Document:

a109-birdridesxamendment

Execution Version  US-DOCS\137537505.8  AMENDMENT NO. 8  TO LOAN AND SECURITY AGREEMENT  AMENDMENT NO. 8 TO LOAN AND SECURITY AGREEMENT, dated as of December 30,  2022 (this “Agreement”), by and among each of the Lenders signatory hereto, the Borrower (as defined  below), the Holdco Guarantor (as defined below), and Midcap Financial Trust, in its capacity as  Administrative Agent.  WHEREAS, reference is hereby made to the Loan and Security Agreement, dated as of April  27, 2021 (as amended by the First Amendment to Loan and Security Agreement dated as of June 10,  2021, the Amendment No. 2 to Loan and Security Agreement dated as of October 12, 2021, the  Amendment No. 3 to Loan and Security Agreement dated as of April 8, 2022, the Amendment No. 4 to  Loan and Security Agreement dated as of April 22, 2022, the Fifth Amendment to Loan and Security  Agreement dated July 1, 2022, Amendment No. 6 to Loan and Security Agreement dated as of October 7,  2022, and Amendment No. 7 to Loan and Security Agreement dated as of December 19, 2022, and as  further amended, restated, amended and restated, supplemented, or otherwise modified from time to time  prior to the date hereof, the “Loan Agreement”), by and among Bird US Opco, LLC, a Delaware limited  liability company (the “Borrower”), Bird US Holdco, LLC, a Delaware limited liability company  (“Holdco Guarantor”), the Lenders from time to time party thereto, and the Administrative Agent;  WHEREAS, (x) the Borrower desires to amend certain terms of the Loan Agreement and (y) the  Lenders under the Loan Agreement as in effect immediately prior to the effectiveness of this Agreement  (the “Existing Lenders”), have agreed to such amendments and to become bound by the terms of the  Loan Agreement (as amended hereby) as Lenders; and   WHEREAS, in accordance with Section 14.01 of the Loan Agreement, the Existing Lenders, the  Administrative Agent, the Borrower, the Holdco Guarantor and the other Persons party hereto have  agreed to amend the Loan Agreement as more fully set forth herein.  NOW, THEREFORE, the parties hereto agree as follows:  Section 1. Defined Terms; References.   (a) Unless otherwise specifically defined herein, each term used herein which is defined in  the Loan Agreement has the meaning assigned to such term in the Amended Loan Agreement (as defined  below). The rules of construction and other interpretive provisions specified in Section 1.02 of the  Amended Loan Agreement shall apply to this Agreement, including terms defined in the preamble and  recitals hereto.  (b) As used in this Agreement, the following terms have the meanings specified below:  “Amended Loan Agreement” shall mean the Loan Agreement, as amended by this  Agreement.  “Amendment No. 8 Effective Date” shall have the meaning provided in Section 9  hereof.  Section 2. Amendment.    (a) Amended Loan Agreement.  Pursuant to Section 14.01 of the Loan Agreement:  

 

2  US-DOCS\137537505.8  (i) Each of the parties hereto agrees that, effective on the Amendment No. 8  Effective Date, the Loan Agreement (including the Schedules thereto) shall be amended to delete the  stricken text (indicated textually in the same manner as the following example: stricken text and stricken  text) and to add the double-underlined text (indicated textually in the same manner as the following  example: double-underlined text and double-underlined text) as set forth in the pages of the Loan  Agreement attached as Exhibit A hereto.  (ii) Each of the parties hereto agrees that Exhibit B hereto sets forth a clean copy of  the Amended Loan Agreement (including the Schedules thereto).  (b) Exhibits.  Each of the parties hereto agrees that, effective on the Amendment No. 8  Effective Date, Exhibit F to the Loan Agreement is hereby amended and restated by deleting such exhibit  in its entirety and replacing such exhibit with the exhibit set forth on Exhibit C hereto.  Section 3. Termination of Parent Pledge.  On the Amendment No. 8 Effective Date, the  Parent Pledge (as defined in the Loan Agreement) shall, without further action, automatically terminate  and be of no further force or effect, except for those provisions of the Parent Pledge that by their terms  expressly survive such termination.  All security interest in and liens on any and all properties and assets  of Parent, whether personal, real or mixed, tangible or intangible, granted by, pledged, held, or arising  under the Parent Pledge shall be, without further action, released, discharged, and terminated.  Parent (or  its designee) is authorized to file such UCC termination statements and re-assignments or releases of  trademarks, copyrights, and patents as are necessary to release, as of record, the security interests  previously recorded by the Collateral Agent (as defined in the Parent Pledge) as Parent may reasonably  deem necessary in connection with the termination of the security interests and liens set forth in in this  Section 3.  Section 4. Termination of the Side Letter. On the Amendment No. 8 Effective Date, the  Lender Side Letter (as defined in the Loan Agreement) shall, without further action from the  Administrative Agent or any of the Lenders signatory thereto, automatically terminate in whole in  accordance with Section 4.4(b) thereof, and the parties thereto hereby agree that they shall not have any  continuing rights or obligations thereunder from and after the Amendment No. 8 Effective Date.   Section 5. Commitment.  On or after January 1, 2024, the Lenders, in their sole discretion,  may direct the Administrative Agent to deliver a written notice (the “Commitment Notice”) to the  Borrower (which notice may be via e-mail) to extend additional Commitments under the Loan Agreement  to the Borrower.  Upon the Borrower’s receipt of the Commitment Notice, (i) Schedule I to the Amended  Loan Agreement shall automatically be amended to include the dollar amount of the additional  Commitments set forth in the Commitment Notice and (ii) the defined term “Commitment Termination  Date” in the Amended Loan Agreement shall automatically, without further action of any party, be  amended to be July 12, 2024.  Section 6. Effect of Agreement; Reaffirmation; Etc.  Except as expressly set forth herein  or in the Amended Loan Agreement, this Agreement shall not by implication or otherwise limit, impair,  constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative  Agent under the Loan Agreement or under any other Transaction Document and shall not alter, modify,  amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained  in the Loan Agreement or any other provision of the Loan Agreement or of any other Transaction  Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Without limiting the foregoing, after giving effect to this Agreement, (i) each Credit Party acknowledges  and agrees that (x) each Transaction Document to which it is a party is hereby confirmed and ratified and  shall remain in full force and effect according to its respective terms (in the case of the Loan Agreement,  

 

3  US-DOCS\137537505.8  as amended hereby) and (y) each applicable Transaction Document to which it is a party, and all of the  Collateral, does and in each case shall continue to, secure the payment and performance of all Borrower  Obligations on the terms and conditions set forth therein, and hereby ratifies the security interests granted  by it pursuant thereto and (ii) the Holdco Guarantor hereby confirms, reaffirms, and ratifies its continuing  unconditional obligations as a guarantor under the Holdco Guarantee to which it is a party on the terms  and conditions set forth in the Holdco Guarantee. The parties hereto acknowledge and agree that the  amendment of the Loan Agreement pursuant to this Agreement and all other Transaction Documents  amended and/or executed and delivered in connection herewith shall not constitute a novation of the Loan  Agreement and any such other Transaction Documents as in effect prior to the Amendment No. 8  Effective Date.  Section 7. Representations of Credit Parties. Each of the Credit Parties hereby represents  and warrants that:  (a) the representations and warranties set forth in Section 7.01 of the Amended Loan  Agreement shall be true and correct in all material respects on and as of the Amendment No. 8 Effective  Date (after giving effect to this Agreement), with the same effect as though made on and as of such date  (and deeming (x) this Agreement to be a “Transaction Document” and (y) references to “this Agreement”  in Section 7.01 of the Amended Loan Agreement to mean the Amended Loan Agreement, in each case,  for purposes of each such representation and warranty), it being understood and agreed that (i) any  representation or warranty which by its terms is made as of a specified date shall be required to be true  and correct in all material respects only as of such specified date and (ii) any representation or warranty  that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and  correct in all respects (after giving effect to such qualification therein) on and as of the Amendment No. 8  Effective Date; and  (b) no Potential Event of Default or Event of Default has occurred and is continuing or  would result from the entry into of this Agreement.  Section 8. Counterparts.  This Agreement may be executed in counterparts (and by  different parties hereto on different counterparts) (including by facsimile or other electronic transmission  (i.e., a “pdf” or “tif”)), each of which shall constitute an original but all of which when taken together  shall constitute a single contract.  Delivery of an executed signature page to this Agreement by facsimile  or electronic transmission shall be as effective as delivery of a manually signed counterpart of this  Agreement. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or  related to any document to be signed in connection with this Agreement and the transactions  contemplated hereby shall be deemed to include electronic signatures, the electronic matching of  assignment terms and contract formations on electronic platforms approved by the Administrative Agent,  or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or  enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the  case may be, to the extent and as provided for in any applicable law, including the Federal Electronic  Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records  Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Section 9. Conditions to Effectiveness of this Agreement on the Amendment No. 8  Effective Date.  This Agreement shall become effective on the date (the “Amendment No. 8 Effective  Date”) when each of the following conditions shall have been satisfied (or waived, as applicable) and, in  connection with the foregoing, the execution (which may include telecopy or electronic transmission of a  signed signature page of this Agreement) of this Agreement:  

 

4  US-DOCS\137537505.8  (a) Amendment Documents.  The Administrative Agent and the Lenders shall have  received copies of this Agreement, the Amendment No. 4 to Lease Agreement, the Intercreditor  Agreement, the Third Amended and Restated EMEA Guaranty and Pledge Agreement by Bird Rides  International Holding, Inc. in favor of the Beneficiaries (as defined therein) (the “Amended EMEA  Guaranty”), and the Note Documents (together, the “Amendment Documents”), in each case, executed  and delivered by each party thereto.  (b) Organizational Documents; Incumbency.  The Administrative Agent and the  Lenders shall have received (i) true, correct and complete copies of the organizational documents of the  Bird Parties or a certification that there has not been any change to such organizational documents since  December 19, 2022; (ii) signature and incumbency certificates of the officers of each of the Bird Parties  executing the Amendment Documents to which it is a party or certification that there has not been any  change to the signature or incumbency of such officers since December 19, 2022; (iii) resolutions of the  Board of Directors or similar governing body of each of the Bird Parties approving and authorizing the  execution, delivery and performance of this Agreement and the other Amendment Documents to which it  is a party or by which it or its assets may be bound as of the Amendment No. 8 Effective Date, certified as  of the Amendment No. 8 Effective Date by a Responsible Officer as being in full force and effect without  modification or amendment; and (iv) a good standing certificate from the applicable Governmental  Authority of  each of the Bird Parties’ jurisdiction of incorporation, organization or formation dated a  recent date prior to the Amendment No. 8 Effective Date.  (c) Transaction Costs.  The Borrower shall have delivered to the Existing Lenders  the Borrower’s reasonable best estimate of the fees, costs, and expenses payable by the Parent or the  Borrower on or before the Amendment No. 8 Effective Date in connection with the transactions  contemplated by the Amendment Documents, and the Borrower shall have paid all fees and expenses of  the Administrative Agent and the Existing Lenders incurred in connection with this Agreement  (including, for the avoidance of doubt, all legal and advisor fees, including but not limited to the legal  fees of Paul, Weiss, Rifkind Wharton and Garrison LLP).  (d) Organizational Documents; Incumbency of Bird Rides International Holding,  Inc.  The Administrative Agent and the Lenders shall have received (i) true, correct and complete copies  of the organizational documents of Bird Rides International Holding, Inc. or a certification that there has  not been any change to such organizational documents since December 19, 2022; (ii) signature and  incumbency certificates of the officers of Bird Rides International Holding, Inc. or certification that there  has not been any change to the signature or incumbency of such officers since December 19, 2022;  (iii) resolutions of the Board of Directors or similar governing body of Bird Rides International Holding,  Inc. approving and authorizing the execution, delivery and performance of the Amendment Documents to  which it is a party or by which it or its assets may be bound as of the Amendment No. 8 Effective Date,  certified as of the Amendment No. 8 Effective Date by a Responsible Officer as being in full force and  effect without modification or amendment; and (iv) a good standing certificate from the applicable  Governmental Authority of Bird Rides International Holding, Inc.’s jurisdiction of incorporation,  organization or formation dated a recent date prior to the Amendment No. 8 Effective Date.  (e) Opinions of Counsel.  Lenders and their respective counsel shall have received  an executed copy of a favorable written opinion, dated as of the Amendment No. 8 Effective Date, of  Latham & Watkins LLP, counsel to the Bird Parties, covering corporate, enforceability and security  interest matters with respect to this Agreement, the Amended EMEA Guaranty, and Amendment No. 4 to  Lease Agreement in form and substance satisfactory to the Lenders (and each Bird Party instructs such  counsel to deliver such opinions to the Administrative Agent and the Lenders).  

 

5  US-DOCS\137537505.8  (f) Liens.  The Administrative Agent and the Lenders shall have received the results  of a recent search, by a Person satisfactory to the Lenders, of all effective UCC financing statements (or  equivalent filings) made with respect to any personal or mixed property of the Bird Parties, together with  copies of all such filings disclosed by such search.  (g) Amendment No. 8 Effective Date Certificate.  The Bird Parties shall have  delivered to the Administrative Agent and the Lenders an executed certificate in the form of an amended  Exhibit F to the Loan Agreement, as set forth in Exhibit C hereto, together with all attachments thereto.  (h) Due Diligence.  Other than changes occurring in the ordinary course of business,  no information or materials are or should have been available to the Bird Parties as of the Amendment  No. 8 Effective Date that are materially inconsistent with the materials previously provided to the Lenders  for their due diligence review of the Bird Parties and their respective businesses.  (i) No Material Adverse Change.  Since December 15, 2022, no event,  circumstance, or change shall have occurred that has caused or evidences, either in any case or in the  aggregate, a Material Adverse Effect.  (j) KYC; Beneficial Ownership.  The Administrative Agent and the Lenders shall  have received from the Bird Parties all documentation and information required under the applicable  “know your customer” requirements of the Anti-Terrorism Laws.  (k) Prepayment of Loans.    (i) On or prior to the Amendment No. 8 Effective Date, the Borrower shall  have made a voluntary prepayment of the Class A Loans (as defined in the Loan Agreement  immediately prior to the Amendment No. 8 Effective Date) pursuant to Section 2.02(e) of the  Loan Agreement in an aggregate principal amount of not less than $1,000,000 (the  “Prepayment”).  Notwithstanding anything to the contrary in Section 2.2(e) of the Loan  Agreement, any accrued and unpaid Interest and Fees in respect of the Prepayment shall be  payable in accordance with the Priority of Payments, rather than paid together with the  Prepayment on or prior to the Amendment No. 8 Effective Date.  (ii) Prior to or substantially concurrently with the occurrence of the  Amendment No. 8 Effective Date, the Borrower shall have prepaid the Class B Loans (as defined  in the Loan Agreement immediately prior to the Amendment No. 8 Effective Date).  (l) Equity Documentation.  (i) Prior to or substantially concurrently with the occurrence of the  Amendment No. 8 Effective Date, the issuance of the Notes (as defined in the Amended Loan  Agreement) to the Cash Consideration Purchasers (as defined in the Note Purchase Agreement  (as defined in the Amended Loan Agreement)) and receipt by Bird Global (as defined in the  Amended Loan Agreement) of the proceeds thereof shall have been consummated in all material  respects in accordance with the Note Purchase Agreement (as defined in the Amended Loan  Agreement), as confirmed to the Administrative Agent (or its representatives) in writing (which  may be by email) by representatives of Bird Global, Inc.  (ii) Prior to or substantially concurrently with the occurrence of the  Amendment No. 8 Effective Date, Bird Global, Inc. shall have entered, as confirmed to the  Administrative Agent (or its representatives) in writing (which may be by email) by  

 

6  US-DOCS\137537505.8  representatives of Bird Global, Inc., into the Share Purchase Agreement (the “Share Purchase  Agreement”), by and among Bird Global, Inc., the Purchaser thereunder (which shall be a  wholly-owned Subsidiary of Bird Global, Inc.), Bird Canada, Inc., and the Sellers party thereto,  which provides for the acquisition by the Purchaser of all the equity interests in Bird Canada, Inc.  held by the Sellers and provides that the closing of the transaction contemplated by the Share  Purchase Agreement shall occur automatically on January 3, 2023 and not be subject to the  satisfaction of any additional conditions precedent other than the passage of time.  (m) Intercreditor Agreement.  Prior to or substantially concurrently with the  occurrence of the Amendment No. 8 Effective Date, the Administrative Agent, the purchasers from time  to time party to the Note Purchase Agreement (as defined in the Amended Credit Agreement), and the  Note Collateral Agent (as defined in the Amended Credit Agreement) shall have entered into the  Intercreditor Agreement (as defined in the Amended Loan Agreement) and the Borrower, the Holdco  Guarantor, Bird Rides, Inc., Bird Rides International Holding, Inc., Bird Global, Inc., 1393631 B.C.  Unlimited Liability Company, and Bird Canada Inc. shall have acknowledged such Intercreditor  Agreement,  and the conditions precedent (if any) to the Intercreditor Agreement shall have been satisfied  (or waived) in accordance with its terms.   Section 10.  No Novation.  Nothing herein contained shall be construed as a substitution or  novation of the obligations outstanding under the Loan Agreement or instruments securing the same,  which shall remain in full force and effect, except to any extent modified hereby or by instruments  executed concurrently herewith.  Nothing implied in this Agreement or in any other document  contemplated hereby shall discharge or release the Lien or priority of any Transaction Document or any  other security therefor or otherwise be construed as a release or other discharge of any of the Credit  Parties under any Transaction Document from any of its obligations and liabilities as a borrower,  guarantor or pledgor under any of the Transaction Documents, except, in each case, to any extent  modified hereby.  Section 11. Miscellaneous.  Sections 14.07, 14.10 and 14.11 of the Loan Agreement are  incorporated herein by reference and apply mutatis mutandis.    Section 12. Transaction Document.  This Agreement is a Transaction Document and all  references to a “Transaction Document” in the Amended Loan Agreement or any other Transaction  Document (including any such reference in any representation or warranty in the Amended Loan  Agreement or any other Transaction Document) shall be deemed to include this Agreement.  [signature pages follow]  

 

[Signature Page to Amendment No. 8]  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by  their respective authorized officers as of the day and year first above written.  BIRD US OPCO, LLC, as Borrower  By: /s/ Shane Torchiana     Name: Shane Torchiana  Title: Chief Executive Officer  BIRD US HOLDCO, LLC, as Holdco Guarantor  By: /s/ Shane Torchiana     Name: Shane Torchiana  Title: Chief Executive Officer    

 

[Signature Page to Amendment No. 8]  BIRD CANADA INC., solely with respect to Section 4  By: /s/ Stewart Lyons    Name: Stewart Lyons  Title: Chief Executive Officer    

 

[Signature Page to Amendment No. 8]  MIDCAP FINANCIAL TRUST,  as Administrative Agent    By:     Apollo Capital Management, L.P.,              its investment manager    By:     Apollo Capital Management, GP, LLC,              its general partner      By:   /s/ Maurice Amsellem  Name: Maurice Amsellem  Title: Authorized Signatory          

 

[Signature Page to Amendment No. 8]  MIDCAP FUNDING V TRUST,  as a Lender    By:     Apollo Capital Management, L.P.,              its investment manager    By:     Apollo Capital Management, GP, LLC,              its general partner        By: /s/ Maurice Amsellem  Name: Maurice Amsellem  Title: Authorized Signatory  

 

[Signature Page to Amendment No. 8]  MIDCAP FINANCIAL INVESTMENT  CORPORATION (formerly known as Apollo  Investment Corporation),  as a Lender        By: /s/ Kristin Hester    Name: Kristin Hester  Title: Chief Legal Officer    

 

  US-DOCS\137537506.9  Exhibit A  Amended Loan Agreement  [See attached.]  

 

      EXHIBIT A  Conformed through:  First Amendment to Loan and Security Agreement dated as of June 10, 2021  Amendment No. 2 to Loan and Security Agreement dated as of October 12, 2021  Amendment No. 3 to Loan and Security Agreement dated as of April 8, 2022  Amendment No. 4 to Loan and Security Agreement dated as of April 22, 2022  Amendment No. 5 to Loan and Security Agreement dated as of July 1, 2022  Amendment No. 6 to Loan and Security Agreement dated as of October 7, 2022  Amendment No. 7 to Loan and Security Agreement dated as of December 19, 2022  Amendment No. 8 to Loan and Security Agreement dated as of December 30, 2022  LOAN AND SECURITY AGREEMENT    Dated as of April 27, 2021    by and among    BIRD US OPCO, LLC,  as Borrower,    BIRD US HOLDCO, LLC,  as Holdco Guarantor,    THE PERSONS FROM TIME TO TIME PARTY HERETO,  as Lenders,    and    MIDCAP FINANCIAL TRUST,  as Administrative Agent    

 

TABLE OF CONTENTS  Page  -i-  US-DOCS\137537506.4  US-DOCS\137537506.9  ARTICLE I DEFINITIONS .......................................................................................................... 1  SECTION 1.01. Certain Defined Terms ............................................................................ 1  SECTION 1.02. Other Interpretative Matters .................................................................. 19  ARTICLE II TERMS OF THE LOANS ..................................................................................... 20  SECTION 2.01. Loans ..................................................................................................... 20  SECTION 2.02. Making of Loans; Repayment of Loans ................................................ 20  SECTION 2.03. Interest and Fees .................................................................................... 21  SECTION 2.04. Records of Loans .................................................................................. 21  ARTICLE III ACCOUNTS AND COLLECTIONS ................................................................... 21  SECTION 3.01. Collection Account ............................................................................... 21  SECTION 3.02. [Reserved] ............................................................................................. 22  SECTION 3.03. Collections ............................................................................................ 22  ARTICLE IV SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS ................... 22  SECTION 4.01. Priority of Payments .............................................................................. 22  SECTION 4.02. Payments and Computations, Etc. ......................................................... 23  ARTICLE V INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY;  SECURITY INTEREST .................................................................................................. 23  SECTION 5.01. Increased Costs ..................................................................................... 23  SECTION 5.02. Adjusted Term SOFR............................................................................ 25  SECTION 5.03. Taxes ..................................................................................................... 26  ARTICLE VI CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS ............. 29  SECTION 6.01. Conditions Precedent to Effectiveness of this Agreement .................... 29  SECTION 6.02. Conditions Precedent to Each Credit Extension ................................... 31  ARTICLE VII REPRESENTATIONS AND WARRANTIES ................................................... 33  SECTION 7.01. Representations and Warranties of the Credit Parties ........................... 33  ARTICLE VIII COVENANTS .................................................................................................... 38  SECTION 8.01. Covenants of the Credit Parties ............................................................. 38  SECTION 8.02. Separate Existence of the Credit Parties ............................................... 44  ARTICLE IX SECURITY INTEREST ....................................................................................... 46  SECTION 9.01. Security Interest .................................................................................... 46  ARTICLE X EVENTS OF DEFAULT ....................................................................................... 47  SECTION 10.01. Events of Default ................................................................................ 47  

 

TABLE OF CONTENTS  (continued)  Page    -ii-  US-DOCS\137537506.9  SECTION 10.02. Scooter IP ............................................................................................ 50  ARTICLE XI THE ADMINISTRATIVE AGENT ..................................................................... 51  SECTION 11.01. Appointment and Authorization .......................................................... 51  SECTION 11.02. The Administrative Agent and Affiliates. ........................................... 51  SECTION 11.03. Action by the Administrative Agent ................................................... 51  SECTION 11.04. Consultation with Experts ................................................................... 51  SECTION 11.05. Liability of the Administrative Agent ................................................. 51  SECTION 11.06. Indemnification ................................................................................... 52  SECTION 11.07. Right to Request and Act on Instructions ........................................... 52  SECTION 11.08. Credit Decision ................................................................................... 52  SECTION 11.09. Collateral Matters ................................................................................ 53  SECTION 11.10. Agency for Perfection ......................................................................... 53  SECTION 11.11. Notice of Default ................................................................................. 53  SECTION 11.12. Assignment by the Administrative Agent; Resignation of the  Administrative Agent; Successor the Administrative Agent ................ 53  SECTION 11.13. Payment and Sharing of Payment ....................................................... 54  SECTION 11.14. Loan Payments .................................................................................... 55  SECTION 11.15. Return of Payments ............................................................................. 55  SECTION 11.16. Sharing of Payments ........................................................................... 55  SECTION 11.17. Right to Perform, Preserve, and Protect .............................................. 55  ARTICLE XII [RESERVED] ...................................................................................................... 56  ARTICLE XIII INDEMNIFICATION ........................................................................................ 56  SECTION 13.01. Indemnities by the Borrower ............................................................... 56  ARTICLE XIV MISCELLANEOUS .......................................................................................... 57  SECTION 14.01. Amendments, Etc. ............................................................................... 57  SECTION 14.02. Notices, Etc. ........................................................................................ 57  SECTION 14.03. Assignability; Addition of Lenders ..................................................... 57  SECTION 14.04. Costs and Expenses ............................................................................. 60  SECTION 14.05. Invoices for Indemnified Amounts ..................................................... 60  SECTION 14.06. Confidentiality .................................................................................... 60  Deleted: 59 

 

TABLE OF CONTENTS  (continued)  Page    -iii-  US-DOCS\137537506.9  SECTION 14.07. GOVERNING LAW ........................................................................... 61  SECTION 14.08. Execution in Counterparts ................................................................... 61  SECTION 14.09. Integration; Binding Effect; Survival of Termination ......................... 62  SECTION 14.10. CONSENT TO JURISDICTION ........................................................ 62  SECTION 14.11. WAIVER OF JURY TRIAL ............................................................... 63  SECTION 14.12. Ratable Payments ................................................................................ 63  SECTION 14.13. Limitation of Liability ......................................................................... 63  SECTION 14.14. Intent of the Parties ............................................................................. 64  SECTION 14.15. USA Patriot Act .................................................................................. 64  SECTION 14.16. Right of Setoff ..................................................................................... 64  SECTION 14.17. Severability ......................................................................................... 64  SECTION 14.18. Mutual Negotiations ............................................................................ 64  SECTION 14.19. Captions and Cross References ........................................................... 64    SCHEDULES    SCHEDULE I – Commitments  SCHEDULE II – Amortization Schedule  SCHEDULE III – [Reserved]  SCHEDULE IV – Accounts  SCHEDULE V – Notice Addresses  SCHEDULE VI -  Scooter Cost   SCHEDULE VII - Post-Closing Covenants    EXHIBITS    EXHIBIT A  – Form of Loan Request  EXHIBIT B  – Form of Payment Date Certificate  EXHIBIT C  – Form of Assignment and Acceptance Agreement  EXHIBIT D  – Form of Payment Notification  EXHIBIT E  – Form of Solvency Certificate  EXHIBIT F  – Form of Closing Date Certificates  EXHIBIT G  –  U.S. Tax Compliance Certificates  EXHIBIT H  –  Form of Data Tape  EXHIBIT I  –  Scope of AUP Reports  Deleted: 62 

 

  US-DOCS\137537506.9  This LOAN AND SECURITY AGREEMENT (as amended, restated, supplemented or otherwise  modified from time to time, this “Agreement”) is entered into as of April 27, 2021 by and among the  following parties:  (i) Bird US Opco, LLC (the “Borrower”);  (ii) Bird US Holdco, LLC (the “Holdco Guarantor” and together with the Borrower,  the “Credit Parties” and individually, a “Credit Party”);  (ii) the Persons from time to time party hereto as Lenders; and  (iii) MidCap Financial Trust (“MidCap”), as Administrative Agent.  PRELIMINARY STATEMENTS  The Borrower has acquired and will acquire from time to time certain electronic scooter vehicles  (such vehicles owned by the Borrower from time to time, “Scooters”) from Bird Rides, Inc. (the “Parent”)  pursuant to the Contribution Agreements.  The Borrower has requested that the Lenders make Loans from  time to time to the Borrower, on the terms, and subject to the conditions set forth herein, secured by,  among other things, the Scooters.    In consideration of the mutual agreements, provisions and covenants contained herein, the  sufficiency of which is hereby acknowledged, the parties hereto agree as follows:  ARTICLE I    DEFINITIONS  SECTION 1.01.  Certain Defined Terms.  As used in this Agreement, the following terms shall  have the following meanings (such meanings to be equally applicable to both the singular and plural  forms of the terms defined):  “Account Bank” means, with respect to the Collection Account, the bank listed on Schedule IV  hereof.  “Account Control Agreement” means each agreement, in form and substance reasonably  satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and the Account  Bank, governing the terms of the Collection Account that (i) provides the Administrative Agent with  control within the meaning of the UCC over the account subject to such agreement and (ii) by its terms,  may not be terminated or canceled by the related Account Bank without the written consent of the  Administrative Agent or upon no less than thirty (30) days prior written notice to the Administrative  Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.  “Adjusted Term SOFR” means a per annum rate of interest equal to the greater of (a) 1.00% and  (b) the sum of (x) Term SOFR plus (y) 0.1% (10 basis points).  “Administrative Agent” means MidCap, in its capacity as contractual representative for the  Lenders, and any successor thereto in such capacity appointed pursuant to Article XI or Section 14.03(f).  

 

  2  US-DOCS\137537506.9  “Administrative Agent Fee” means a fee as set forth in the Fee Letter between the Borrower and  the Administrative Agent, due in accordance with the terms thereof, and paid in accordance with the  Priority of Payments.  “Advance Rate” means, with respect to each Scooter and as of any date of determination, (a) on  any day prior to but excluding the Amendment No. 2 Initial Funding Date, 70%, (b) from and after the  Amendment No. 2 Initial Funding Date until and including December 31, 2021, 97.50%, (c) from and  after January 1, 2022 until and including the date which is the first anniversary of the Amendment No. 2  Initial Funding Date, 90%, and (d) from and after the day after the date which is the first anniversary of  the Amendment No. 2 Initial Funding Date, 80%.  “Adverse Claim” means any ownership interest or claim, mortgage, deed of trust, pledge, lien,  security interest, hypothecation, charge or other encumbrance or security arrangement of any nature  whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale  or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having  the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or  not a lien or other encumbrance is created or exists at the time of the filing); it being understood that any  of the foregoing in favor of, or assigned to, the Administrative Agent (for the benefit of the Secured  Parties) shall not constitute an Adverse Claim.  “Advisors” has the meaning set forth in Section 14.06(c).  “Affected Person” means the Administrative Agent and each Lender.  “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of,  is controlled by or is under common control with such Person.  For purposes of this definition, control of  a Person shall mean the power, direct or indirect, (x) to vote 25% or more of the securities having  ordinary voting power for the election of directors or managers of such Person or (y) to direct or cause the  direction of the management and policies of such Person, in either case whether by ownership of  securities, contract, proxy or otherwise.  “Aggregate Capital” means, at any time of determination, the aggregate principal amount of all  Loans made hereunder as of such time.  “Agreement” has the meaning set forth in the preamble to this Agreement.  “Amendment No. 2” means that certain Amendment No. 2 to Loan and Security Agreement dated  as of October 12, 2021, by and among the Borrower, the Holdco Guarantor, Midcap Financial Trust, in its  capacity as Administrative Agent, and the Lenders signatory thereto.  “Amendment No. 3” means that certain Amendment No. 3 to Loan and Security Agreement dated  as of April 8, 2022, by and among the Borrower, the Holdco Guarantor, Midcap Financial Trust, in its  capacity as Administrative Agent, and the Lenders signatory thereto.  “Amendment No. 6” means that certain Amendment No. 6 to Loan and Security Agreement dated  as of October 7, 2022, by and among the Borrower, the Holdco Guarantor, Midcap Financial Trust, in its  capacity as Administrative Agent, and the Lenders signatory thereto.  “Amendment No. 7” means that certain Amendment No. 7 to Loan and Security Agreement dated  as of December 19, 2022, by and among the Borrower, the Holdco Guarantor, Midcap Financial Trust, in  its capacity as Administrative Agent, and the Lenders signatory thereto.  

