Document:

Exhibit 10.10

 

 

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

 

among

 

 

FORD CREDIT AUTO LEASE TRUST 2021-B,
 as Issuer

 

 

FORD MOTOR CREDIT COMPANY LLC,
 as Servicer

 

 

and

 

 

CLAYTON FIXED INCOME SERVICES LLC,
 as Asset Representations Reviewer

 

 

Dated as of September 1, 2021

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE I USAGE AND   DEFINITIONS
    	
1
    
	
Section 1.1.
    	
Usage and Definitions
    	
1
    
	
Section 1.2.
    	
Additional Definitions
    	
1
    
	
Section 1.3.
    	
Review Materials and   Test Definitions
    	
2
    
	
ARTICLE II ENGAGEMENT   OF ASSET REPRESENTATIONS REVIEWER
    	
2
    
	
Section 2.1.
    	
Engagement; Acceptance
    	
2
    
	
Section 2.2.
    	
Confirmation of Status
    	
2
    
	
ARTICLE III ASSET   REPRESENTATIONS REVIEW PROCESS
    	
3
    
	
Section 3.1.
    	
Review Notices
    	
3
    
	
Section 3.2.
    	
Identification of   Review Leases
    	
3
    
	
Section 3.3.
    	
Review Materials
    	
3
    
	
Section 3.4.
    	
Performance of Reviews
    	
3
    
	
Section 3.5.
    	
Review Reports
    	
4
    
	
Section 3.6.
    	
Review Representatives
    	
5
    
	
Section 3.7.
    	
Dispute Resolution
    	
5
    
	
Section 3.8.
    	
Limitations on Review   Obligations
    	
5
    
	
ARTICLE IV ASSET   REPRESENTATIONS REVIEWER
    	
6
    
	
Section 4.1.
    	
Representations and   Warranties
    	
6
    
	
Section 4.2.
    	
Covenants
    	
7
    
	
Section 4.3.
    	
Fees and Expenses
    	
7
    
	
Section 4.4.
    	
Limitation on Liability
    	
8
    
	
Section 4.5.
    	
Indemnification by   Asset Representations Reviewer
    	
8
    
	
Section 4.6.
    	
Indemnification of   Asset Representations Reviewer
    	
9
    
	
Section 4.7.
    	
Review of Asset   Representations Reviewer’s Records
    	
9
    
	
Section 4.8.
    	
Delegation of   Obligations
    	
10
    
	
Section 4.9.
    	
Confidential Information
    	
10
    
	
Section 4.10.
    	
Personally Identifiable   Information
    	
11
    
	
ARTICLE V RESIGNATION   AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
    	
13
    
	
Section 5.1.
    	
Eligibility   Requirements for Asset Representations Reviewer
    	
13
    
	
Section 5.2.
    	
Resignation and Removal   of Asset Representations Reviewer
    	
13
    
	
Section 5.3.
    	
Successor Asset   Representations Reviewer
    	
14
    
	
Section 5.4.
    	
Merger, Consolidation   or Succession
    	
14
    
	
ARTICLE VI OTHER   AGREEMENTS
    	
15
    
	
Section 6.1.
    	
Independence of Asset   Representations Reviewer
    	
15
    
	
Section 6.2.
    	
No Petition
    	
15
    
	
Section 6.3.
    	
Limitation of Liability   of Owner Trustee
    	
15
    
	
Section 6.4.
    	
Termination of   Agreement
    	
15
    
	
ARTICLE VII   MISCELLANEOUS PROVISIONS
    	
15
    
	
Section 7.1.
    	
Amendments
    	
15
    
	
Section 7.2.
    	
Assignment; Benefit of   Agreement; Third Party Beneficiaries
    	
16
    
	
Section 7.3.
    	
Notices
    	
16
    
	
Section 7.4.
    	
GOVERNING LAW
    	
17
    
	
Section 7.5.
    	
Submission to   Jurisdiction
    	
17
    
	
Section 7.6.
    	
WAIVER OF JURY TRIAL
    	
17
    
	
Section 7.7.
    	
No Waiver; Remedies
    	
17
    

 

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Section 7.8.
    	
Severability
    	
17
    
	
Section 7.9.
    	
Headings
    	
17
    
	
Section 7.10.
    	
Counterparts
    	
17
    

 

Schedule A – Review Materials

Schedule B – Representations and Warranties and Tests

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of September 1, 2021 (this “Agreement”), among FORD CREDIT AUTO LEASE TRUST 2021-B, a Delaware statutory trust, as Issuer, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer.

 

BACKGROUND

 

In the normal course of its business, the Titling Companies purchase leases and leased cars, light trucks and utility vehicles from motor vehicle dealers.

 

In connection with a securitization transaction sponsored by Ford Credit, the Titling Companies issued a 2021-B Exchange Note to Ford Credit that is secured by a 2021-B Reference Pool of Leases and Leased Vehicles.  Ford Credit sold the 2021-B Exchange Note to the Depositor, who sold it to the Issuer.

 

The Issuer has granted a security interest in the 2021-B Exchange Note to the Indenture Trustee, for the benefit of the Secured Parties, as security for the Notes issued by the Issuer under the Indenture.

 

The Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the representations and warranties made by Ford Credit and the Depositor about the Leases in the 2021-B Reference Pool.

 

The parties agree as follows.

