) Conditions to Participation. No
Person may participate in any underwritten offering hereunder unless that Person agrees to sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in
customary form and completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents reasonably required under the terms of the underwriting arrangements. 

2.4 Expenses of Registration 

All Registration Expenses incurred in connection with registrations pursuant to Sections 2.1, 2.2 and
2.3 shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3 if the registration request
is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions set forth in Sections
2.1 and 2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the Holders of a
majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1; provided, however, in the event that a withdrawal by the Holders is based upon material
adverse information relating to the Company that is different from the information known or available (upon request from the Company or otherwise) to the Holders requesting registration at the time of their request for registration under
Section 2.1, the Holders shall not be required to pay for any expenses of any registration proceeding nor shall such registration be treated as a counted registration for purposes of Section 2.1.
All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among each other on the basis of the number of Registrable Securities so
registered. 
 2.5 Registration Procedures 

In the case of each registration effected by the Company pursuant to this Section 2, the Company will keep each
Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 

  
 -11- 

 (a) Keep such registration effective for a period ending on the earlier of the date which is
one hundred twenty (120) days from the effective date of the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; provided, however,
that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder(s) refrain from selling any securities included in such registration at the request of an underwriter of Class A
Common Stock of the Company and (ii) in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such one hundred twenty
(120) day period shall be extended, if necessary, to keep the registration statement effective until the earlier of (A) such time as all such Registrable Securities registered on such registration statement are sold or (B) all such
Registrable Securities on such registration statement may be sold in any three-month period pursuant to Rule 144; provided, further, however, that with respect to (ii) above, that Rule 415, or any successor rule under the
Securities Act, permits an offering on a continuous or delayed basis and that the applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment that
(I) includes any prospectus required by Section 10(a)(3) of the Securities Act or (II) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the
incorporation by reference of information required to be included in (I) and (II) above to periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act; 

(b) To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”) at
the time any request for registration is submitted to the Company in accordance with Section 2.3, (i) if so requested, file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an
“automatic shelf registration statement”) to effect such registration, and (ii) remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) for a period during which such automatic
shelf registration statement is required to remain effective in accordance with this Agreement; 
 (c) Prepare and file with the Commission
such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement for the period set forth in subsection (a) above; 
 (d) Furnish such number of
prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any amendment or supplement to the prospectus, as a Holder from time to time may reasonably request; 

(e) Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions; 

  
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 (f) Notify each seller of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification
promptly prepare and furnish to such seller a reasonable number of copies of a supplement or an amendment to such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such 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 not misleading or incomplete in light of the circumstances then existing; 

(g) If at any time when the Company is required to re-evaluate its WKSI status for purposes of an
automatic shelf registration statement used to effect a request for registration in accordance with Section 2.3 (i) the Company determines that it is not a WKSI, (ii) the registration statement is required to be kept
effective in accordance with this Agreement, and (iii) the registration rights of the applicable Holders have not terminated, promptly amend the registration statement onto a form the Company is then eligible to use or file a new registration
statement on such form, and keep such registration statement effective in accordance with the requirements otherwise applicable under this Agreement; 

(h) If (i) a registration made pursuant to a shelf registration statement is required to be kept effective in accordance with this
Agreement after the third anniversary of the initial effective date of the shelf registration statement and (ii) the registration rights of the applicable Holders have not terminated, file a new registration statement with respect to any unsold
Registrable Securities subject to the original request for registration prior to the end of the three-year period after the initial effective date of the shelf registration statement, and keep such registration statement effective in accordance with
the requirements otherwise applicable under this Agreement; 
 (i) Use its commercially reasonable efforts to furnish, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and reasonably satisfactory to such underwriters and (ii) a “comfort” letter dated as of such date,
from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 

(j) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement not later than
the effective date of such registration; 

  
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 (k) Otherwise use its commercially reasonable efforts to comply with all applicable rules
and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month
after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 

(l) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed; and 
 (m) In connection with any underwritten offering pursuant to a registration statement filed
pursuant to Section 2.1, enter into an underwriting agreement, provided such underwriting agreement contains reasonable and customary provisions, and provided, further, that each Holder participating in
such underwriting shall also enter into and perform its obligations under such an agreement. 
 2.6 Indemnification 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors, members, and
partners, legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this
Section 2, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions,
proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any Registration Statement under which such
Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), (ii)
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation by the Company of the Securities Act, any
state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the
Company will reimburse each such Holder, each of its officers, directors, members, partners, legal counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any
legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that
any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, members,
partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter, and stated to be specifically for use therein; and provided, further, that the indemnity
agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld). 