 

  3  US-DOCS\137537506.9  “Amendment No. 8” means that certain Amendment No. 8 to Loan and Security Agreement dated  as of December 30, 2022, by and among the Borrower, the Holdco Guarantor, Midcap Financial Trust, in  its capacity as Administrative Agent, and the Lenders signatory thereto.  “Amendment No. 2 Effective Date” has the meaning given to such term in Amendment No. 2.  “Amendment No. 3 Effective Date” has the meaning given to such term in Amendment No. 3.  “Amendment No. 6 Effective Date” has the meaning given to such term in Amendment No. 6.  “Amendment No. 7 Effective Date” has the meaning given to such term in Amendment No. 7.  “Amendment No. 8 Effective Date” has the meaning given to such term in Amendment No. 8.  “Amendment No. 2 Initial Funding Date” means November 5, 2021 i.e. the date of the first Credit  Extension occurring on or after the Amendment No. 2 Effective Date and after the SPAC Transaction has  been consummated.  “Amendment No. 6 Signing Date” has the meaning given to such term in Amendment No. 6.  “Amortization Amount” means, with respect to each Payment Date, the amount listed on  Schedule II hereof corresponding to the immediately preceding month; provided, that (a) the  Amortization Amount shall be $0 for the Payment Dates occurring in November 2021, December 2021,  January 2022, February 2022, March 2022, and April 2022, and (b) the Amortization Amount shall be  $5,000,000.00 for the Payment Date occurring in October 2022 and shall first be applied to any  outstanding EMEA Loans and the excess, if any, shall be applied to any outstanding U.S. Loans (each as  defined herein immediately prior to the Amendment No. 6 Effective Date).  “Anti-Terrorism Laws” means any Applicable Law relating to terrorism financing, trade  sanctions programs and embargoes, import/export licensing, money laundering or bribery, and any  regulation, order, or directive promulgated, issued or enforced pursuant to such Applicable Laws, all as  amended, supplemented or replaced from time to time.  “Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty,  constitution, ordinance, rule, regulation, ordinance, requirement, restriction, permit, executive order,  certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of  its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and  arbitrators in proceedings or actions in which such Person is a party or by which any of its property is  bound.  For the avoidance of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this  Agreement.  “Applicable Margin” means 7.50% per annum.  “Assignment and Acceptance Agreement” means an assignment and acceptance agreement  entered into by a Lender, an Eligible Assignee and the Administrative Agent, and, if required, the Credit  Parties, pursuant to which such Eligible Assignee may become a party to this Agreement, in substantially  the form of Exhibit C hereto.  “Attorney Costs” means and includes all fees, costs, expenses and disbursements of any law firm  or other external counsel but excludes disbursements of internal counsel.  

 

  4  US-DOCS\137537506.9  “Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101,  et seq.), as amended from time to time.  “Base Rate” means the per annum rate of interest announced, from time to time, within Wells  Fargo at its principal office in San Francisco as its “prime rate,” with the understanding that the “prime  rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis  upon which effective rates of interest are calculated for those loans making reference thereto and is  evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo  may designate; provided, however, that the Administrative Agent may, upon prior written notice to  Borrower, choose a reasonably comparable index or source to use as the basis for the Base Rate.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Bird Global” means Bird Global, Inc., a Delaware corporation.  “Bird Party” means the Credit Parties and the Parent.   “Bird Transaction Party” means the Credit Parties, the Parent, and Bird Rides International  Holding, Inc.  “Borrower” has the meaning set forth in the preamble to this Agreement.  “Borrower Indemnified Amounts” has the meaning set forth in Section 13.01(a).  “Borrower Indemnified Party” has the meaning set forth in Section 13.01(a).  “Borrower Obligations” means all present and future indebtedness, reimbursement obligations,  and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect,  absolute or contingent, or due or to become due) of the Borrower to any Lender, Borrower Indemnified  Party and/or any Affected Person, arising under or in connection with this Agreement or any other  Transaction Document or the transactions contemplated hereby or thereby, and shall include, without  limitation, the principal amount of the Loans, all Interest on the Loans, all Fees and all other amounts due  or to become due from the Borrower under the Transaction Documents (whether in respect of fees, costs,  expenses, indemnifications or otherwise), including, without limitation, interest, fees and other  obligations that accrue after the commencement of any Insolvency Proceeding with respect to the  Borrower (in each case whether or not allowed as a claim in such proceeding).   “Business Combination Agreement” means that certain Business Combination Agreement dated  as of May 11, 2021, by and among Bird Rides, Inc., Bird Global, Inc., Switchback II Corporation, and  Maverick Merger Sub Inc., as in effect on the Second Amendment Effective Date.  “Business Day” means any day (other than a Saturday or Sunday) on which banks are not  authorized or required to close in New York City, New York or San Francisco, California.  “Capitalized Lease Obligations” shall mean, at the time any determination thereof is to be made,  the amount of the liability in respect of a capital lease that would at such time be required to be  capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance  with GAAP.  “Certificate of Beneficial Ownership” means a certification regarding beneficial ownership as  required by the Beneficial Ownership Regulation.  

 

  5  US-DOCS\137537506.9  “Change in Control” means the occurrence of any of the following:   (a) The Holdco Guarantor ceases to own, directly, 100% of the issued and  outstanding equity interests of the Borrower free and clear of all Adverse Claims;  (b) Parent ceases to own, directly or indirectly, 100% of the issued and outstanding  equity interests of the Holdco Guarantor free and clear of all Adverse Claims;   (c) at any time prior to the consummation of a Qualifying IPO, with respect to  Parent, either (i) the Permitted Holders in the aggregate shall at any time cease to have, directly or  indirectly, the power to vote or direct the voting of at least 50.1% of the Voting Stock of Parent or  (ii) the acquisition of direct or indirect Control of Parent by any Person other than the Permitted  Holders; or  (d) at any time after the consummation of a Qualifying IPO (1) any Person (other  than a Permitted Holder) or (2) Persons (other than one or more Permitted Holders) constituting a  “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), become the  “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under such Exchange Act), directly  or indirectly, of Equity Interests representing more than forty percent (40%) of the aggregate  ordinary Voting Stock of Parent and the percentage of aggregate ordinary Voting Stock so held is  greater than the percentage of the aggregate ordinary Voting Stock represented by the Equity  Interests of Parent beneficially owned, directly or indirectly, in the aggregate by the Permitted  Holders;  unless, in the case of either clause (c) or clause (d) above, the Permitted Holders have, at such  time, the right or the ability by voting power, contract or otherwise to elect or designate for  election at least a majority of the board of directors of Parent.  For the avoidance of doubt, the SPAC Transaction shall not constitute a Change in Control but  shall constitute a Qualifying IPO.  Notwithstanding anything to the contrary herein or any other Transaction Document, any transfer  of the Equity Interests in Parent to (x) the Note Collateral Agent or its nominee, (y) the holders of  the Notes, or (z) any Subsidiary or Affiliate of any holder of the Notes that is acceptable to the  Administrative Agent in its reasonable discretion, in each case following the enforcement and  exercise of rights and remedies by the Note Collateral Agent under the terms of the Note  Documents of the pledge by Bird Global of the Equity Interests it owns in Parent shall not  constitute a Change in Control.   “Change in Law” means the occurrence, after the Closing Date, of any of the following: (a) the  adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation  or treaty or in the administration, interpretation, implementation or application thereof by any  Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive  (whether or not having the force of law) by any Governmental Authority; provided, that notwithstanding  anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and  all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all  requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel  Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign  regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on  Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and  

 

  6  US-DOCS\137537506.9  Banking Systems” (as amended, supplemented or otherwise modified or replaced from time to time), shall  in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.  “Closing Date” means April 27, 2021.  “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified  from time to time.  “Collateral” has the meaning set forth in Section 9.01(a).  “Collection Account” means the account established pursuant to Section 3.01 in the name of the  Borrower and maintained at the Account Bank pursuant to an Account Control Agreement for the purpose  of receiving Collections.  “Collection Period” means each calendar month, provided that the first Collection Period shall  begin on (and include) the Closing Date and end on (and include) May 31, 2021, and the last Collection  Period shall end on (but exclude) the Final Payout Date.  “Collections” means all amounts transferred to the Borrower pursuant to the Scooter Lease from  time to time, and any other amounts received by the Borrower in respect of the Collateral or pursuant to  the Transaction Documents, including, without limitation, any Insurance Proceeds in respect of the  Collateral and, solely to the extent required by Section 8.01(z), refunds of tariffs in respect of any  Scooters, and all capital contributions made to the Borrower.   “Commitment” means, with respect to any Lender, the maximum aggregate amount which such  Person is obligated to lend or pay hereunder on account of the Loans, as set forth on Schedule I or in such  other agreement pursuant to which it became a Lender, as such amount may be modified in connection  with any subsequent assignment pursuant to Section 14.03, and as such aggregate amount is reduced by  any Loan funded by such Lender hereunder.  If the context so requires, “Commitment” also refers to a  Lender’s obligation to make Loans hereunder in accordance with this Agreement, as the context so  requires.  “Commitment Termination Date” means November 30, 2022.  “Contribution Agreements” means, collectively, the Contribution Agreement dated the date  hereof between Parent and Holdco Guarantor and the Contribution Agreement dated the date hereof  between Holdco Guarantor and Borrower, in each case, contributing the Scooters and other assets  described therein.  “Control” means the possession, directly or indirectly, of the power to direct or cause the  direction of the management or policies of a Person, whether through the ability to exercise voting power,  by contract or otherwise.  “Cost” means, with respect to each Scooter, an amount listed on Schedule VI corresponding to  the model of such Scooter.  Schedule VI shall be updated from time to time by agreement between the  Borrower and the Lenders, including prior to each Credit Extension, to reflect any change in invoiced  costs or tariffs applicable to, or book value of, each model of Scooter.  “Covered Taxes” has the meaning set forth in Section 5.01(a)(ii).   “Credit Extension” means the making of a Loan.   

 

  7  US-DOCS\137537506.9  “Credit Parties” has the meaning set forth in the preamble to this Agreement.  “Debt” of any Person shall mean, if and to the extent (other than with respect to clause (i)) the  same would constitute indebtedness or a liability on a balance sheet prepared in accordance with GAAP,  without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such  Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person  under conditional sale or other title retention agreements relating to property or assets purchased by such  Person, (d) all obligations of such Person issued or assumed as the deferred purchase price of property or  services (other than such obligations accrued in the ordinary course), to the extent that the same would be  required to be shown as a long term liability on a balance sheet prepared in accordance with GAAP, (e)  all Capitalized Lease Obligations of such Person, (f) all net payments that such Person would have to  make in the event of an early termination, on the date Debt of such Person is being determined, in respect  of outstanding hedging agreements, (g) the principal component of all obligations, contingent or  otherwise, of such Person as an account party in respect of letters of credit, (h) the principal component of  all obligations of such Person in respect of bankers’ acceptances, and (i) any Guaranty by such Person of  Debt described in clauses (a) to (h) above.  “Disqualified Institutions” means (a) any Person that was identified by name in a written list  provided by the Bird Parties to the Administrative Agent on or prior to the Amendment No. 2 Effective  Date, 2021, (b) competitors of the Bird Parties identified in writing by name by the Bird Parties from time  to time to the Administrative Agent, (c) any Affiliate of a competitor identified pursuant to clause (b)  above identified in writing by name by the Bird Parties from time to time to the Administrative Agent,  and (d) any Affiliate of a Person identified pursuant to clauses (a) or (b) above that is clearly identifiable  as an Affiliate of such Person on the basis of such Person’s name, in each case of clauses (c) and (d),  other than any Affiliate constituting an institutional lender, bona fide debt fund, or investment vehicle that  is engaged in making, purchasing, holding, or otherwise investing in commercial loans and similar  extensions of credit in the ordinary course of business which is managed, sponsored, or advised by any  Person controlling, controlled by, or under common control with such competitor and for which no  personnel involved with the investment of such competitor (x) makes (or has the right to make or  participates with others in making) any investment decisions or (y) has access to information (other than  information publicly available) relating to the Bird Parties; provided, that no Person that is a Lender at the  time of such identification may be designated as a Disqualified Institution.  “Dollars” and “$” each mean the lawful currency of the United States of America.  “Effective Date” has the meaning set forth in Section 6.01 of this Agreement.  “Eligible Assignee” means (a) any Lender or any of its Affiliates, (b) any Person managed by a  Lender or any of its Affiliates and (c) any other financial or other institution; provided, that no  Disqualified Institution shall be an Eligible Assignee.  “Eligible Scooter” means, on any day, a Scooter (a) that is located in a Municipality in the United  States; (b) to which the Borrower has good title, free and clear of Adverse Claims, except for Permitted  Liens; (c) that is in good working order and eligible to be rented or deployed to customers (it being agreed  that any Scooter that is in good working order and would otherwise be eligible for rent or deployment to  customers but for the fact that it has either not been deployed or has been removed from the road by the  Servicer, in each case in accordance with its customary practices for managing the seasonality of the fleet  of Scooters shall nonetheless satisfy this clause (c)); (d) (x) on any day prior to the Amendment No. 2  Initial Funding Date, that is a Bird 2 model or newer, provided, that at any time, up to 25% of all Scooters  may be Bird 0 or Bird 1 model scooters, and (y) on any day on or after the Amendment No. 2 Initial  Funding Date, that is a Bird 0 model or newer; (e) for which Bird has all Government Approvals; and (f)  

 

  8  US-DOCS\137537506.9  from and after the date that is sixty (60) days after the Closing Date (or such later date as may be agreed  by the Administrative Agent in its sole discretion), that is not an Excess Concentration Scooter.  “EMEA Guaranty and Pledge Agreement” means that certain second amended and restated  guaranty and pledge agreement dated the Amendment No. 6 Effective Date and made by Bird Rides  International Holding, Inc. (the “EMEA Guarantor”) in favor of the Administrative Agent.  “EMEA Guarantor Collateral” means “EMEA Guarantor Collateral” as defined in the EMEA  Guaranty and Pledge Agreement.  “EMEA Dutch Pledge” means that certain Deed of Pledge Over Registered Shares dated as of  May 18, 2022 by Bird Rides International Holding, Inc. as pledgor, Bird Rides Europe B.V. as company  and the Administrative Agent as pledgee.  “Equity Interests” of any person shall mean any and all shares, interests, rights to purchase or  otherwise acquire, warrants, options, participations or other equivalents of or interests in (however  designated) equity or ownership of such person, including any preferred stock, any limited or general  partnership interest and any limited liability company membership interest, and any securities or other  rights or interests convertible into or exchangeable for any of the foregoing.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time  to time, and any rule or regulation issued thereunder.  “ERISA Affiliate” means, with respect to any Person, any corporation, trade or business which  together with the Person is a member of a controlled group of corporations or a controlled group of trades  or businesses and would be deemed a “single employer” within the meaning of Sections 414(b), (c), (m)  of the Code or Section 4001(b) of ERISA.  “Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if:  (a) a case or other proceeding shall be commenced, without the application or  consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement,  dissolution, winding up, or composition or readjustment of debts of such Person, the appointment  of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all  or any substantial part of its assets, or any similar action with respect to such Person under any  law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment  of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a  period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be  entered in an involuntary case under the federal bankruptcy laws or other similar laws now or  hereafter in effect; or   (b) such Person shall commence a voluntary case or other proceeding under any  applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar  law now or hereafter in effect, or shall consent to the appointment of or taking possession by a  receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such  Person or for any substantial part of its property, or shall make any general assignment for the  benefit of creditors; or   (c) the board of directors of such Person (if such Person is a corporation or similar  entity) shall vote to implement any of the actions set forth in clause (b) above.  

 

  9  US-DOCS\137537506.9  “Event of Default” has the meaning set forth in Section 10.01.  For the avoidance of doubt, any  Event of Default that occurs shall be deemed to be continuing at all times thereafter unless and until  waived in accordance with Section 14.01.  “Excess Concentration Scooter” means each Scooter operated in a Municipality in which more  than 20% of the Borrower’s scooters are located.  “Exchange Act” means the Securities Exchange Act of 1934, as amended.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to an Affected  Person or required to be withheld or deducted from a payment to an Affected Person: (a) Taxes imposed  on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each  case, (i) imposed as a result of such Affected Person being organized under the laws of, or having its  principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction  imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the  case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of  such Lender with respect to an applicable interest in the Loans or Commitment pursuant to a law in effect  on the date on which (i) such Lender acquires an interest in a Loan or its Commitment or (ii) such Lender  changes its lending office, except in each case to the extent that, pursuant to Section 5.03,  amounts with  respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender  became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes  attributable to such Affected Person’s failure to comply with Section 5.03(d) and (d) any Taxes imposed  pursuant to FATCA.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or  any amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements entered  into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement entered into  between the United States and any other Governmental Authority in connection with the implementation  of the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any  such intergovernmental agreement.  “Federal Funds Rate” means, for any day, the rate of interest per annum (rounded upwards, if  necessary, to the nearest whole multiple of 1/100 of 1%) equal to the weighted average of the rates on  overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal  funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day  next succeeding such day, provided, however, that (a) if such day is not a Business Day, the Federal  Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day, and  (b) if no such rate is so published on such next preceding Business Day, the Federal Funds Rate for such  day shall be the average rate quoted to the Administrative Agent on such day on such transactions as  determined by the Administrative Agent.  “Fee Letter” has the meaning set forth in Section 2.03(a).  “Fees” has the meaning set forth in Section 2.03(a).  “Final Maturity Date” means (a) January 13, 2025 or (b) such earlier date on which the Loans and  all other Borrower Obligations become due and payable pursuant to Section 10.01.  “Final Payout Date” means the date on or after the Commitment Termination Date when all  Borrower Obligations (other than unasserted or contingent indemnification claims) shall have been paid  

 

  10  US-DOCS\137537506.9  in full and all other amounts owing to the Lenders, the Administrative Agent, and any other Borrower  Indemnified Party or Affected Person hereunder and under the other Transaction Documents have been  paid in full other than unasserted or contingent indemnification claims.  “Financial Officer” of any Person means, the chief executive officer, the chief financial officer,  the chief accounting officer, the principal accounting officer, the controller, the treasurer or the assistant  treasurer of such Person.  “Foreign Lender” has the meaning set forth in Section 5.03(d)(i).   “GAAP” means generally accepted accounting principles in the United States of America,  consistently applied.  “Government Approval” means, with respect to a Scooter, all permits, approvals, licenses, and/or  requirements of any applicable governmental authority, if any, necessary for the operation of such  Scooter.  “Governmental Authority” means the government of the United States of America or any other  nation, or of any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government  (including any supra-national bodies such as the European Union or the European Central Bank).  “Guarantor Collateral” means “Guarantor Collateral” as defined in the Holdco Guarantee.  “Guaranty” means, with respect to any Person, any obligation of such Person guarantying or in  effect guarantying any Debt, liability or obligation of any other Person in any manner, whether directly or  indirectly, including any such liability arising by virtue of partnership agreements, including any  agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship  arrangement and any other form of assurance against loss, except endorsement of negotiable or other  instruments for deposit or collection in the ordinary course of business.  “Historical Financial Statements” means the audited financial statements of Parent for the fiscal  year ended December 31, 2019 and the unaudited financial statements for Parent for the fiscal quarters  ended March 31, 2020, June 30, 2020, September 30, 2020, and December 31, 2020.  “Holdco Guarantee” means the Guarantee and Security Agreement dated as of the date hereof  entered into by the Holdco Guarantor.   “Holdco Guarantor” has the meaning set forth in the preamble to this Agreement.  “Identified Impacted Scooters” has the meaning set forth in Section 8.01(y).   “Impacted Scooter” has the meaning set forth in Section 8.01(y).  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of the Credit Parties under any Transaction  Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes.  “Ineligible Scooter” means each Scooter that is not an Eligible Scooter.  

 

  11  US-DOCS\137537506.9  “Insolvency Proceeding” means (a) any case, action or proceeding before any court or other  Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership,  dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors of a  Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in  respect of its creditors generally or any substantial portion of its creditors, in each of clauses (a) and (b)  undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code.  “Insurance Proceeds” means insurance proceeds from casualty policies.  “Intended Tax Treatment” has the meaning set forth in Section 14.14.  “Intercreditor Agreement” means the Subordination and Intercreditor Agreement, dated as of the  Amendment No. 8 Effective Date, among the several purchasers from time to time party to the Note  Purchase Agreement, the Note Collateral Agent, and the Administrative Agent, as the same may be  amended, restated, supplemented, or otherwise modified from time to time, in each case as and to the  extent permitted by this Agreement and the Intercreditor Agreement.  “Interest” means, for any day during any Interest Period (or portion thereof), the amount of  interest accrued on the Loans during such Interest Period (or portion thereof) in accordance with Section  2.03(a).  “Interest Period” means each calendar month, provided that (i) the Interest Period with respect to  the Payment Date in April 2022 shall be the period from the Payment Date in March 2022 to but  excluding the Payment Date in April 2022, (ii) the Interest Period with respect to the Payment Date in  May 2022 shall be the period from the Payment Date in April 2022 to and including April 30, 2022, and  (iii) the last Interest Period shall end on (but exclude) the Final Payout Date.    “Interest Rate” means, for any day in any Interest Period, the sum of (a) Adjusted Term SOFR  plus (b) the Applicable Margin plus (c) for any day on which an Event of Default has occurred and is  continuing, an additional default rate of interest equal to 2.00% per annum; provided, however, that no  provision of this Agreement shall require the payment or permit the collection of Interest in excess of the  maximum permitted by Applicable Law.  “Investment Company Act” means the Investment Company Act of 1940, as amended or  otherwise modified from time to time.  “IRS” has the meaning set forth in Section 5.03(d)(i).   “Lenders” means each Person that is or becomes a party to this Agreement in the capacity of a  “Lender”.  “Lien” means any lien, mortgage, security interest, tax lien, pledge, encumbrance, or conditional  sale or title retention arrangement, or any other interest in property designed to secure the repayment of  indebtedness, whether arising by agreement or under common law, any statute or other law, contract, or  otherwise.  “Loan” means any loan made by a Lender pursuant to Section 2.02.  “Loan Commitment” means, at any time of determination prior to the termination of all  Commitments hereunder, the aggregate Commitments of all Lenders at such time.  

 

  12  US-DOCS\137537506.9  “Loan Commitment Percentage” means, at any time of determination prior to the termination of  all Commitments hereunder, with respect to any Lender, a fraction (expressed as a percentage), the  numerator of which is its Commitment at such time and the denominator of which is the aggregate  Commitments of all Lenders at such time. For the avoidance of doubt, the Loan Commitment Percentage  with respect to any Lender to which all or a portion of any funded Loans is assigned but to which no  portion of an unfunded Commitment is assigned shall be 0%.  “Loan Request” means a letter in substantially the form of Exhibit A hereto executed and  delivered by the Borrower to the Administrative Agent and the Lenders pursuant to Section 2.02(a).  “LTC Percentage” means, as of any date, a fraction (expressed as a percentage), the numerator of  which is the outstanding principal amount of the Loans on such date and the denominator of which is the  Total Scooter Cost on such date.   “Material Adverse Effect” means relative to any Person (provided that if no particular Person is  specified, “Material Adverse Effect” shall be deemed to be relative to each of the Credit Parties and  Parent individually) with respect to any event or circumstance, a material adverse effect on any of the  following:  (a) the assets, operations, business or financial condition of Parent and its  Subsidiaries, taken as a whole;  (b) the assets, operations, business or financial condition of the Holdco Guarantor  and the Borrower (taken as a whole);  (c) the ability of any Credit Party to perform its obligations (taken as a whole) under  this Agreement, the Scooter Lease, the EMEA Guaranty and Pledge Agreement, the EMEA  Dutch Pledge, the Parent Guaranty, or any other Transaction Document to which it is a party;  (d) the validity or enforceability of this Agreement, the Scooter Lease, the EMEA  Guaranty and Pledge Agreement, the EMEA Dutch Pledge, the Parent Guaranty, or any other  Transaction Document;  (e) the perfection, enforceability or priority of the Administrative Agent’s security  interest in a material portion of the Collateral, Guarantor Collateral, or EMEA Guarantor  Collateral; or   (f) the rights and remedies of the Administrative Agent or the Lenders under the  Transaction Documents taken as a whole or associated with their respective interest in the  Collateral and Guarantor Collateral.  “Maximum LTC Percentage” means (i) at any time prior to the Amendment No. 2 Initial Funding  Date, 85%, (ii) from and after the Amendment No. 2 Initial Funding Date and prior to the first  anniversary of the Amendment No. 2 Initial Funding Date, 100%, and (iii) from and after the first  anniversary of the Amendment No. 2 Initial Funding Date, 90%.  “Model” has the meaning set forth in Section 6.1(n).  “Month” means each calendar month.  

 

  13  US-DOCS\137537506.9  “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to  which any Bird Transaction Party or any of their respective ERISA Affiliates (other than one considered  an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or  accruing an obligation to make contributions, or has within any of the preceding five plan years made or  accrued an obligation to make contributions.  “Municipality” means each city, municipality, town, or other locality for which Government  Approvals are required to be obtained to operate Scooters.   “Note Collateral Agent” has the meaning set forth in the definition of “Note Purchase  Agreement”.  “Note Documents” mean the Note Purchase Agreement, any Guarantee (as defined in the Note  Purchase Agreement), and the other Note Documents (as defined in the Note Purchase Agreement).   “Note Purchase Agreement” means the Note Purchase Agreement, dated as of December 30,  2022, by and among Bird Global, as issuer, the purchasers from time to time party thereto, and U.S. Bank  National Association, as collateral agent (the “Note Collateral Agent”).  “Notes” means the notes issued by Bird Global under the Note Purchase Agreement.   “OFAC” means the U.S. Department of Treasury’s Office of Foreign Assets Control.  “OFAC Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List  maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or  any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and  regulations of OFAC or pursuant to any other applicable executive orders.  “Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result  of a present or former connection between such Affected Person and the jurisdiction imposing such Tax  (other than connections arising from such Affected Person having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest under,  engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned  an interest in any Loan or Transaction Document).  “Other Taxes” means any and all present or future stamp, court, documentary, intangible,  recording, filing or similar Taxes arising from any payment made hereunder or from the execution,  delivery, filing, recording or enforcement of, or otherwise in respect of, this Agreement, the other  Transaction Documents and the other documents or agreements to be delivered hereunder or thereunder,  except for any such Taxes that are Other Connection Taxes imposed with respect to an assignment.  “Parent” has the meaning set forth in in the Preliminary Statements; provided, that, upon  consummation of any transaction that constitutes a Qualifying IPO pursuant to clause (b) of the definition  thereof, “Parent” shall mean any successor entity by merger or combination as a result of such Qualifying  IPO.  “Parent Guaranty” means that certain Parent Guaranty, dated as of the Amendment No. 6 Signing  Date, by and between Parent and the Administrative Agent.  “Parent Representation Letter” means the Parent Representation Letter dated as of April 27, 2021,  made by Parent for the benefit of the Secured Parties under this Agreement.  

 

  14  US-DOCS\137537506.9  “Participant” has the meaning set forth in Section 14.03(d).  “Participant Register” has the meaning set forth in Section 14.03(e).  “PATRIOT Act” has the meaning set forth in Section 14.15.  “Payment Date” means (a) prior to and including the Payment Date in October 2021 and so long  as no Event of Default is continuing, the fourth Business Day of each calendar month, (b) prior to the  Final Maturity Date and so long as no Event of Default is continuing, the tenth day of each calendar  month beginning with the Payment Date in November 2021, or if such day is not a Business Day, the first  following day that is a Business Day, (c) the Final Maturity Date, and (d) on and after the Final Maturity  Date or if an Event of Default is continuing, each day selected from time to time by the Administrative  Agent (with the consent or at the direction of the Lenders) (it being understood that the Administrative  Agent (with the consent or at the direction of the Lenders) may select such Payment Date to occur as  frequently as daily), or, in the absence of such selection, the tenth day of each calendar month, or if such  day is not a Business Day, the first following day that is a Business Day.   “Payment Date Certificate” means a certificate in the form of Exhibit B hereto.  “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.  “Pension Plan” means a pension plan as defined in Section 3(2) of ERISA that is subject to Title  IV of ERISA (other than a Multiemployer Plan) that is maintained or contributed to by a Bird Transaction  Party or any of their respective ERISA Affiliates or with respect to which any Bird Transaction Party may  have any liability, contingent or otherwise.  “Permitted Holders” means (i) each of the Persons owning Voting Stock of the Parent on the  Closing Date, (ii) each of the Persons owning Voting Stock of Bird Canada Inc. on the Amendment No. 7  Effective Date, and (iii) those individuals acting from time to time as officers, directors, managers,  employees or members, or in any similar capacity, for any entity referred to in clause (i) above, together  with, in the case of clause (iii), any entities owned or controlled by any such individuals, independently or  together with one or more entities referred to above.   “Permitted Liens” means:  (a) Liens for Taxes (i) not yet delinquent, (ii) which are being contested in good faith  by appropriate proceedings timely instituted and diligently conducted and reserves required by  GAAP have been made, or (iii) not in excess of $100,000 individually or $500,000 in the  aggregate, in each case at any time;   (b) Liens in favor of banking institutions arising as a matter of law or under general  terms and conditions encumbering deposits (including the right of set off) and which are within  the general parameters customary in the banking industry;   (c) statutory Liens in favor of carriers, warehousemen, mechanics, repairmen and  other similar Liens imposed by law, in each case incurred in the ordinary course of business;   (d) Liens in favor of the Administrative Agent (for the benefit of the Secured Parties)  and any other Liens granted pursuant to the Transaction Documents; and  

 

  15  US-DOCS\137537506.9  (e) Liens in favor of the Note Collateral Agent (for the benefit of the Secured Parties  as defined in the Note Purchase Agreement), which Liens shall be subject to the Intercreditor  Agreement.  “Person” means an individual, partnership, corporation (including a business trust), joint stock  company, trust, unincorporated association, joint venture, limited liability company or other entity, or any  Governmental Authority.  “Potential Event of Default” means an event that but for notice or lapse of time or both would  constitute an Event of Default.  “Priority of Payments” has the meaning given to it in Section 4.01.  “Projections” shall mean the Model and any forward-looking statements (including statements  with respect to booked business) of the Bird Parties and their Subsidiaries furnished to the Lenders or the  Administrative Agent by or on behalf of the Bird Parties.  “Qualifying IPO” means (a) the issuance by Parent or any direct or indirect parent entity of  Parent, or of any Permitted Holder, of the common equity interests of Parent or any direct or indirect  parent entity of Parent in an underwritten public offering (other than a public offering pursuant to a  registration statement on Form S-8 (or equivalent forms applicable for foreign public companies or  foreign private issuers) or any successor form) pursuant to an effective registration statement filed with  the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public  offering), (b) any transaction or series of related transactions following consummation of which Parent or  any direct or indirect parent entity of Parent is either subject to the periodic reporting obligations of the  Exchange Act or has a class or series of Equity Interests publicly traded on a United States national  securities exchange, or (c) the acquisition, purchase, merger or combination of Parent (or any parent  entity or subsidiary thereof), by or with, a publicly traded special acquisition company or targeted  acquisition company or any entity similar to the foregoing (or any subsidiary thereof) that results in the  Equity Interests of Parent (or any parent entity or subsidiary thereof), or its successor by merger or  combination, being traded on, or Parent (or any parent entity or subsidiary thereof) being wholly-owned  by another entity whose equity is traded on, a United States national securities exchange.  “Quarterly Payment Date” means the Payment Date occurring in the months of January, April,  July, and October, commencing in July 2021.  “Quarterly Period” means the three calendar-month periods ending in March, June, September,  and December; provided, that the first Quarterly Period occurring after the Closing Date shall be the  period commencing on and including the Closing Date and ending on June 30, 2021.  “Register” has the meaning set forth in Section 14.03(b).  “Reportable Event” means any reportable event as defined in Section 4043(c) of ERISA or the  regulations issued thereunder with respect to a Pension Plan (other than a Pension Plan maintained by an  ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section  414 of the Code).  “Representatives” has the meaning set forth in Section 14.06(c).  “Responsible Officer” of any Person means, any Financial Officer, the chief operating officer,  general counsel or other similar officer of such Person.  