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.                                 Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 2021-B Exchange Note Supplement, dated as of September 1, 2021 (the “Exchange Note Supplement”), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the “Credit and Security Agreement”), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement.  Appendix 1 and Appendix A also contain usage rules that apply to this Agreement.  Appendix 1 and Appendix A are incorporated by reference into this Agreement.

 

Section 1.2.                                 Additional Definitions.  The following terms have the meanings given below:

 

“Confidential Information” has the meaning stated in Section 4.9(b).

 

“Contract” has the meaning stated in Schedule A.

 

“Information Recipient” has the meaning stated in Section 4.9(a).

 

 

“Indemnified Parties” has the meaning stated in Section 4.6(a).

 

“Issuer PII” has the meaning stated in Section 4.10(a).

 

“Personally Identifiable Information” or “PII” has the meaning stated in Section 4.10(a).

 

“Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review Lease according to Section 3.4.

 

“Review Fee” has the meaning stated in Section 4.3(b).

 

“Review Materials” means, for a Review and a Review Lease, the documents and other materials listed in Schedule A, as applicable.

 

“Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.5.

 

“Test” has the meaning stated in Section 3.4(a).

 

“Test Complete” has the meaning stated in Section 3.4(c).

 

“Test Fail” has the meaning stated in Section 3.4(a).

 

“Test Pass” has the meaning stated in Section 3.4(a).

 

Section 1.3.                                 Review Materials and Test Definitions.  Capitalized terms or terms or phrases in quotation marks used in the Tests, if not defined in Appendix 1 to the Exchange Note Supplement, Appendix A to the Credit and Security Agreement or in this Agreement, including Schedule A to this Agreement, refer to sections, titles or terms in the Contract or other Review Materials.

 

ARTICLE II
 ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.                                 Engagement; Acceptance.  The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.  Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement.

 

Section 2.2.                                 Confirmation of Status.  The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Leases for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents.

 

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ARTICLE III
 ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.                                 Review Notices.  On receipt of a Review Notice from the Indenture Trustee according to Section 7.2 of the Indenture, the Asset Representations Reviewer will start a Review.  The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received.

 

Section 3.2.                                 Identification of Review Leases.  Within ten Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Review Leases.

 

Section 3.3.                                 Review Materials.

 

(a)                                 Access to Review Materials.  The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Review Leases within 60 days after receipt of the Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s receivables systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer where the Lease Files are located or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials for the Review.

 

(b)                                 Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review.  The Servicer will have 15 days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency.  If the missing Review Materials or other documents have not been provided by the Servicer within 15 days, the related Review Receivable will have a Test Fail for the Test or Tests that require use of the missing or insufficient Review Materials.  If the Contract for any Review Receivable is not provided or is illegible, the Asset Representations Reviewer will be unable to perform any Tests and the related Review Lease will have an overall Test Fail for all Tests.  In either of these cases, the Test or Tests will be considered completed and the Review Report will report a Test Fail for the related Review Lease or applicable representation or warranty and the reason for the Test Fail.

 

Section 3.4.                                 Performance of Reviews.

 

(a)                                 Test Procedures.  For a Review, the Asset Representations Reviewer will perform for each Review Lease the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”), using the Review Materials necessary to perform the procedures as stated in the Test.  For each Test and Review Lease, the Asset Representations Reviewer will

 

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determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).  If a Test or part of a Test cannot be performed for a Review Lease because the Test circumstances do not apply to the Review Lease, the Test will be considered to be satisfied and will be reported as a Test Pass.

 

(b)                                 Review Period.  The Asset Representations Reviewer will complete the Review of all of the Review Leases within 60 days after receiving access to the Review Materials under Section 3.3(a).  However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the Review period will be extended for an additional 30 days.

 

(c)                                  Completion of Review for Certain Review Leases.  Following the delivery of the list of the Review Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Lease is paid in full by the Lessee or reallocated from the 2021-B Reference Pool by the Sponsor, the Depositor or the Servicer according to the Transaction Documents.  If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such Lease and the Review of the Lease will be considered complete (a “Test Complete”).  In this case, the Asset Representations Reviewer will report a Test Complete for the Lease on the Review Report and the related reason.

 

(d)                                 Previously Reviewed Lease; Duplicative Tests.  If a Review Lease was included in a prior Review, the Asset Representations Reviewer will not perform any Tests on it, but will report the results of the previous Tests in the Review Report for the current Review and note that the results relate to a prior Review.  If the same Test is required for more than one representation or warranty listed on Schedule B, the Asset Representations Reviewer will only perform the Test once for each Review Lease but will report the results of the Test for each applicable representation and warranty on the Review Report.

 

(e)                                  Termination of Review.  If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date.  On receipt of notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

 

Section 3.5.                                 Review Reports.  Within five days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Sponsor, the Depositor, the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Review Lease was an overall Test Fail (for a missing or illegible Contract) or a Test Complete.  For each Test Fail, overall Test Fail or Test Complete, the Review Report will indicate the related reason.  The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII.  On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results.

 

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Section 3.6.                                 Review Representatives.

 

(a)                                 Servicer Representative.  The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about the Review Materials or Tests, access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

 

(b)                                 Asset Representations Reviewer Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of a Review.