  
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 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel and accountants and each
underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of
their officers, directors, members and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or
alleged untrue statement) of a material fact contained or incorporated by reference in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary
Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the Company and such Holders, directors, officers, members, partners, legal counsel, accountants, underwriters, or control persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall
not apply to amounts paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and
provided that in no event shall any indemnity under this Section 2.6 exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c) Each party entitled to indemnification under this Section 2.6 (the “Indemnified Party”) shall
give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided, further, that the failure of any Indemnified Party to give
notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be
reasonably required in connection with defense of such claim and litigation resulting therefrom. 

  
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 (d) If the indemnification provided for in this Section 2.6 is
held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party
hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the
one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the
Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by
the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be required under this
Section 2.6(d) to contribute any amount in excess of the net proceeds from the offering received by such person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions as they relate to underwriters and their controlling persons, the provisions in the underwriting agreement shall control. 

2.7 Information by Holder 

Each Holder of Registrable Securities shall furnish to the Company such information regarding such Holder and the distribution proposed by
such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this Section 2. 

2.8 Permitted Transferees 

The rights of a Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of
Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 2.8 will be
effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted
Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 2.8 may not again transfer those rights to any other Permitted Transferee, other than as
provided in this Section 2.8. 

  
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 2.9 Rule 144 Reporting 

With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Restricted
Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 
 (a) Make and keep
adequate current public information with respect to the Company available in accordance with Rule 144 under the Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the
Securities Act filed by the Company for an offering of its securities to the general public; 
 (b) File with the Commission in a timely
manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 

(c) So long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the first registration statement filed by the Company for an offering of its securities to the
general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so
filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration. 

2.10 Lock-Up Agreements 

In connection with each Registration or sale of Registrable Securities pursuant to Section 2.1, 2.2 or 2.3 conducted as an underwritten
offering, each Holder agrees hereby not to, and agrees to execute and deliver a lock-up agreement with the underwriter(s) of such Public Offering restricting such Holder’s right to, (a) Transfer,
directly or indirectly, any equity securities of the Company held by such Holder or (b) enter into any swap or other arrangement that Transfers to another any of the economic consequences of ownership of such securities during the period
commencing on the date of the final Prospectus relating to such Public Offering and ending on the date specified by the underwriters. The Company may impose stop-transfer instructions until the end of such period. The terms of such lock-up agreements shall be negotiated among the Holders, the Company and the underwriters and shall include customary carve-outs from the restrictions on Transfer set forth therein. 

2.11 Delay of Registration 

No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy
that might arise with respect to the interpretation or implementation of this Section 2. 

  
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 2.12 Company Information Requests 

The Company may require each seller of Registrable Securities as to which any Registration or sale is being effected to furnish to the Company
such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing, and the Company may
exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. Each Holder agrees to furnish such information to the
Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

2.13 Limitations on Subsequent Registration Rights 

From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders holding a majority of the
Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are senior to the registration rights granted
to the Holders hereunder. 
 2.14 Termination of Registration Rights 

This Agreement shall terminate upon the date on which no Holder holds any Registrable Securities, except for the provisions of Sections 2.6
and 2.9, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person
entitled to indemnification rights pursuant to Section 2.6 hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination.

 SECTION 3 

MISCELLANEOUS 
 3.1
Amendment 
 This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its
terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Holders of a majority of the Registrable Securities under
this Agreement; provided, however, that any amendment, modification, extension or termination that disproportionately and adversely affects any Holder shall require the prior written consent of such Holder. Each such amendment,
modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

  
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 3.2 Notices 

All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail,
postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed: 
 (a) if to
any Holder, to such address, facsimile number or electronic mail address as shown in the Company’s records, or, until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to the address of
the last holder of such shares for which the Company has contact information in its records; or 
 (b) if to the Company, to the attention
of the Chief Executive Officer or Chief Financial Officer of the Company at 15821 Ventura Boulevard, Los Angeles, CA 91436, or at such other current address as the Company shall have furnished to the Holders, with a copy (which shall not constitute
notice) to Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, NY 10166, Attention: Andrew Fabens. 
 Each such notice or other
communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service,
freight prepaid, specifying next-business-day delivery, one Business Day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been
deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon
confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next Business Day. 