 

  16  US-DOCS\137537506.9  “Restricted Payments” has the meaning set forth in Section 8.01(m).  “Rider Incentive / Contra Pay” means any and all refunds, transaction disputes, rider coupons,  rider credits, and failed payments relating to the amount payable by a rider in connection with the use of a  Scooter.  “Sanctioned Country” means a country subject to a sanctions program maintained under any  Anti-Terrorism Law, including any such country identified on the list maintained by OFAC and available  at: http://www.treasury.gov/resource-center/sanctions/Programs/ Pages/Programs.aspx, or as otherwise  published from time to time.  “Sanctioned Person” means (a) a person named on the list of “Specially Designated Nationals” or  “Blocked Persons” maintained by OFAC available at: http://www.treasury.gov/  resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time,  (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a  Sanctioned Country or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions  program administered by OFAC, or (c) any individual person, group, regime, entity or thing listed or  otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime,  entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of  property or rejection of transactions), under any Anti-Terrorism Law.  “Scooter” has the meaning set forth in the Preliminary Statements.   “Scooter IP” has the meaning set forth in the Scooter Lease.  “Scooter Lease” means the Master Scooter Operating Lease and Servicing Agreement dated as of  April 27, 2021 among the Borrower as Lessor and Parent as Lessee and Servicer, as amended by (i) that  certain Amendment No. 1 to Master Scooter Lease, dated as of October 12, 2021, (ii) that certain  Amendment No. 2 to Master Scooter Lease, dated as of April 8, 2022, (iii) that certain Amendment No. 3  to Master Scooter Lease, dated as of October 7, 2022, and (iv) that certain Amendment No. 4 to Master  Scooter lease, dated as of the Amendment No. 8 Effective Date.  “Secured Parties” means each Lender, each Borrower Indemnified Party and each Affected  Person.  “Securities Act” means the Securities Act of 1933, as amended or otherwise modified from time  to time.  “SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR  Administrator.   “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor  administrator of the secured overnight financing rate).   “Solvent” means, with respect to any Person and as of any particular date, (a) the present fair  market value of the assets of such Person is not less than the total liabilities of such Person, (b) such  Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and  commitments as they mature and become due in the normal course of business, (c) such Person is not  incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (d) such  Person is not engaged in any business or transaction, and is not about to engage in any business or  

 

  17  US-DOCS\137537506.9  transaction, for which its property would constitute unreasonably small capital after giving due  consideration to the prevailing practice in the industry in which such Person is engaged.  “SPAC Transaction” means a merger or business combination pursuant to the Business  Combination Agreement (including, for purposes of this definition, any amendment to the Business  Combination Agreement after the Second Amendment Effective Date).  “Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or  other entity of which shares of stock of each class or other interests having ordinary voting power (other  than stock or other interests having such power only by reason of the happening of a contingency) to elect  a majority of the Board of Directors or other managers of such entity are at the time owned, or  management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such  Person or (c) by such Person and one or more Subsidiaries of such Person.  “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges,  withholdings (including backup withholding), assessments, fees or other charges imposed by any  Governmental Authority and all interest, penalties, additions to tax and any similar liabilities with respect  thereto.  “Term SOFR” means for each Interest Period, the Term SOFR Reference Rate determined by the  Administrative Agent in accordance with its customary procedures, and utilizing such electronic or other  quotation sources as it considers appropriate (rounded upwards, if necessary, to the next 1/100%), for a  tenor comparable to such Interest Period on the day (such day, the “Periodic Term SOFR Determination  Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest  Period, as such rate is published by the Term SOFR Administrator, which determination shall be  conclusive in the absence of manifest error; provided, that if as of 5:00 p.m. (New York City time) on any  Periodic Term SOFR Determination Day the Term SOFR Reference Rate for such tenor has not been  published by the Term SOFR Administrator and the Term SOFR Reference Rate has not been replaced as  a benchmark rate pursuant to the terms hereof, then Term SOFR will be the Term SOFR Reference Rate  for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government  Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the  Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is  not more than five (5) U.S. Government Securities Business Days prior to such Periodic Term SOFR  Determination Day; provided, however, that if (a) the Term SOFR Administrator has made a public  announcement identifying a date certain on or after which such rate shall no longer be provided or  published, as the case may be; (b) timely, adequate and reasonable means do not exist for ascertaining  such rate and the circumstances giving rise to the Administrative Agent’s inability to ascertain Term  SOFR are unlikely to be temporary, as determined in the Administrative Agent’s reasonable discretion; or  (c) the Administrative Agent determines that use of Term SOFR is no longer appropriate for the purpose  of calculating interest under this Agreement and the other Transaction Documents, then the  Administrative Agent may, upon prior written notice to the Borrower, choose a reasonably comparable  index or source together with corresponding adjustments to any scale factor, spread adjustment and/or  floor to such index that the Administrative Agent, in its reasonable discretion, has determined is necessary  to preserve the current all-in yield (including interest rate margins, any interest rate floors, original issue  discount and upfront fees, but without regard to future fluctuations of such alternative index, it being  acknowledged and agreed that neither the Administrative Agent nor any Lender shall have any liability  whatsoever from such future fluctuations) to use as the basis for Adjusted Term SOFR, such index or  source and adjustments to be consistent with the index or source and adjustments being used by the  Administrative Agent on similar transactions with lender finance counterparties; provided, further, that if  the replacement index or source as so determined would be less than one percent (1%), the replacement  index or source will be deemed to be one percent (1%) for the purposes of this Agreement.  

 

  18  US-DOCS\137537506.9  “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or  a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its  reasonable discretion).   “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.   “Term SOFR Replacement Conforming Changes” means, with respect to any replacement of  Term SOFR as contemplated in the definition thereof, any technical administrative or operational changes  (including, without limitation, changes to the definition of “Base Rate, “Term SOFR”, “Adjusted Term  SOFR”, “Interest Rate”, the definition of “Interest Period,” timing and frequency of determining rates and  making payments of interest and other administrative matters) that the Administrative Agent decides may  be appropriate to reflect the adoption and implementation of such replacement index or source and to  permit the administration thereof by the Administrative Agent in a manner substantially consistent with  market practice (or, if the Administrative Agent decides that adoption of any portion of such market  practice is not administratively feasible or if the Administrative Agent determines that no market practice  for the administration of the replacement index or source exists, in such other manner of administration as  the Administrative Agent decides is reasonable necessary in connection with the administration of this  Agreement).  “Total Scooter Cost” means, in respect of any date, an amount equal to the number of Eligible  Scooters on such date multiplied by the Cost of each Eligible Scooter.   “Transaction Documents” means this Agreement, the Contribution Agreements, the Account  Control Agreements, the Scooter Lease, the Fee Letters, the Holdco Guarantee, the Parent Representation  Letter, the EMEA Guaranty and Pledge Agreement, the EMEA Dutch Pledge, the Parent Guaranty, the  Intercreditor Agreement, and all other agreements executed and delivered under or in connection with this  Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to  time in accordance with this Agreement.  For the avoidance of doubt, the Transaction Documents shall  not include the Investment Agreement dated on or about the Amendment No. 7 Effective Date among  Bird Global, Inc., Travis Vanderzanden, and Bird Canada Inc.  “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a  Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that  the fixed income departments of its members be closed for the entire day for purposes of trading in United  States government securities.   “U.S. Tax Compliance Certificate” has the meaning set forth in Section 5.03(d)(1)(C).  “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable  jurisdiction.  “Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended,  and the applicable rules and regulations thereunder.  “Voting Stock” shall mean, with respect to any person, such person’s Equity Interests having the  right to vote for the election of directors of such person under ordinary circumstances.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title  IV of ERISA.  

 

  19  US-DOCS\137537506.9  SECTION 1.02.  Other Interpretative Matters.  All terms used in Article 9 of the UCC in the  State of New York and not specifically defined herein, are used herein as defined in such Article 9.  For  purposes of this Agreement, the other Transaction Documents and all such certificates and other  documents, unless the context otherwise requires: (a) references to any amount as on deposit or  outstanding on any particular date means such amount at the close of business on such day; (b) the words  “hereof,” “herein” and “hereunder” and words of similar import refer to such agreement (or the certificate  or other document in which they are used) as a whole and not to any particular provision of such  agreement (or such certificate or document); (c) unless otherwise expressly indicated, all references to  any Article, Section, Schedule, Exhibit, or Annex are references to Articles, Sections, Schedules,  Exhibits, and Annexes in or to such agreement (or the certificate or other document in which the reference  is made), and references to any paragraph, subsection, clause, or other subdivision within any Section or  definition refer to such paragraph, subsection, clause, or other subdivision of such Section or definition;  (d) the term “including” means “including without limitation”; (e) references to any Applicable Law refer  to that Applicable Law as amended from time to time and include any successor Applicable Law;  (f) references to any agreement refer to that agreement as from time to time amended, restated or  supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (g)  references to any Person include that Person’s permitted successors and assigns; (h) headings are for  purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision  hereof; (i) unless otherwise provided, in the calculation of time from a specified date to a later specified  date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but  excluding”; (j) terms in one gender include the parallel terms in the neuter and opposite gender; and (k)  the term “or” is not exclusive.  Except as otherwise expressly provided herein, all terms of an accounting  or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided,  that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any  provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the  application thereof on the operation of such provision (or if the Administrative Agent notifies the  Borrower that the Lenders request an amendment to any provision hereof for such purpose), regardless of  whether any such notice is given before or after such change in GAAP or in the application thereof, then  such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such  change shall have become effective until such notice shall have been withdrawn or such provision  amended in accordance herewith.    

 

  20  US-DOCS\137537506.9  ARTICLE II    TERMS OF THE LOANS  SECTION 2.01.  LoansUpon a request by the Borrower pursuant to Section 2.02, and on the  terms and subject to the conditions hereinafter set forth, each applicable Lender shall, ratably in  accordance with its respective Loan Commitment Percentage, severally and not jointly, make Loans to the  Borrower from time to time during the period from the Effective Date to the Commitment Termination  Date.  Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect  to such Loan, the aggregate principal amount of all Loans extended pursuant to this Article II exceeds the  Loan Commitment or such Lender’s share of such Loan exceeds such Lender’s Commitment as of such  date.  To the fullest extent consistent with applicable laws and regulations, all Loans made under this  Section 2.01(a) shall constitute a single tranche and be fungible with each other.  The Borrower shall not  have any right to reborrow any portion of the Loan that is repaid or prepaid from time to time.  As of the  Amendment No. 2 Effective Date, the outstanding principal amount of U.S. Loans was $11,259,996.09  and, subject to the terms herein, the amount of available Commitments to be borrowed hereunder was  $138,740,003.91.  As of the Amendment No. 3 Effective Date, the outstanding principal amount of U.S.  Loans was $68,607,386.08.  (b) As of the Amendment No. 6 Effective Date, subject to the terms herein, the  amount of available Commitments to be borrowed hereunder was $5,000,000.00. As of the Amendment  No. 6 Signing Date, the outstanding principal amount of U.S. Loans was $73,520,271.04.  As of the  Amendment No. 7 Effective Date, the outstanding principal amount of Loans was $45,605,322.28.  As of  the Amendment No. 8 Effective Date (before giving effect to any prepayment on the Amendment No. 8  Effective Date), the outstanding principal amount of the Loan is $45,105,322.40.  SECTION 2.02.  Making of Loans; Repayment of Loans.    (a) On the terms and subject to the conditions hereinafter set forth, each Loan  hereunder shall be made on a Business Day upon the Borrower’s prior written request to the  Administrative Agent (who shall promptly provide to each Lender) in the form of a Loan Request  attached hereto as Exhibit A.  Each such request for a Loan shall be made no later than 2:00 p.m. (New  York City time) on the date that is two (2) Business Days prior to the date such requested Loan is to be  made (it being understood that any such request made after such time shall be deemed to have been made  on the following Business Day) and shall specify the amount of the Loan(s) requested (which shall be in  an amount not less than $2,000,000 and shall be an integral multiple of $100,000 in excess thereof, or  shall be in such lower amount as requested by the Borrower and agreed to by the Administrative Agent in  its sole discretion).  On the date of each Loan specified in the applicable Loan Request, the Lenders shall,  upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions  set forth in this Article II, make available to the Borrower in same day funds an aggregate amount equal  to the amount of such Loans requested. All Loan proceeds shall be deposited to the Collection Account  and may be distributed by the Borrower to the Holdco Guarantor and by the Holdco Guarantor to the  Parent (A) to pay the purchase price (including any deposit towards such purchase price) of the Scooters  (or reimburse the Parent for the same) identified in the related Loan Request to be purchased with the  proceeds of such Loan(s) pursuant to the Contribution Agreements and/or (B) for working capital and  general corporate purposes of Parent or any of its Subsidiaries.  (b) Each Lender’s obligation shall be several, such that the failure of any Lender to  make available to the Borrower any funds in connection with any Loan shall not relieve any other Lender  of its obligation, if any, hereunder to make funds available on the date such Loans are requested (it being  

 

  21  US-DOCS\137537506.9  understood that no Lender shall be responsible for the failure of any other Lender to make funds available  to the Borrower in connection with any Loan hereunder).  (c) The outstanding principal amount of all Loans shall become immediately due and  payable in full on the Final Maturity Date.  Prior thereto principal of the Loans shall be due on each  Payment Date in an amount equal to the Amortization Amount for such Payment Date (applied in  accordance with the Priority of Payments).  The Borrower may also repay the Loans in accordance with  the terms of Section 2.02(e).  (d) [Reserved].  (e) The Borrower may from time to time, with at least two (2) Business Days prior  delivery to the Administrative Agent of an appropriately completed Payment Notification in the form  attached hereto as Exhibit D, prepay the Loans in whole or in part, without premium or penalty; provided,  however, that each such prepayment shall be in an amount equal to $100,000 or a higher integral multiple  of $25,000 and shall be accompanied by any accrued and unpaid Interest on the amount prepaid and any  applicable Fees.  Principal payments shall continue in accordance with the Priority of Payments,  notwithstanding any partial prepayment of the Loans.  The Administrative Agent shall distribute to the  Lenders (ratably, based on the amount then due and owing) any amounts received in respect of an  optional prepayment in accordance with this Section 2.02(e).  SECTION 2.03.  Interest and Fees.    (a) The Loans shall accrue Interest on each day at the then applicable Interest Rate.   The Borrower shall pay all Interest accrued during each Interest Period on the immediately following  Payment Date.  Interest shall be paid in accordance with the Priority of Payments.   (b) The Borrower shall pay to each Lender and the Administrative Agent certain fees  (collectively, the “Fees”) in the amounts set forth in the fee letter agreements among the Borrower, the  Lenders, and the Administrative Agent (each as amended, restated, supplemented or otherwise modified  from time to time, a “Fee Letter”).  SECTION 2.04.  Records of Loans.  Each Lender shall record in its records the date and amount  of the Loans made by such Lender hereunder, the Interest Rate with respect thereto, the Interest accrued  thereon, and each repayment and payment thereof.  Subject to Section 14.03(b), such records shall be  prima facie evidence of the existence and amount of the obligations recorded therein.  The failure to so  record any such information or any error in so recording any such information shall not, however, limit or  otherwise affect the obligations of the Borrower hereunder or under the other Transaction Documents to  repay to each Lender the Loans, together with all Interest accruing thereon, and all other Borrower  Obligations.  ARTICLE III    ACCOUNTS AND COLLECTIONS  SECTION 3.01.  Collection Account.  The Borrower shall establish and maintain the Collection  Account.  The Borrower shall maintain therein Collections and any other amounts required to be paid  thereto pursuant to the Transaction Documents.  Amounts on deposit in the Collection Account shall be  applied on each Payment Date in accordance with the Priority of Payments.  The Borrower shall not  otherwise be permitted to withdraw amounts from the Collection Account; provided, that the Borrower  may withdraw amounts from the Collection Account as follows: (i) the Borrower may distribute any Loan  

 

  22  US-DOCS\137537506.9  proceeds (or portion thereof) to the Holdco Guarantor and the Holdco Guarantor may distribute the same  to the Parent, (ii) the Borrower may distribute the amounts described in clause (vi) of the definition of  “Priority of Payments” to the Holdco Guarantor and the Holdco Guarantor may distribute the same to the  Parent, and (iii) in lieu of any such distribution described in the foregoing clause (ii), the Borrower may  use all or a portion of the amount described in clause (vi) of the definition of “Priority of Payments” to  make an optional prepayment of the Loans on the applicable Payment Date in accordance with Section  2.02(e) (such prepayment to be made after the application of the Priority of Payments on such Payment  Date).  SECTION 3.02.  [Reserved].    SECTION 3.03.  Collections.  The Borrower shall deposit all Collections into the Collection  Account.   ARTICLE IV     SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS  SECTION 4.01.  Priority of Payments.  (a) On each Payment Date, the Borrower shall direct the Account Bank to distribute  all amounts on deposit in the Collection Account on such Payment Date in the following order of priority  (the “Priority of Payments”), in accordance with the Payment Date Certificate for such Payment Date:   (i) first, to the Administrative Agent, Lenders, Borrower Indemnified  Parties, and Affected Persons on a pro rata basis, all accrued and unpaid expenses, costs,  or indemnification amounts;   (ii) second, to the Administrative Agent, the Administrative Agent Fee, to  the extent due and unpaid;  (iii) third, to the Administrative Agent for distribution to the Lenders (ratably,  based on the amount then due and owing), all accrued and unpaid Interest due to each  such Lender for the immediately preceding Interest Period, plus, if applicable, the amount  of any such Interest payable for any prior Interest Period to the extent such amount has  not been distributed to each such Lender, and any interest accrued pursuant to Section  4.02(b), to the extent unpaid;   (iv) fourth, to the Administrative Agent for distribution to the Lenders  (ratably, based on the amount then due and owing) (A) on the Final Maturity Date or if an  Event of Default is continuing on such Payment Date, the outstanding principal amount  of the Loans, or (B) prior to the Final Maturity Date and if an Event of Default is not  continuing on such Payment Date, the Amortization Amount for such Payment Date;   (v) [reserved]; and   (vi) sixth, the balance, if any, to be paid at the direction of the Borrower.  (b) Notwithstanding anything to the contrary set forth in this Section 4.01, the  Administrative Agent shall have no obligation to distribute or pay any amount under this Section 4.01  

 

  23  US-DOCS\137537506.9  except to the extent actually received by the Administrative Agent or available to the Administrative  Agent from funds on deposit in the Collection Account.  All payments or distributions to be made by any  Credit Party and any other Person to the Administrative Agent or the Lenders (or their respective related  Affected Persons and the Borrower Indemnified Parties), shall be paid or distributed to the applicable  party to which such amounts are owed.   (c) If and to the extent the Administrative Agent, any Lender, any Affected Person  or any Borrower Indemnified Party shall be required for any reason to pay over to any Person (including  any Credit Party or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any  amount received on its behalf hereunder, such amount shall be deemed not to have been so received but  rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Lender,  such Affected Person or such Borrower Indemnified Party, as the case may be, shall have a claim against  the Borrower for such amount.  SECTION 4.02.  Payments and Computations, Etc.    (a) All amounts payable to the Administrative Agent, any Lender, any Affected  Person or any Borrower Indemnified Party hereunder shall be paid no later than 2:00 p.m. (New York  City time) on the day when due in same day funds to the applicable party to which such amounts are due.  (b) The Borrower shall, to the extent permitted by Applicable Law, pay interest on  any amount not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.00%  per annum above the then applicable Interest Rate, payable in accordance with the Priority of Payments or  otherwise on written demand.  (c) All computations of interest under subsection (b) above and all computations of  Interest, Fees and other amounts hereunder shall be made on the basis of a year of 360 days for the actual  number of days (including the first but excluding the last day) elapsed.  Whenever any payment or deposit  to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be  made on the next succeeding Business Day and such extension of time shall be included in the  computation of such payment or deposit.  ARTICLE V    INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY; SECURITY INTEREST   SECTION 5.01.  Increased Costs.  (a) Increased Costs Generally.  If any Change in Law shall:   (i) impose, modify or deem applicable any reserve, special deposit,  liquidity, compulsory loan, insurance charge or similar requirement against assets of,  deposits with or for the account of, or credit extended or participated in by, any Affected  Person;  (ii) subject any Affected Person to any Taxes (except to the extent such  Taxes are (A) Indemnified Taxes for which relief is sought under Section 5.03, (B) Taxes  described in clause (b) through (d) of the definition of  Excluded Taxes or (C) Other  Connection Taxes that are imposed on or measured by net income (however  denominated) or that are franchise Taxes or branch profits Taxes; the Taxes described in  this parenthetical, “Covered Taxes”) on its loans, loan principal, letters of credit,  

 

  24  US-DOCS\137537506.9  commitments or other obligations, or its deposits, reserves, other liabilities or capital  attributable thereto; or  (iii) impose on any Affected Person any other condition, cost or expense  (other than Taxes) (A) affecting the Collateral, this Agreement, any other Transaction  Document, any Loan or any participation therein or (B) affecting its obligations or rights  to make Loans;  and the result of any of the foregoing shall be to increase the cost to such Affected Person of (A) acting as  the Administrative Agent or a Lender hereunder, (B) funding or maintaining any Loan or (C) maintaining  its obligation to fund or maintain any Loan, or to reduce the amount of any sum received or receivable by  such Affected Person hereunder, then, upon request of such Affected Person, the Borrower shall pay to  such Affected Person such additional amount or amounts as will compensate such Affected Person for  such additional costs incurred or reduction suffered.  (b) Capital Adequacy.  If any Lender shall reasonably determine that any Change in  Law regarding capital adequacy, or the compliance by any Lender or any Person controlling such Lender  with any request, guideline or directive regarding capital adequacy (whether or not having the force of  law) of any such Governmental Authority, central bank or comparable agency adopted or otherwise  taking effect after the Closing Date, has or would have the effect of reducing the rate of return on such  Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder to  a level below that which such Lender or such controlling Person could have achieved but for such Change  in Law or compliance (taking into consideration such Lender’s or such controlling Person’s policies with  respect to capital adequacy) then from time to time, upon demand by such Lender (which demand shall be  accompanied by a certificate setting forth the basis for such demand and a calculation of the amount  thereof in reasonable detail, a copy of which shall be furnished to the Administrative Agent), the  Borrower shall promptly pay to such Lender such additional amount as will compensate such Lender or  such controlling Person for such reduction, so long as such amounts have accrued on or after the day  which is two hundred seventy (270) days prior to the date on which such Lender first made demand  therefor.  (c) [Reserved].  (d) Certificates for Reimbursement.  A certificate of an Affected Person setting forth  the amount or amounts necessary to compensate such Affected Person or its holding company, as the case  may be, as specified in clause (a), (b) or (c) of this Section and delivered to the Borrower, shall be  conclusive absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in  Section 4.01, pay such Affected Person the amount shown as due on any such certificate on the first  Payment Date occurring after the Borrower’s receipt of such certificate; provided, that any such  certificate shall state the basis upon which such amount has been calculated and certify that such Affected  Person’s method of allocation is not inconsistent with its method of allocation used for other trade  receivable securitization facilities or debt facilities which are subject to similar provisions for which  reimbursement is being sought.  (e) Delay in Requests.  Failure or delay on the part of any Affected Person to  demand compensation pursuant to this Section shall not constitute a waiver of such Affected Person’s  right to demand such compensation; provided, that the Borrower shall not be required to compensate a  Lender pursuant to this Section 5.01 for any increased costs or reductions incurred more than 180 days  prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such  increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided,  

 

  25  US-DOCS\137537506.9  further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the  180 day period referred to above shall be extended to include the period of retroactive effect thereof.  SECTION 5.02.  Adjusted Term SOFR.  (a) Adjusted Term SOFR may be adjusted by the Administrative Agent with respect  to any Lender on a prospective basis to take into account any additional or increased costs to such Lender  due to any Change in Law occurring subsequent to the commencement of the then applicable Interest  Period, including changes in tax laws (except changes of general applicability in corporate income tax  laws or changes in law with respect to Covered Taxes) and changes in the reserve requirements imposed  by the Board of Governors of the Federal Reserve System (or any successor), which additional or  increased costs would increase the cost of funding loans bearing interest based upon Adjusted Term  SOFR.  In any such event, the affected Lender shall give the Borrower and the Administrative  Agent  notice of such a determination and adjustment and the Administrative Agent promptly shall transmit the  notice to each other Lender and, upon its receipt of the notice from the affected Lender, the Borrower  may, by notice to such affected Lender (I) require such Lender to furnish to the Borrower a statement  setting forth the basis for adjusting Adjusted Term SOFR and the method for determining the amount of  such adjustment, or (II) repay the Loans bearing interest based upon the Adjusted Term SOFR with  respect to which such adjustment is made.  (b) In the event that any change in market conditions or any law, regulation, treaty,  or directive, or any change therein or in the interpretation of application thereof, shall at any time after the  date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to  maintain Loans bearing interest based upon Adjusted Term SOFR or to continue such maintaining, or to  determine or charge interest rates at Adjusted Term SOFR, such Lender shall give notice of such changed  circumstances to the Administrative Agent and the Borrower and the Administrative Agent promptly shall  transmit the notice to each other Lender, (i) in the case of the pro rata share of the Loans held by such  Lender and then outstanding, the date specified in such Lender’s notice shall be deemed to be the last day  of the Interest Period of such portion of the Loans, and interest upon such portion thereafter shall accrue  interest at the Base Rate plus the Applicable Margin, and (ii) such portion of the Loans shall continue to  accrue interest at the Base Rate plus the Applicable Margin until such Lender determines that it would no  longer be unlawful or impractical to maintain such Loans at Adjusted Term SOFR.  (c) Anything to the contrary contained herein notwithstanding, neither the  Administrative Agent nor any Lender is required actually to acquire eurodollar deposits to fund or  otherwise match fund any Obligation as to which interest accrues based on Adjusted Term SOFR.  (d) In connection with any replacement of Term SOFR as contemplated in the  definition thereof, the Administrative Agent will have the right to make Term SOFR Replacement  Conforming Changes and amendments implementing such Term SOFR Replacement Conforming  Changes will become effective without any further action or consent of any other party to this Agreement.   The Administrative Agent will promptly notify the Credit Parties and the Lenders of (i) replacement of  Term SOFR as contemplated in the definition thereof and (ii) the effectiveness of any Term SOFR  Replacement Conforming Changes.  Any determination, decision or election that may be made by the  Administrative Agent in connection with any replacement of Term SOFR, including any determination  with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,  circumstance or date and any decision to take or refrain from taking any action, will be conclusive and  binding absent manifest error and may be made in its or their sole discretion and without consent from  any other party hereto, except, in each case, as expressly required pursuant to this Section 5.02.   Notwithstanding the foregoing, the Administrative Agent will cooperate with the Borrower to effectuate  any modification to this Agreement or the credit extensions made connection therewith (as contemplated  

 

  26  US-DOCS\137537506.9  by this Section 5.02) in a manner that does not result in a deemed exchange of such credit extensions  under Section 1001 of the Code.  SECTION 5.03.  Taxes.  (a) Payments Free of Taxes.  All payments of principal and interest on the Loans and  all other amounts payable hereunder shall be made free and clear of and without deduction for Taxes,  except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion  of an applicable withholding agent) requires the deduction or withholding of any Tax from any such  payment by the applicable withholding agent, then the applicable withholding agent shall be entitled to  make such deduction or withholding and shall timely pay the full amount deducted or withheld to the  relevant Governmental Authority in accordance with Applicable Law and if any such withholding or  deduction is in respect of any Indemnified Taxes, then the Borrower shall pay such additional amount or  amounts as is necessary to ensure that the net amount actually received by the Administrative Agent (for  amounts received for its own account) and each Lender will equal the full amount the Administrative  Agent and such Lender would have received had no such withholding or deduction of Indemnified Taxes  been required (including, without limitation, such withholdings and deductions applicable to additional  sums payable under this Section 5.03).  After payment of any Tax by the Borrower to a Governmental  Authority pursuant to this Section 5.03, the Borrower shall promptly forward to the Administrative Agent  the original or a certified copy of an official receipt, a copy of the return reporting such payment, or other  documentation satisfactory to the Administrative Agent evidencing such payment to such authority.   (b) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the  relevant Governmental Authority in accordance with Applicable Law, or, at the option of the  Administrative Agent, timely reimburse the Administrative Agent for the payment of, any Other Taxes.  (c) Indemnification by the Borrower.  The Borrower shall indemnify the  Administrative Agent and the Lenders, within ten (10) days after demand thereof, for the full amount of  any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts  payable under this Section 5.03) payable or paid by the Administrative Agent or any Lender or required to  be withheld or deducted from a payment to the Administrative Agent or any Lender and any expenses  arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were  correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate in  reasonable detail as to the amount of such payment or liability delivered to the Borrower by a Lender  (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf  of a Lender, shall be conclusive absent manifest error.  (d) Status of Lenders.  Any Lender that is entitled to an exemption from or reduction  of withholding tax with respect to payments made under any Transaction Document shall deliver to the  Borrower and the Administrative Agent, at the time or times prescribed by Applicable Law or reasonably  requested by the Borrower or the Administrative Agent, such properly completed and executed  documentation reasonably requested by the Borrower or the Administrative Agent as will permit such  payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if  reasonably requested by the Borrower or the Administrative Agent, shall deliver such other  documentation prescribed by Applicable Law or reasonably requested by the Borrower or the  Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or  not such Lender is subject to backup withholding or information reporting requirements.   Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and  submission of such documentation (other than such documentation set forth in Sections 5.03(d)(i),  5.03(d)(ii) and 5.03(f) below) shall not be required if in such Lender’s reasonable judgment such  

 

  27  US-DOCS\137537506.9  completion, execution or submission would subject such Lender to any material unreimbursed cost or  expense or would materially prejudice the legal or commercial position of such Lender.   (i) Each Lender that is not a "United States person" (as such term is defined  in Section 7701(a)(30) of the Code) for U.S. federal income tax purposes and is a party  hereto on the Closing Date or purports to become an assignee of an interest pursuant to  Section 14.03 after the Closing Date (unless such Lender was already a Lender hereunder  immediately prior to such assignment) (each such Lender a “Foreign Lender”) shall, to  the extent permitted by Applicable Law, execute and deliver to the Borrower and the  Administrative Agent (in such number of copies as shall be requested by the recipient) on  or prior to the date on which such Foreign Lender becomes a Lender under this  Agreement (and from time to time thereafter upon the reasonable request of the Borrower  or the Administrative Agent) whichever of the following is applicable: (A) in the case of  a Foreign Lender claiming the benefits of an income tax treaty to which the United States  is a party, (x) with respect to payments of interest under any Transaction Document, two  (2) properly completed and executed originals of United States Internal Revenue Service  (“IRS”) Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption  from, or reduction of, U.S. federal withholding tax pursuant to the "interest" article of  such tax treaty and (y) with respect to any other applicable payments under any  Transaction Documents, two (2) properly completed and executed originals of IRS Forms  W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or  reduction of, U.S. federal withholding tax pursuant to the "business profits" or "other  income" article of such tax treaty; (B) two (2) executed originals of Form W-8ECI (or  successor form); (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate  substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a  "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent  shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or  a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a “U.S.  Tax Compliance Certificate”) and (y) two (2) executed originals of IRS Forms W-8BEN  or W-8BEN-E (or successor form); (D) to the extent a Foreign Lender is not the  beneficial owner, two (2) executed originals of IRS Form W-8IMY, accompanied by IRS  Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or successor form), a U.S. Tax  Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form  W-9 (or successor form), and/or other certification documents from each beneficial  owner, as applicable; provided, that if the Foreign Lender is a partnership and one or  more direct or indirect partners of such Foreign Lender are claiming the portfolio interest  exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate  substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;  or (E) other applicable forms, certificates or documents prescribed by the IRS.  Each  Lender agrees that if any form or certification it previously delivered expires or becomes  obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify the Borrower and the Administrative Agent in writing of its legal  inability to do so.  In addition, to the extent permitted by Applicable Law, such forms  shall be delivered by each Foreign Lender upon the obsolescence or invalidity of any  form previously delivered by such Foreign Lender.  Each Foreign Lender shall promptly  notify the Borrower at any time it determines that it is no longer in a position to provide  any previously delivered certificate to the Borrower (or any other form of certification  adopted by the U.S. taxing authorities for such purpose).     