 

(c)                                  Questions About Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Review Report.  The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from a Noteholder or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

 

Section 3.7.                                 Dispute Resolution.  If a Lease that was Reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.4 of the Exchange Note Sale Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.4 of the Exchange Note Sale Agreement.  However, if such expenses are not paid by a party to the dispute resolution within 90 days after the end of the proceeding, the expenses will be paid by the Issuer according to Section 4.3(d).

 

Section 3.8.                                 Limitations on Review Obligations.

 

(a)                                 Review Process Limitations.  The Asset Representations Reviewer is not obligated to:

 

(i)                                     determine whether a Delinquency Trigger has occurred or whether the required percentage of the Noteholders has voted to direct a Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee;

 

(ii)                                  determine which Leases are subject to a Review, and may rely on the lists of Review Leases provided by the Servicer;

 

(iii)                               obtain or confirm the validity of the Review Materials, and may rely on the accuracy and completeness of the Review Materials and will have no liability for any errors in the Review Materials;

 

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(iv)                              obtain missing or insufficient Review Materials from any party or any other source; or

 

(v)                                 take any action or cause any other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Review Leases.

 

(b)                                 Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule A, and will not be obligated to perform additional procedures on any Review Lease or to provide any information other than a Review Report.  However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Lease that it determines in good faith to be material to the Review.

 

ARTICLE IV
 ASSET REPRESENTATIONS REVIEWER

 

Section 4.1.                                 Representations and Warranties .  The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

 

(a)                                 Organization and Qualification.  The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware.  The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)                                 Power, Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors’ rights or by general equitable principles.

 

(c)                                  No Conflicts and No Violation.  The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Asset Representations Reviewer’s properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having

 

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jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)                                 No Proceedings.  To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

 

(e)                                  Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

 

Section 4.2.                                 Covenants.  The Asset Representations Reviewer covenants and agrees that:

 

(a)                                 Eligibility.  It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

 

(b)                                 Review Systems; Personnel.  It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Review Lease and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

 

(c)                                  Maintenance of Review Materials.  It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.

 

Section 4.3.                                 Fees and Expenses.

 

(a)                                 Annual Fee.  The Issuer will, or will cause the Administrator to, pay the Asset Representations Reviewer as compensation for acting as the Asset Representations Reviewer under this Agreement an annual fee separately agreed to by the Issuer and the Asset Representations Reviewer.  The annual fee will be paid as agreed by the Issuer and the Asset Representations Reviewer until this Agreement is terminated.

 

(b)                                 Review Fee.  Following the completion of a Review and the delivery to the Indenture Trustee of the Review Report, or the termination of a Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $175 for each Review Lease for which the Review was started (the

 

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“Review Fee”).  However, no Review Fee will be paid for any Review Lease which was included in a prior Review or for which no Tests were completed before the Asset Representations Reviewer received notice of termination of the Review according to Section 3.4(e) or due to missing or insufficient Review Materials under Section 3.3(b).  If a detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer starting on or before the Payment Date in that month.  However, if the Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

 

(c)                                  Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review on receipt of a detailed invoice.

 

(d)                                 Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses on receipt of a detailed invoice.

 

(e)                                  Payments by Issuer.  All amounts payable by the Issuer under this Section 4.3 will be payable according to the priority of payments in Section 8.2 of the Indenture.

 

Section 4.4.                                 Limitation on Liability.  The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.5.                                 Indemnification by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by that Person to enforce the indemnification obligations of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

 

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Section 4.6.                                 Indemnification of Asset Representations Reviewer.

 

(a)                                 Indemnification.  The Issuer will, or will cause the Administrator to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Issuer and the Administrator), but excluding any fee, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

 

(b)                                 Proceedings.  If an Indemnified Person receives notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), promptly notify the Issuer and the Administrator of the proceeding.  The Issuer or the Administrator may participate in and assume the defense and settlement of a proceeding at its expense.  If the Issuer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer or the Administrator assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer or the Administrator, as applicable, and an Indemnified Person.  If there is a conflict, the Issuer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a proceeding may be made without the approval of the Issuer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

 

(c)                                  Survival of Obligations.  The obligations of the Issuer and the Administrator under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)                                 Repayment.  If the Issuer or the Administrator makes a payment to an Indemnified Person under this Section 4.6 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer or the Administrator, as applicable.

 

Section 4.7.                                 Review of Asset Representations Reviewer’s Records.  The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer’s normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s or the Administrator’s

 

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representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees.  Any access and review will be subject to the Asset Representations Reviewer’s confidentiality and privacy policies.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

 

Section 4.8.                                 Delegation of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer.

 

Section 4.9.                                 Confidential Information.

 

(a)                                 Treatment.  The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an “Information Recipient”) other than for the purposes of performing Reviews of Review Leases or performing its obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by Ford Credit or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

 

(b)                                 Definition.  “Confidential Information” means oral, written and electronic materials (regardless of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

 

(i)                                     lists of Review Leases and any related Review Materials;

 

(ii)                                  origination and servicing guidelines, policies and procedures, and form contracts; and

 

(iii)                               notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives.

 

However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by an Information Recipient, (B) was available to, or becomes available to, an Information Recipient on a non-confidential basis from a Person or entity other than the Issuer or the Servicer before its disclosure to the Information Recipient who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information to the Information Recipient, (C) is independently developed by an Information Recipient without the use of the Confidential Information, as shown by the Information Recipient’s files

 

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and records or other evidence in its possession or (D) the Issuer or the Servicer gives permission to the Information Recipient to release.