Subject to the limitations set forth in Delaware General Corporation Law § 232(e), each Holder consents to the delivery of any notice to
Holders given by the Company under the Delaware General Corporation Law, the Delaware Limited Liability Company Act, the Company’s certificate of incorporation or bylaws or the Zevia LLC Agreement by (i) facsimile telecommunication to the
facsimile number for the Holder in the Company’s records, (ii) electronic mail to the electronic mail address for the Holder in the Company’s records, (iii) posting on an electronic network together with separate notice to the
Holder of such specific posting or (iv) any other form of electronic transmission (as Delaware General Corporation Law permits) directed to the Holder. This consent may be revoked by a Holder by written notice to the Company and may be deemed
revoked in the circumstances specified in Delaware General Corporation Law § 232. 
 3.3 Governing Law 

This Agreement shall be governed in all respects by the internal laws of the State of Delaware as applied to agreements entered into among
Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law. 

  
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 3.4 Successors and Assigns 

Except as otherwise provided herein, this Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned,
transferred, delegated or sublicensed by any Holder without the prior written consent of the Company. Any attempt by a Holder without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this
Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the
parties hereto. 
 3.5 Entire Agreement 

This Agreement and the exhibits hereto constitute the full and entire understanding and agreement among the parties with regard to the
subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein. 

3.6 Delays or Omissions 

Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party to this Agreement upon
any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver,
permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be
effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 

3.7 Severability 
 If any
provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this
Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal,
void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms. 
 3.8 Titles and
Subtitles 
 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or
interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 

  
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 3.9 Counterparts 

This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such
counterparts, and all of which together shall constitute one instrument. 
 3.10 Telecopy Execution and Delivery 

A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by
facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. 

3.11 Jurisdiction; Venue 

Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the State of Delaware and the County of New Castle for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this
Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or
otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts or to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of
inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which
such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any
court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at
its address specified pursuant to Section 3.2 hereof is reasonably calculated to give actual notice. 
 3.12 WAIVER OF JURY
TRIAL.  
 TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS
THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE),

  
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INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS
CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 3.12 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING
AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 3.12 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

3.13 Further Assurances 

Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other
powers, all such other and additional instruments and documents and do all such other acts as may be necessary to more fully effectuate this Agreement. 

3.14 Conflict 
 In the
event of any conflict between the terms of this Agreement and the Zevia LLC Agreement, the terms of the Zevia LLC Agreement, as the case may be, will control. 

3.15 Attorneys’ Fees 

In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party in such dispute shall be
entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

3.16 Aggregation of Securities 

All securities held or acquired by affiliated entities (including affiliated venture capital funds) or persons shall be aggregated together
for purposes of determining the availability of any rights under this Agreement. 
 3.17 Certain Interpretive Matters 

(a) Unless the context of this Agreement otherwise requires: 

(i) words of any gender include each other gender; 

(ii) words using the singular or plural number also include the plural or singular number, respectively; 

(iii) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire
Agreement; 

  
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 (iv) except as otherwise indicated, all references herein to
“Sections” are Sections of this Agreement; 
 (v) the term “or” has, except as otherwise indicated, the
inclusive meaning represented by the phrase “and/or”; and 
 (vi) the words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” 
 (b) The Table
of Contents, headings and other titles contained herein are inserted only as a matter of convenience and in no way define, limit, extend or interpret the scope of this Agreement or any particular Section hereof. 

(signature pages follow) 

  
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 The parties are signing this Eleventh Amended and Restated Registration Rights Agreement as
of the date stated in the introductory clause. 
  

			
	 ZEVIA PBC,

	 a Delaware public benefit corporation

		
	By:	 	/s/ Padraic Spence
		 	 Name: Padraic Spence

		 	 Title: Chief Executive Officer

	
	 ZEVIA LLC,

	 a Delaware limited liability company

		
	 By:
	 	 Zevia PBC, its Managing Member

		
	By:	 	/s/ Padraic Spence
		 	 Name: Padraic Spence

		 	 Title: Chief Executive Officer

  
 Signature Page –
Amended and Restated Registration Rights Agreement 

 
			
	 ZIP HOLDING INC.

		
	By:	 	/s/ Phillip Hunter O’Brien
		 	 Name: Philip Hunter O’Brien

		 	 Title: Senior Director

		
	By:	 	/s/ François Boudreault
		 	 Name: François Boudreault

		 	 Title: Managing Director

	
	 CDP INVESTISSMENTS INC.