 

  28  US-DOCS\137537506.9  (ii) Each Lender that is a "United States person" (as such term is defined in  Section 7701(a)(30) of the Code) for U.S. federal income tax purposes and is a party  hereto on the Closing Date or purports to become an assignee of an interest pursuant to  Section 14.03 after the Closing Date (unless such Lender was already a Lender hereunder  immediately prior to such assignment) shall provide to the Borrower and the  Administrative Agent on or prior to the date on which such Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), a properly completed and executed IRS Form W- 9 or any successor form certifying as to such Lender's entitlement to an exemption from  U.S. backup withholding and, to the extent permitted by Applicable Law, other  applicable forms, certificates or documents prescribed by the IRS or reasonably requested  by the Borrower or Administrative Agent.  Each such Lender shall promptly notify the  Borrower at any time it determines that any certificate previously delivered to the  Borrower (or any other form of certification adopted by the U.S. governmental authorities  for such purposes) is no longer valid.     (iii) Any Foreign Lender shall, to the extent it is legally entitled to do so,  deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender  becomes a Lender under this Agreement (and from time to time thereafter upon the  reasonable request of the Borrower or the Administrative Agent), executed copies of any  other form prescribed by Applicable Law as a basis for claiming exemption from or a  reduction in U.S. Federal withholding Tax, duly completed, together with such  supplementary documentation as may be prescribed by Applicable Law to permit the  Borrower or Administrative Agent to determine the withholding or deduction required to  be made.  (iv) The Administrative Agent shall deliver to the Borrower , on or prior to  the date on which it becomes a party to this Agreement, a duly completed IRS Form W-8,  with the effect that the Borrower may make payments to the Administrative Agent, to the  extent such payments are received by the Administrative Agent as an intermediary,  without deduction or withholding of any Taxes imposed by the United States (and the  Administrative Agent will serve as a U.S. withholding agent (and complete associated  reporting responsibilities) with respect to Chapter 3 and Chapter 4 withholding on  amounts paid to the Administrative Agent in respect of the Loans (or any other amounts  payable hereunder).  (e) Treatment of Certain Refunds.  If any Lender determines, in its sole discretion  exercised in good faith, that it has received a refund in respect of any Taxes as to which it has been  indemnified by the Borrower pursuant to this Section 5.3 (including by the payment of additional  amounts pursuant to this Section 5.3), then it shall promptly pay an amount equal to such refund to the  Borrower, net of all reasonable out-of-pocket expenses of such Lender or of the Administrative Agent  with respect thereto, including any Taxes; provided, however, that the Borrower, upon the written request  of such Lender or the Administrative Agent, agrees to repay any amount paid over to the Borrower to  such Lender or to the Administrative Agent (plus any related penalties, interest or other charges imposed  by the relevant Governmental Authority) in the event such Lender or the Administrative Agent is  required, for any reason, to disgorge or otherwise repay such refund.  Notwithstanding anything to the  contrary in this Section 5.3, in no event will the indemnified party be required to pay any amount to an  indemnifying party pursuant to this Section 5.3(e) the payment of which would place the indemnified  party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax  subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise  

 

  29  US-DOCS\137537506.9  imposed and the indemnification payments or additional amounts with respect to such Tax had never been  paid.  This Section 5.3 shall not be construed to require any indemnified party to make available its Tax  returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party  or any other Person.  (f) Documentation Required by FATCA.  If a payment made to a Lender under any  Transaction Document would be subject to U.S. federal withholding tax imposed by FATCA if such  Lender were to fail to comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the  Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such  time or times reasonably requested by the Borrower or Administrative Agent such documentation  prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such  additional documentation reasonably requested by the Borrower or the Administrative Agent as may be  necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA  and to determine that such Lender has complied with such Lender’s obligations under FATCA or to  determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (f),  “FATCA” shall include any amendments made to FATCA after the date of this Agreement.  (g) Indemnification by the Lenders.  Each Lender shall severally indemnify the  Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes  attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the  Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties  to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section  14.03(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to  such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any  Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or  not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A  certificate as to the amount of such payment or liability delivered to any Lender by the Administrative  Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative  Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction  Document or otherwise payable by the Administrative Agent to such Lender from any other source  against any amount due to the Administrative Agent under this paragraph (g).   (h) Survival.  Each party’s obligations under Section 5.03(a) through (g) shall  survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the  replacement of, a Lender, and the repayment, satisfaction or discharge of all Borrower Obligations  hereunder.  ARTICLE VI    CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS  SECTION 6.01.  Conditions Precedent to Effectiveness of this Agreement.  This Agreement  shall be effective on the date (the “Effective Date”) on which the conditions precedent are satisfied:  (a) Transaction Documents.  The Administrative Agent and the Lenders shall have  received copies of each of the Transaction Documents executed and delivered by each party thereto.   (b) Organizational Documents; Incumbency.  The Administrative Agent and the  Lenders shall have received (i) true, correct and complete copies of the organizational documents of the  Bird Parties; (ii) signature and incumbency certificates of the officers of each of the Bird Parties  

 

  30  US-DOCS\137537506.9  executing the Transaction Documents to which it is a party; (iii) resolutions of the Board of Directors or  similar governing body of each of the Bird Parties approving and authorizing the execution, delivery and  performance of this Agreement and the other Transaction Documents to which it is a party or by which it  or its assets may be bound as of the Closing Date, certified as of the Closing Date by a Responsible  Officer as being in full force and effect without modification or amendment; (iv) a good standing  certificate from the applicable Governmental Authority of each of the Bird Parties’ jurisdiction of  incorporation, organization or formation dated a recent date prior to the Closing Date; and (v) such other  documents as Administrative Agent or the Lenders may reasonably request.  (c) Transaction Costs.  At least two (2) Business Days prior to the Closing Date, the  Borrower shall have delivered to the Lenders the Borrower’s reasonable best estimate of the fees, costs  and expenses payable by the Parent or the Borrower on or before the Closing Date in connection with the  transactions contemplated by the Transaction Documents.  (d) Liens.  The Administrative Agent and the Lenders shall have received the results  of a recent search, by a Person satisfactory to the Lenders, of all effective UCC financing statements (or  equivalent filings) made with respect to any personal or mixed property of the Bird Parties, together with  copies of all such filings disclosed by such search.  (e) Financial Statements.  The Lenders shall have received the Historical Financial  Statements.  (f) [Reserved].  (g) Opinions of Counsel to Credit Parties.  Lenders and their respective counsel shall  have received executed copies of favorable written opinions, dated as of the Closing Date, of Latham &  Watkins LLP, counsel to the Bird Parties, covering corporate, enforceability, and security interest matters  and such other matters as the Lenders may request, in form and substance satisfactory to the Lenders (and  each Bird Party instructs such counsel to deliver such opinions to the Administrative Agent and the  Lenders).  (h) Fees.   The Bird Parties shall have executed and delivered the Fee Letters to the  Administrative Agent and the Lenders.  (i) Solvency Certificate.  The Bird Parties shall have delivered to the Administrative  Agent and the Lenders an executed solvency certificate in the form of Exhibit E hereto.  (j) Closing Date Certificates.  The Bird Parties shall have delivered to  Administrative Agent and the Lenders an executed certificate in the form of Exhibit F hereto, together  with all attachments thereto.   (k) Due Diligence.  Other than changes occurring in the ordinary course of business,  no information or materials are or should have been available to the Bird Parties as of the Closing Date  that are materially inconsistent with the material previously provided to the Lenders for their due  diligence review of the Bird Parties and their respective business.  (l) No Material Adverse Change.  Since December 31, 2020, no event, circumstance  or change shall have occurred that has caused or evidences, either in any case or in the aggregate, a  Material Adverse Effect.  

 

  31  US-DOCS\137537506.9  (m) KYC; Beneficial Ownership.  The Administrative Agent and the Lenders shall  have received from the Bird Parties all documentation and information required under the applicable  "know your customer" requirements of the Anti-Terrorism Laws.   (n) Model.  The Lenders shall have received, at least three (3) Business Days prior to  the Closing Date, the financial model for the Loans, which shall be satisfactory to the Lenders in their  sole discretion (the “Model”) (it being agreed and acknowledged by the Lenders that the Model delivered  to the Lenders on April 16, 2021 is satisfactory).  (o) Data Tape.  The Lenders shall have received, at least three (3) Business Days  prior to the Closing Date, the data tape that includes the applicable information set forth on Exhibit H (the  “Data Tape”) with respect to Scooters owned by the Borrower on or prior to the Closing Date, which shall  be satisfactory to the Lenders in their sole discretion (it being agreed and acknowledged by the Lenders  that the Data Tape delivered to the Lenders on April 23, 2021 is satisfactory).  (p) [Reserved].  (q) Funds Flow.  The Lenders shall have received at least three (3) Business Days  prior to the Closing Date a funds flow memorandum, in form and substance reasonably satisfactory to  them.  SECTION 6.02.  Conditions Precedent to Each Credit Extension.  Each Credit Extension  hereunder on or after the Amendment No. 6 Effective Date shall be subject to the conditions precedent  that:  (a) the Borrower shall have delivered to the Administrative Agent a Loan  Request for such  Loan in accordance with Section 2.02(a);   (b) the Borrower (or the Parent on its behalf) shall have delivered to the  Administrative Agent all Payment Date Certificates, if any, required to be delivered hereunder  on or prior to such date;  (c) the conditions precedent to such Credit Extension specified in  Section 2.02 shall be satisfied;   (d) on the date of such Credit Extension the following statements shall be true  and correct (and upon the occurrence of such Credit Extension, the Credit Parties shall be  deemed to have represented and warranted that such statements are then true and correct):  (i) the representations and warranties of the Credit Parties contained in  Section 7.01 are true and correct in all material respects (without duplication of any  materiality qualifier contained therein) on and as of the date of such Credit Extension as  though made on and as of such date unless such representations and warranties by their  terms refer to an earlier date, in which case they shall be true and correct in all material  respects on and as of such earlier date;  (ii) the Borrower will use the proceeds of the Credit Extension solely in  accordance with Section 2.02(a) of this Agreement;  

 

  32  US-DOCS\137537506.9  (iii) no Event of Default or Potential Event of Default has occurred and is  continuing, and no Event of Default or Potential Event of Default would result from such  Credit Extension;   (iv) immediately prior to and after giving effect to such Credit Extension  (and the substantially concurrent contribution by Parent of Eligible Scooters to Borrower,  if any), the LTC Percentage is equal to or less than the Maximum LTC Percentage;   (v) the amount of such Credit Extension shall not exceed the product of (x)  the Advance Rate on such date multiplied by (y) the aggregate Cost of (1) Eligible  Scooters that have been contributed by Parent to Borrower since the Effective Date and  which are owned by Borrower as of the date of such Credit Extension and (2) Eligible  Scooters contributed by Parent to Borrower substantially concurrently with such Credit  Extension, if any;   (vi) [reserved];   (vii) the Parent is in compliance with the Minimum Liquidity covenant in  Section 8.6 of the Scooter Lease; and   (viii) the Scooters referenced in subsection (v) above are, as of the date of such  Credit Extension, Eligible Scooters.  (e) the Lenders shall have received, at least three (3) Business Days prior to  the date of such Credit Extension, the Model updated to include such Credit Extension;  (f) the Lenders shall have received, at least three (3) Business Days prior to  the date of such Credit Extension, the Data Tape in respect of Scooters contributed or transferred  to the Borrower in respect of such Credit Extension (or, if no such Scooters are being contributed  or transferred to the Borrower concurrent with such Credit Extension, an updated Data Tape in  respect of Scooters that have been contributed by Parent to Borrower since the Effective Date  and which are owned by Borrower as of the date of such Credit Extension);  (g) with respect to the Amendment No. 3 Effective Date, the Administrative  Agent shall have received the original Letter of Credit with a Minimum LC Amount updated as  specified in the Scooter Lease;  (h) the Lenders shall have received and approved, at least three (3) Business  Days prior to the date of any Credit Extension, any updates to Schedule VI hereto or received  confirmation from the Borrower that no updates to Schedule VI hereto are required; provided,  that solely for the purpose of a Credit Extension on or around April 26, 2022, the Lenders shall  have received and approved, at least one (1) Business Day prior to such Credit Extension, an  updated Schedule VI;   (i) the Borrower owns and has good and marketable title to the Collateral free  and clear of any Adverse Claim of any Person other than Liens permitted to exist under this  Agreement; and  (j) the Commitment Termination Date has not occurred.  

 

  33  US-DOCS\137537506.9  ARTICLE VII    REPRESENTATIONS AND WARRANTIES  SECTION 7.01.  Representations and Warranties of the Credit Parties.  On the Closing Date and  on each date on which representations and warranties are required to be made hereunder, the Credit  Parties represent and warrant to the Administrative Agent and each Lender:  (a) Organization and Good Standing.  Each Credit Party is a limited liability  company duly organized and validly existing in good standing under the laws of the State of Delaware  and has full power and authority under its constitutional documents and under the laws of its jurisdiction  to own its properties and to conduct its business as such properties are currently owned and such business  is presently conducted.  (b) Due Qualification.  Each Credit Party is duly qualified to do business as a limited  liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the  conduct of its business requires such qualification, licenses or approvals, except where the failure to do so  could not reasonably be expected to have a Material Adverse Effect.  (c) Power and Authority; Due Authorization.  Each Credit Party (i) has all necessary  limited liability company power and authority to (A) execute and deliver this Agreement and the other  Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the  other Transaction Documents to which it is a party and (C) grant a security interest in the Collateral or the  Guarantor Collateral, as the case may be, to the Administrative Agent on the terms and subject to the  conditions herein provided, or in the case of Holdco Guarantor, the Holdco Guarantee, and (ii) has duly  authorized by all necessary limited liability company action such grant and the execution, delivery and  performance of, and the consummation of the transactions provided for in, this Agreement and the other  Transaction Documents to which it is a party.  (d) Binding Obligations.  This Agreement and each of the other Transaction  Documents to which each Credit Party is a party, when executed and delivered by such Credit Party and  each other party thereto, will constitute legal, valid and binding obligations of such Credit Party,  enforceable against such Credit Party in accordance with their respective terms, except (i) as such  enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other  similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be  limited by general principles of equity, regardless of whether such enforceability is considered in a  proceeding in equity or at law.  (e) No Conflict or Violation.  The execution, delivery and performance of, and the  consummation of the transactions contemplated by, this Agreement and the other Transaction Documents  to which each Credit Party is a party, and the fulfillment of the terms hereof and thereof, will not (i)  conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without  notice or lapse of time or both) a default under its organizational documents, any Government Approval,  or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed  of trust, or other agreement or instrument to which such Credit Party is a party or by which it or any of its  properties is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the  Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security  agreement, mortgage, deed of trust, or other agreement or instrument other than this Agreement and the  other Transaction Documents or (iii) conflict with or violate any Applicable Law, except in the case of  each of the foregoing clauses (i) through (iii) to the extent that any such conflict, breach, default, Adverse  Claim or violation, as applicable, could not reasonably be expected to have a Material Adverse Effect.      

 

  34  US-DOCS\137537506.9  (f) Litigation and Other Proceedings.  (i) There is no action, suit, proceeding or  investigation pending or, to the best knowledge of the Credit Parties, threatened in writing, against the  Bird Transaction Parties before any Governmental Authority and (ii) none of the Bird Transaction Parties  is subject to any order, judgment, decree, injunction, stipulation or consent order of or with any  Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the  invalidity or unenforceability of this Agreement or any other Transaction Document, (B) seeks to prevent  the grant of a security interest in any of the Collateral by the Borrower to the Administrative Agent, any  Guarantor Collateral by the Holdco Guarantor to the Administrative Agent, the ownership or acquisition  by the Borrower of any Collateral or of Holdco Guarantor of any Guarantor Collateral, or the  consummation of any of the transactions contemplated by this Agreement or any other Transaction  Document, (C) seeks any determination or ruling that could materially and adversely affect the  performance by any of the Bird Transaction Parties of its obligations under this Agreement or any other  Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and  investigations could reasonably be expected to have a Material Adverse Effect.  (g) Government Approvals.  Except where the failure to obtain or make such  authorization, consent, order, approval or action could not reasonably be expected to have a Material  Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any  Governmental Authority that are required to be obtained by the Credit Parties in connection with the  operation of the Scooters, including, without limitation, any applicable Government Approvals, the grant  of a security interest to the Administrative Agent hereunder or under the Holdco Guarantee, as applicable,  or the due execution, delivery and performance by the Credit Parties of this Agreement or any other  Transaction Document to which they are a party and the consummation by the Credit Parties of the  transactions contemplated by this Agreement and the other Transaction Documents to which they are a  party have been obtained or made and are in full force and effect.  (h) Margin Regulations.  The Credit Parties are not engaged, principally or as one of  their important activities, in the business of extending credit for the purpose of purchasing or carrying  margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal  Reserve System). No part of the proceeds of the Loans made to any Credit Party will be used to purchase  or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any  such margin stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T,  U, or X of the Board of Governors of the Federal Reserve System.  (i) Solvency.  After giving effect to the transactions contemplated by this Agreement  and the other Transaction Documents, (A) Parent and its subsidiaries, on a consolidated basis are Solvent,  and (B) each of the Bird Transaction Parties is Solvent.  (j) Offices; Legal Name.  The Borrower’s sole jurisdiction of organization is the  State of Delaware and such jurisdiction has not changed within four months prior to the date of this  Agreement.  The chief executive office of the Borrower is set forth on Schedule V hereto.  The legal  name of the Borrower is Bird US Opco, LLC.  Holdco Guarantor’s sole jurisdiction of organization is the  State of Delaware and such jurisdiction has not changed within four months prior to the date of this  Agreement.  The chief executive office of Holdco Guarantor is set forth on Schedule V hereto.  The legal  name of Holdco Guarantor is Bird US Holdco, LLC.  (k) Investment Company Act; Volcker Rule.  Neither of the Credit Parties (i) is, and  is not controlled by, an “investment company” registered or required to be registered under the  Investment Company Act and (ii) is a “covered fund” under the Volcker Rule.  

 

  35  US-DOCS\137537506.9  (l) No Material Adverse Effect.  Since December 15, 2022, there has been no  Material Adverse Effect with respect to such Credit Party.  (m) Accuracy of Information.  All written information (including Payment Date  Certificates, Loan Requests, certificates, reports, statements, and other documents) (other than the  Projections, forward looking information and information of a general economic nature or general  industry nature) furnished to the Administrative Agent or any Lender by or on behalf of a Bird  Transaction Party pursuant to any provision of this Agreement or any other Transaction Document, or in  connection with or pursuant to any amendment or modification of, or waiver under this Agreement or any  other Transaction Document, is at the time the same are so furnished (or as of any earlier date or later date  (in the case of any certifications in any Loan Request to be made on the date the related Credit Extension  is made) specified therein), when taken as a whole, true and correct in all material respects on the date the  same are furnished to the Administrative Agent or such Lender (or, in the case of any certifications in any  Loan Request to be made on the date the related Credit Extension is made, on the date such Credit  Extension is made), and does not contain any material misstatement of fact or omit to state a material fact  or any fact necessary to make the statements contained therein not misleading in light of the  circumstances in which such statements are made; provided, that with respect to any Loan Request  furnished solely for the purpose of a Credit Extension on or around April 26th, 2022, the written  information set forth in such Loan Request shall not be subject to the requirements of this  Section 7.01(m) at the time furnished (but shall be subject to the requirements of this Section 7.01(m) as  of the date of the Credit Extension set forth therein).  The Projections and other forward looking  information and information of a general economic nature prepared by or on behalf of the Bird  Transaction Parties or any of their respective representatives and that have been made available to the  Administrative Agent or any Lender in connection with the Transaction Documents have been prepared in  good faith based upon assumptions believed by such Bird Transaction Party to be reasonable (it being  understood that such Projections are as to future events and are not to be viewed as facts, such Projections  are subject to significant uncertainties and contingencies and that actual results during the period or  periods covered by any such Projections may differ significantly from the projected results, and that no  assurance can be given that the projected results will be realized) as of the date such Projections and  information were furnished to the Administrative Agent or such Lender.   (n) Anti-Money Laundering/International Trade Law Compliance.  None of the Bird  Transaction Parties and, to the knowledge of the Credit Parties, none of their Affiliates (i) is in violation  of any Anti-Terrorism Law, (ii) engages in or conspires to engage in any transaction that violates or  attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, (iii) is a Blocked Person,  or is controlled by a Blocked Person, (iv) is acting or will act for or on behalf of a Blocked Person, (v) is  associated with, or will become associated with, a Blocked Person or (vi) is providing, or will provide,  material, financial or technical support or other services to or in support of acts of terrorism of a Blocked  Person.  No Bird Transaction Party nor, to the knowledge of any Credit Party, any of their Affiliates or  agents acting or benefiting in any capacity in connection with the transactions contemplated by this  Agreement, (A) conducts any business or engages in making or receiving any contribution of funds,  goods or services to or for the benefit of any Blocked Person, or (B) deals in, or otherwise engages in any  transaction relating to, any property or interest in property blocked pursuant to Executive Order No.  13224, any similar executive order or other Anti-Terrorism Law.  (o) Perfection Representations.  (i) This Agreement creates a valid and continuing security interest (as  defined in the applicable UCC) in the Borrower’s right, title and interest in, to and under  the Collateral which (A) upon the filing of the UCC financing statements referred to in  Section 7.01(o)(iv) and the execution of the Account Control Agreement referred to in  

 

  36  US-DOCS\137537506.9  Section 7.01(p)(iii), will constitute a perfected security interest and is enforceable against  creditors of and purchasers from the Borrower and (B) will be free of all Adverse Claims  in such Collateral, except for Permitted Liens.    (ii) Except as otherwise notified to the Administrative Agent in writing, the  Scooters are not subject to any certificate of title act or similar law, statute, or regulation.  (iii) The Borrower owns and has good and marketable title to the Collateral  free and clear of any Adverse Claim of any Person other than Liens (including Permitted  Liens) permitted to exist under this Agreement.  (iv) All appropriate financing statements, financing statement amendments  and continuation statements have been delivered to the Administrative Agent to be filed  in the proper filing office in the appropriate jurisdictions under Applicable Law in order  to perfect (and continue the perfection of) the sale and contribution of the Scooters to the  Borrower pursuant to the Contribution Agreements and the grant by the Borrower of a  security interest in the Collateral to the Administrative Agent pursuant to this Agreement.  (v) Other than the security interest granted to the Administrative Agent  pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a  security interest in, or otherwise conveyed any of the Collateral except as permitted by  this Agreement and the other Transaction Documents.  The Borrower has not authorized  the filing of and, except as otherwise notified to the Administrative Agent in writing, is  not aware of any financing statements filed against the Borrower that include a  description of collateral covering the Collateral other than any financing statement (i) in  favor of the Administrative Agent and the Note Collateral Agent or (ii) that has been  terminated.  The Borrower is not aware of any judgment lien, ERISA lien or tax lien  filings against the Borrower that are not permitted by this Agreement and the other  Transaction Documents.  (vi) Notwithstanding any other provision of this Agreement or any other  Transaction Document, the representations contained in this Section 7.01(o) shall be  continuing and remain in full force and effect until the Final Payout Date.  (p) Collection Account.  (i) Nature of Accounts.  The Collection Account constitutes a “deposit  account” within the meaning of the applicable UCC.  (ii) Ownership.  The Collection Account is in the name of the Borrower, and  the Borrower owns and has good and marketable title to the Collection Account free and  clear of any Adverse Claim, except for Liens described in clauses (a) through (d) of the  definition of Permitted Liens.  (iii) Perfection.  The Borrower has delivered to the Administrative Agent a  fully executed Account Control Agreement relating to the Collection Account.  The  Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over the  Collection Account.  (iv) Instructions.  The Collection Account is not in the name of any Person  other than the Borrower.  No Bird Transaction Party has consented to the Account Bank  

 

  37  US-DOCS\137537506.9  complying with instructions of any Person with respect to the Collection Account other  than the Administrative Agent or the Borrower.    (q) Ordinary Course of Business.  Each remittance of any amount by or on behalf of  the Borrower to the Administrative Agent or the Lenders under this Agreement will have been (i) in  payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the  Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.  (r) Compliance with Law.  The Credit Parties have complied with all Applicable  Laws to which each of them may be subject, except where any such failure to comply with Applicable  Laws could not reasonably be expected to have a Material Adverse Effect.  (s) Bulk Sales Act.  No transaction contemplated by this Agreement requires  compliance by it with any bulk sales act or similar law.  (t) Taxes.  The Bird Transaction Parties have (i) timely filed all material tax returns  (federal, state and local) required to be filed by them, (ii) paid, or caused to be paid, all material taxes,  assessments and other governmental charges, if any, other than taxes, assessments and other  governmental charges being contested in good faith by appropriate proceedings and as to which adequate  reserves have been provided in accordance with GAAP, and (iii) paid all fees and expenses required to be  paid by it in connection with the conduct of its business, the maintenance of its existence and its  qualification as a foreign limited liability company authorized to do business in each state in which it is  required to so qualify, except with respect to this clause (iii), where any such failure to pay such fees and  expenses could not reasonably be expected to have a Material Adverse Effect.  (u) Tax Status.  Each of the Credit Parties (i) is, and shall at all relevant times  continue to be, a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for  U.S. federal income tax purposes that is wholly owned by a “United States person” (within the meaning  of Section 7701(a)(30) of the Code) and (ii) is not and will not at any relevant time become an association  (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.  As of the  Closing Date, the Credit Parties are not subject to any Tax in any jurisdiction outside the United States  and following the Closing Date, the Credit Parties will use their reasonable best efforts to not become  subject to any material Tax in any jurisdiction outside the United States.  (v) [Reserved].  (w) Other Transaction Documents.  Each representation and warranty made by the  Credit Parties under each other Transaction Document to which it is a party is true and correct in all  material respects as of the date when made.  (x) Scooters.  On the Closing Date, all of the Scooters are Eligible Scooters, and on  the date of each Credit Extension, all of the Scooters transferred to Borrower in respect of such Credit  Extension are Eligible Scooters.  

 

  38  US-DOCS\137537506.9  ARTICLE VIII    COVENANTS  SECTION 8.01.  Covenants of the Credit Parties.  At all times from the Closing Date until the  Final Payout Date:  (a) Payment of Principal and Interest.  The Borrower shall duly and punctually pay  Interest, Fees, principal of the Loans, and all other amounts payable by the Borrower hereunder in  accordance with the terms of this Agreement.  (b) Existence.  Each of the Credit Parties shall keep in full force and effect its  existence and rights as a limited liability company under the laws of the State of Delaware, and shall  obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or  shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction  Documents, the Collateral, and the Guarantor Collateral, except where failure to maintain such  qualification could not reasonably be expected to have a Material Adverse Effect.  (c) Financial Reporting.  The Credit Parties (or the Parent on their behalf) shall  furnish to the Administrative Agent:  (i) Borrower Financial Information.  Not later than thirty (30) calendar days  following each Collection Period, an income statement for the Credit Parties; and not  later than forty-five (45) days following each fiscal quarter of the Credit Parties, a  balance sheet for the Credit Parties.  Following the first anniversary of the Closing Date,  such income statement and balance sheet shall be prepared in accordance with GAAP in  all material respects.  (ii) Information and Reports.  (A) Not later than two (2) Business Days prior  to each Payment Date, a Payment Date Certificate for such Payment Date; and (B) not  later than two (2) Business Days prior to each Payment Date, an updated Data Tape for  the Collection Period ended immediately prior to such Payment Date.  (iii) AUP Letter.  Not later than (x) one hundred twenty (120) calendar days  following the Closing Date, (y) on June 30 of each calendar year, beginning on June 30,  2022, and (z) following the occurrence of an Event of Default, upon request by the  Administrative Agent, the Administrative Agent shall have received a letter from a  nationally recognized audit or similar firm (the “AUP Consultant”) concerning the  procedures with respect to each such date set forth on Exhibit I attached hereto performed  in respect of the Model and Data Tape provided on or prior to the Closing Date, in the  case of the letter referred to in clause (x) above, and in respect of the information set forth  on Exhibit I, in the case of the letter referred to in clause (y) or clause (z) above;  provided, that so long as the Bird Parties use commercially reasonable efforts to  cooperate with the AUP Consultant with respect to each such letter, the obligations set  forth in this clause (iii) shall be deemed satisfied upon the earlier of (A) the delivery of  such letter to the Administrative Agent and (B) (x) the date that is one hundred twenty  (120) calendar days following the Closing Date, in the case of the letter referred to in  clause (x) above, and (y) June 30 of each calendar year, in the case of the letter referred  to in clause (y) above.  

 

  39  US-DOCS\137537506.9  (iv) Other Information.  Such other information (including non-financial  information) as the Administrative Agent or any Lender may from time to time  reasonably request to the extent such information is not otherwise already provided to the  Administrative Agent or Lenders pursuant to a report or covenant set forth herein.  (d) Notices.  Each Credit Party (or the Parent on its behalf) will notify the  Administrative Agent and each Lender in writing of any of the following events promptly upon (but in no  event later than five (5) Business Days after) a Financial Officer learns of the occurrence thereof, with  such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with  respect thereto; provided, that notice delivered by any Bird Party (notwithstanding the requirement below  as to delivery from the Borrower or officer thereof) as to a given event shall be deemed to satisfy such  requirement:  (i) Notice of Events of Default.  Any Event of Default or Potential Event of  Default that has occurred and is continuing.  (ii) Representations and Warranties.  The failure of any representation or  warranty made or deemed to be made by any of the Credit Parties under this Agreement  or any other Transaction Document to be true and correct in any material respect when  made.  (iii) Litigation.  The institution of any litigation, arbitration proceeding, or  governmental proceeding with respect to any Bird Transaction Party, provided that (A)  with respect to any Person other than the Credit Parties, notice is only required to the  extent such litigation, arbitration proceeding, or governmental proceeding could  reasonably be expected to have a Material Adverse Effect if adversely determined; and  (B) with respect to the Credit Parties and any litigation, arbitration proceeding, or  governmental proceeding involving a monetary claim, notice is only required to the  extent the claimed amount is $500,000 or more.  (iv) Adverse Claim.  (A) Any Person shall obtain an Adverse Claim (other  than a Permitted Lien) upon the Collateral or the Guarantor Collateral or any portion  thereof, or (B) any Person other than the Borrower, the applicable Account Bank or the  Administrative Agent shall obtain any rights or direct any action with respect to the  Collection Account.    (v) Change in Accountants or Accounting Policy.  Any change in (A) the  external accountants of any Bird Party or (B) any material accounting policy of any Bird  Party that is relevant to the transactions contemplated by this Agreement or any other  Transaction Document.  (vi) Note Documents.  The occurrence of any Default or Event of Default  under the Note Documents (each as defined therein).  (vii) Material Adverse Change.  Notice of any material adverse change in the  business, operations, property or financial or other condition of any Bird Transaction  Party.  (viii) Government Approvals.  Notice of any termination, expiration, or  material change in any Government Approvals for any Municipality in which any of the  

 

  40  US-DOCS\137537506.9  Scooters are located if any such termination, expiration, or material change could  reasonably be expected to (A) in the case of the Scooters, result in a breach of  Section 8.01(v) as of the next occurring Payment Date or Quarterly Payment Date, as  applicable, (B) in the case of the Scooters, result in a breach of Section 8.01(y), or  (C) have a Material Adverse Effect.  (ix) Fleet Managers.  Notice of any change to the operation of the Scooters  such that 25% or more of all Scooters are not or will not be managed by fleet managers.  (e) Compliance with Laws.  The Credit Parties will comply with all Applicable Laws  to which they may be subject if the failure to comply could reasonably be expected to have a Material  Adverse Effect.   (f) Furnishing of Information and Inspection of Records.  The Credit Parties will, at  the Credit Parties’ expense, during regular business hours with prior written notice (i) permit the  Administrative Agent and each Lender or their respective agents or representatives to (A) examine and  make copies of and abstracts from all books and records relating to the Scooters and other Collateral and  Guarantor Collateral, (B) visit the offices and properties of the Credit Parties for the purpose of  examining such books and records and (C) discuss matters relating to the Scooters, the other Collateral,  the Guarantor Collateral or the Credit Parties’ performance hereunder or under the other Transaction  Documents with any of the senior management of the Credit Parties having knowledge of such matters  and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the Credit  Parties’ expense, upon prior written notice from the Administrative Agent, permit certified public  accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and  records with respect to the Scooters and other Collateral; provided, that neither the Administrative Agent  nor any accountants or auditors engaged by the Administrative Agent shall be entitled to take copies,  extracts, or photos of any information that contains trade secrets, is subject to legal privilege, or is  otherwise of strategic importance to the business of the Bird Transaction Parties, in each case, as  determined by the Borrower acting reasonably and in good faith; provided, further, that the Credit Parties  shall be required to reimburse the Administrative Agent for only one (1) such review pursuant to clause  (ii) above in any twelve-month period, unless an Event of Default has occurred and is continuing.  (g) Accounts.  The Borrower shall not terminate any Account Control Agreement or  the Account Bank or close the Collection Account.    (h) Sales, Liens, etc.  Except as otherwise provided herein or in any other  Transaction Document, the Borrower will not sell, assign (by operation of law or otherwise) or otherwise  dispose of, or create or suffer to exist any Adverse Claim (other than Permitted Liens) upon (including,  without limitation, the filing of any financing statement) or with respect to, any Scooter or other  Collateral, or assign any right to receive income in respect thereof. For the avoidance of doubt, the  Borrower and Holdco Guarantor shall be permitted to guarantee the Notes issued by Bird Global pursuant  to the Note Purchase Agreement and grant Liens in favor of the Note Collateral Agent to secure such  guarantee, subject to the terms of the Intercreditor Agreement.   (i) Fundamental Changes.  The Credit Parties shall not, without the prior written  consent of the Administrative Agent and the Lenders, permit themselves to merge or consolidate with or  into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of  transactions) all or substantially all of their respective assets (whether now owned or hereafter acquired)  to, any Person; provided, that the transfer of Scooters by the Borrower to Parent (directly or by way of  transfer to Holdco Guarantor and from Holdco Guarantor to Parent) pursuant to and in accordance with  Section 8.01(s) shall be permitted.   