 

(c)                                  Protection.  The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10.

 

(d)                                 Disclosure.  If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.  However, before a required disclosure, the Asset Representations Reviewer, if permitted by applicable law, regulation, rule or order, will use its reasonable efforts to notify the Issuer and the Servicer of the requirement and will cooperate, at the Servicer’s expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

(e)                                  Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients.

 

(f)                                   Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

 

Section 4.10.                          Personally Identifiable Information.

 

(a)                                 Definitions.  “Personally Identifiable Information” or “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.  “Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)                                 Use of Issuer PII.  The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any

 

11

 

legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Issuer PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards will include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (including intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

(c)                                  Additional Limitations.  In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

(i)                                     The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the consent of the Issuer or (C) as required by applicable law.  When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

 

(ii)                                  The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the consent of the Issuer.

 

(d)                                 Notice of Breach.  The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach.

 

(e)                                  Return or Disposal of Issuer PII.  Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer.  Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

 

(f)                                   Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations Reviewer’s

 

12

 

compliance with this Section 4.10.  The Asset Representations Reviewer and the Issuer agree to modify this Section 4.10 as necessary for either party to comply with applicable law.

 

(g)                                  Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.  The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7.  The Asset Representations Reviewer will also permit the Issuer during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

 

(h)                                 Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII related terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

ARTICLE V
 RESIGNATION AND REMOVAL;
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.                                 Eligibility Requirements for Asset Representations Reviewer.  The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee, the Delaware Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date.

 

Section 5.2.                                 Resignation and Removal of Asset Representations Reviewer.

 

(a)                                 No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law.  The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date, including an Opinion of Counsel supporting its determination.

 

(b)                                 Removal.  If any of the following events occur, the Issuer may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement by notifying the Asset Representations Reviewer:

 

13

 

(i)                                     the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)                                  the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

 

(iii)                               an Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)                                  Notice of Resignation or Removal.  The Issuer will notify the Servicer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

 

(d)                                 Continue to Perform After Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 5.3(b).

 

Section 5.3.                                 Successor Asset Representations Reviewer .

 

(a)                                 Engagement of Successor Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

(b)                                 Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement.

 

(c)                                  Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice in reasonable detail from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.                                 Merger, Consolidation or Succession.  Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the Asset Representations Reviewer’s business, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement.  Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

 

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ARTICLE VI
 OTHER AGREEMENTS

 

Section 6.1.                                 Independence of Asset Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless authorized by the Issuer or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer or the Owner Trustee.  Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.                                 No Petition.  Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will survive the termination of this Agreement.

 

Section 6.3.                                 Limitation of Liability of Owner Trustee .  This Agreement has been signed on behalf of the Issuer by The Bank of New York Mellon not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will The Bank of New York Mellon in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.                                 Termination of Agreement.  This Agreement will terminate on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE VII
 MISCELLANEOUS PROVISIONS

 

Section 7.1.                                 Amendments.

 

(a)                                 Amendments. The parties may amend this Agreement:

 

(i)                                     to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case, without the consent of the Noteholders or any other Person;

 

15

 

(ii)                                  to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

 

(iii)                               to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

 

(b)                                 Indenture Trustee Consent.  No amendment to this Agreement that could have a material adverse effect on the rights or responsibilities of the Indenture Trustee will be effective without the consent of the Indenture Trustee.

 

(c)                                  Notice of Amendments.  The Administrator will notify the Rating Agencies in advance of any amendment.  Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

 

Section 7.2.                                 Assignment; Benefit of Agreement; Third Party Beneficiaries.

 

(a)                                 Assignment.  Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer.

 

(b)                                 Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under this Agreement.

 

Section 7.3.                                 Notices.

 

(a)                                 Notices to Parties.  All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

 

(i)                                     for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

 

(ii)                                  for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)                               for an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

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(iv)                              for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

 

(b)                                 Notice Addresses.  A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other parties.

 

Section 7.4.                                 GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.5.                                 Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding has been brought in an inconvenient forum.

 

Section 7.6.                                 WAIVER OF JURY TRIAL.  EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

 

Section 7.7.                                 No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

 

Section 7.8.                                 Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.9.                                 Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.10.                          Counterparts.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

 

[Remainder of Page Left Blank]

 

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EXECUTED BY:

 

	
 
    	
FORD   CREDIT AUTO LEASE TRUST 2021-B,
    
	
 
    	
 
    	
as   Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
THE   BANK OF NEW YORK MELLON, not in its individual capacity, but solely as Owner   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   MOTOR CREDIT COMPANY LLC,
    
	
 
    	
 
    	
as   Servicer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Ryan   Hershberger
    
	
 
    	
 
    	
Title:
    	
Assistant   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CLAYTON   FIXED INCOME SERVICES LLC,
    
	
 
    	
 
    	
as   Asset Representations Reviewer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

[Signature Page to Asset Representations Review Agreement]

 

 

Schedule A

 

Review Materials

 

1.                                      A copy of the Lease File that includes the following documents, if applicable:

 

(a)                                 The motor vehicle lease agreement or similar document as amended that evidences the Lease.