		
	By:	 	/s/ François Boudreault
		 	 Name: François Boudreault

		 	Title: Managing Director and Deputy Head, Private Equity
		
	By:	 	/s/ Philippe Charette
		 	 Name: Philippe Charette

		 	 Title: Director – Investments, Private Equity

	
	 WHITE PINE, INC.

		
	By:	 	/s/ Brian McGuigan
		 	 Name: Brian McGuigan

		 	 Title: Vice President

	
	 NORTHWOOD VENTURES LLC

		
	By:	 	/s/ James G. Schiff
		 	 Name: James G. Schiff

		 	 Title: Managing Director

  
 Signature Page –
Amended and Restated Registration Rights Agreement 

 
			
	NORTHWOOD CAPITAL PARTNERS LLC
		
	By:	 	/s/ James G. Schiff
		 	Name: James G. Schiff
		 	Title: Managing Director
	
	NGEN III, LP
		
	By:	 	NGEN Partners III, L.L.C., its general partner
		
	By:	 	/s/ Rosemary Ripley
		 	Name: Rosemary Ripley
		 	Title: Managing Member
	
	NGEN ZEVIA SPV, LLC 
		
	By:	 	NGEN Zevia SPV Managers LLC, its sole member
		
	By:	 	/s/ Rosemary Ripley
		 	Name: Rosemary Ripley
		 	Title: Managing Member
	
	NGEN-MANTRA HOLDINGS LLC
		
	By:	 	NGEN Mantra Management Holdings LLC, its sole member
		
	By:	 	/s/ Rosemary Ripley
		 	Name: Rosemary Ripley
		 	Title: Managing Member
	
	SPENCE FAMILY TRUST
		
	By:	 	/s/ Padraic Spence
		 	Name: Padraic Spence
		 	Title: Trustee

  
 Signature Page –
Amended and Restated Registration Rights Agreement 

 [Additional Signature Pages] 

  
 Signature Page –
Amended and Restated Registration Rights Agreement 

 SCHEDULE I 

HOLDERS 
 [Holders]EX-10.4

 Exhibit 10.4 

SEVERANCE AGREEMENT 
 This
SEVERANCE AGREEMENT (this “Agreement”) is entered into as of July 26, 2021 (the “Effective Date”), by and between Zevia LLC (the “Company”) and Robert Gay
(“Executive”). 
 1. At-Will Employment. Executive acknowledges and agrees that
Executive’s employment relationship with the Company is at will. This Agreement does not in any way alter Executive’s at-will status or limit the Company’s or Executive’s right to terminate
Executive’s employment with the Company at any time, with or without Cause or advance notice. 
 2. Definitions. 

(a) “Affiliate” means (i) all persons or entities directly or indirectly controlling, controlled by or under common
control with the Company, (ii) all entities in which the Company directly or indirectly owns an equity interest; and (iii) all predecessors, successors and assigns of those Affiliates identified in (i) and (ii). 

(b) “Arbitration Agreement” means that certain Mutual Arbitration Agreement between Executive and the Company. 

(c) “Board” means the Board of Directors of Zevia PBC, a Delaware corporation. 

(d) “Cause” means (i) Executive’s failure to materially perform Executive’s duties and responsibilities to the
Company and the Affiliates (other than any such failure resulting from incapacity due to physical or mental illness), other than any failure which is capable of cure and is cured by Executive within 15 days following Executive’s receipt of
notice from the Company; (ii) Executive’s failure to comply with any valid and legal directive of the Chief Executive Officer of the Company or the Board; (iii) Executive’s engagement in conduct, which is, or could reasonably be
expected to be, materially injurious to the Company or the Affiliates; (iv) Executive’s embezzlement, misappropriation or fraud, whether or not related to Executive’s employment with the Company; (v) Executive’s conviction
of or plea of guilty or nolo contendere to a felony (or state law equivalent); or (vi) Executive’s material breach of this Agreement, the Confidentiality Agreement, or any other written agreement between the Company and Executive or any of
the Company’s material policies, including its code of conduct. 
 (e) “Change in Control” has the meaning set forth in
the Zevia PBC 2021 Equity Incentive Plan or any successor equity incentive plan. 
 (f) “CIC Protection Period” means the 18-month period beginning on the consummation of a Change in Control. 
 (g) “Confidentiality
Agreement” means that certain Employment, Confidential Information, and Invention Assignment Agreement between Executive and the Company. 

 (h) “Disability” means Executive is unable to perform each of the essential
duties of Executive’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than 12 months. A determination
of Disability shall be made by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances, and in this respect, Executive shall submit to an examination by a physician upon request by the Board. 