 

  41  US-DOCS\137537506.9  (j) Books and Records.  From and after the date that is sixty (60) calendar days after  the Closing Date (as the same may be extended by the Administrative Agent in its sole discretion), the  Borrower shall maintain and implement (or cause the Parent to maintain and implement) administrative  and operating procedures (including an ability to recreate records evidencing Collections in the event of  the destruction of the originals thereof), and keep and maintain (or cause the Parent to keep and maintain)  all documents, books, records, computer tapes and disks and other information reasonably necessary or  advisable in connection with operating the Scooters and documenting Collections.   (k) Security Interest, Etc.  The Credit Parties will (and will cause the Parent to), at  their expense, take all action necessary to establish and maintain a valid and enforceable first priority  perfected security interest in the Collateral and the Guarantor Collateral, respectively, in each case free  and clear of any Adverse Claim except for Liens permitted to exist under this Agreement or the other  Transaction Documents, in favor of the Administrative Agent (on behalf of the Secured Parties),  including taking such action to perfect, protect or more fully evidence the security interest of the  Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party  may reasonably request, in each case consistent with the terms of this Agreement or the other Transaction  Documents.  In order to evidence the security interests of the Administrative Agent under this Agreement,  the Credit Parties shall, from time to time take such action, or execute and deliver such instruments as  may be necessary (including, without limitation, such actions as are reasonably requested by the  Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s  security interest in the Collateral and Guarantor Collateral, respectively.  The Credit Parties shall, from  time to time and within the time limits established by law, prepare and present to the Administrative  Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments,  continuations or initial financing statements in lieu of a continuation statement, or other filings necessary  to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.   The Administrative Agent’s approval of such filings shall authorize the Credit Parties to file such  financing statements under the UCC without the signature of the Credit Parties or the Administrative  Agent where allowed by Applicable Law.  Notwithstanding anything else in the Transaction Documents  to the contrary, the Credit Parties shall not have any authority to file a termination, partial termination,  release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any  such financing statements filed in connection with the Transaction Documents, without the prior written  consent of the Administrative Agent.  (l) Certain Agreements.  Without the prior written consent of the Administrative  Agent and the Lenders, the Credit Parties will not (and will not permit the Parent to) (x) amend, modify,  waive, revoke or terminate any Transaction Document or any provision of their organizational  documents, or (y) exercise any remedies in respect of the Transaction Documents or give any direction to  the Lessee under the Scooter Lease.   (m) Restricted Payments.    (i) Except pursuant to clauses (ii), (iii), and (iv) below, the Credit Parties  will not: (A) purchase or redeem any of their respective membership interests, or  (B) declare or pay any distribution on their respective membership interest or set aside  any funds for any such purpose (the amounts described in clauses (A) and (B) being  referred to as “Restricted Payments”).  (ii) The Borrower may make Restricted Payments only out of the funds, if  any, it receives pursuant to the last sentence of Section 2.02(a), Section 3.02, and Section  4.01(a) of this Agreement; provided, that the Borrower shall not pay, make or declare any  

 

  42  US-DOCS\137537506.9  Restricted Payment (including any dividend) if, after giving effect thereto, any Event of  Default or Potential Event of Default shall have occurred and be continuing.  (iii) Holdco Guarantor may make Restricted Payments only out of the funds  it receives pursuant to clause (ii) above; provided, that Holdco Guarantor shall not pay,  make or declare any Restricted Payment (including any dividend) if, after giving effect  thereto, any Event of Default or Potential Event of Default shall have occurred and be  continuing.   (iv) Without limiting the foregoing, upon written notice to the Administrative  Agent, the Borrower and Holdco Guarantor may each make Restricted Payments on or  prior to the second Business Day following a Payment Date, if (A) such Restricted  Payments are made from funds that would have been available for distribution on such  Payment Date pursuant to Section 4.01(a) but for the existence of a Potential Event of  Default under Section 8.01(y)(i) on such Payment Date and (B) prior to the making of  such Restricted Payments, (x) the Borrower cures such Potential Event of Default in  accordance with Section 8.01(y)(i), and (y) as of the date of such Restricted Payments,  the LTC Percentage is equal to or less than the Maximum LTC Percentage.  (n) Other Business.  Other than as contemplated by the Transaction Documents and  the Note Documents to which the Credit Parties are party, the Credit Parties will not: (i) engage in any  other business or activity, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to  be issued for its account any letters of credit or bankers’ acceptances), (iii) form any Subsidiary or make  any investments in any other Person, or (iv) acquire obligations or securities of or make loans or advances  to or grant a security interest in or pledge their assets for the benefit of its member, any Affiliate or any  other Person (other than Permitted Liens).  (o) Change in Name or Jurisdiction of Origination, etc.    (i) The Credit Parties shall at all times be organized under the laws of the  State of Delaware and shall not take any action to change their jurisdiction of  organization.  (ii) The Credit Parties will not change their respective name, location,  identity or corporate structure unless (w) such Credit Party provides the Administrative  Agent and Lenders at least thirty (30) days prior notice thereof, (x) such Credit Party, at  its own expense, shall have taken all action necessary to perfect or maintain the  perfection of the security interest under this Agreement (including, without limitation, the  filing of all financing statements and the taking of such other action as the Administrative  Agent may request in connection with such change or relocation), (y) the Administrative  Agent and the Lenders have consented thereto in writing, and (z) if requested by the  Administrative Agent, such Credit Party shall cause to be delivered to the Administrative  Agent, an opinion, in form and substance satisfactory to the Administrative Agent as to  such UCC perfection and priority matters as the Administrative Agent may request at  such time.  (p) Taxes.  Each of the Credit Parties will (i) timely file all material tax returns  (federal, state and local) required to be filed by it and (ii) pay, or cause to be paid, all material taxes,  assessments and other governmental charges, if any, other than taxes, assessments and other  governmental charges being contested in good faith by appropriate proceedings and as to which adequate  reserves have been provided in accordance with GAAP.  

 

  43  US-DOCS\137537506.9  (q) Tax Status of the Credit Parties.  The Credit Parties will remain wholly-owned  subsidiaries of a United States person (within the meaning of Section 7701(a)(30) of the Code) and will  not incur withholding taxes under Section 1446 of the Code.  No action will be taken that would cause  either Credit Party to (i) be treated other than as a “disregarded entity” within the meaning of U.S.  Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or (ii) become an association  taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income  tax purposes.  The Credit Parties will use reasonable best efforts to not become subject to any Tax in any  jurisdiction outside the United States.  (r) Compliance with Anti-Terrorism Laws.  The Administrative Agent hereby  notifies the Credit Parties that pursuant to the requirements of Anti-Terrorism Laws, and the  Administrative Agent’s policies and practices, the Administrative Agent is required to obtain, verify and  record certain information and documentation that identifies the Credit Parties and their respective  principals, which information includes the name and address of each Credit Party and its principals and  such other information that will allow Agent to identify such party in accordance with Anti-Terrorism  Laws.  No Credit Party will, directly or indirectly, knowingly enter into any contract with any Blocked  Person or any Person listed on the OFAC Lists.  Each Credit Party shall immediately notify the  Administrative Agent if such Credit Party has actual knowledge that any Credit Party or any of their  respective Affiliates or agents acting or benefiting in any capacity in connection with the transactions  contemplated by this Agreement is or becomes a Blocked Person or (i) is convicted on, (ii) pleads nolo  contendere to, (iii) is indicted on, or (iv) is arraigned and held over on charges involving money  laundering or predicate crimes to money laundering.  No Credit Party will, directly or indirectly, (i)  conduct any business or engage in any transaction or dealing with any Blocked Person, including, without  limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of  any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or  interests in property blocked pursuant to Executive Order No. 13224, any similar executive order or other  Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that violates or attempts to  violate any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law.  (s) Maintenance and Operation of Scooters.  At all times, the Borrower will (i) to the  extent required to comply with Section 8.01(v), maintain, or cause to be maintained by the Parent  pursuant to the Scooter Lease, the Scooters in good repair and working order (reasonable wear and tear  excepted), and (ii) cause such Scooters to be operated by the Parent pursuant to and in accordance with  the terms of the Scooter Lease.  The Borrower may not sell or otherwise transfer title of any Scooter to  any other Person (it being acknowledged and agreed that any Lien on any Scooter pursuant to clause (e)  of the definition of Permitted Liens shall not constitute a sale or transfer of title in such Scooter).  (t) Certificate of Title Acts.  The Borrower will not operate and will not permit the  Parent to operate any of the Scooters in a jurisdiction in which the Scooters may or are required to be  registered under any certificate of title act or similar law, statute, or regulation.  (u) Insurance.  The Borrower will cause the Parent to list (i) each of the Borrower  and the Administrative Agent as an “additional insured” on any liability insurance policy maintained by  the Parent in respect of the Scooters and (ii) the Administrative Agent as a “loss payee” on any casualty  insurance policy maintained by the Parent in respect of the Scooters (but not, for the avoidance of doubt,  with respect to any insurance policy for scooters owned by Parent or any of Parent’s other assets).  The  Borrower shall deposit any Insurance Proceeds received in respect of any Scooters into the Collection  Account for application in accordance with the Priority of Payments.  (v) Loan to Cost Test.  As of each Quarterly Payment Date prior to the Commitment  Termination Date, each Payment Date after the Commitment Termination Date, or any other date of  

 

  44  US-DOCS\137537506.9  determination, the LTC Percentage, measured as of such date after giving effect to all transactions on  such date, will be equal to or less than the Maximum LTC Percentage.  (w) [Reserved].  (x) [Reserved].    (y) Government Approvals.  If on any date, the Borrower fails to maintain all  Government Approvals in any Municipality in which the Scooters are located and, (i) either singly or  together, any such failure affects 5% or more of all Scooters (such Scooters for which Government  Approvals are not maintained, “Impacted Scooters”), the Borrower shall either (A) replace Impacted  Scooters with Eligible Scooters such that, after giving effect to such replacement, the number of Impacted  Scooters is less than 5% of all Scooters (the number of Impacted Scooters that is greater than 5% of all  Scooters, the “Identified Impacted Scooters”), or (B) make any necessary prepayment of the Loans in  accordance with Section 2.02(e) in an amount equal to the product of (x) the aggregate of the Cost of each  Identified Impacted Scooter multiplied by (y) the Advance Rate for such Identified Impacted Scooter; or  (ii) either singly or together any such failure affects 20% or more of all Scooters, the Borrower shall  replace Impacted Scooters with Eligible Scooters such that, after giving effect to such replacement, the  number of Impacted Scooters is less than 20% of all Scooters.  (z) Tariffs.  If the Borrower receives a refund in respect of any tariffs related to any  Scooter, the Borrower will, to the extent received pursuant to Section 4.6 of the Scooter Lease, deposit  such amount in the Collection Account for application in accordance with the Priority of Payments.  (aa) Post-Closing Covenants.  The Borrower shall procure that the applicable Bird  Transaction Parties comply with the covenants (and the timeframes for compliance therewith) set forth in  Schedule VII.  SECTION 8.02.  Separate Existence of the Credit Parties.  Each of the Credit Parties shall take  such actions as shall be required in order that:  (a) Special Purpose Entity.  The Borrower will be a special purpose entity whose  activities are restricted in its Limited Liability Company Agreement to: (i) purchasing or otherwise  acquiring Scooters from Parent, (ii) entering into this Agreement and pledging the Collateral to secure its  obligations hereunder, (iii) entering into the Scooter Lease Agreement and the other Transaction  Documents, (iv) owning and maintaining deposit accounts, (v) making distributions or payments solely to  the extent permitted by Sections 3.02 and 4.01, (vi) transferring Scooters back to Parent pursuant to and in  accordance with Section 8.01(s), (vii) entering into a Guarantee (as defined in the Note Purchase  Agreement) to guarantee the obligations of Bird Global under the Note Purchase Agreement and pledging  the Guarantor Collateral (as defined in such Guarantee) to secure its obligations thereunder, and  exercising its rights and performing its obligations thereunder, (viii) acknowledging the Intercreditor  Agreement, and (ix) conducting such other activity as it deems necessary or appropriate to carry out any  of the foregoing activities.  Holdco Guarantor will be a special purpose entity whose activities are  restricted in its Limited Liability Company Agreement to: (i) holding the equity interest of Borrower, (ii)  entering into the Holdco Guarantee and pledging the Guarantor Collateral to secure its obligations  thereunder, (iii) entering into this Agreement and the other Transaction Documents, (iv) making  distributions or payments to Parent from distributions or payments received from Borrower pursuant to  clause (v) of the preceding sentence, (v) entering into a Guarantee (as defined in the Note Purchase  Agreement) to guarantee the obligations of Bird Global under the Note Purchase Agreement and pledging  the Guarantor Collateral (as defined in such Guarantee) to secure its obligations thereunder, and  exercising its rights and performing its obligations thereunder, (vi) acknowledging the Intercreditor  

 

  45  US-DOCS\137537506.9  Agreement and (vii) conducting such other activity as it deems necessary or appropriate to carry out any  of the foregoing activities.  (b) Accounts.  Each of the Credit Parties will maintain its own accounts separate  from those of any other person and ensure that funds are not comingled or diverted to the accounts of any  other person (or vice versa) (except as not prohibited under the Transaction Agreements), hold all of its  assets solely in its own name and not comingle its assets with assets of any other person (except, with  respect to cash, as not prohibited under the Transaction Agreements), and, subject to the foregoing  exceptions, maintain its assets in such a manner that it is not costly or difficult to segregate, identify or  ascertain its individual assets from those of any of any other person.  (c) Books and Records.  The Credit Parties’ books and records will be maintained  separately from those of Parent and any of its Affiliates to the extent necessary to comply with the Credit  Parties’ obligations under this Agreement and the other Transaction Documents; provided, that the Credit  Parties shall not be obliged to comply with this covenant until the date that is sixty (60) calendar days  after the Closing Date (or such later date as may be agreed by the Administrative Agent in its sole  discretion).  (d) Corporate Formalities.  The Credit Parties will conduct their respective affairs in  accordance with their respective charter documents and observe all necessary, appropriate and customary  limited liability company formalities, including, but not limited to, holding all regular and special  meetings appropriate to authorize all of its actions, keeping separate and accurate minutes of its meetings,  passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining  accurate  books, records and accounts.  (e) Arm’s-Length Relationships.  The Credit Parties will maintain arm’s-length  relationships with Parent and any of Parent’s Affiliates, other than transactions contemplated by the  Transaction Documents (including the Parent Guaranty) and the Note Documents to which the Credit  Parties are party.  Any Person (other than Parent or any of Parent’s Subsidiaries) that renders or otherwise  furnishes services to the Credit Parties will be compensated by the Borrower at market rates for such  services it renders or otherwise furnishes to the Borrower.  Neither the Credit Parties on the one hand, nor  Parent or any Affiliate thereof, on the other hand, will be or will hold itself out to be responsible for the  debts of the other or the decisions or actions respecting the daily business and affairs of the other, other  than as contemplated by any of the Transaction Documents (including pursuant to the Parent Guaranty).   The Credit Parties will and will cause Parent and its Affiliates to immediately correct any known  misrepresentation with respect to the foregoing, and will not operate or purport to operate as an integrated  single economic unit with respect to each other or in their dealing with any other entity, other than as  contemplated by the Transaction Documents.  (f) Financial Statements.  The Credit Parties will not list their respective assets as  assets on the financial statement of any of their Affiliates; provided, that their assets may be included in a  consolidated financial statement of their Affiliates if appropriate notations shall be made on such  consolidated financial statements to indicate their separateness from such Affiliate.  (g) Obligations of any Other Person.  The Credit Parties will not assume or guarantee  any of the liabilities of any of their Affiliates or any other Person, and not hold out their respective credit  or assets as being available to satisfy the obligations of any of their Affiliates or any other Person, except  in each case, as contemplated by the Transaction Documents or pursuant to the Guarantees (as defined in  the Note Purchase Agreement) delivered by the Credit Parties pursuant to the Note Documents.  

 

  46  US-DOCS\137537506.9  (h) Payment of Liabilities and Expenses.  Each of the Credit Parties will pay its own  liabilities and expenses only out of its own funds, other than pursuant to or as permitted under (or  contemplated by) the Transaction Documents or pursuant to the Guarantees (as defined in the Note  Purchase Agreement) delivered by the Credit Parties pursuant to the Note Documents.  (i) Tax Returns.  Each of the Credit Parties will file its own tax returns separate from  those of its Affiliates, except to the extent it is treated as a “disregarded entity” for tax purposes and is not  required to file tax returns under Applicable Law (or except to the extent otherwise required by law).  (j) Invoices.  Each of the Credit Parties will direct its creditors to send invoices and  other statements of account directly to it and not to any Affiliate that is not a Bird Party and cause its  other Affiliates to direct their creditors not to send invoices and other statements of accounts of such  Affiliates to it.  (k) Representatives.  Each of the Credit Parties will cause its managers, officers,  agents and other representatives to act at all times consistently and in furtherance of the foregoing and in  its best interests.  ARTICLE IX    SECURITY INTEREST  SECTION 9.01.  Security Interest.    (a) As security for the performance by the Borrower of all the terms, covenants and  agreements on the part of the Borrower to be performed under this Agreement or any other Transaction  Document, including the punctual payment when due of the Aggregate Capital and all Interest in respect  of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent  for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the  Borrower’s right, title and interest in, to and under all of the following, whether now or hereafter owned,  existing or arising (collectively, the “Collateral”): (i) all Scooters, (ii) [reserved], (iii) all Collections, (iv)  the Collection Account and all amounts on deposit therein, and all certificates and instruments, if any,  from time to time evidencing the Collection Account and amounts on deposit therein, (v) all rights (but  none of the obligations) of the Borrower under the Transaction Agreements, (vi) all other personal and  fixture property or assets of the Borrower of every kind and nature including, without limitation, all goods  (including inventory, equipment and any accessions thereto), instruments (including promissory notes),  documents, accounts, chattel paper (whether tangible or electronic), deposit accounts, securities accounts,  securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other investment  property, supporting obligations, money, any other contract rights or rights to the payment of money,  insurance claims and proceeds, and all general intangibles (including all payment intangibles) (each as  defined in the UCC), and (vii) all proceeds of, and all amounts received or receivable under any or all of,  the foregoing.  The Administrative Agent (for the benefit of the Secured Parties) shall have, with respect  to all the Collateral, and in addition to all the other rights and remedies available to the Administrative  Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party under any  applicable UCC.  The Borrower hereby authorizes the Administrative Agent to file financing statements  describing as the collateral covered thereby as “all of the debtor’s personal property or assets” or words to  that effect, notwithstanding that such wording may be broader in scope than the collateral described in  this Agreement.  

 

  47  US-DOCS\137537506.9  (b) Borrower authorizes the Administrative Agent to: (i) perfect the Administrative  Agent’s security interest in the Collateral, by filing or authorizing the filing of, at the expense of the  Borrower, UCC-1 financing statements (including fixture filings) naming the Administrative Agent as  secured party and describing the Collateral in a manner that the Administrative Agent reasonably  determines is necessary or advisable to perfect the security interest granted hereunder and (ii) to execute  the Account Control Agreements.  (c) At any time or from time to time upon the request of Administrative Agent, the  Borrower will, at its expense, promptly execute, acknowledge and deliver such further documents and do  such other acts and things as Administrative Agent reasonably determines is necessary or advisable to  perfect the security interest granted hereunder.  Immediately upon the occurrence of the Final Payout Date, the Collateral shall be automatically released  from the lien created hereby, and this Agreement and all obligations (other than those expressly stated to  survive such termination) of the Administrative Agent and the Lenders shall terminate, all without  delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall  revert to the Borrower.  Upon the sale, transfer, or other disposition of any Collateral in accordance with  this Agreement (including any transfer of Scooters by the Borrower to Parent pursuant to Section 8.01(s)),  the Lien created hereby in favor of the Administrative Agent for the benefit of the Secured Parties in such  Collateral shall be released and all rights to such Collateral shall revert to the Borrower.  In furtherance of  the foregoing, promptly following written request therefor by the Borrower delivered to the  Administrative Agent following any such termination or release, and at the expense of the Borrower, the  Administrative Agent shall execute and deliver to the Borrower UCC-3 termination statements or UCC-3  amendment statements and such other documents as the Borrower shall reasonably request to evidence  such termination or release.  Notwithstanding any other provision contained herein, the Liens created hereby and the rights, remedies,  duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor  Agreement.  In the event of any conflict or inconsistency between the provisions of this Agreement and  the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.  ARTICLE X    EVENTS OF DEFAULT  SECTION 10.01.  Events of Default.  If any of the following events (each an “Event of  Default”) shall occur:   (a) the Borrower fails to pay (i) any Amortization Amount when due, (ii) any  amount on the Final Maturity Date, or (iii) any Interest or any other amount due and payable under this  Agreement (other than the amounts specified in clauses (i) and (ii) hereof), and such failure shall continue  for one (1) Business Day;  (b) the Borrower shall fail to comply with the covenant set forth in Section 8.01(v)  (Loan to Cost Test) and within sixty (60) calendar days following the earlier of (x) the actual knowledge  of any Responsible Officer of any Bird Transaction Party of such failure and (y) the Administrative  Agent’s written notice to any Bird Transaction Party of such failure, the Borrower fails to cure such  failure by either (i) replacing any Ineligible Scooters with Eligible Scooters, or (ii) prepaying the Loans in  accordance with Section 2.02(e) in an amount that would result in compliance with the covenant in  Section 8.01(v) on a pro forma basis;  

 

  48  US-DOCS\137537506.9  (c) the Parent shall fail to comply with any of the covenants or agreements set forth  in the Parent Representation Letter;  (d) [reserved];  (e) the Borrower shall fail to comply with the covenant set forth in Section 8.01(y)  (Government Approvals) and such failure shall continue for sixty (60) calendar days following the earlier  of (x) the actual knowledge of any Responsible Officer of any Bird Transaction Party of such failure and  (y) the Administrative Agent’s written notice to any Bird Transaction Party of such failure;  (f) the EMEA Guarantee is terminated or ceases to be in full force and effect for any  reason (other than in accordance with its terms or as otherwise expressly permitted in the Transaction  Documents) or the EMEA Guarantor fails to observe or perform any covenant specified in the EMEA  Guaranty or a proceeding shall be commenced by the EMEA Guarantor to establish the invalidity or  unenforceability of the EMEA Guarantee;   (g) the Borrower or the Parent shall fail to deliver a Payment Date Certificate at the  time required pursuant to this Agreement, and such failure shall remain unremedied for two (2) Business  Days;  (h) any Operating Lease Event of Default or Servicer Default under the Scooter  Lease shall occur;  (i) any Bird Transaction Party or, in the case of the Intercreditor Agreement, any of  Bird Global or any Bird Transaction Party, shall fail to perform or observe any other term, covenant or  agreement under this Agreement or any other Transaction Document (other than with respect to the  events listed in subsections (a) through (h) above or the event listed in subsection (u) below), and such  failure, solely to the extent capable of cure, shall continue for five (5) Business Days following the earlier  of (x) the actual knowledge of any Responsible Officer of any Bird Transaction Party of such failure and  (y) the Administrative Agent’s written notice to any Bird Transaction Party of such failure;  (j) except as would result under subsection (h) above, any representation or warranty  made or deemed made by any Bird Transaction Party (or any of their respective officers) under or in  connection with this Agreement or any other Transaction Document or any information or report  delivered by any Bird Transaction Party pursuant to this Agreement or any other Transaction Document,  shall prove to have been incorrect or untrue in any material respect when made or deemed made or  delivered, which, solely to the extent capable of cure, remains unremedied for five (5) Business Days  following the earlier of (x) any Bird Transaction Party’s actual knowledge of such breach and (y) the  Administrative Agent’s written notice to any Bird Transaction Party of such breach;   (k) except as would result under subsection (h) above, (i) this Agreement or any  security interest granted pursuant to this Agreement or any other Transaction Document shall for any  reason cease to create, or for any reason cease to be, a valid and enforceable first priority perfected  security interest in favor of the Borrower or the Administrative Agent with respect to the Collateral, free  and clear of any Adverse Claim (other than Permitted Liens); (ii) the Holdco Guarantee or any security  interest granted pursuant to the Holdco Guarantee shall for any reason cease to create, or for any reason  cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative  Agent with respect to the Guarantor Collateral, free and clear of any Adverse Claim (other than Permitted  Liens); (iii) the EMEA Guaranty and Pledge Agreement or any security interest granted pursuant to the  EMEA Guaranty and Pledge Agreement Guarantee shall for any reason (other than in accordance with its  

 

  49  US-DOCS\137537506.9  terms) cease to create, or for any reason cease to be, a valid and enforceable first priority perfected  security interest in favor of the Administrative Agent with respect to the EMEA Guarantor Collateral; or  (iv) the EMEA Dutch Pledge or any security interest granted pursuant to the EMEA Dutch Pledge shall  for any reason (other than in accordance with its terms) cease to create, or for any reason cease to be, a  valid and enforceable first priority perfected security interest in favor of the Administrative Agent with  respect to the collateral thereunder;   (l) an Event of Bankruptcy shall occur with respect to any Bird Transaction Party;  (m) a Change in Control shall occur;  (n) either (i) the Internal Revenue Service shall file notice of a lien (other than  Permitted Liens) pursuant to Section 6323 of the Code with regard to any assets of any Bird Transaction  Party or (ii) the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant to Section  303(k) or 4068 of ERISA with regard to any of the assets of any Bird Transaction Party;  (o) (i) the occurrence of a Reportable Event; (ii) the adoption of an amendment to a  Pension Plan that would require the provision of security pursuant to Section 401(a)(29) of the Code; (iii)  the existence with respect to any Multiemployer Plan of an “accumulated funding deficiency” (as defined  in Section 431 of the Code or Section 304 of ERISA), whether or not waived; (iv) the failure to satisfy the  minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the  incurrence of any liability under Title IV of ERISA with respect to the termination of any Pension Plan or  the withdrawal or partial withdrawal of any Bird Transaction Party or any of their respective ERISA  Affiliates from any Multiemployer Plan; (vi) the receipt by any Bird Transaction Party or any of their  respective ERISA Affiliates  from  the PBGC or any plan administrator of any notice relating to the  intention to terminate any Pension Plan or Multiemployer Plan or to appoint a trustee to administer any  Pension Plan or Multiemployer Plan; (vii) the receipt by any Bird Transaction Party or any of their  respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a  determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV  of ERISA; (viii) the occurrence of a prohibited transaction with respect to any Bird Transaction Party or  any of their respective ERISA Affiliates (pursuant to Section 4975 of the Code); or (ix) the occurrence or  existence of any other similar event or condition with respect to a Pension Plan or a Multiemployer Plan,  with respect to each of clause (i) through (ix), either individually or in the aggregate, could reasonably be  expected to result in a Material Adverse Effect;  (p) a Material Adverse Effect shall occur with respect to any Bird Transaction Party;  (q) any Credit Party shall (i) be required to register as an “investment company”  within the meaning of the Investment Company Act or (ii) become a “covered fund” within the meaning  of the Volcker Rule;  (r) any material provision of this Agreement or any other Transaction Document  shall cease to be in full force and effect or any Bird Transaction Party (or any of their respective  Affiliates) shall so state in writing;   (s) one or more judgments or decrees shall be entered against any Credit Party  involving in the aggregate a liability (not paid or to the extent not covered by a reputable and solvent  insurance company) and such judgments and decrees either shall be final and non-appealable or shall not  be vacated, discharged or stayed or bonded pending appeal for any period of  forty-five (45) consecutive  days, and the aggregate amount of all such judgments equals or exceeds $5,000,000;   

 

  50  US-DOCS\137537506.9  (t) the Parent Guaranty is terminated or ceases to be in full force and effect for any  reason (other than in accordance with its terms or as otherwise expressly permitted in the Transaction  Documents) or the Parent fails to observe or perform any covenant specified in the Parent Guaranty or a  proceeding shall be commenced by the Parent to establish the invalidity or unenforceability of the Parent  Guarantee;  (u) [reserved];  (v) any of the Bird Transaction Parties shall fail to comply with any of the covenants  (and the timeframes for compliance therewith) set forth in Section 8.01(aa); or  (w) Bird Global shall (i) fail to make any payment beyond the applicable grace  period, if any, whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise,  in respect of the Notes issued under the Note Purchase Agreement, or (ii) fail to observe or perform any  other agreement or condition under the Note Documents, or any other event occurs, the effect of which  failure or other event is to cause, or to permit the holder or holders of the Notes or the Note Collateral  Agent to cause, with the giving of notice if required, the Obligations (as defined in the Note Purchase  Agreement) to become due and payable (automatically or otherwise) prior to their stated maturity; in each  case, regardless of whether any such failure or default is remedied or waived;  then, and in any such event, the Administrative Agent may (or, at the direction of the Lenders shall) by  notice to the Borrower declare (x) the Commitment Termination Date to have occurred, (y) the Final  Maturity Date to have occurred and (z) all Borrower Obligations to be immediately due and payable;  provided, that automatically upon the occurrence of any event (without any requirement for the giving of  notice) described in subsection (l) of this Section 10.01 with respect to the Borrower, the Commitment  Termination Date and the Final Maturity Date shall occur and all Borrower Obligations shall be  immediately due and payable.  Upon any such declaration or designation or upon such automatic  termination, the Administrative Agent and the other Secured Parties shall have, in addition to the rights  and remedies which they may have under this Agreement and the other Transaction Documents, all other  rights and remedies provided after default under the UCC and under other Applicable Law, which rights  and remedies shall be cumulative.  Any proceeds from liquidation of the Collateral shall be applied in the  order of priority set forth in Section 4.01.  SECTION 10.02.  Scooter IP.  Without limiting any other rights of the Administrative Agent  hereunder, for the purpose of enabling the Administrative Agent to exercise rights and remedies under  this Agreement, solely during and for the continuation of an Event of Default, Borrower hereby grants to  the Administrative Agent, for the benefit of the Secured Parties, an irrevocable, nonexclusive license  (exercisable without payment of royalty or other compensation to the Borrower) to use, license, or  sublicense any Scooter IP now owned or licensed or hereafter acquired or licensed by the Borrower, in  each case solely to the extent reasonably necessary to permit the Administrative Agent to take possession  of and dispose of the Scooters, and wherever the same may be located (whether or not any license  agreement by and between the Borrower and any other Person relating to the use of such Scooter IP may  be terminated hereafter), provided, however, that any such license granted by the Administrative Agent to  a third party shall include reasonable and customary terms necessary to preserve the existence, validity  and value of the affected Scooter IP, including without limitation, provisions requiring the continuing  confidential handling of proprietary information and trade secrets, requiring the use of appropriate notices  and prohibiting the use of false notices, protecting and maintaining the quality standards of the trademarks  (it being understood and agreed that, without limiting any other rights and remedies of the Administrative  Agent under this Agreement or applicable law, nothing in the foregoing license grant shall be construed  as granting the Administrative Agent rights in and to such Scooter IP above and beyond (x) the rights to  such Scooter IP that the Borrower has reserved for itself and (y) in the case of Scooter IP that is licensed  

 

  51  US-DOCS\137537506.9  to Borrower by a third party, the extent to which the Borrower has the right to grant a sublicense to such  Scooter IP hereunder).  The Borrower shall deliver the Scooter IP to the Administrative Agent in a  manner that will allow the Scooter IP to be operated and sold without requiring use of any proprietary  source code.  ARTICLE XI    THE ADMINISTRATIVE AGENT  SECTION 11.01.  Appointment and Authorization.  Each Lender hereby irrevocably appoints  and authorizes the Administrative Agent to enter into each of the Transaction Documents to which it is a  party (other than this Agreement) on its behalf and to take such actions as the Administrative Agent on its  behalf and to exercise such powers under the Transaction Documents as are delegated to the  Administrative Agent by the terms thereof, together with all such powers as are reasonably incidental  thereto.  Subject to the terms of Section 14.01 and to the terms of the other Transaction Documents, the  Administrative Agent is authorized and empowered to amend, modify, or waive any provisions of this  Agreement or the other Transaction Documents on behalf of Lenders.  Except for Sections 11.09, 11.12,  and 11.14 the provisions of this Article XI are solely for the benefit of the Administrative Agent and  Lenders and neither the Borrower nor any other Credit Party shall have any rights as a third party  beneficiary of any of the provisions hereof.  In performing its functions and duties under this Agreement,  the Administrative Agent shall act solely as agent of Lenders and does not assume and shall not be  deemed to have assumed any obligation toward or relationship of agency or trust with or for the Borrower  or any other Credit Party.  The Administrative Agent may perform any of its duties hereunder, or under  the Transaction Documents, by or through its agents, servicers, trustees, investment managers or  employees.  SECTION 11.02.  The Administrative Agent and Affiliates.  The Administrative Agent shall  have the same rights and powers under the Transaction Documents as any other Lender and may exercise  or refrain from exercising the same as though it were not the Administrative Agent, and the  Administrative Agent and its Affiliates may lend money to, invest in and generally engage in any kind of  business with each Credit Party or Affiliate of any Credit Party as if it were not the Administrative Agent  hereunder.  SECTION 11.03.  Action by the Administrative Agent.  The duties of the Administrative Agent  shall be mechanical and administrative in nature.  The Administrative Agent shall not have by reason of  this Agreement a fiduciary relationship in respect of any Lender.  Nothing in this Agreement or any of the  Transaction Documents is intended to or shall be construed to impose upon the Administrative Agent any  obligations in respect of this Agreement or any of the Transaction Documents except as expressly set  forth herein or therein.  SECTION 11.04.  Consultation with Experts.  The Administrative Agent may consult with legal  counsel, independent public accountants and other experts selected by it and shall not be liable for any  action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel,  accountants or experts.  SECTION 11.05.  Liability of the Administrative Agent.  Neither the Administrative Agent nor  any of its directors, officers, agents, trustees, investment managers, servicers or employees shall be liable  to any Lender for any action taken or not taken by it in connection with the Transaction Documents,  except that the Administrative Agent shall be liable with respect to its specific duties set forth hereunder  but only to the extent of its own gross negligence or willful misconduct in the discharge thereof as  determined by a final non-appealable judgment of a court of competent jurisdiction.  Neither the  