 

(b)                                 The following documents related to the Lease (collectively, the “Amendments”):

 

(i)                                     Any correction notices to the Lease prior to the Cutoff Date, and

 

(ii)                                  Any modification agreements completed by the parties to the Lease prior to the Cutoff Date;

 

(c)                                  The certificate of title, motor vehicle lien statement, application for title, application for registration for motor vehicle, certificate of origin or manufacturer statement of origin for a vehicle, or other evidence (including eAtlas reporting for electronic titling states) showing the security interest in the Leased Vehicle (collectively, the “Title Documents”);

 

(d)                                 Proof of insurance;

 

(e)                                  Any ancillary documents for credit insurance, service contracts or other products and services (collectively, the “Ancillary Documents”);

 

(f)                                   Military orders; and

 

(g)                                  State specific documents related to the Lease.

 

2.                                      Copies of applicable Ford Credit procedures, as of the date of the Lease, including:

 

(a)                                 Ford Credit’s procedure listing approved lease forms as of the date of the Lease (the “List of Approved Contract Forms”);

 

(b)                                 Ford Credit’s procedure listing acceptable name variations of Ford Credit, Lincoln Automotive Financial Services, CAB East LLC, CAB West LLC, CABT and  HTD Leasing LLC (the “List of Acceptable Name Variations”); and

 

(c)                                  Ford Credit’s procedure listing approved providers and form numbers for credit insurance, service contracts and other products and services (the “List of Approved Products”).

 

SA-1

 

3.                                      A copy of the Red Carpet Lease Assignment with the Dealer that originated the Lease (the “Dealer Assignment”).

 

4.                                      Applicable screen prints from Ford Credit’s receivables systems.

 

SA-2

 

Schedule B

 

Representations and Warranties and Tests

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(a) –   Origination of Leases.    The Lease was originated by a Dealer in the United States and has a   garaging location in an Eligible State.    The Lease was originated by a Dealer for the retail lease of a Leased   Vehicle in the ordinary course of the Dealer’s business.  The Lease was signed by the parties to the   Lease.  The Lease was purchased by a   Titling Company qualified to hold the Lease and the related Leased Vehicle   and was validly assigned by the Dealer to that Titling Company.
    	
 
    	
Test   3.3(a) – 1: Dealer Address

 

Observe the address of   the Dealer on the Lease and confirm it is in the United States.

 

Test   3.3(a) – 2: Garaging Location

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the state in the   garaging address on the date of the Lease corresponds to the correct Titling   Company as stated in the applicable Ford Credit procedure.

 

Test   3.3(a) – 3: Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and the Lessee.

 

Test   3.3(a) – 4: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.

 

Test   3.3(a) – 5: Qualified Titling Company

 

Observe the Lease and   confirm the Titling Company identified as the Holder is qualified to do   business in the state of the Dealer’s address.

 

Test   3.3(a) – 6: Valid Assignment

 

Observe the Lease and   confirm the Dealer’s signature is present to assign the lease to a Titling   Company.

 

Test   3.3(a) – 7: Dealer Confirmation

 

Observe the Dealer name   on the Lease and confirm it matches the Dealer name on the Dealer Assignment.
    
	
Section 3.3(b) –   New Vehicle.  The   Leased Vehicle was a new car, light truck or utility vehicle according to the   Underwriting Procedures at the beginning of the related Lease.
    	
 
    	
Test   3.3(b) – 1: New Vehicle

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that the Leased   Vehicle is identified as “new” or “demo.”
    
	
Section 3.3(c) –   Monthly Payments.    The Lease (if not an Advance Payment Plan Lease) provides for monthly   payments in U.S. dollars in an amount equal to the sum of (i) a level   scheduled payment that provides a fixed internal rate of return and amortizes   the Adjusted Capitalized Cost stated in the Lease to the Contract Residual   Value of the related Leased Vehicle over the term of the Lease, plus   (ii) other fees and taxes on the Lease.
    	
 
    	
Test   3.3(c) – 1: Monthly Payments

 

Observe the Lease and   confirm it reflects monthly payments.

 

Test   3.3(c) – 2: U.S. Dollars

 

Observe the Lease and   confirm it is payable in U.S. dollars.

 

Test   3.3(c) – 3: Level Monthly Payments

 

Observe the Lease and   confirm it reflects a level scheduled payment.

 

Test   3.3(c) – 4: Rate of Return

 

Observe the Lease and   confirm the sum of “Depreciation and other Amortized Amounts” and “Rent   Charge” divided by “Lease Payments” equals “Base Payment.”

 

Test   3.3(c) – 5: Amortization

 

Observe the Lease and   confirm “Adjusted Capitalized Cost” minus the product of “Lease Payments”   multiplied by “Base Payment” minus “Rent Charge” equals “Residual Value.”
    

 

SB-1

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
 
    	
 
    	
Test 3.3(c) – 6:   Total Payment

 

Observe the Lease and   confirm “Base Payment” plus other fees and taxes equals “Total Payment.”
    
	
Section 3.3(d) –   Certificate of Title.    The Leased Vehicle was titled, or the Servicer has started procedures   that will result in the Leased Vehicle being titled in a manner acceptable to   the relevant governmental authority.
    	
 
    	
Test   3.3(d) – 1: Garaging Location

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the state in the   garaging address on the date of the Lease matches the state on the Title   Documents.

 

Observe the Title   Documents and confirm they reflect the Titling Company as stated in the   applicable Ford Credit procedure, using a name included in the List of   Acceptable Name Variations, as the Owner.