(i) “Good Reason” means the occurrence of any one or more of the following: (i) a material diminution in Executive’s
annual base salary or target annual bonus; (ii) a material diminution in Executive’s authority, duties or responsibilities with the Company or an Affiliate; or (iii) a required relocation of Executive’s principal place of
employment by more than 50 miles; provided, however, that any assertation by Executive of Good Reason shall not be effective unless (A) Executive provides written notice to the Company of the existence of one or more of the foregoing conditions
within 30 days after the initial occurrence of such conditions; (B) the condition(s) specified in such notice must remain uncorrected for 30 days following the Company’s receipt of such notice; and (C) the date of the termination of
Executive’s employment must occur within 90 days after the initial occurrence of the condition(s) specified in such notice. 
 (j)
“Qualifying Termination” means a termination of Executive’s employment with the Company by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason. 

(k) “Termination Date” means the date of Executive’s termination of employment with the Company. 

3. Effect of Termination. 
 (a) Accrued
Obligations. Upon any termination of Executive’s employment with the Company, Executive shall be entitled to receive: 
 (i)
Executive’s base salary accrued through the Termination Date, payable as soon as practicable following the date of such termination or as otherwise required by applicable law; 

(ii) Executive’s accrued but unused vacation as of the Termination Date, payable as soon as practicable following the date of such
termination or as otherwise required by applicable law or Company policy; 
 (iii) employee benefits, if any, as to which Executive may be
entitled under the employee benefit plans of the Company, which shall be paid in accordance with the terms of the applicable plans (the amounts described in clauses (A) through (C) hereof, the “Accrued Obligations”). 

(b) Qualifying Termination. Upon a Qualifying Termination that does not occur during a CIC Protection Period, subject to
Executive’s execution and non-revocation of a release of claims, in the form provided by the Company (the “Release”), within the time period specified therein and Executive’s
continued compliance with the provisions of the Confidentiality Agreement and Sections 4, 5, 6 and 8(k) Executive shall be entitled to receive: 

  
 2 

 (i) aggregate severance payments in an amount equal to the sum of (A) Executive’s
annual base salary at the rate in effect on the Termination Date (and prior to any reduction that constitutes Good Reason) and (B) Executive’s target annual bonus for the year in which the Termination Date occurs, payable in equal
installments in accordance with the Company’s normal payroll practices for the 12 months following the date the Release becomes effective and irrevocable; provided, that if the period during which the Release could become effective and
irrevocable spans two calendar years, payments of such installments shall not commence until the first normal payroll date in the second calendar year; 

(ii) subject to Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”) and subject to Executive’s copayment of premium amounts at the active employees’ rate, reimbursement for the amount of the remainder of the premiums for Executive’s and his or her covered dependents’
participation in the Company’s group health plans pursuant to COBRA for a period ending on the earliest of (A) the first anniversary of the Termination Date, (B) Executive becoming eligible for other employer-sponsored group health
benefits or Medicare, and (C) the expiration of Executive’s rights under COBRA; provided, however, that in the event that the benefits provided herein would subject the Company or any of the Affiliates to any tax or penalty under the
Patient Protection and Affordable Care Act (the “PPACA”) or Section 105(h) of the Internal Revenue Code of 1986 (the “Code”), Executive and the Company agree to work together in good faith to restructure the
foregoing benefit; 
 (iii) a pro-rata portion of the actual annual bonus that Executive would have
earned for the fiscal year in which the Termination Date occurs, based on the number of days Executive is employed during such fiscal year, payable on the date when bonuses are otherwise paid to the Company’s executives and in all events by
March 15 of the calendar year following the calendar year in which the Termination Date occurs; and 
 (iv) any earned but unpaid annual
bonus for the fiscal year preceding the fiscal year in which the Termination Date occurs, payable on the date when bonuses for such fiscal year are otherwise paid to the Company’s executives for such fiscal year. 