 

  52  US-DOCS\137537506.9  Administrative Agent nor any of its directors, officers, agents, trustees, investment managers, servicers or  employees shall be responsible for or have any duty to ascertain, inquire into or verify (a) any statement,  warranty or representation made in connection with any Transaction Document or any borrowing  hereunder; (b) the performance or observance of any of the covenants or agreements specified in any  Transaction Document; (c) the satisfaction of any condition specified in any Transaction Document;  (d) the validity, effectiveness, sufficiency or genuineness of any Transaction Document, any Lien  purported to be created or perfected thereby or any other instrument or writing furnished in connection  therewith; (e) the existence or non-existence of any Event of Default or Potential Event of Default; or  (f) the financial condition of any Credit Party.  The Administrative Agent shall not incur any liability by  acting in reliance upon any notice, consent, certificate, statement, or other writing (which may be a bank  wire, facsimile or electronic transmission or similar writing) believed by it to be genuine or to be signed  by the proper party or parties.  The Administrative Agent shall not be liable for any apportionment or  distribution of payments made by it in good faith and if any such apportionment or distribution is  subsequently determined to have been made in error the sole recourse of any Lender to whom payment  was due but not made, shall be to recover from other Lenders any payment in excess of the amount to  which they are determined to be entitled (and such other Lenders hereby agree to return to such Lender  any such erroneous payments received by them).  SECTION 11.06.  Indemnification.  Each Lender shall, in accordance with its pro rata share of  the total unfunded Commitment and funded Loans hereunder, indemnify the Administrative Agent (to the  extent not reimbursed by the Borrower) upon demand against any cost, expense (including counsel fees  and disbursements), claim, demand, action, loss or liability (except such as result from the Administrative  Agent’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a  court of competent jurisdiction) that the Administrative Agent may suffer or incur in connection with the  Transaction Documents or any action taken or omitted by the Administrative Agent hereunder or  thereunder.  If any indemnity furnished to the Administrative Agent for any purpose shall, in the opinion  of the Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for  additional indemnity and cease, or not commence, to do the acts indemnified against even if so directed  by the Lenders until such additional indemnity is furnished.  SECTION 11.07.  Right to Request and Act on Instructions.  The Administrative Agent may at  any time request instructions from Lenders with respect to any actions or approvals which by the terms of  this Agreement or of any of the Transaction Documents the Administrative Agent is permitted or desires  to take or to grant, and if such instructions are promptly requested, the Administrative Agent shall be  absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under  any liability whatsoever to any Person for refraining from any action or withholding any approval under  any of the Transaction Documents until it shall have received such instructions from the Lenders or all or  such other portion of the Lenders as shall be prescribed by this Agreement.  Without limiting the  foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a  result of the Administrative Agent acting or refraining from acting under this Agreement or any of the  other Transaction Documents in accordance with the instructions of the Lenders (or all or such other  portion of the Lenders as shall be prescribed by this Agreement) and, notwithstanding the instructions of  the Lenders (or such other applicable portion of the Lenders), the Administrative Agent shall have no  obligation to take any action if it believes, in good faith, that such action would violate Applicable Law or  exposes the Administrative Agent to any liability for which it has not received satisfactory  indemnification in accordance with the provisions of Section 11.06.  SECTION 11.08.  Credit Decision.  Each Lender acknowledges that it has, independently and  without reliance upon the Administrative Agent or any other Lender, and based on such documents and  information as it has deemed appropriate, made its own credit analysis and decision to enter into this  Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the  

 

  53  US-DOCS\137537506.9  Administrative Agent or any other Lender, and based on such documents and information as it shall deem  appropriate at the time, continue to make its own credit decisions in taking or not taking any action under  the Transaction Documents.  SECTION 11.09.  Collateral Matters.  The Lenders irrevocably authorize the Administrative  Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative  Agent under any Security Document (a) upon termination of the Loans and payment in full of all  Borrower Obligations; or (b) constituting property sold or disposed of as part of or in connection with any  disposition permitted under any Transaction Document, including pursuant to Section 8.01(s) (it being  understood and agreed that the Administrative Agent may conclusively rely without further inquiry on a  certificate of a Responsible Officer as to the sale or other disposition of property being made in full  compliance with the provisions of the Transaction Documents).  Upon request by the Administrative  Agent at any time, Lenders will confirm the Administrative Agent’s authority to release particular types  or items of Collateral pursuant to this Section 11.09.  If the Administrative Agent receives Insurance  Proceeds in respect of any Scooters, it shall deposit such amounts into the Collection Account for  application in accordance with the Priority of Payments.  If the Administrative Agent receives Insurance  Proceeds in respect of any scooter vehicles other than the Scooters, or any asset that is not Collateral, it  shall promptly transfer such Insurance Proceeds to the Parent.  SECTION 11.10.  Agency for Perfection.  The Administrative Agent and each Lender hereby  appoint each other Lender as agent for the purpose of perfecting the Administrative Agent’s security  interest in assets which, in accordance with the Uniform Commercial Code in any applicable jurisdiction,  can be perfected by possession or control.  Should any Lender (other than the Administrative Agent)  obtain possession or control of any such assets, such Lender shall notify the Administrative Agent  thereof, and, promptly upon the Administrative Agent’s request therefor, shall deliver such assets to the  Administrative Agent or in accordance with the Administrative Agent’s instructions or transfer control to  the Administrative Agent in accordance with the Administrative Agent’s instructions.  Each Lender  agrees that it will not have any right individually to enforce or seek to enforce any security interest  hereunder or to realize upon any Collateral for the Loans unless instructed to do so by the Administrative  Agent (or consented to by the Administrative Agent), it being understood and agreed that such rights and  remedies may be exercised only by the Administrative Agent.  SECTION 11.11.  Notice of Default.  The Administrative Agent shall not be deemed to have  knowledge or notice of the occurrence of any Potential Event of Default or Event of Default except with  respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative  Agent for the account of Lenders, unless the Administrative Agent shall have received written notice from  a Lender or a Credit Party referring to this Agreement, describing such Potential Event Default or Event  of Default and stating that such notice is a “notice of default”.  The Administrative Agent will notify each  Lender of its receipt of any such notice.  The Administrative Agent shall take such action with respect to  such Potential Event of Default or Event of Default as may be requested by the Lenders (or all or such  other portion of the Lenders as shall be prescribed by this Agreement) in accordance with the terms  hereof.  Unless and until the Administrative Agent has received any such request, the Administrative  Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect  to such Potential Event Default or Event of Default as it shall deem advisable or in the best interests of  Lenders.  SECTION 11.12.  Assignment by the Administrative Agent; Resignation of the Administrative  Agent; Successor the Administrative Agent.    (a) The Administrative Agent may at any time assign its rights, powers, privileges  and duties hereunder to (i) another Lender, or (ii) any Person to whom the Administrative Agent, in its  

 

  54  US-DOCS\137537506.9  capacity as a Lender, has assigned (or will assign, in conjunction with such assignment of agency rights  hereunder) 50% or more of its Loans, in each case without the consent of the Lenders or the Borrower.   Following any such assignment, the Administrative Agent shall give notice to the Lenders and the  Borrower.  An assignment by the Administrative Agent pursuant to this subsection (a) shall not be  deemed a resignation by the Administrative Agent for purposes of subsection (b) below.  (b) Without limiting the rights of the Administrative Agent to designate an assignee  pursuant to subsection (a) above, the Administrative Agent may at any time give notice of its resignation  to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Lenders shall have  the right to appoint a successor the Administrative Agent.  If no such successor shall have been so  appointed by the Lenders and shall have accepted such appointment within ten (10) Business Days after  the retiring the Administrative Agent gives notice of its resignation, then the retiring the Administrative  Agent may on behalf of the Lenders, appoint a successor the Administrative Agent; provided, however,  that if the Administrative Agent shall notify the Borrower and the Lenders that no Person has accepted  such appointment, then such resignation shall nonetheless become effective in accordance with such  notice from the Administrative Agent that no Person has accepted such appointment and, from and  following delivery of such notice, (i) the retiring the Administrative Agent shall be discharged from its  duties and obligations hereunder and under the other Transaction Documents, and (ii) all payments,  communications and determinations provided to be made by, to or through the Administrative Agent shall  instead be made by or to each Lender directly, until such time as the Lenders appoint a successor the  Administrative Agent as provided for above in this paragraph.  (c) Upon (i) an assignment permitted by subsection (a) above, or (ii) the acceptance  of a successor’s appointment as the Administrative Agent pursuant to subsection (b) above, such  successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the  retiring (or retired) the Administrative Agent, and the retiring the Administrative Agent shall be  discharged from all of its duties and obligations hereunder and under the other Transaction Documents (if  not already discharged therefrom as provided above in this paragraph).  The fees payable by the Borrower  to a successor the Administrative Agent shall be the same as those payable to its predecessor unless  otherwise agreed between the Borrower and such successor.  After the retiring the Administrative Agent’s  resignation hereunder and under the other Transaction Documents, the provisions of this Article and  Section 11.12 shall continue in effect for the benefit of such retiring the Administrative Agent and its sub- agents in respect of any actions taken or omitted to be taken by any of them while the retiring the  Administrative Agent was acting or was continuing to act as the Administrative Agent.  SECTION 11.13.  Payment and Sharing of Payment.    (a) On the date of any Credit Extension, the Administrative Agent, on behalf of  Lenders, may elect to advance to the Borrower the full amount of the Loan to be made on such date prior  to receiving funds from Lenders, in reliance upon each Lender’s commitment to make its Loan  Commitment Percentage of the applicable Loan to the Borrower in a timely manner on such date.  If the  Administrative Agent elects to advance the applicable Loan to the Borrower in such manner, the  Administrative Agent shall be entitled to receive all interest that accrues on the date of any such Credit  Extension on each Lender’s Loan Commitment Percentage of the applicable Loan unless the  Administrative Agent receives such Lender’s Loan Commitment Percentage of the applicable Loan  before 3:00 p.m. (Eastern time) on the date of any such Credit Extension.  (b) It is understood that for purposes of advances to the Borrower made pursuant to  this Section 11.13, the Administrative Agent will be using the funds of the Administrative Agent, and  pending settlement, all interest accruing on such advances shall be payable to the Administrative Agent.  

 

  55  US-DOCS\137537506.9  (c) The provisions of this Section 11.13 shall be deemed to be binding upon the  Administrative Agent and Lenders notwithstanding the occurrence of any Potential Event of Default or  Event of Default, or any insolvency or bankruptcy proceeding pertaining to the Borrower or any other  Credit Party.  SECTION 11.14.  Loan Payments.  Payments of principal, interest and fees in respect of the  Loans will be settled on the date of receipt if received by the Administrative Agent on the last Business  Day of a month or on the Business Day immediately following the date of receipt if received on any day  other than the last Business Day of a month.  SECTION 11.15.  Return of Payments.    (a) If the Administrative Agent pays an amount to a Lender under this Agreement in  the belief or expectation that a related payment has been or will be received by the Administrative Agent  from the Borrower and such related payment is not received by the Administrative Agent, then the  Administrative Agent will be entitled to recover such amount from such Lender on demand without  setoff, counterclaim or deduction of any kind, together with interest accruing on a daily basis at the  Federal Funds Rate.  (b) If the Administrative Agent determines at any time that any amount received by  the Administrative Agent under this Agreement must be returned to the Borrower or paid to any other  Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of  this Agreement or any other Transaction Document, the Administrative Agent will not be required to  distribute any portion thereof to any Lender.  In addition, each Lender will repay to the Administrative  Agent on demand any portion of such amount that the Administrative Agent has distributed to such  Lender, together with interest at such rate, if any, as the Administrative Agent is required to pay to the  Borrower or such other Person, without setoff, counterclaim or deduction of any kind.  SECTION 11.16.  Sharing of Payments.  If any Lender shall obtain any payment or other  recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account of the Loans  (other than pursuant to the terms of Section 5.03(e)) in excess of its pro rata share of the total funded  Loans hereunder of payments entitled pursuant to the other provisions of this Section 11.16, such Lender  shall purchase from the other Lenders such participations in extensions of credit made by such other  Lenders (without recourse, representation or warranty) as shall be necessary to cause such purchasing  Lender to share the excess payment or other recovery ratably with each of them; provided, however, that  if all or any portion of the excess payment or other recovery is thereafter required to be returned or  otherwise recovered from such purchasing Lender, such portion of such purchase shall be rescinded and  each Lender which has sold a participation to the purchasing Lender shall repay to the purchasing Lender  the purchase price to the ratable extent of such return or recovery, without interest.  The Borrower agrees  that any Lender so purchasing a participation from another Lender pursuant to this Section 11.16 may, to  the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 14.16)  with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the  amount of such participation).  If under any applicable bankruptcy, insolvency or other similar law, any  Lender receives a secured claim in lieu of a setoff to which this Section 11.16 applies, such Lender shall,  to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with  the rights of the Lenders entitled under this Section 11.16 to share in the benefits of any recovery on such  secured claim.   SECTION 11.17.  Right to Perform, Preserve, and Protect.  If any Credit Party fails to perform  any obligation hereunder or under any other Transaction Document, the Administrative Agent itself may,  but shall not be obligated to, cause such obligation to be performed at the Borrower’s expense.  The  

 

  56  US-DOCS\137537506.9  Administrative Agent is further authorized by the Borrower and the Lenders to make expenditures from  time to time which the Administrative Agent, in its reasonable business judgment, deems necessary or  desirable to (a) preserve or protect the business conducted by the Borrower, the Collateral, or any portion  thereof, and/or (b) enhance the likelihood of, or maximize the amount of, repayment of the Loans and  other Borrower Obligations.  The Borrower hereby agrees to reimburse the Administrative Agent on  demand for any and all costs, liabilities and obligations incurred by the Administrative Agent pursuant to  this Section 11.17.  Each Lender hereby agrees to indemnify the Administrative Agent upon demand for  any and all costs, liabilities and obligations incurred by the Administrative Agent pursuant to this  Section 11.17, in accordance with the provisions of Section 11.06.  ARTICLE XII    [RESERVED]  ARTICLE XIII    INDEMNIFICATION  SECTION 13.01.  Indemnities by the Borrower.    (a) Without limiting any other rights that the Administrative Agent, the Lenders, the  Affected Persons and their respective assigns, officers, directors, agents and employees (each, a  “Borrower Indemnified Party”) may have hereunder or under Applicable Law, the Borrower hereby  agrees to indemnify each Borrower Indemnified Party from and against any and all claims, losses and  liabilities (including Attorney Costs (excluding the allocated costs of in house counsel and limited to not  more than one firm of counsel for all such Borrower Indemnified Parties, taken as a whole, and, if  necessary, a single local firm of counsel in each appropriate jurisdiction for all such Borrower  Indemnified Parties, taken as a whole (and, in the case of an actual or perceived conflict of interest, of  another firm of counsel for such affected Borrower Indemnified Party)) (all of the foregoing being  collectively referred to as “Borrower Indemnified Amounts”) arising out of or resulting from this  Agreement or any other Transaction Document or the use of proceeds of the Loans or the security interest  in respect of any of the Collateral; excluding, however, (i) Borrower Indemnified Amounts to the extent a  final non-appealable judgment of a court of competent jurisdiction holds that such Borrower Indemnified  Amounts resulted solely from the fraud, gross negligence or willful misconduct by the Borrower  Indemnified Party seeking indemnification and (ii) Borrower Indemnified Amounts to the extent arising  from a claim, action, litigation, investigation, or other proceeding that does not arise from any act or  omission by any Bird Transaction Party or any officer, partner, director, trustee, employee, or agent of  any Bird Transaction Party and that is brought by any Borrower Indemnified Party against another  Borrower Indemnified Party (other than any such claim, action, litigation, investigation, or other  proceeding brought against the Administrative Agent in its capacity as such).  (b) [Reserved].  (c) If for any reason the foregoing indemnification is unavailable to any Borrower  Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower  Indemnified Party the amount paid or payable by such Borrower Indemnified Party as a result of such  loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic  interests of the Borrower and its Affiliates on the one hand and such Borrower Indemnified Party on the  other hand in the matters contemplated by this Agreement as well as the relative fault of the Borrower and  its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability  and any other relevant equitable considerations.  The reimbursement, indemnity and contribution  

 

  57  US-DOCS\137537506.9  obligations of the Borrower under this Section shall be in addition to any liability which the Borrower  may otherwise have, shall extend upon the same terms and conditions to each Borrower Indemnified  Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal  representatives of the Borrower and the Borrower Indemnified Parties.  (d) Any indemnification or contribution under this Section shall survive the  termination of this Agreement.  For the avoidance of doubt, the indemnity provided pursuant to this  Section 13.01 and Section 14.04 shall not apply to claims for Indemnified Taxes or Excluded Taxes.  ARTICLE XIV    MISCELLANEOUS   SECTION 14.01.  Amendments, Etc.    (a) No failure on the part of any Lender or the Administrative Agent to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial  exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other  right.  No amendment or waiver of any provision of this Agreement or consent to any departure by any of  the Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative  Agent and all of the Lenders (and, in the case of any amendment, also signed by the Credit Parties), and  then such amendment, waiver or consent shall be effective only in the specific instance and for the  specific purpose for which given.   (b) Notwithstanding anything to the contrary in this Agreement or any other  Transaction Document, the Administrative Agent may, without the consent of any Lender or Credit Party,  enter into amendments or modifications to this Agreement or any of the other Transaction Documents in  order to implement any replacement of Term SOFR as contemplated in the definition thereof or any Term  SOFR Replacement Conforming Changes or otherwise effectuate the terms of this Section 14.01 in  accordance with the terms of this Section 14.01.  SECTION 14.02.  Notices, Etc.  All notices and other communications hereunder shall, unless  otherwise stated herein, be in writing (which shall include facsimile and email communication) and faxed,  emailed or delivered, to each party hereto, at its address set forth under its name on Schedule V hereto or  at such other address, facsimile number or email address as shall be designated by such party in a written  notice to the other parties hereto.  Notices and communications by facsimile or email shall be effective  when sent receipt confirmed by electronic or other means (such as by the “return receipt requested”  function, as available, return electronic mail or other acknowledgement), and notices and communications  sent by other means shall be effective when received.  SECTION 14.03.  Assignability; Addition of Lenders.    (a) Assignment by Lenders.  Each Lender may assign to any Eligible Assignee or to  any other Lender (other than a Disqualified Institution) all or a portion of its rights and obligations under  this Agreement (including, but not limited to, (A) all or a portion of its unfunded Commitment hereunder  without the necessity of transferring any portion of any Loan funded by such Lender or other obligations  owed to it hereunder, or (B) all or a portion of any Loan funded by such Lender or other obligations owed  to it hereunder without the necessity of transferring any portion of its unfunded Commitment hereunder);  provided, however, that  

 

  58  US-DOCS\137537506.9  (i) except for an assignment by a Lender to either an Affiliate of such  Lender or any other Lender, each such assignment shall require the prior written consent  of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed);  provided, that such consent shall be deemed to be given if the Borrower does not respond  within five (5) Business Days of a request for consent; and provided, further, that such  consent shall not be required if an Event of Default has occurred and is continuing;  (ii) each such assignment shall be of a constant, and not a varying,  percentage of all rights and obligations under this Agreement; and  (iii) the parties to each such assignment shall execute and deliver to the  Administrative Agent, for its acceptance and recording in the Register, an Assignment  and Acceptance Agreement.  Upon such execution, delivery, acceptance and recording from and after the effective date  specified in such Assignment and Acceptance Agreement, (x) the assignee thereunder shall be a party to  this Agreement, and to the extent that rights and obligations under this Agreement have been assigned to  it pursuant to such Assignment and Acceptance Agreement, have the rights and obligations of a Lender  hereunder and (y) the assigning Lender shall, to the extent that rights and obligations have been assigned  by it pursuant to such Assignment and Acceptance Agreement, relinquish such rights and be released  from such obligations under this Agreement (and, in the case of an Assignment and Acceptance  Agreement covering all or the remaining portion of an assigning Lender’s rights and obligations under  this Agreement, such Lender shall cease to be a party hereto).  (b) Register.  The Administrative Agent shall, acting solely for this purpose as an  agent of the Borrower, maintain at its address referred to on Schedule V of this Agreement (or such other  address of the Administrative Agent notified by the Administrative Agent to the other parties hereto) a  copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register for the  recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate  outstanding principal amount (and stated interest) of the Loans of each Lender from time to time (the  “Register”).  The entries in the Register shall be conclusive and binding for all purposes, absent manifest  error, and the Credit Parties, the Administrative Agent, and the Lenders shall treat each Person whose  name is recorded in the Register pursuant to the terms of this Agreement as a Lender under this  Agreement for all purposes of this Agreement.  The Register shall be available for inspection by the  Credit Parties or any Lender at any reasonable time and from time to time upon reasonable prior notice.  (c) Procedure.  Upon its receipt of an Assignment and Acceptance Agreement  executed and delivered by an assigning Lender and an Eligible Assignee or assignee Lender, the  Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly completed, (i)  accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the  Register and (iii) give prompt notice thereof to the Credit Parties.  (d) Participations.  Each Lender may sell participations to one or more Eligible  Assignees (each, a “Participant”) in or to all or a portion of its rights and/or obligations under this  Agreement (including, without limitation, all or a portion of its Commitment or the interests in the Loans  owned by it); provided, however, that  (i) such Lender’s obligations under this Agreement (including, without  limitation, its Commitment to the Borrower hereunder) shall remain unchanged, and  

 

  59  US-DOCS\137537506.9  (ii) such Lender shall remain solely responsible to the other parties to this  Agreement for the performance of such obligations.  The Administrative Agent, the Lenders, and the Credit Parties shall have the right to continue to  deal solely and directly with such Lender in connection with such Lender’s rights and obligations under  this Agreement.  The Credit Parties agree that each Participant shall be entitled to the benefits of  Sections 5.01 and 5.03 (subject to the requirements and limitations therein, including the requirements  under Section 5.03(f) (it being understood that the documentation required under Section 5.03(f) shall be  delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its  interest by assignment pursuant to paragraph (b) of this Section; provided, that such Participant shall not  be entitled to receive any greater payment under Section 5.01 or 5.03, with respect to any participation,  than its participating Lender would have been entitled to receive, except to the extent such entitlement to  receive a greater payment results from a Change in Law that occurs after the Participant acquired the  applicable participation.  (e) Participant Register.  Each Lender that sells a participation shall, acting solely for  this purpose as a non-fiduciary agent of the Credit Parties, maintain a register on which it enters the name  and address of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided, that  no Lender shall have any obligation to disclose all or any portion of the Participant Register (including  the identity of any Participant or any information relating to a Participant’s interest in any Commitments,  Loans or its other obligations under any this Agreement) to any Person except to the extent that such  disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form  under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant  Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is  recorded in the Participant Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its  capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.  (f) Assignments by Administrative Agent.  This Agreement and the rights and  obligations of the Administrative Agent herein shall be assignable by the Administrative Agent and its  successors and assigns; provided, that (i) the Administrative Agent may not assign to a Disqualified  Institution and (ii) in the case of an assignment to a Person that is not an Affiliate of the Administrative  Agent or a Lender, so long as no Event of Default has occurred and is continuing, such assignment shall  require the Credit Parties’ consent (not to be unreasonably withheld, conditioned or delayed).  (g) Assignments by the Credit Parties.  The Credit Parties may not assign any of  their respective rights or obligations hereunder or any interest herein without the prior written consent of  the Administrative Agent and each Lender (such consent to be provided or withheld in the sole discretion  of such Person).   (h) Pledge to Secure Obligations of Lender.  Notwithstanding anything to the  contrary set forth herein, any Lender or any of their respective Affiliates may at any time pledge or grant  a security interest in all or any portion of its interest in, to and under this Agreement and any other  Transaction Document to secure obligations of such Lender to any Person providing any extension of  credit or financial arrangement to or for the account of such Lender or any of its Affiliates and any agent,  trustee, or representative of such Person (without notice to or the consent of the Credit Parties, any other  Lender, or the Administrative Agent); provided, that no such pledge shall relieve such Lender of its  obligations under this Agreement or substitute any such pledgee for such Lender as a party hereto.  

 

  60  US-DOCS\137537506.9  SECTION 14.04.  Costs and Expenses.  In addition to the rights of indemnification granted  under Section 13.01 hereof, the Credit Parties agree to pay on demand all reasonable and documented out- of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery and  administration of this Agreement and the other Transaction Documents (together with all amendments,  restatements, supplements, consents and waivers, if any, from time to time hereto and thereto), including,  without limitation, (i) the reasonable and documented out-of-pocket Attorney Costs for the  Administrative Agent and the Lenders and any of their respective Affiliates with respect thereto and with  respect to advising the Administrative Agent and the Lenders and their respective Affiliates as to their  rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable and  documented out-of-pocket accountants’, auditors’ and consultants’ fees and expenses for the  Administrative Agent and the Lenders and any of their respective Affiliates incurred in connection with  the administration and maintenance of this Agreement or advising the Administrative Agent or any  Lender  as to their rights and remedies under this Agreement or as to any actual or reasonably claimed  breach of this Agreement or any other Transaction Document.  In addition, the Borrower agrees to pay on  demand all reasonable and documented out-of-pocket costs and expenses (including reasonable and  documented Attorney Costs), of the Administrative Agent and the Lenders and their respective Affiliates,  incurred in connection with the enforcement of any of their respective rights or remedies under the  provisions of this Agreement and the other Transaction Documents.  SECTION 14.05.  Invoices for Indemnified Amounts.  To the extent invoiced to the Borrower at  least seven (7) Business Days prior to a Payment Date, any indemnification amounts under this  Agreement shall be paid pursuant to the Priority of Payments on such Payment Date (it being agreed and  understood, for the avoidance of doubt, that if any such amount is invoiced less than seven (7) Business  Days prior to a Payment Date, such amount shall be paid on the next Payment Date).  SECTION 14.06.  Confidentiality.  (a) Each of the Credit Parties covenants and agrees to hold in confidence, and not  disclose to any Person, the terms of this Agreement or the Fee Letter (including any fees payable in  connection with this Agreement, the Fee Letter or any other Transaction Document or the identity of the  Administrative Agent or any Lender), except as the Administrative Agent and each Lender may have  consented to in writing prior to any proposed disclosure; provided, however, that it may disclose such  information (i) to its Advisors and Representatives, (ii) to the extent such information has become  available to the public other than as a result of a disclosure by or through the Credit Parties, the Parent or  their Advisors and Representatives, (iii) to the extent it should be (A) required by Applicable Law, or in  connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority to  disclose such information; provided, that in the case of clause (iii) above, the Credit Parties will use  reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law)  notify the Administrative Agent and the affected Lender of their intention to make any such disclosure  prior to making such disclosure, or (iv) to the parties to the Note Documents and their Advisors and  Representatives.  Each of the Credit Parties agrees to be responsible for any breach of this Section by its  Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the  confidential nature of such information and shall agree to comply with this Section.  Notwithstanding the  foregoing, it is expressly agreed that each of the Credit Parties and their respective Affiliates may publish  a press release or otherwise publicly announce the existence and principal amount of the Commitments  under this Agreement and the transactions contemplated hereby; provided, that the Administrative Agent  and the Lenders shall be provided a reasonable opportunity to review such press release or other public  announcement prior to its release and provide comment thereon; and provided, further, that no such press  release shall name or otherwise identify the Administrative Agent, any Lender, or any of their respective  Affiliates without such Person’s prior written consent (such consent not to be unreasonably withheld,  conditioned or delayed).  Notwithstanding the foregoing, the Borrower consents to the publication by the  

 

  61  US-DOCS\137537506.9  Administrative Agent, or any Lender  of a tombstone or similar advertising material relating to the  financing transactions contemplated by this Agreement.  (b) Each of the Administrative Agent and each Lender, severally and with respect to  itself only, agrees to hold in confidence, and not disclose to any Person, any confidential and proprietary  information concerning the Credit Parties and their respective Affiliates and their businesses or the terms  of this Agreement (including any fees payable in connection with this Agreement or the other Transaction  Documents), except as the Credit Parties may have consented to in writing prior to any proposed  disclosure; provided, however, that it may disclose such information (i) to its Advisors and  Representatives, (ii) to its assignees and Participants and potential assignees and Participants and their  respective counsel if they agree in writing to hold it confidential, (iii) to the extent such information has  become available to the public other than as a result of a disclosure by or through it or its Representatives  or Advisors, (iv) at the request of a bank examiner or other regulatory authority or in connection with an  examination of any of the Administrative Agent or any Lender or their respective Affiliates or (v) to the  extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory  proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that  in the case of clause (v) above, the Administrative Agent and each Lender will use reasonable efforts to  maintain confidentiality and will (unless otherwise prohibited by Applicable Law) notify the Credit  Parties of its making any such disclosure as promptly as reasonably practicable thereafter.  Each of the  Administrative Agent and each Lender, severally and with respect to itself only, agrees to be responsible  for any breach of this Section by its Representatives and Advisors and agrees that its Representatives and  Advisors will be advised by it of the confidential nature of such information and shall agree to comply  with this Section.  (c) As used in this Section, (i) “Advisors” means, with respect to any Person, such  Person’s accountants, attorneys and other confidential advisors and (ii) “Representatives” means, with  respect to any Person, such Person’s Affiliates, Subsidiaries, directors, managers, officers, employees,  members, investors, financing sources, insurers, professional advisors, representatives and agents;  provided, that such Persons shall not be deemed to Representatives of a Person unless (and solely to the  extent that) confidential information is furnished to such Person.  (d) Notwithstanding the foregoing, to the extent not inconsistent with applicable  securities laws, each party hereto (and each of its employees, representatives or other agents) may  disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure (as  defined in Section 1.6011-4 of the Treasury Regulations) of the transactions contemplated by the  Transaction Documents and all materials of any kind (including opinions or other tax analyses) that are  provided to such Person relating to such tax treatment and tax structure.  SECTION 14.07.  GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS  AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN  ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5- 1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT  WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT  TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF  THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS  GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).  SECTION 14.08.  Execution in Counterparts.  This Agreement may be executed in any number  of counterparts, each of which when so executed shall be deemed to be an original and all of which when  taken together shall constitute one and the same agreement.   Execution of any such counterpart may be  by means of (a) an electronic signature) that complies with the federal Electronic Signatures in Global and  

 

  62  US-DOCS\137537506.9  National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other  relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a faxed,  scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied  manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence  as an original manual signature. The Administrative Agent reserves the right, in its sole discretion, to  accept, deny, or condition acceptance of any electronic signature on this Agreement or other Transaction  Document. The foregoing shall apply to each other Transaction Document, and any notice delivered  hereunder or thereunder, mutatis mutandis.  SECTION 14.09.  Integration; Binding Effect; Survival of Termination.  This Agreement and  the other Transaction Documents contain the final and complete integration of all prior expressions by the  parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the  parties hereto with respect to the subject matter hereof superseding all prior oral or written  understandings.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and  their respective successors and permitted assigns.  This Agreement shall create and constitute the  continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and  effect until the Final Payout Date; provided, however, that the provisions of Sections 5.01, 5.02, 5.03,  Article XI, 13.01, 13.02, 14.04, 14.05, 14.06, 14.09, 14.11 and 14.13 shall survive any termination of this  Agreement.   SECTION 14.10.  CONSENT TO JURISDICTION.    (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH  RESPECT TO THE CREDIT PARTIES, THE EXCLUSIVE JURISDICTION, AND (II) WITH  RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE  JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING  IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR  RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND EACH  PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF  SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE CREDIT PARTIES OR ANY  AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY  OTHER PARTY TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, MAY  BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO  THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION  14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER  CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST ANY CREDIT PARTY  OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.   EACH CREDIT PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY  EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE  MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE THAT  A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND  MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY  OTHER MANNER PROVIDED BY LAW.  (b) EACH OF THE CREDIT PARTIES CONSENTS TO THE SERVICE OF ANY  AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES  OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 14.02.  NOTHING IN THIS  SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY  OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED  BY LAW.  