 

Test   3.3(d) – 2: Title Verification

 

Observe the Holder on   the Lease and confirm it matches the Owner on the Title Documents.

 

Observe the vehicle   identification number on the Lease and confirm it matches the vehicle   identification number on the Title Documents.
    
	
Section 3.3(e) –   No Government Lessee.    The Lease is not an obligation of the United States or a State or   local government or any agency, department, instrumentality or political   subdivision of the United States or a State or local government.
    	
 
    	
Test   3.3(e) – 1: No Government Lessee

 

Observe the Lease and   confirm the Leased Vehicle is leased for personal use or, if not, confirm the   Lessee is not a government Lessee.  If   the name of the Lessee contains a word indicating it may be a government   Lessee, use online sources to confirm the Lessee is a commercial business and   not a government Lessee.
    
	
Section 3.3(f) –   No Commercial Lessee.    The Lease is not a commercial lease contract, master lease contract or   fleet vehicle lease contract, but the Lease may have been entered by a   business entity and the Leased Vehicle may be used for commercial purposes.
    	
 
    	
Test   3.3(f) – 1: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.
    
	
Section 3.3(g) –   Insurance.  The Lease   requires the Lessee to have physical damage insurance covering the Leased   Vehicle.
    	
 
    	
Test   3.3(g) – 1: Insurance

 

Observe the Lease and   confirm it contains an agreement from the Lessee to insure against loss of or   risk to the Leased Vehicle.
    
	
Section 3.3(h) –   Compliance with Underwriting Procedures.  The Lease was underwritten according to the   Underwriting Procedures in effect at the time in all material respects.
    	
 
    	
Test   3.3(h) – 1: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.

 

Test   3.3(h) – 2: Leased Vehicle Description

 

Observe the Lease and   confirm the description of the Leased Vehicle, including the vehicle   identification number, year, make and model, new, used or demo, matches the   vehicle information for the Lease account in Ford Credit’s receivables   systems.

 

Observe each Ancillary   Document, if any, and confirm any information describing the Leased Vehicle   matches the corresponding information on the Lease.

 

Test   3.3(h) – 3: Fees and Additional Products

 

Observe the fees, if   any, included in the “Amounts Due At Lease Signing or Delivery” section of   the Lease and confirm they do not exceed the limits 
    

 

SB-2

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
 
    	
 
    	
stated in the   applicable Ford Credit procedure.

 

Observe the Lease and   confirm the amount the acquisition fee is the amount required by Ford Credit   procedure and, if it is an advance payment lease, confirm the acquisition fee   is listed in the “Amounts Due At Lease Signing or Delivery” section.

 

Observe the amount for   each additional product, if any, included in the “Itemization of Gross   Capitalized Cost” section of the Lease and confirm each amount does not   exceed the advance cap amount stated in the applicable Ford Credit procedure.

 

Test   3.3(h) – 4: Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and the Lessee.

 

Test   3.3(h) – 5: Insurance

 

Observe the insurance   section of the Lease and confirm the minimum limits meet the requirements as   stated in the applicable Ford Credit procedure.

Confirm the Lease File   contains proof of insurance as stated in the applicable Ford Credit   procedure.

 

Test   3.3(h) – 6: Dealer Confirmation

 

Observe the Lease and   confirm that the Dealer name matches the Dealer name on the Red Carpet Lease   Assignment.

 

Test   3.3(h) – 7: Additional Document Requirements

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that no additional   document requirements are indicated for origination or, if so, confirm all   required documents are in the Lease File.

 

Test   3.3(h) – 8: Notice to Co-Signer

 

Observe the Lease and   confirm the “Vehicle Use” is personal and if so, confirm if a “Notice to   Cosigner” document is required by the applicable Ford Credit procedure and if   so, confirm a signed and dated “Notice to Cosigner” document is in the Lease   File.

 

Test   3.3(h) – 9: Odometer Disclosure Statement

 

Observe the Odometer   Disclosure Statement and confirm it is completed and signed as stated in the   applicable Ford Credit procedure.

 

Test   3.3(h) – 10: Finance Company and Holder

 

Observe the Lease and   confirm the “Finance Company” and “Holder” section is completed as stated in   the applicable Ford Credit procedure.
    
	
Section 3.3(i) –   Valid Assignment.    The Lease was originated in, and is subject to the laws of, a   jurisdiction which permits the sale and assignment of the Lease and the   related Leased Vehicle to the Titling Company.  The terms of the Lease do not limit the   right of the owner of the Lease to sell the Lease.
    	
 
    	
Test   3.3(i) – 1: Lease Form

 

Observe the form number   and revision date on the Contract and confirm they are on the List of   Approved Contract Forms.
    
	
Section 3.3(j) –   Compliance with Law.    At the time it was originated, the Lease complied in all material   respects with all
    	
 
    	
Test   3.3(j) – 1: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.
    

 

SB-3

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
requirements of law in   effect at the time.
    	
 
    	
Test 3.3(j) – 2:   Legibility of Lease

 

Observe the Lease and   confirm all printed sections are legible and aligned on the correct line.

 

Test 3.3(j) – 3:   Additional Product Provider and Form

 

Observe the provider   name, form number and revision date on each Ancillary Document, if any, and   confirm they are on the List of Approved Products.