Following Executive’s Qualifying Termination that does not occur during a CIC Protection Period, except as set forth in this
Section 3(b), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(c) Qualifying Termination during CIC Protection Period. Upon a Qualifying Termination that occurs during a CIC Protection Period,
subject to Executive’s execution and non-revocation of a Release within the time period specified therein and Executive’s continued compliance with the provisions of the Confidentiality Agreement and
Sections 4, 5, 6 and 8(k) Executive shall be entitled to receive: 
 (i) a lump sum severance payment in an
amount equal to two times the sum of (A) Executive’s annual base salary at the rate in effect on the Termination Date (and prior to any reduction that constitutes Good Reason) and (B) Executive’s target annual bonus for the year
in which the Termination Date occurs, payable within 60 days following the date the Release becomes effective and irrevocable; provided, that if the period during which the Release could become effective and irrevocable spans two calendar years,
payment shall occur in the second calendar year; 

  
 3 

 (ii) subject to Executive’s timely election of continuation coverage under COBRA, and
subject to Executive’s copayment of premium amounts at the active employees’ rate, reimbursement for the amount of the remainder of the premiums for Executive’s and his or her covered dependents’ participation in the
Company’s group health plans pursuant to COBRA for a period ending on the earliest of (A) the second anniversary of the Termination Date, (B) Executive becoming eligible for other employer-sponsored group health benefits or Medicare,
and (C) the expiration of Executive’s rights under COBRA; provided, however, that in the event that the benefits provided herein would subject the Company or any Affiliate to any tax or penalty under the PPACA or Section 105(h) of the
Code, Executive and the Company agree to work together in good faith to restructure the foregoing benefit. Notwithstanding the foregoing, if Executive ceases to be eligible for COBRA (other than as a result of becoming eligible for Medicare or
eligible for coverage under another employer’s group health plan), the Company shall pay to Executive a lump sum amount equal to (x) 24 less the number of months of COBRA that have previously been reimbursed under this Agreement as of such
date, multiplied by (y) the dollar amount of the COBRA reimbursement paid in the final month of COBRA eligibility; 
 (iii) a pro-rata portion of the actual annual bonus that Executive would have earned for the fiscal year in which the Termination Date occurs, based on the number of days Executive is employed during such fiscal year,
payable on the date when bonuses are otherwise paid to the Company’s executives and in all events by March 15 of the calendar year following the calendar year in which the Termination Date occurs; and 

(iv) any earned but unpaid annual bonus for the fiscal year preceding the fiscal year in which the Termination Date occurs, payable on the date
when bonuses for such fiscal year are otherwise paid to the Company’s executives for such fiscal year. 
 Following Executive’s Qualifying
Termination that occurs during a CIC Protection Period, except as set forth in this Section 3(c), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(d) Other Terminations. Upon a termination of Executive’s employment that is not described in
Section 3(b) or Section 3(c), except for the Accrued Obligations, Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(e) Termination and Offices Held. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have
resigned from all positions that Executive may then hold as an employee, officer or director of the Company or any Affiliate. Executive shall promptly deliver to the Company any additional documents reasonably required by the Company to confirm such
resignations. 

  
 4 

 4. Confidential Information. 

(a) During the course of Executive’s employment with the Company, Executive will be given access to and receive Company Confidential
Information (as defined in the Confidentiality Agreement) regarding the business of the Company and the Affiliates. Executive agrees that the Company Confidential Information constitutes a protectable business interest of the Company and the
Affiliates and covenants and agrees that at all times during Executive’s employment with the Company, and at all times following Executive’s termination for any reason, Executive will not, directly or indirectly, disclose any Company
Confidential Information other than in the proper performance of Executive’s duties. 
 (b) Notwithstanding the foregoing, nothing in
this Agreement shall prohibit or restrict Executive from lawfully: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by,
any governmental authority regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Executive from any such governmental authority; (iii) testifying, participating or otherwise assisting in any
action or proceeding by any such governmental authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the
federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state
or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a
lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires
Executive to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that Executive has engaged in any such conduct. 

5. Non-Disparagement. Executive shall not, while employed by the Company or at any time thereafter, disparage
the Company (or any Affiliate) in any way that materially and adversely affects the goodwill, reputation or business relationships of the Company or the Affiliate with the public generally, or with any of its customers, vendors or employees.
Executive shall not make comments to the media, including through social media, or otherwise regarding Executive’s employment with the Company or the circumstances regarding the termination thereof without the prior written consent of the
Board. Notwithstanding the foregoing, this Section 5 shall not prohibit Executive from rebutting claims or statements made by any other person. 