 

  63  US-DOCS\137537506.9  SECTION 14.11.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY  IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER  (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT  OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER  TRANSACTION DOCUMENT.  SECTION 14.12.  Ratable Payments.  If any Lender, whether by setoff or otherwise, has  payment made to it with respect to any Borrower Obligations in a greater proportion than that received by  any other Lender entitled to receive a ratable share of such Borrower Obligations, such Lender  agrees,  promptly upon demand, to purchase for cash without recourse or warranty a portion of such Borrower  Obligations held by the other Lenders so that after such purchase each Lender will hold its ratable  proportion of such Borrower Obligations; provided, that if all or any portion of such excess amount is  thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored  to the extent of such recovery, but without interest.  SECTION 14.13.  Limitation of Liability.    (a) No claim may be made by the Borrower or any Affiliate thereof or any other  Person against any Lender, the Administrative Agent, or their respective Affiliates, members, directors,  officers, employees, incorporators, attorneys or agents for any special, indirect, consequential or punitive  damages in respect of any claim for breach of contract or any other theory of liability arising out of or  related to the transactions contemplated by this Agreement or any other Transaction Document, or any  act, omission or event occurring in connection herewith or therewith; and each of the Credit Parties  hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not  accrued and whether or not known or suspected to exist in its favor.  None of the Lenders, the  Administrative Agent, and their respective Affiliates shall have any liability to the Borrower or any  Affiliate thereof or any other Person asserting claims on behalf of or in right of the Borrower or any  Affiliate thereof in connection with or as a result of this Agreement or any other Transaction Document or  the transactions contemplated hereby or thereby, except to the extent that any losses, claims, damages,  liabilities or expenses incurred by the Credit Parties or any Affiliate thereof result from the breach of  contract, gross negligence or willful misconduct of such Lender or the Administrative Agent or any of  their respective Affiliates in performing its duties and obligations hereunder and under the other  Transaction Documents to which it is a party.   (b) No claim may be made by the Administrative Agent, any Lender, or any Affiliate  thereof or any other Person against any Bird Transaction Party, or their respective Affiliates, members,  directors, officers, employees, incorporators, attorneys or agents for any special, indirect, consequential or  punitive damages in respect of any claim for breach of contract or any other theory of liability arising out  of or related to the transactions contemplated by this Agreement or any other Transaction Document, or  any act, omission or event occurring in connection herewith or therewith; and each of the Administrative  Agent and each Lender hereby waives, releases, and agrees not to sue upon any claim for any such  damages, whether or not accrued and whether or not known or suspected to exist in its favor. None of the  Bird Transaction Parties, and their respective Affiliates shall have any liability to the Administrative  Agent, any Lender or any Affiliate thereof or any other Person asserting claims on behalf of or in right of  the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or any other  Transaction Document or the transactions contemplated hereby or thereby, except to the extent that any  losses, claims, damages, liabilities or expenses incurred by the Administrative Agent, such Lender, or any  Affiliate thereof result from the breach of contract, gross negligence or willful misconduct of such Bird  Party or Affiliate in performing its duties and obligations hereunder and under the other Transaction  Documents to which it is a party.  

 

  64  US-DOCS\137537506.9  (c) The obligations of the Administrative Agent, each Lender and each Credit Party  under this Agreement and each of the Transaction Documents are solely the corporate obligations of such  Person.  No recourse shall be had for any obligation or claim arising out of or based upon this Agreement  or any other Transaction Document against any member, director, officer, employee or incorporator of  any such Person.  SECTION 14.14.  Intent of the Parties.  The Borrower has structured this Agreement with the  intention that the Loans and the obligations of the Borrower hereunder will be treated under United States  federal, and applicable state, local and foreign tax law as debt (the “Intended Tax Treatment”).  The  Borrower, the Lenders, and the Administrative Agent agree to file no tax return, or take any action,  inconsistent with the Intended Tax Treatment unless required by law.  Each assignee and each Participant  acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees  to comply with the immediately preceding sentence.  SECTION 14.15.  USA Patriot Act.  Each of the Administrative Agent and each of the Lenders  hereby notifies the Credit Parties that pursuant to the requirements of the USA PATRIOT Act, Title III of  Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), the Administrative Agent and  the Lenders may be required to obtain, verify and record information that identifies the Credit Parties and  the Parent, which information includes the name, address, tax identification number and other information  regarding the Credit Parties and the Parent that will allow the Administrative Agent and the Lenders to  identify the Credit Parties and the Parent in accordance with the PATRIOT Act. This notice is given in  accordance with the requirements of the PATRIOT Act.  Each of the Credit Parties agrees to provide the  Administrative Agent and each Lender, from time to time, with all documentation and other information  required by bank regulatory authorities under “know your customer” and anti-money laundering rules and  regulations, including, without limitation, the PATRIOT Act.  SECTION 14.16.  Right of Setoff.  Each Lender is hereby authorized (in addition to any other  rights it may have), at any time during the continuance of an Event of Default, to setoff, appropriate and  apply (without presentment, demand, protest or other notice which are hereby expressly waived) any  deposits and any other indebtedness held or owing by such Lender  (including by any branches or  agencies of such Lender) to, or for the account of, the Borrower against amounts owing by the Borrower  hereunder (even if contingent or unmatured); provided, that such Lender shall notify the Borrower  promptly following such setoff.    SECTION 14.17.  Severability.  Any provisions of this Agreement which are prohibited or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  prohibition or unenforceability without invalidating the remaining provisions hereof, and any such  prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such  provision in any other jurisdiction.  SECTION 14.18.  Mutual Negotiations.  This Agreement and the other Transaction Documents  are the product of mutual negotiations by the parties thereto and their counsel, and no party shall be  deemed the draftsperson of this Agreement or any other Transaction Document or any provision hereof or  thereof or to have provided the same.  Accordingly, in the event of any inconsistency or ambiguity of any  provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall  not be interpreted against any party because of such party’s involvement in the drafting thereof.  SECTION 14.19.  Captions and Cross References.  The various captions (including the table of  contents) in this Agreement are provided solely for convenience of reference and shall not affect the  meaning or interpretation of any provision of this Agreement.  Unless otherwise indicated, references in  this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to this  

 

  65  US-DOCS\137537506.9  Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection,  clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.  [Signature Pages Follow]    

 

  [Signature Page to Loan and Security Agreement]  IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their  respective officers thereunto duly authorized, as of the date first above written.   BIRD US OPCO, LLC, as Borrower      By:    Name:     Title:             BIRD US HOLDCO, LLC, as Holdco Guarantor      By:    Name:    Title:                  

 

  [Signature Page to Loan and Security Agreement]     MIDCAP FINANCIAL TRUST ,  as Administrative Agent    By:     Apollo Capital Management, L.P.,              its investment manager    By:     Apollo Capital Management, GP, LLC,              its general partner      By: ___________________________________________   Name:  Title:          MIDCAP FINANCIAL TRUST ,  as a Lender    By:     Apollo Capital Management, L.P.,              its investment manager    By:     Apollo Capital Management, GP, LLC,              its general partner        By: ___________________________________________   Name:  Title:     

 

  [Signature Page to Loan and Security Agreement]          APOLLO INVESTMENT CORPORATION,  as a Lender    By: Apollo Investment Management, L.P., its Investment Adviser    By: ACC Management, LLC, its General Partner        By: ___________________________________________   Name: Joseph D. Glatt  Title: Vice President  

 

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  US-DOCS\137537505.8Exhibit 4.1
RESTATED CERTIFICATE OF INCORPORATION
OF
KALA PHARMACEUTICALS, INC.
(originally incorporated on July 7, 2009 under the name Hanes Newco, Inc.)
FIRST: The name of the Corporation is Kala Pharmaceuticals, Inc.
SECOND: The address of the Corporation’s registered office in the State of Delaware is 901 N. Market Street, Suite 705, in the City of Wilmington, County of New Castle, 19801. The name of its registered agent at that address is Delaware Corporate Services Inc.
THIRD: The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH: The total number of shares of all classes of stock which the Corporation shall have authority to issue is 125,000,000 shares, consisting of (i) 120,000,000 shares of Common Stock, $0.001 par value per share (“Common Stock”), and (ii) 5,000,000 shares of Preferred Stock, $0.001 par value per share (“Preferred Stock”).
The following is a statement of the designations and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation.
A COMMON STOCK.
1. General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights of the holders of the Preferred Stock of any series as may be designated by the Board of Directors upon any issuance of the Preferred Stock of any series.
2. Voting. The holders of the Common Stock shall have voting rights at all meetings of stockholders, each such holder being entitled to one vote for each share thereof held by such holder; provided, however, that, except as otherwise required by law, holders of Common Stock shall not be entitled to vote on any amendment to this Certificate of Incorporation (which, as used herein, shall mean the certificate of incorporation of the Corporation, as amended from time to time, including the terms of any certificate of designations of any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation. There shall be no cumulative voting.
​

The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law of the State of Delaware.
3. Dividends. Dividends may be declared and paid on the Common Stock from funds lawfully available therefor as and when determined by the Board of Directors and subject to any preferential dividend or other rights of any then outstanding Preferred Stock.
4. Liquidation. Upon the dissolution or liquidation of the Corporation, whether voluntary or involuntary, holders of Common Stock will be entitled to receive all assets of the Corporation available for distribution to its stockholders, subject to any preferential or other rights of any then outstanding Preferred Stock.
B PREFERRED STOCK.
Preferred Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed herein and in the resolution or resolutions providing for the issue of such series adopted by the Board of Directors of the Corporation as hereinafter provided. Any shares of Preferred Stock which may be redeemed, purchased or acquired by the Corporation may be reissued except as otherwise provided by law.
Authority is hereby expressly granted to the Board of Directors from time to time to issue the Preferred Stock in one or more series, and in connection with the creation of any such series, by adopting a resolution or resolutions providing for the issuance of the shares thereof and by filing a certificate of designations relating thereto in accordance with the General Corporation Law of the State of Delaware, to determine and fix the number of shares of such series and such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including without limitation thereof, dividend rights, conversion rights, redemption privileges and liquidation preferences, as shall be stated and expressed in such resolutions, all to the full extent now or hereafter permitted by the General Corporation Law of the State of Delaware. Without limiting the generality of the foregoing, the resolutions providing for issuance of any series of Preferred Stock may provide that such series shall be superior or rank equally or be junior to any other series of Preferred Stock to the extent permitted by law.
The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares then outstanding) by the affirmative vote of the holders of a majority of the voting power of the capital stock of the Corporation entitled to vote thereon, voting as a single class, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law of the State of Delaware.
FIFTH: Except as otherwise provided herein, the Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute and this Certificate of Incorporation, and all rights conferred upon stockholders herein are granted subject to this reservation.
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SIXTH: In furtherance and not in limitation of the powers conferred upon it by the General Corporation Law of the State of Delaware, and subject to the terms of any series of Preferred Stock, the Board of Directors shall have the power to adopt, amend, alter or repeal the By-laws of the Corporation by the affirmative vote of a majority of the directors present at any regular or special meeting of the Board of Directors at which a quorum is present. The stockholders may not adopt, amend, alter or repeal the By-laws of the Corporation, or adopt any provision inconsistent therewith, unless such action is approved, in addition to any other vote required by this Certificate of Incorporation, by the affirmative vote of the holders of at least seventy-five percent (75%) of the votes that all the stockholders would be entitled to cast in any annual election of directors or class of directors. Notwithstanding any other provisions of law, this Certificate of Incorporation or the By-laws of the Corporation, and notwithstanding the fact that a lesser percentage may be specified by law, the affirmative vote of the holders of at least seventy-five percent (75%) of the votes which all the stockholders would be entitled to cast in any annual election of directors or class of directors shall be required to amend or repeal, or to adopt any provision inconsistent with, this Article SIXTH.
SEVENTH: Except to the extent that the General Corporation Law of the State of Delaware prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty, no director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability. No amendment to or repeal of this provision shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director occurring prior to such amendment or repeal. If the General Corporation Law of the State of Delaware is amended to permit further elimination or limitation of the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware as so amended.
EIGHTH: The Corporation shall provide indemnification as follows:
1. Actions, Suits and Proceedings Other than by or in the Right of the Corporation. The Corporation shall indemnify each person who was or is a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was, or has agreed to become, a director or officer of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation, as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (including any employee benefit plan) (all such persons being referred to hereafter as an “Indemnitee”), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys’ fees), liabilities, losses, judgments, fines (including excise taxes and penalties arising under the Employee Retirement Income Security Act of 1974), and amounts paid in settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding and any appeal therefrom, if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order,
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settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.
2. Actions or Suits by or in the Right of the Corporation. The Corporation shall indemnify any Indemnitee who was or is a party to or threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that Indemnitee is or was, or has agreed to become, a director or officer of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation, as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (including any employee benefit plan), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys’ fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding and any appeal therefrom, if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, except that no indemnification shall be made under this Section 2 in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation, unless, and only to the extent, that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of such liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses (including attorneys’ fees) which the Court of Chancery of Delaware or such other court shall deem proper.
3. Indemnification for Expenses of Successful Party. Notwithstanding any other provisions of this Article EIGHTH, to the extent that an Indemnitee has been successful, on the merits or otherwise, in defense of any action, suit or proceeding referred to in Sections 1 and 2 of this Article EIGHTH, or in defense of any claim, issue or matter therein, or on appeal from any such action, suit or proceeding, Indemnitee shall be indemnified against all expenses (including attorneys’ fees) actually and reasonably incurred by or on behalf of Indemnitee in connection therewith. Without limiting the foregoing, if any action, suit or proceeding is disposed of, on the merits or otherwise (including a disposition without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Corporation, (iii) a plea of guilty or nolo contendere by Indemnitee, (iv) an adjudication that Indemnitee did not act in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and (v) with respect to any criminal proceeding, an adjudication that Indemnitee had reasonable cause to believe his or her conduct was unlawful, Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect thereto.
4. Notification and Defense of Claim. As a condition precedent to an Indemnitee’s right to be indemnified, such Indemnitee must notify the Corporation in writing as soon as practicable of any action, suit, proceeding or investigation involving such Indemnitee for which indemnity will or could be sought. With respect to any action, suit, proceeding or investigation of which the Corporation is so notified, the Corporation will be entitled to participate therein at its own expense and/or to assume the defense thereof at its own expense, with legal counsel reasonably
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acceptable to Indemnitee. After notice from the Corporation to Indemnitee of its election so to assume such defense, the Corporation shall not be liable to Indemnitee for any legal or other expenses subsequently incurred by Indemnitee in connection with such action, suit, proceeding or investigation, other than as provided below in this Section 4. Indemnitee shall have the right to employ his or her own counsel in connection with such action, suit, proceeding or investigation, but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized by the Corporation, (ii) counsel to Indemnitee shall have reasonably concluded that there may be a conflict of interest or position on any significant issue between the Corporation and Indemnitee in the conduct of the defense of such action, suit, proceeding or investigation or (iii) the Corporation shall not in fact have employed counsel to assume the defense of such action, suit, proceeding or investigation, in each of which cases the fees and expenses of counsel for Indemnitee shall be at the expense of the Corporation, except as otherwise expressly provided by this Article EIGHTH. The Corporation shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Corporation or as to which counsel for Indemnitee shall have reasonably made the conclusion provided for in clause (ii) above. The Corporation shall not be required to indemnify Indemnitee under this Article EIGHTH for any amounts paid in settlement of any action, suit, proceeding or investigation effected without its written consent. The Corporation shall not settle any action, suit, proceeding or investigation in any manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Corporation nor Indemnitee will unreasonably withhold or delay its consent to any proposed settlement.
5. Advance of Expenses. Subject to the provisions of Section 6 of this Article EIGHTH, in the event of any threatened or pending action, suit, proceeding or investigation of which the Corporation receives notice under this Article EIGHTH, any expenses (including attorneys’ fees) incurred by or on behalf of Indemnitee in defending an action, suit, proceeding or investigation or any appeal therefrom shall be paid by the Corporation in advance of the final disposition of such matter; provided, however, that the payment of such expenses incurred by or on behalf of Indemnitee in advance of the final disposition of such matter shall be made only upon receipt of an undertaking by or on behalf of Indemnitee to repay all amounts so advanced in the event that it shall ultimately be determined by final judicial decision from which there is no further right to appeal that Indemnitee is not entitled to be indemnified by the Corporation as authorized in this Article EIGHTH; and provided further that no such advancement of expenses shall be made under this Article EIGHTH if it is determined (in the manner described in Section 6) that (i) Indemnitee did not act in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation, or (ii) with respect to any criminal action or proceeding, Indemnitee had reasonable cause to believe his or her conduct was unlawful. Such undertaking shall be accepted without reference to the financial ability of Indemnitee to make such repayment.
6. Procedure for Indemnification and Advancement of Expenses. In order to obtain indemnification or advancement of expenses pursuant to Section 1, 2, 3 or 5 of this Article EIGHTH, an Indemnitee shall submit to the Corporation a written request. Any such advancement of expenses shall be made promptly, and in any event within 60 days after receipt by the Corporation of the written request of Indemnitee, unless (i) the Corporation has assumed
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 the defense pursuant to Section 4 of this Article EIGHTH (and none of the circumstances described in Section 4 of this Article EIGHTH that would nonetheless entitle the Indemnitee to indemnification for the fees and expenses of separate counsel have occurred) or (ii) the Corporation determines within such 60-day period that Indemnitee did not meet the applicable standard of conduct set forth in Section 1, 2 or 5 of this Article EIGHTH, as the case may be. Any such indemnification, unless ordered by a court, shall be made with respect to requests under Section 1 or 2 of this Article EIGHTH only as authorized in the specific case upon a determination by the Corporation that the indemnification of Indemnitee is proper because Indemnitee has met the applicable standard of conduct set forth in Section 1 or 2 of this Article EIGHTH, as the case may be. Such determination shall be made in each instance (a) by a majority vote of the directors of the Corporation consisting of persons who are not at that time parties to the action, suit or proceeding in question (“disinterested directors”), whether or not a quorum, (b) by a committee of disinterested directors designated by majority vote of disinterested directors, whether or not a quorum, (c) if there are no disinterested directors, or if the disinterested directors so direct, by independent legal counsel (who may, to the extent permitted by law, be regular legal counsel to the Corporation) in a written opinion, or (d) by the stockholders of the Corporation.
7. Remedies. Subject to Article TWELFTH, the right to indemnification or advancement of expenses as granted by this Article EIGHTH shall be enforceable by Indemnitee in any court of competent jurisdiction. Neither the failure of the Corporation to have made a determination prior to the commencement of such action that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Corporation pursuant to Section 6 of this Article EIGHTH that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. In any suit brought by Indemnitee to enforce a right to indemnification, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall have the burden of proving that Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article EIGHTH. Indemnitee’s expenses (including attorneys’ fees) reasonably incurred in connection with successfully establishing Indemnitee’s right to indemnification, in whole or in part, in any such proceeding shall also be indemnified by the Corporation. Notwithstanding the foregoing, in any suit brought by Indemnitee to enforce a right to indemnification hereunder it shall be a defense that the Indemnitee has not met any applicable standard for indemnification set forth in the General Corporation Law of the State of Delaware.
8. Limitations. Notwithstanding anything to the contrary in this Article EIGHTH, except as set forth in Section 7 of this Article EIGHTH, the Corporation shall not indemnify an Indemnitee pursuant to this Article EIGHTH in connection with a proceeding (or part thereof) initiated by such Indemnitee unless the initiation thereof was approved by the Board of Directors of the Corporation. Notwithstanding anything to the contrary in this Article EIGHTH, the Corporation shall not indemnify an Indemnitee to the extent such Indemnitee is reimbursed from the proceeds of insurance, and in the event the Corporation makes any indemnification payments to an Indemnitee and such Indemnitee is subsequently reimbursed from the proceeds of insurance, such Indemnitee shall promptly refund indemnification payments to the Corporation to the extent of such insurance reimbursement.
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9. Subsequent Amendment. No amendment, termination or repeal of this Article EIGHTH or of the relevant provisions of the General Corporation Law of the State of Delaware or any other applicable laws shall adversely affect or diminish in any way the rights of any Indemnitee to indemnification under the provisions hereof with respect to any action, suit, proceeding or investigation arising out of or relating to any actions, transactions or facts occurring prior to the final adoption of such amendment, termination or repeal.
10. Other Rights. The indemnification and advancement of expenses provided by this Article EIGHTH shall not be deemed exclusive of any other rights to which an Indemnitee seeking indemnification or advancement of expenses may be entitled under any law (common or statutory), agreement or vote of stockholders or disinterested directors or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity while holding office for the Corporation, and shall continue as to an Indemnitee who has ceased to be a director or officer, and shall inure to the benefit of the estate, heirs, executors and administrators of Indemnitee. Nothing contained in this Article EIGHTH shall be deemed to prohibit, and the Corporation is specifically authorized to enter into, agreements with officers and directors providing indemnification rights and procedures different from those set forth in this Article EIGHTH. In addition, the Corporation may, to the extent authorized from time to time by its Board of Directors, grant indemnification rights to other employees or agents of the Corporation or other persons serving the Corporation and such rights may be equivalent to, or greater or less than, those set forth in this Article EIGHTH.
11. Partial Indemnification. If an Indemnitee is entitled under any provision of this Article EIGHTH to indemnification by the Corporation for some or a portion of the expenses (including attorneys’ fees), liabilities, losses, judgments, fines (including excise taxes and penalties arising under the Employee Retirement Income Security Act of 1974) or amounts paid in settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with any action, suit, proceeding or investigation and any appeal therefrom but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such expenses (including attorneys’ fees), liabilities, losses, judgments, fines (including excise taxes and penalties arising under the Employee Retirement Income Security Act of 1974) or amounts paid in settlement to which Indemnitee is entitled.
12. Insurance. The Corporation may purchase and maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise (including any employee benefit plan) against any expense, liability or loss incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the General Corporation Law of the State of Delaware.
13. Savings Clause. If this Article EIGHTH or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Indemnitee as to any expenses (including attorneys’ fees), liabilities, losses, judgments, fines (including excise taxes and penalties arising under the Employee Retirement Income Security Act of 1974) and amounts paid in settlement in connection with any action, suit, proceeding or investigation, whether civil, criminal or administrative, including an action by or
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in the right of the Corporation, to the fullest extent permitted by any applicable portion of this Article EIGHTH that shall not have been invalidated and to the fullest extent permitted by applicable law.
14. Definitions. Terms used herein and defined in Section 145(h) and Section 145(i) of the General Corporation Law of the State of Delaware shall have the respective meanings assigned to such terms in such Section 145(h) and Section 145(i).
NINTH: This Article NINTH is inserted for the management of the business and for the conduct of the affairs of the Corporation.
15. General Powers. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.
16. Number of Directors; Election of Directors. Subject to the rights of holders of any series of Preferred Stock to elect directors, the number of directors of the Corporation shall be established by the Board of Directors. Election of directors need not be by written ballot, except as and to the extent provided in the By-laws of the Corporation.
17. Classes of Directors. Subject to the rights of holders of any series of Preferred Stock to elect directors, the Board of Directors shall be and is divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board of Directors. The Board of Directors is authorized to assign members of the Board of Directors already in office to Class I, Class II or Class III at the time such classification becomes effective.
18. Terms of Office. Subject to the rights of holders of any series of Preferred Stock to elect directors, each director shall serve for a term ending on the date of the third annual meeting of stockholders following the annual meeting of stockholders at which such director was elected; provided that each director initially assigned to Class I shall serve for a term expiring at the Corporation’s first annual meeting of stockholders held after the effectiveness of this Restated Certificate of Incorporation; each director initially assigned to Class II shall serve for a term expiring at the Corporation’s second annual meeting of stockholders held after the effectiveness of this Restated Certificate of Incorporation; and each director initially assigned to Class III shall serve for a term expiring at the Corporation’s third annual meeting of stockholders held after the effectiveness of this Restated Certificate of Incorporation; provided further, that the term of each director shall continue until the election and qualification of his or her successor and be subject to his or her earlier death, resignation or removal.
19. Quorum. The greater of (a) a majority of the directors at any time in office and (b) one-third of the number of directors fixed pursuant to Section 2 of this Article NINTH shall constitute a quorum of the Board of Directors. If at any meeting of the Board of Directors there shall be less than such a quorum, a majority of the directors present may adjourn the meeting from time to time without further notice other than announcement at the meeting, until a quorum shall be present.
20. Action at Meeting. Every act or decision done or made by a majority of the directors present at a meeting duly held at which a quorum is present shall be regarded as the act of the
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Board of Directors unless a greater number is required by law or by this Certificate of Incorporation.
21. Removal. Subject to the rights of holders of any series of Preferred Stock, directors of the Corporation may be removed only for cause and only by the affirmative vote of the holders of at least seventy-five percent (75%) of the votes which all the stockholders would be entitled to cast in any annual election of directors or class of directors.
22. Vacancies. Subject to the rights of holders of any series of Preferred Stock, any vacancy or newly created directorship in the Board of Directors, however occurring, shall be filled only by vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director and shall not be filled by the stockholders. A director elected to fill a vacancy shall hold office until the next election of the class for which such director shall have been chosen, subject to the election and qualification of a successor and to such director’s earlier death, resignation or removal.
23. Stockholder Nominations and Introduction of Business, Etc. Advance notice of stockholder nominations for election of directors and other business to be brought by stockholders before a meeting of stockholders shall be given in the manner provided by the By-laws of the Corporation.
24. Amendments to Article. Notwithstanding any other provisions of law, this Certificate of Incorporation or the By-laws of the Corporation, and notwithstanding the fact that a lesser percentage may be specified by law, the affirmative vote of the holders of at least seventy-five percent (75%) of the votes which all the stockholders would be entitled to cast in any annual election of directors or class of directors shall be required to amend or repeal, or to adopt any provision inconsistent with, this Article NINTH.
TENTH: Stockholders of the Corporation may not take any action by written consent in lieu of a meeting. Notwithstanding any other provisions of law, this Certificate of Incorporation or the By-laws of the Corporation, and notwithstanding the fact that a lesser percentage may be specified by law, the affirmative vote of the holders of at least seventy-five percent (75%) of the votes which all the stockholders would be entitled to cast in any annual election of directors or class of directors shall be required to amend or repeal, or to adopt any provision inconsistent with, this Article TENTH.
ELEVENTH: Special meetings of stockholders for any purpose or purposes may be called at any time by only the Board of Directors, the Chairman of the Board or the Chief Executive Officer, and may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. Notwithstanding any other provisions of law, this Certificate of Incorporation or the By-laws of the Corporation, and notwithstanding the fact that a lesser percentage may be specified by law, the affirmative vote of the holders of at least seventy-five percent (75%) of the votes which all the stockholders would be entitled to cast in any annual election of directors or class of directors shall be required to amend or repeal, or to adopt any provision inconsistent with, this Article ELEVENTH.
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TWELFTH: Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, other employee or stockholder of the Corporation to the Corporation or the Corporation’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the General Corporation Law of the State of Delaware or as to which the General Corporation Law of the State of Delaware confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv) any action asserting a claim arising pursuant to any provision of this Certificate of Incorporation or the Corporation’s By-Laws (in each case, as they may be amended from time to time) or governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article TWELFTH.
IN WITNESS WHEREOF, this Restated Certificate of Incorporation, which restates, integrates and amends the certificate of incorporation of the Corporation, and which has been duly adopted in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware, has been executed by its duly authorized officer this 25th day of July, 2017.
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	KALA PHARMACEUTICALS, INC.

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	By: 
	/s/ Mark Iwicki

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	Name: Mark Iwicki

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	Title: Chief Executive Officer

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STATE OF DELAWARE
CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND/OR REGISTERED OFFICE
The corporation organized and existing under the General Corporation Law of the State of Delaware, hereby certifies as follows:
1.The name of the corporation is Kala Pharmaceuticals, Inc.​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​_____.
2.The Registered Office of the corporation in the State of Delaware is changed to Corporation Trust Center,                 1209 Orange Street            (street), in the City of Wilmington                 County of New Castle                 Zip Code 19801           . The name of the Registered Agent at such address upon whom process against this Corporation may be served is THE CORPORATION TRUST COMPANY                .
3.The foregoing change to the registered office/agent was adopted by a resolution of
the Board of Directors of the corporation.
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	By:
	/s/ Eric Trachtenberg

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	Authorized Officer

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	Name:
	Eric Trachtenberg, Secretary

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	Print or Type

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KALA PHARMACEUTICALS, INC.
CERTIFICATE OF DESIGNATION
OF
SERIES D PREFERRED STOCK
Pursuant to Section 151 of the
General Corporation Law of the State of Delaware
THE UNDERSIGNED DOES HEREBY CERTIFY, on behalf of Kala Pharmaceuticals, Inc., a Delaware corporation (the “Corporation”), that the following resolution was duly adopted by the board of directors of the Corporation (the “Board of Directors”), in accordance with the provisions of Section 151 of the General Corporation Law of the State of Delaware, as amended (the “DGCL”), pursuant to a written consent executed on August 18, 2022, which resolution provides for the creation of a series of the Corporation’s Preferred Stock, par value $0.001 per share, which is designated as “Series D Preferred Stock,” with the rights, powers and preferences, and the qualifications, limitations and restrictions thereof, set forth therein.
WHEREAS, the Restated Certificate of Incorporation of the Corporation (the “Certificate of Incorporation”), provides for a class of capital stock of the Corporation known as preferred stock, consisting of 5,000,000 shares, par value $0.001 per share (the “Preferred Stock”), issuable from time to time in one or more series, and further provides that the Board of Directors is expressly authorized, subject to limitations prescribed by law, to provide for the issuance of the shares of Preferred Stock in one or more series, and by filing a certificate of designation pursuant to the DGCL, to establish from time to time the number of shares to be included in each such series, and to fix the designation, powers (including voting powers), preferences and rights of each such series and the qualifications, limitations or restrictions thereof.
NOW, THEREFORE, BE IT RESOLVED, that, pursuant to authority conferred upon the Board of Directors by the Certificate of Incorporation, (i) a series of Preferred Stock be, and hereby is, authorized by the Board of Directors, (ii) the Board of Directors hereby authorizes the issuance of 75,000 shares of Series D Preferred Stock and (iii) the Board of Directors hereby fixes the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, of such shares of Preferred Stock, in addition to any provisions set forth in the Certificate of Incorporation that are applicable to all series of the Preferred Stock, as follows:
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TERMS OF PREFERRED STOCK
	1.
	Designation, Amount and Par Value. The series of Preferred Stock created hereby shall be designated as the Series D Preferred Stock (the “Series D Preferred Stock”), and the number of shares so designated shall be 75,000. Each share of Series D Preferred Stock shall have a par value of $0.001 per share.

	2.
	Dividends. The holders of Series D Preferred Stock, as such, shall not be entitled to receive dividends of any kind.

	3.
	Voting Rights. Except as otherwise provided by the Certificate of Incorporation or required by law, the holders of shares of Series D Preferred Stock shall have the following voting rights:

		3.1
	Except as otherwise provided herein, each outstanding share of Series D Preferred Stock shall have 1,000,000 votes per share (and, for the avoidance of doubt, each fraction of a share of Series D Preferred Stock shall have a ratable number of votes). The outstanding shares of Series D Preferred Stock shall vote together with the outstanding shares of common stock, par value $0.001 per share (the “Common Stock”), of the Corporation as a single class exclusively with respect to the Reverse Stock Split (as defined below) and the Adjournment Proposal (as defined below) and shall not be entitled to vote on any other matter except to the extent required under the DGCL. Notwithstanding the foregoing, and for the avoidance of doubt, each share of Series D Preferred Stock (or fraction thereof) redeemed pursuant to the Initial Redemption (as defined below) shall have no voting power with respect to, and the holder of each share of Series D Preferred Stock (or fraction thereof) redeemed pursuant to the Initial Redemption shall have no voting power with respect to any such share of Series D Preferred Stock (or fraction thereof) on, the Reverse Stock Split, the Adjournment Proposal or any other matter brought before any meeting of stockholders held to vote on the Reverse Stock Split. As used herein, the term “Reverse Stock Split” means any proposal to adopt an amendment to the Certificate of Incorporation to reclassify the outstanding shares of Common Stock into a smaller number of shares of Common Stock at a ratio specified in or determined in accordance with the terms of such amendment. As used herein, the term “Adjournment Proposal” means any proposal to adjourn any meeting of stockholders called for the purpose of voting on Reverse Stock Split.