 

Test 3.3(j) – 4:   Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and the Lessee.

 

Test 3.3(j) – 5:   Total of Payments

 

Observe the “Total of   Payments” on the Lease. Calculate the “Total of Payments” using the “Amount   Due at Lease Signing or Delivery” plus “The total of Your monthly payment is”   minus “Your first monthly payment of” and confirm it matches “Total of   Payments.”

 

Test 3.3(j) – 6:   Payment Schedule

 

Observe the scheduled   due date on the Lease and confirm it follows the payment due date   requirements in the applicable Ford Credit procedure.

 

Test 3.3(j) – 7:   Tax Disclosure

 

Observe the Lease and   confirm the tax on capitalized cost reduction, if any, is disclosed as   required by Ford Credit procedure.

 

Test 3.3(j) – 8:   Gross Capitalized Cost

 

Observe the “Gross   capitalized cost” in the “Your payment is determined as shown below” section   of the Lease and confirm that it equals the “Total Gross Capitalized Cost” in   the “Itemization of Gross Capitalized Cost” section.

 

Test 3.3(j) – 9:   Adjusted Capitalized Cost

 

Observe the “Your   payment is determined as shown below” section of the Lease and confirm that   “Gross capitalized cost” minus “Capitalized cost reduction” equals “Adjusted   capitalized cost.”

 

Test 3.3(j) – 10:   Term

 

Observe the “Payments”   box on the Lease and confirm it matches the “Lease payments” in the “Your   payment is determined as shown below” section.

 

Test 3.3(j) – 11:   Total Miles Allowed

 

Observe the “Excess   Wear and Use” section of the Lease and confirm the price per mile and the   mileage lines are completed according to applicable Ford Credit procedure.

 

Test 3.3(j) – 12:   Warranty Disclosure

 

Observe the “Warranty”   disclosure box on the Lease and confirm it has been completed according to   applicable Ford Credit procedure.

 

Test 3.3(j) – 13:   Official Fees and Taxes Disclosure

 

Observe the “Official   Fees and Taxes” disclosure box on the Lease and confirm it has been competed   according to applicable Ford Credit procedure.

 

Test 3.3(j) – 14:   Equal Credit Opportunity Act - Origination

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm any comments at   origination do not conflict with the prohibited practices described in the applicable   Ford Credit procedure.
    

 

SB-4

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
 
    	
 
    	
Test 3.3(j) – 15:   State Disclosures; Contract Complete

 

Observe the Lease and   confirm all lines on the Lease are completed or properly left blank.

 

Test 3.3(j) – 16:   State-Specific Underwriting Requirements

 

Observe the state in   the address of the Dealer on the Lease.    If the state is listed below, perform the tests for the specific   state.

 

California

 

Observe the Lease and   confirm that it indicates it was negotiated primarily in English or, if it   indicates one of the other languages, confirm a completed translation of the   Lease in that language is in the Lease File.

 

Florida

 

Confirm a signed   “Customer-Dealer Registration Agreement” or a document identifying that the   Dealer used the actual registration amount is in the Lease file.

 

Illinois

 

Illinois-1-Sales Tax   Form

 

Confirm a completed   sales tax form is in the Lease File.

 

Illinois-2-Translation

 

Confirm there is no   translation acknowledgment form in the Lease File or, if so, confirm the form   is completed and signed.

 

Kansas

 

Observe the Lease and   confirm that no credit insurance was purchased or, if so, confirm the “Credit   Insurance Premium Refund Notice” is in the Lease File and the date of the   form is within ten days of the Lease purchase date.

 

New Jersey

 

Observe the Lease and   confirm the date the Lessee signed the Lease is at least one business day   after the date of the Lease or, if the dates are the same, confirm a  waiver signed by the Lessee is in the Lease   File.

 

New York

 

Confirm there is no   translation acknowledgment form in the Lease File or, if so, confirm the form   is completed and signed.

 

Ohio

 

Observe the Lease and   confirm that no credit insurance was purchased or, if so, confirm a completed   and signed “Notice of Optional Credit Insurance” is in the Lease File.
    

 

SB-5

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(k) –   Binding Obligation.    The Lease is on a form contract that includes rights and remedies   allowing the holder to enforce the obligation and realize on the Leased   Vehicle and represents the legal, valid and binding payment obligation of the   Lessee, enforceable in all material respects by the holder of the Lease,   except as may be limited by bankruptcy, insolvency, reorganization or other   similar laws relating to the enforcement of creditors’ rights or by general   equitable principles and consumer financial protection laws.
    	
 
    	
Test   3.3(k) – 1: Lease Form

 

Observe the form number   and revision date on the Contract and confirm they are on the List of   Approved Contract Forms.
    
	
Section 3.3(l) –   Security Interest in Leased Vehicle.  The Collateral Agent has, or the Servicer   has started procedures that will result in the Collateral Agent having, a   perfected, first-priority security interest in the Leased Vehicle, which   security interest was validly created.
    	
 
    	
Test   3.3(l) – 1: Security Interest in Lease Vehicle

 

Observe the Title   Documents and confirm they show HTD Leasing LLC, using a name included in the   List of Acceptable Name Variations, as the first lienholder.

 

Observe the vehicle   identification number on the Lease and confirm it matches the vehicle   identification number on the Title Documents.
    