6. Non-Competition; Non-Solicitation. 

(a) Executive acknowledges that the Company has spent significant time, effort and resources protecting its Company Confidential Information
and customer goodwill. Executive further acknowledges that the Company Confidential Information is of significant competitive value to the Company in the supermarket and grocery industry in which it competes, and that the use or disclosure, even if
inadvertent, of such Company Confidential Information for the benefit of a competitor would cause significant damage to the legitimate business interests of the Company. Accordingly, in order to protect the legitimate business and customer goodwill
interests of the Company, to protect that Company Confidential Information against inappropriate use or disclosure, and in consideration for Executive’s employment and the benefits provided to Executive herein, Executive agrees that: 

  
 5 

 (i) During the Restricted Period (as defined below) the Executive shall not, directly or
indirectly (including as an employee, officer, director, owner, consultant, manager, or independent contractor), other than in connection with his employment by the Company, engage in the Business (as defined below) in any country in which the
Company or an Affiliate is engaged in the Business at the time of Executive’s separation as an employee of the Company. The Restricted Period shall be extended for a period equal to any time period that the Executive is in violation of this
Section 6(a)(i). 
 (ii) Without the prior written consent of the Company, during the Restricted Period, Executive
shall not, directly or indirectly, solicit, recruit or hire any person who is as of the date of his termination (or was within 12 months prior to the date of his termination) an employee of the Company or an Affiliate; provided, however, that the
foregoing provision shall not prohibit solicitations made by Executive to the general public, including through a general public posting site or forum. 

(iii) Without the prior written consent of the Company, during the Restricted Period, Executive shall not directly or indirectly
(A) solicit or encourage any client, customer, bona fide prospective client or customer, supplier, licensee, licensor, landlord or other business relation of the Company or any Affiliate with whom Executive had material personal dealings in the
12-month period immediately preceding his termination (each a “Business Contact”) to terminate or diminish its relationship with them; or (B) seek to persuade any such Business Contact to
conduct with anyone else any business or activity conducted or, to Executive’s knowledge, under consideration by the Company or any Affiliate as of the date of his termination that such Business Contact conducts or could conduct with the
Company or any Affiliate. 
 (b) Nothing contained in this Section 6 shall be construed to prevent Executive from
(i) investing in the equity of any competing entity listed on a national securities exchange or traded in the over-the-counter market, but only if Executive is not
involved directly or indirectly in the management of said entity and if the Executive and the Executive’s associates (as such term is defined in Regulation 14(A) promulgated under the Securities Exchange Act of 1934, as in effect on the date
hereof), collectively, do not own more than an aggregate of 5% of the equity of such entity, or (ii) indirectly owning securities through ownership of shares of a registered investment company or mutual fund. 

(c) If a court of competent jurisdiction determines that any portion of this Section 6 is invalid or unenforceable,
the remainder of this Section 6 shall be given full effect without regard to the invalid provision. If any court of final and non-appealable judgment construes any of the provisions
of this Section 6, or any part thereof, to be unreasonable because of the duration, geographic location, or scope of such provision, such provision shall be deemed to be amended to cover the maximum duration, geographic
location, and scope not so determined to be unreasonable. 
 (d) As used herein: 

(i) “Business” means the sale of liquid refreshment beverages. 

  
 6 

 (ii) “Restricted Period” means during Executive’s employment with the
Company and the 12-month period following the Termination Date. 
 7. Breach. 

(a) Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of
Sections 4, 5 and 6(a)(ii) would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach
or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of
specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 

(b) If, during the Restricted Period, Executive breaches his or her obligations under Sections 4, 5 or 6, the Company
shall have the right to cease payments under Section 3(b) and 3(c), and Executive shall promptly return to the Company any payments received pursuant to Section 3(b) or 3(c).
Executive acknowledges that Sections 6(a)(i) and 6(a)(iii) are not intended to and do not prohibit the conduct described therein, but this Section 7(b) provides for the forfeiture of the right to receive the
severance payments and benefits under Sections 3(b) and 3(c) should Executive choose to violate such Sections during the Restricted Period. 

8. Miscellaneous. 
 (a) Arbitration.
For the avoidance of doubt, the arbitration provisions of the Arbitration Agreement shall apply to any dispute concerning Executive’s employment with the Company or arising under or in any way related to this Agreement. 

(b) Governing Law; Consent to Personal Jurisdiction. THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA WITHOUT
REGARD FOR CONFLICTS OF LAWS PRINCIPLES. SUBJECT TO THE ARBITRATION PROVISION IN THE ARBITRATION AGREEMENT, EXECUTIVE HEREBY EXPRESSLY CONSENTS TO THE PERSONAL JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN CALIFORNIA FOR ANY LAWSUIT FILED
THERE AGAINST EXECUTIVE BY THE COMPANY CONCERNING EXECUTIVE’S EMPLOYMENT OR THE TERMINATION OF EXECUTIVE’S EMPLOYMENT OR ARISING FROM OR RELATING TO THIS AGREEMENT. 