		3.2
	Unless otherwise provided on any applicable proxy or ballot with respect to the voting on the Reverse Stock Split or the Adjournment Proposal, the vote of each share of Series D Preferred Stock (or fraction thereof) entitled to vote on the Reverse Stock Split, the Adjournment Proposal or any other matter brought before any meeting of stockholders held to vote on the Reverse Stock Split and the Adjournment Proposal shall be cast in the same manner as the vote, if any, of the share of Common Stock (or fraction thereof) in respect of which such share of Series D Preferred Stock (or fraction thereof) was issued as a dividend is cast on the Reverse Stock Split, the Adjournment Proposal or such other matter, as applicable, and the proxy or ballot with respect to shares of Common Stock held by

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any holder on whose behalf such proxy or ballot is submitted will be deemed to include all shares of Series D Preferred Stock (or fraction thereof) held by such holder. Holders of Series D Preferred Stock will not receive a separate ballot or proxy to cast votes with respect to the Series D Preferred Stock on the Reverse Stock Split, the Adjournment
Proposal or any other matter brought before any meeting of stockholders held to vote on the Reverse Stock Split.
	4.
	Rank; Liquidation.

		4.1
	The Series D Preferred Stock shall rank senior to the Common Stock as to any distribution of assets upon a liquidation, dissolution or winding up of the Corporation, whether voluntarily or involuntarily (a “Dissolution”). For the avoidance of any doubt, but without limiting the foregoing, neither the merger or consolidation of the Corporation with or into any other entity, nor the sale, lease, exchange or other disposition of all or substantially all of the Corporation’s assets shall, in and of itself, be deemed to constitute a Dissolution.

		4.2
	Upon any Dissolution, each holder of outstanding shares of Series D Preferred Stock shall be entitled to be paid out of the assets of the Corporation available for distribution to stockholders, prior and in preference to any distribution to the holders of Common Stock, an amount in cash equal to $0.001 per outstanding share of Series D Preferred Stock.

	5.
	Redemption.

		5.1
	All shares of Series D Preferred Stock that are not present in person or by proxy at any meeting of stockholders held to vote on the Reverse Stock Split and the Adjournment Proposal as of immediately prior to the opening of the polls at such meeting (the “Initial Redemption Time”) shall automatically be redeemed by the Corporation at the Initial Redemption Time without further action on the part of the Corporation or the holder thereof (the “Initial Redemption”).

		5.2
	Any outstanding shares of Series D Preferred Stock that have not been redeemed pursuant to an Initial Redemption shall be redeemed in whole, but not in part, (i) if such redemption is ordered by the Board of Directors in its sole discretion, automatically and effective on such time and date specified by the Board of Directors in its sole discretion or (ii) automatically upon the approval by the Corporation’s stockholders of the Reverse Stock Split at any meeting of the stockholders held for the purpose of voting on such proposal (any such redemption pursuant to this Section 5.2, the “Subsequent Redemption” and, together with the Initial Redemption, the “Redemptions”). As used herein, the “Subsequent Redemption Time” shall mean the effective time of the Subsequent Redemption, and the “Redemption Time” shall mean (i) with respect to the Initial Redemption, the Initial Redemption Time and (ii) with respect to the Subsequent Redemption, the Subsequent Redemption Time.

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		5.3
	Each share of Series D Preferred Stock redeemed in any Redemption pursuant to this Section 5 shall be redeemed in consideration for the right to receive an amount equal to $0.10 in cash for each one hundred whole shares of Series D Preferred Stock that are “beneficially owned” by the “beneficial owner” (as such terms are defined below) thereof as of the applicable Redemption Time and redeemed pursuant to such Redemption, payable upon receipt by the Corporation of a written request submitted by the applicable holder to the corporate secretary of the Corporation (each a “Redemption Payment Request”) following the applicable Redemption Time. Such Redemption Payment Request shall (i) be in a form reasonably acceptable to the Corporation (ii) set forth in reasonable detail the number of shares of Series D Preferred Stock beneficially owned by the holder at the applicable Redemption Time and include evidence reasonably satisfactory to the Corporation regarding the same, and (iii) set forth a calculation specifying the amount in cash owed to such Holder by the Corporation with respect to the shares of Series D Preferred Stock that were redeemed at the applicable Redemption Time. For the avoidance of doubt, the redemption consideration in respect of the shares of Series D Preferred Stock (or fractions thereof) redeemed in any Redemption pursuant to this Section 5: (x) shall entitle the former beneficial owners of less than one hundred whole shares of Series D Preferred Stock redeemed in any Redemption to no cash payment in respect thereof and (y) shall, in the case of a former beneficial owner of a number of shares of Series D Preferred Stock (or fractions thereof) redeemed pursuant to any Redemption that is not equal to a whole number that is a multiple of one hundred, entitle such beneficial owner to the same cash payment, if any, in respect of such Redemption as would have been payable in such Redemption to such beneficial owner if the number of shares (or fractions thereof) beneficially owned by such beneficial owner and redeemed pursuant to such Redemption were rounded down to the nearest whole number that is a multiple of one hundred (such, that for example, the former beneficial owner of 150 shares of Series D Preferred Stock redeemed pursuant to any Redemption shall be entitled to receive the same cash payment in respect of such Redemption as would have been payable to the former beneficial owner of 100 shares of Series D Preferred Stock redeemed pursuant to such Redemption). As used herein, “Person” shall mean any individual, firm, corporation, partnership, limited liability company, trust or other entity, and shall include any successor (by merger or otherwise) to such entity. As used herein, a Person shall be deemed the “beneficial owner” of, and shall be deemed to “beneficially own,” any securities which such Person is deemed to beneficially own, directly or indirectly, within the meaning of Rule l3d-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended.

		5.4
	From and after the time at which any shares of Series D Preferred Stock are called for redemption (whether automatically or otherwise) in accordance with Section 5.1 or Section 5.2, such shares of Series D Preferred Stock shall cease to be outstanding, and the only right of the former holders of such shares of Series D Preferred Stock, as such, will be to receive the applicable redemption price, if any. The shares of Series D Preferred Stock redeemed by the Corporation pursuant to this Certificate of Designation shall, upon such redemption, be automatically retired

​

and restored to the status of authorized but unissued shares of Preferred Stock. Notwithstanding anything to the contrary herein or otherwise, and for the avoidance of doubt, any shares of Series D Preferred Stock (or fraction thereof) that have been redeemed pursuant to an Initial Redemption shall not be deemed to be outstanding for the purpose of voting or determining the number of votes entitled to vote on any matter submitted to stockholders (including the Reverse Stock Split, the Adjournment Proposal or any other matter brought before any meeting of stockholders held to vote on the Reverse Stock Split) from and after the time of the Initial Redemption. Notice of any meeting of stockholders for the submission to stockholders of any proposal to approve the Reverse Stock Split shall constitute notice of a redemption of shares of Series D Preferred Stock pursuant to an Initial Redemption and result in the automatic redemption of the applicable shares of Series D Preferred Stock (and/or fractions thereof) pursuant to the Initial Redemption at the Initial Redemption Time pursuant to Section 5.1 hereof. Notice by the Corporation of the approval by the Corporation’s stockholders of the Reverse Stock Split, whether by press release or a filing with the Securities and Exchange Commission, shall constitute a notice of redemption of shares of Series D Preferred Stock pursuant to a Subsequent Redemption and result in the automatic redemption of the applicable shares of Series D Preferred Stock (and/or fractions thereof) pursuant to the Subsequent Redemption at the Subsequent Redemption Time pursuant to Section 5.2 hereof. In connection with the filing of this Certificate of Designation, the Corporation has set apart funds for payment for the redemption of all shares of Series D Preferred Stock pursuant to the Redemptions and shall continue to keep such funds apart for such payment through the payment of the purchase price for the redemption of all such shares.
	6.
	Transfer. Shares of Series D Preferred Stock will be uncertificated and represented in book-entry form. No shares of Series D Preferred Stock may be transferred by the holder thereof except in connection with a transfer by such holder of any shares of Common Stock held thereby, in which case a number of one one-thousandths (1/1,000ths) of a share of Series D Preferred Stock equal to the number of shares of Common Stock to be transferred by such holder shall be automatically transferred to the transferee of such shares of Common Stock. Notice of the foregoing restrictions on transfer shall be given in accordance with Section 151 of the DGCL.

	7.
	Fractional Shares. The Series D Preferred Stock may be issued in whole shares or in any fraction of a share that is one one-thousandth (1/1,000th) of a share or any integral multiple of such fraction, which fractions shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, participate in distributions upon a Dissolution and have the benefit of any other rights of holders of Series D Preferred Stock.

	8.
	Severability. Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision hereof is held to be prohibited by or invalid under applicable law, then such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining provisions hereof.

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[Remainder of page intentionally left blank.]
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IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation of Series D Preferred Stock to be duly executed by the undersigned duly authorized officer as of this 19th day of August, 2022.
	​
	KALA PHARMACEUTICALS, INC.

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	​
	​

	​
	By:
	/s/ Mary Reumuth

	​
	​
	Name: Mary Reumuth

	​
	​
	Title: Chief Financial Officer

​
​

CERTIFICATE OF AMENDMENT
OF
RESTATED CERTIFICATE OF INCORPORATION
OF
KALA PHARMACEUTICALS, INC.
Kala Pharmaceuticals, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify that:
		1.
	The Restated Certificate of Incorporation of this Corporation was filed with the Secretary of State of Delaware on July 25, 2017 (the “Certificate of Incorporation”).

		2.
	Resolutions were duly adopted by the Board of Directors of the Corporation setting forth this proposed Amendment to the Certificate of Incorporation and declaring said amendment to be advisable and calling for the consideration and approval thereof at a meeting of the stockholders of the Corporation.

		3.
	Resolutions were duly adopted by the Board of Directors of the Corporation, in accordance with the provisions of the Certificate of Incorporation set forth below, providing that, effective as of 4:05 PM, New York time, on October 20, 2022, each fifty (50) issued and outstanding shares of the Corporation’s Common Stock, par value $0.001 per share, shall be converted into one (1) share of the Corporation’s Common Stock, par value $0.001 per share, as constituted following such date.

		4.
	The Certificate of Incorporation is hereby amended by revising Article FOURTH to include a new paragraph A.5. as follows:

“5. Reverse Split. Upon the effectiveness of the filing of this Certificate of Amendment (the “Effective Time”) each share of the Corporation’s common stock, $0.001 par value per share (the “Old Common Stock”), either issued or outstanding or held by the Corporation as treasury stock, immediately prior to the Effective Time, will be automatically reclassified and combined  (without any further act) into a smaller number of shares such that each two (2) to seventy-five (75) shares of Old Common Stock issued and outstanding or held by the Company as treasury stock immediately prior to the Effective Time is reclassified into one share of Common Stock, $0.001 par value per share, of the Corporation (the “New Common Stock”), the exact ratio within such range to be determined by the board of directors of the Corporation prior to the Effective Time and publicly announced by the Corporation (the “Reverse Stock Split”). The Board of Directors shall make provision for the issuance of that number of fractions of New Common Stock such that any fractional share of a holder otherwise resulting from the Reverse Stock Split shall be rounded up to the next whole number of shares of New Common Stock. Any stock certificate that, immediately prior to the Effective Time, represented shares of the Old Common Stock will, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent the number of shares of the New Common Stock into which such shares of Old Common Stock shall have been reclassified plus the fraction, if any, of a share of New Common Stock issued as aforesaid.”
		5.
	Pursuant to the resolution of the Board of Directors, a meeting of the stockholders of the Company was duly called and held upon notice in accordance with Section 222 of the General Corporation

​

Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the foregoing amendment.
		6.
	The foregoing amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.

		7.
	This Certificate of Amendment shall be effective on October 20, 2022 at 4:05 p.m. Eastern Time.

[SIGNATURE PAGE FOLLOWS.]
​

IN WITNESS WHEREOF, Kala Pharmaceuticals, Inc. has caused this Certificate of Amendment to be duly executed by the undersigned duly authorized officer as of this 19th day of October, 2022.
	​
	KALA PHARMACEUTICALS, INC.

	​
	​
	​

	​
	By:
	/s/ Eric L. Trachtenberg

	​
	Name:
	Eric L. Trachtenberg

	​
	Title:
	General Counsel, Chief Compliance Officer, and Corporate Secretary

​
​

KALA PHARMACEUTICALS, INC.
CERTIFICATE OF ELIMINATION
OF NUMBER OF SHARES OF PREFERRED STOCK DESIGNATED AS SERIES D 
PREFERRED STOCK
Pursuant to Section 151 of the
General Corporation Law of the State of Delaware
Kala Pharmaceuticals, Inc. (hereinafter called the “Corporation”), pursuant to the authority conferred upon the Board of Directors of the Corporation (the “Board”) by the Corporation’s Restated Certificate of Incorporation, as amended, and in accordance with the provisions of Section 151(g) of the General Corporation Law of the State of Delaware, certifies that the Board duly adopted the following resolution:
	“RESOLVED:  
	That no shares of the Corporation’s Series D Preferred Stock (the “Series D Preferred Stock”) are outstanding and no shares of Series D Preferred Stock subject to the Corporation’s Certificate of Designation of Series D Preferred Stock, dated August 19, 2022 (the “Series D Certificate of Designation”) will hereafter be issued with respect to such series; and that the Chief Executive Officer, the President, the Chief Financial Officer and the Secretary be and each hereby are authorized and directed in the name and on behalf of the Corporation to execute and file a certificate with the Secretary of State of the State of Delaware pursuant to Section 151(g) of the General Corporation Law of the State of Delaware setting forth the text of this resolution, and that upon the filing and effectiveness of such certificate, all matters as set forth in the Series D Certificate of Designation shall be deemed to have been eliminated from the Corporation’s Restated Certificate of Incorporation, as amended, and all of the 75,000 shares of Preferred Stock previously designated as Series D Preferred Stock shall resume their status as undesignated shares of Preferred Stock.”

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Elimination to be signed by its duly authorized officer this 28th day of November, 2022.
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	KALA PHARMACEUTICALS, INC.

	​
	​
	​

	​
	By:
	/s/ Mark Iwicki

	​
	​
	Mark Iwicki

	​
	​
	Chief Executive Officer

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​

CERTIFICATE OF DESIGNATIONS, PREFERENCES
AND RIGHTS OF
SERIES E CONVERTIBLE NON-REDEEMABLE PREFERRED STOCK
OF
KALA PHARMACEUTICALS, INC.
(Pursuant to Section 151 of the
Delaware General Corporation Law)
KALA PHARMACEUTICALS, INC., a Delaware corporation (the “Corporation”), in accordance with the provisions of Section 103 of the Delaware General Corporation Law (the “DGCL”) does hereby certify that, in accordance with Sections 151 of the DGCL, the following resolution was duly adopted by the Board of Directors of the Corporation (the “Board of Directors”) on November 27, 2022:
RESOLVED, pursuant to authority expressly set forth in the Restated Certificate of Incorporation of the Corporation, as amended (the “Certificate of Incorporation”), the issuance of a series of Preferred Stock, par value $0.001 per share (the “Preferred Stock”) designated as the Series E Convertible Non-Redeemable Preferred Stock, par value $0.001 per share, of the Corporation is hereby authorized and the number of shares, powers, preferences, designations, preferences and relative, participating, optional or other special rights of, and the qualifications, limitations or restrictions upon, the Series E Convertible Non-Redeemable Preferred Stock (in addition to any provisions set forth in the Certificate of Incorporation that are applicable to the Preferred Stock of all classes and series) are hereby fixed, and the Certificate of Designation, Preferences and Rights of Series E Convertible Non-Redeemable Preferred Stock (“Certificate of Designations”) is hereby approved as follows:
SECTION 1 Designation of Amount.
(a) 54,000 shares of Preferred Stock shall be, and hereby are, designated the “Series E Convertible Non-Redeemable Preferred Stock” (the “Series E Preferred Stock”), par value $0.001 per share.
(b) Subject to the requirements of the DGCL, the Certificate of Incorporation and this Certificate of Designations, the number of shares of Preferred Stock that are designated as Series E Preferred Stock may be increased or decreased by vote of the Board of Directors; provided, that no decrease shall reduce the number of shares of Series E Preferred Stock to a number less than the number of such shares then outstanding. Any shares of Series E Preferred Stock converted, redeemed, purchased or otherwise acquired by the Corporation in any manner whatsoever shall, automatically and without further action, be retired and canceled promptly after the acquisition thereof, and shall become authorized but unissued shares of Preferred Stock and may not be reissued as shares of Series E Preferred Stock when the Corporation shall take such action as may be necessary to reduce the number of authorized shares of the Series E Preferred Stock and may be reissued as part of a new series of any class or series of Preferred Stock in accordance with the Certificate of Incorporation.
SECTION 2 Certain Definitions.
Unless the context otherwise requires, the terms defined in this Section 2 shall have, for all purposes of this resolution, the meanings specified (with terms defined in the singular having comparable meanings when used in the plural).
“Affiliate” means any person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a person, as such terms are used in and construed under Rule 405 under the Securities Act.
“Attribution Parties” shall have the meaning set forth in Section 6(c).
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“Beneficial Ownership Limitation” shall have the meaning set forth in Section 6(c).
“Board of Directors” shall have the meaning set forth in the preamble to this Certificate of Designations.
“Business Day” shall mean any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed.
“Bylaws” shall mean the Amended and Restated By-Laws of the Corporation, as amended from time to time.
“Certificate of Incorporation” shall have the meaning set forth in the preamble to this Certificate of Designations.
“Common Stock” shall mean the common stock, par value $0.001 per share, of the Corporation.
“Conversion Notice” shall have the meaning set forth in Section 6(e).
“Conversion Price” shall mean $5.75, subject to adjustment from time to time in accordance with Section 6(d).
“Conversion Time” shall have the meaning set forth in Section 6(e).
“Corporation” shall have the meaning set forth in the preamble to this Certificate of Designations.
“DGCL” shall have the meaning set forth in the preamble to this Certificate of Designations.
“Exchange Act” shall have the meaning set forth in Section 6(c).
“Holder” means any holder of Series E Preferred Stock, all of such holders being the “Holders.”
“Junior Securities” shall have the meaning set forth in Section 5(a).
“Parity Securities” shall have the meaning set forth in Section 5(a).
“Participating Dividends” shall have the meaning set forth in Section 4.
“Permitted Exchange” means any of The New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market (or any of their respective successors).
“person” shall mean any individual, partnership, company, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or agency or political subdivision thereof, or other entity.
“Preferred Stock” shall have the meaning set forth in the preamble to this Certificate of Designations.
“Reported Outstanding Share Number” shall have the meaning set forth in Section 6(c).
“Requisite Holders” shall mean the holders of at least a majority of the then outstanding shares of Series E Preferred Stock.
“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Senior Securities” shall have the meaning set forth in Section 5(a).
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“Series E Preferred Stock” shall have the meaning set forth in Section 1(a).
“Stated Value” shall mean the per share stated value for a share of Series E Preferred Stock of $575.00, subject to adjustment in the event of any stock dividend, stock split, combination, reorganization, recapitalization, reclassification, or other similar event with respect to the Series E Preferred Stock.
SECTION 3 Voting Rights.
The Series E Preferred Stock is non-voting stock. Except as otherwise provided by the DGCL, other applicable law or as provided in this Certificate of Designations, the holders of Series E Preferred Stock shall not be entitled to vote (or render written consents) on any matter submitted for a vote of (or written consents in lieu of a vote as permitted by the DGCL, the Certificate of Incorporation and the Bylaws) holders of Common Stock.
SECTION 4 Dividends.
If the Board of Directors shall declare a dividend or other distribution payable upon the then outstanding shares of Common Stock, whether in cash, in kind or in other securities or property (other than dividends payable in shares of Common Stock), the holders of the outstanding shares of Series E Preferred Stock shall be entitled to the amount of dividends as would be payable in respect of the number of shares of Common Stock into which the shares of Series E Preferred Stock held by each holder thereof could be converted, without regard to any restrictions on conversion (including the Beneficial Ownership Limitation), in accordance with the provisions of Section 6 hereof, such number to be determined as of the record date for determination of holders of Common Stock entitled to receive such dividend or, if no such record date is established, as of the date of such dividend (“Participating Dividends”). Participating Dividends are payable at the same time as and when dividends on the Common Stock are paid to the holders of Common Stock.
SECTION 5 Liquidation Preference.
(a) Ranking. The Series E Preferred Stock shall rank (i) senior to all of the Common Stock; (ii) senior to any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms junior to any Series E Preferred Stock (“Junior Securities”); (iii) on parity with the Series E Preferred Stock and any other class or series of capital stock of the Corporation hereafter created specifically ranking by its terms on parity with the Series E Preferred Stock (“Parity Securities”); and (iv) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking by its terms senior to any Series E Preferred Stock (“Senior Securities”), in each case, as to distributions of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntarily or involuntarily (each, a “Dissolution”).
(b) Distribution to Series E Preferred Stock and Parity Securities. Subject to the prior and superior rights of the holders of any Senior Securities of the Corporation, upon a Dissolution, each Holder shall be entitled to receive, prior and in preference to any distributions of any of the assets or surplus funds of the Corporation to the holders of the Common Stock and Junior Securities and pari passu with any distribution to the holders of Parity Securities, an amount per share of Series E Preferred Stock held by such Holder equal to the greater of (i) the Stated Value, plus any dividends declared but unpaid on such share of Series E Preferred Stock, or (ii) such amount per share as would have been payable had all shares of Series E Preferred Stock been converted into Common Stock pursuant to Section 6 (without regard to any restrictions on conversion (including the Beneficial Ownership Limitation)) immediately prior to such Dissolution. If, upon any such Dissolution, the assets of the Corporation shall be insufficient to pay the holders of shares of the Series E Preferred Stock the amount required under the preceding sentence, the holders of Series E Preferred Stock and the holders of shares of Parity Securities shall share in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares of Series E Preferred Stock
​

and Parity Securities held by them upon such distribution if all amounts payable on or with respect to such shares of Series E Preferred Stock and Parity Securities were paid in full. For the avoidance of any doubt, but without limiting the foregoing, neither a change in control of the Corporation, the merger or consolidation of the Corporation with or into any other entity, nor the sale, lease, exchange or other disposition of all or substantially all of the Corporation’s assets shall, in and of itself, be deemed to constitute a Dissolution.
SECTION 6 Conversion Rights.
(a) General. Subject to and upon compliance with the provisions of this Section 6, each Holder shall be entitled, at its option, at any time and from time to time, to convert all or any such shares of Series E Preferred Stock into the number of fully paid and nonassessable shares of Common Stock equal to the number obtained by dividing (i) the Stated Value of such Series E Preferred Stock by (ii) the Conversion Price in effect at the Conversion Time (determined as provided in this Section 6).
(b) Fractions of Shares. Fractional shares of Common Stock may not be issued in connection with any conversion of the Series E Preferred Stock. As to any fraction of a share which a Holder would otherwise be entitled to receive upon such conversion, the Corporation shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price.
(c) Conversion Limitations. Notwithstanding anything to the contrary contained herein, the Corporation shall not effect any conversion of the Series E Preferred Stock, and no Holder of the Series E Preferred Stock shall have the right to convert any portion of the Series E Preferred Stock, and any such conversion shall be null and void ab initio and treated as if the conversion had not been made, to the extent that immediately prior to or following such conversion, the Holder, together with the Attribution Parties, beneficially owns or would beneficially own as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder, in excess of 9.99% (the “Beneficial Ownership Limitation”) of the Corporation’s Common Stock that would be issued and outstanding following such conversion. For purposes of calculating beneficial ownership for determining whether the Beneficial Ownership Limitation is or will be exceeded, the aggregate number of shares of Common Stock held and/or beneficially owned by the Holder together with the Attribution Parties, shall include the number of shares of Common Stock held and/or beneficially owned by the Holder together with the Attribution Parties plus the number of shares of Common Stock issuable upon conversion of the Series E Preferred Stock with respect to which the determination is being made but shall exclude the number of shares of Common Stock which would be issuable upon (i) conversion of the remaining, unconverted shares of Series E Preferred Stock held and/or beneficially owned by the Holder or the Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Corporation held and/or beneficially owned by such Holder or any Attribution Party (including, without limitation, any convertible notes, convertible stock or warrants), in each case, that are subject to a limitation on conversion or exercise analogous to the limitation contained herein. It is being acknowledged by each Holder that the Corporation is not representing to the Holder that the calculation of such Holder’s beneficial ownership is in compliance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder and that each Holder is solely responsible for any schedules required to be filed in accordance therewith. For purposes of this Section 6(c), in determining the number of outstanding shares of Common Stock, a Holder of the Series E Preferred Stock may rely on the number of outstanding shares of Common Stock as reflected in (i) the Corporation’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (ii) a more recent public announcement by the Corporation or (iii) a more recent notice by the Corporation or the Corporation’s transfer agent setting forth the number of shares of Common Stock outstanding (such issued and outstanding shares, the “Reported Outstanding Share Number”). For any reason at any time, upon the written or oral request of a Holder, the Corporation shall within two (2) Business Days confirm orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding.  The Holder shall disclose to the Corporation the number of shares of Common Stock that it, together with the Attribution Parties, holds and/or beneficially owns and has the right to acquire through the exercise of derivative securities and any limitations
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on exercise or conversion analogous to the limitation contained herein contemporaneously or immediately prior to submitting a Conversion Notice for the relevant number of shares of Series E Preferred Stock.  If the Corporation receives a Conversion Notice from a Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Corporation shall notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Conversion Notice would otherwise cause the Holder’s, together with the Attribution Parties’, beneficial ownership, as determined pursuant to this Section 6(c), to exceed the Beneficial Ownership Limitation, the Holder must notify the Corporation of a reduced number of conversion shares to be issued pursuant to such Conversion Notice. To the extent that the limitation contained in this Section 6(c) applies, the Corporation shall be entitled to rely on representations made to it by the Holder with respect to the beneficial ownership of the Holder, together with the Attribution Parties, and the Corporation shall have no obligation to verify or confirm the accuracy of such representations. By written notice to the Corporation, a Holder of the Series E Preferred Stock may from time to time increase or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 19.99% specified in such notice; provided that (i) any increase in the Beneficial Ownership Limitation will not be effective until the sixty-first (61st) day after such notice is delivered to the Corporation, (ii) any such increase or decrease shall not negatively affect any partial conversion effected prior to the effectiveness of such increase or decrease and (iii) any such increase or decrease will apply only to the Holder submitting the written notice and not to any other Holder of Series E Preferred Stock.   For purposes of this Section 6(c), the term “Attribution Parties” means, collectively, the following persons and entities: (i) any direct or indirect Affiliates of the Holder, (ii) any Person acting or who could be deemed to be acting as a Section 13(d) “group” together with the Holder or any Attribution Parties and (iii) any other persons whose beneficial ownership of the Corporation’s Common Stock would or could be aggregated with the Holder’s and/or any other Attribution Parties for purposes of Section 13(d) or Section 16 of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership Limitation.  In accordance with the applicable listing standards, the restrictions set forth in this Section 6(c) will apply at any time when the Series E Preferred Stock is outstanding, regardless of whether the Corporation then has a class of securities listed on a Permitted Exchange. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
(d) Adjustments to Conversion Price.
(i) Upon Subdivisions. If, at any time after the date the first share of Series E Preferred Stock was issued, the number of shares of Common Stock outstanding is increased by a subdivision of shares of Common Stock, then, following the record date for the determination of holders of Common Stock affected by such subdivision, the Conversion Price in effect immediately before such subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of Series E Preferred Stock shall be increased in proportion to such increase in outstanding shares of Common Stock.
(ii) Upon Combinations. If, at any time after the date the first share of Series E Preferred Stock was issued, the number of shares of Common Stock outstanding is decreased by a combination of the outstanding shares of Common Stock into a smaller number of shares of Common Stock, then, following the record date to determine shares affected by such combination, the Conversion Price in effect immediately before such combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of each share of Series E Preferred Stock shall be decreased in proportion to such decrease in outstanding shares of Common Stock.
(iii) Stock Dividends. If, at any time after the date the first share of Series E Preferred Stock was issued, the Corporation shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event the Conversion Price in effect immediately before such event
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shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction: (1) the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the time of such issuance or the close of business on such record date, and (2) the denominator of which shall be the total number of shares of Common Stock outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this Section 6(d)(iii) as of the time of actual payment of such dividends or distributions; and (b) no such adjustment shall be made if the holders of Series E Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Series E Preferred Stock had been converted into Common Stock on the date of such event.
(iv) Reorganization, Reclassification, Merger or Consolidation. If at any time or from time to time there shall be a reorganization, recapitalization, reclassification,  merger or consolidation involving the Corporation in which the Common Stock is converted into or exchanged for securities, cash or property (other than a subdivision or combination provided for elsewhere in this Section 6), then, as a part of such reorganization, recapitalization, reclassification, merger, or consolidation, provision shall be made so that holders of Series E Preferred Stock shall thereafter be entitled to receive upon conversion of the Series E Preferred Stock, the kind and amount of shares of stock, cash or other property to which such holder would have been entitled if such holder had converted its shares of Series E Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, merger or consolidation. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 6 with respect to the rights of the holders of the Series E Preferred Stock after the reorganization, recapitalization, reclassification, merger or consolidation, to the end that the provisions of this Section 6 (including provisions with respect to changes in and other adjustments of the Conversion Price then in effect for the Series E Preferred Stock) shall be applicable after that event in as nearly equivalent a manner as may be practicable.
(e) Exercise of Conversion Privilege. In order to exercise the conversion privilege, the holder of any share of Series E Preferred Stock shall, (i) provide written notice (a “Conversion Notice”) to the Corporation at any office or agency of the Corporation maintained for such purpose, that the Holder elects to convert all such shares of Series E Preferred Stock or, if less than the entire amount thereof is to be converted, the portion thereof to be converted and (ii) if such Holder’s shares are certificated, surrender the certificate evidencing such share of Series E Preferred Stock, duly endorsed or assigned to the Corporation in blank, at such office or agency.  The Conversion Notice shall state such Holder’s name or the names of the nominees in which such Holder wishes the shares of Common Stock to be issued. Series E Preferred Stock shall be deemed to have been converted immediately prior to the close of business on the date of surrender of such shares of Series E Preferred Stock for conversion in accordance with the foregoing provisions (the “Conversion Time”), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such Conversion Time. As promptly as practicable on or after the Conversion Time, the Corporation shall (i) issue and shall deliver a certificate or certificates for the number of full shares of Common Stock issuable upon conversion (or a notice of such issuance if uncertificated shares are issued) and (ii) pay all declared but unpaid dividends on the shares of Series E Preferred Stock converted. In the case of any certificate evidencing shares of Series E Preferred Stock that is converted in part only, upon such conversion the Corporation shall also execute and deliver a new certificate evidencing the number of shares of Series E Preferred Stock that are not converted (or a notice of such issuance if uncertificated shares are issued).
(f) Effect of Conversion. All shares of Series E Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the Holders thereof to receive shares of Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon.
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(g) Notice of Adjustment of Conversion Price. Whenever the provisions of Section 6(d) require that the Conversion Price be adjusted as herein provided, the Corporation shall compute the adjusted Conversion Price in accordance with Section 6(d) and shall prepare a certificate signed by the Corporation’s chief executive officer or chief financial officer setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained for such purpose for conversion of shares of Series E Preferred Stock and mailed by the Corporation at its expense to all holders of Series E Preferred Stock at their last addresses as they shall appear in the stock register.
(h) Corporation to Reserve Common Stock. The Corporation shall at all times reserve and keep available, free from preemptive rights, out of the authorized but unissued Common Stock or out of the Common Stock held in treasury, for the purpose of effecting the conversion of Series E Preferred Stock, the full number of shares of Common Stock issuable upon the conversion of all outstanding shares of Series E Preferred Stock. Before taking any action that would cause an adjustment reducing the Conversion Price below the then par value (if any) of the shares of Common Stock deliverable upon conversion of the Series E Preferred Stock, the Corporation will take any corporate action that, in the opinion of its counsel, is necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common Stock at such adjusted Conversion Price.
(i) Taxes on Conversions. The Corporation will pay any and all original issuance, transfer, stamp and other similar taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Series E  Preferred Stock pursuant hereto. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the holder of the share(s) of Series E Preferred Stock to be converted (nor shall the Corporation be responsible for any other taxes payable by the holders of the Series E Preferred Stock), and no such issue or delivery shall be made unless and until the person requesting such issue has paid to the Corporation the amount of any such tax or has established to the satisfaction of the Corporation that such tax has been paid.
SECTION 7 Waiver. Notwithstanding anything to the contrary herein, any provisions of this Certificate of Designation may be waived on behalf of all of the holders of Series E Preferred Stock by the affirmative written consent or vote of the Requisite Holders.
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations, Preferences and Rights to be duly executed by its Chief Executive Officer, this 28th day of November 2022.
	By:
	/s/ Mark Iwicki

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	Name:
	Mark Iwicki

		Title:
	Chief Executive Officer

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