(c) Entire Agreement/Amendments. This Agreement, the Confidentiality Agreement and the Arbitration Agreement contain the entire
understanding of the parties with respect to the matters set forth herein; provided, however, that the covenants set forth in Sections 4, 5 and 6 shall be in addition to, and not in lieu of, any other confidentiality, non-disparagement, non-solicitation or non-competition covenants between Executive and the Company or any Affiliate, including under
the Confidentiality Agreement. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein or as may be set forth
from time to time in the Company’s employee 

  
 7 

 
benefit plans and policies applicable to Executive. For the avoidance of doubt, this Agreement supersedes and replaces any severance entitlements set forth in any other agreement between the
Company and Executive, including any individual employment agreement or offer letter. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. In the event of any inconsistency between this
Agreement and any other plan, program, practice or agreement of which Executive is a participant or a party, this Agreement shall control unless such other plan, program, practice or agreement specifically refers to the provisions of this sentence.

 (d) No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be
considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

(e) Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

(f) Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by
Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person or entity which is an
Affiliate or a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such Affiliate or successor
person or entity. 
 (g) Counterclaim; No Mitigation. The Company’s obligation to pay Executive the amounts provided and to make
the arrangements provided hereunder shall be subject to counterclaim and to seek recoupment of amounts owed by Executive to the Company or the Affiliates. Executive shall not be required to mitigate the amount of any payment provided for pursuant to
this Agreement by seeking other employment, and such payments shall not be reduced by any compensation or benefits received from any subsequent employer or other endeavor. 

(h) Compliance with Code Section 409A. Notwithstanding anything herein to the contrary, (i) if on the
Termination Date Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or
benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company or Executive’s earlier death (or the earliest date as is permitted under
Section 409A of the Code) and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the
Board, that does not cause such an accelerated or 

  
 8 

 
additional tax. For purposes of Section 409A of the Code, each payment made under this Agreement shall be designated as a “separate payment” within the meaning of the
Section 409A of the Code, and references herein to Executive’s “termination of employment” shall refer to Executive’s separation from service with the Company within the meaning of Section 409A. To the extent any
reimbursements or in-kind benefits due to Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). The Company shall consult with Executive in good faith
regarding the implementation of the provisions of this Section 8(h); provided that neither the Company nor any of its employees or representatives shall have any liability to Executive with respect to thereto or any
tax imposed under Section 409A. 
 (i) Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding
upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. In the event of Executive’s death prior to receipt of all amounts payable to Executive (including any unpaid amounts due
under Section 3), such amounts shall be paid to Executive’s beneficiary designated in a Notice provided to and accepted by the Company or, in the absence of such designation, to Executive’s estate. 

(j) Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing
and shall be deemed to have been duly given when delivered by hand or overnight courier or three postal delivery days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective
addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that Notice of change of address shall be effective only upon receipt (each such
communication, “Notice”). 
 If to the Company, addressed to: 

Zevia LLC 
 Attn: General
Counsel 
 15821 Ventura Blvd., Suite 145 

Encino, CA 91436 

If to Executive, to the address listed in the Company’s payroll records from time to time. 

(k) Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any investigation, action or
proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder, provided, that, following termination of Executive’s employment, the Company shall pay all reasonable
expenses incurred by Executive in providing such cooperation. This provision shall survive any termination of this Agreement. 
 (l)
Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

  
 9 

 (m) Interpretation. Titles and headings to Sections hereof are for the purpose of
reference only and shall in no way limit, define or otherwise affect the provisions hereof. Unless the context requires otherwise, all references to laws, regulations, contracts, agreements and instruments refer to such laws, regulations, contracts,
agreements and instruments as they may be amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation. All references to
“dollars” or “$” in this Agreement refer to United States dollars. The word “or” is not exclusive. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here”
shall refer to the entire Agreement, including all Exhibits attached hereto, and not to any particular provision hereof. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the
plural and conversely. All references to “including” shall be construed as meaning “including without limitation.” Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party
hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intentions of the parties hereto. 
 (n) Counterparts. This Agreement may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Signature Page
Follows this Page] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Severance Agreement as of the
Effective Date. 
  

			
	ZEVIA LLC
	
	 /s/ Padraic Spence

	Name:	 	Padraic Spence
	Title:	 	Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Robert Gay

	Name: Robert Gay

 SIGNATURE PAGE TO 

SEVERANCE AGREEMENT

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