	
Section 3.3(m) –   Good Title to Lease and Leased Vehicle.  The applicable Titling Company has good   title, or the Servicer has started procedures that will result in good title,   to the Lease and Leased Vehicle, free and clear of Liens other than Permitted   Liens.
    	
 
    	
Test   3.3(m) – 1: Garaging Location

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the state in the   garaging address on the date of the Lease matches the state on the Title   Documents.

 

Observe the Title   Documents and confirm they reflect the Titling Company as stated in the   applicable Ford Credit procedure, using a name included in the List of   Acceptable Name Variations, as the Owner.

 

Test   3.3(m) – 2: Valid Assignment

 

Observe the Lease and   confirm the Dealer signature is present to assign the lease to the applicable   Titling Company.
    
	
Section 3.3(n) –   Chattel Paper.  The   Lease is either “tangible chattel paper” or “electronic chattel paper” within   the meaning of the applicable UCC and there is only one original   authenticated copy of the Lease.
    	
 
    	
Test   3.3(n) – 1: Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and Lessee.

 

Test   3.3(n) – 2: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.

 

Test   3.3(n) – 3: One Original

 

Observe the Lease and   confirm it is an electronic contract or, if not, confirm it states “original”   above the ply description line.
    

 

SB-6

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(o) –   Servicing.  The Lease   was serviced in compliance with law and the Servicing Procedures in all   material respects from the time it was originated to the Cutoff Date.
    	
 
    	
Test   3.3(o) – 1: Credit Bureau Reporting

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the number of days,   if any, the Lease account was past due for each month preceding the Cutoff   Date matches the information reported to the credit bureaus for the Lease   account.

 

Test   3.3(o) – 2: Lessee Complaints

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that   “Complaints/Feedback” is not indicated for the Lease account as of the Cutoff   Date or, if so, confirm that the documentation indicated in Ford Credit’s   receivables systems related to the complaint follows the applicable Ford   Credit procedures.

 

Test   3.3(o) – 3: Equal Credit Opportunity Act - Servicing

 

Observe the customer   service notes, if any, for the Lease account in Ford Credit’s receivables   systems and confirm any comments do not conflict with the prohibited   practices described in the applicable Ford Credit procedure.

 

Test   3.3(o) – 4: Servicemembers Civil Relief Act

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that Servicemembers   Civil Relief Act is not indicated for the Lease account as of the Cutoff Date   or, if so and if military orders are in the Lease File, confirm the lease   factor for the Lease account indicated in Ford Credit’s receivables systems   is less than or equal to 4.25%.
    
	
Section 3.3(p) –   No Bankruptcy.  As of   the Cutoff Date, the Sponsor’s receivables systems do not indicate that the   Lessee on the Lease is a debtor in a bankruptcy proceeding.
    	
 
    	
Test   3.3(p) – 1: No Bankruptcy

 

Observe the Lease account   in Ford Credit’s receivables systems as of the Cutoff Date and confirm the   “Bankrupt” field is blank.
    
	
Section 3.3(q) –   Leases in Force.  As   of the Cutoff Date, neither the Sponsor’s receivables systems nor the Lease   File indicate that the Lease (i) was a Terminating Lease or a Closed   Lease or (ii) was satisfied, subordinated, rescinded, cancelled or   terminated.
    	
 
    	
Test   3.3(q) – 1: Terminating Lease or Closed Lease

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm it was not a   Terminating Lease or a Closed Lease.

 

Test   3.3(q) – 2: Leases in Force

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm it was an active   account on the Cutoff Date.
    
	
Section 3.3(r) –   No Amendments or Modifications.  No material term of the Lease has been   affirmatively amended or modified (other than the assessment of a security   deposit or a Payment Extension Fee or the payment of any other amount that   would be a Lease Administration Amount, or a default relating to failure by the   related Lessee to pay any such amount), except amendments and modifications   indicated in the Sponsor’s receivables systems or in the Lease File.
    	
 
    	
Test   3.3(r) – 1: No Amendments

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm a “Substitution   Agreement” and/or “Transfer of Lease” account message is not indicated or, if   so, confirm a substitution agreement and/or transfer agreement is in the   Lease File.
    

 

SB-7

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(s) –   No Extensions.  As of   the Cutoff Date, the Lease was not amended to extend the due date for any   payment, other than Payment Extensions totaling no more than three months, as   recorded in the Sponsor’s receivables systems and in the Lease File.
    	
 
    	
Test   3.3(s) – 1: No Extensions

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the Lease was not   extended more than three months as of the Cutoff Date.
    
	
Section 3.3(t) –   No Defenses.  There   is no right of rescission, setoff, counterclaim or defense asserted or   threatened against the Lease indicated in the Sponsor’s receivables systems   or in the Lease File.
    	
 
    	
Test   3.3(t) – 1: No Defenses

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm there are no   “Litigation Pending,” “Attorney Representation” and/or “Second Lien” account   messages or, if so, confirm the account message(s) were not present as   of the Cutoff Date.
    
	
Section 3.3(u) –   No Payment Default.    Except for a payment that is not more than 30 days Delinquent as of   the Cutoff Date, no payment default exists on the Lease.
    	
 
    	
Test   3.3(u) – 1: No Payment Default

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the Lease was not   more than 30 days Delinquent as of the Cutoff Date.
    
	
Section 3.3(v) –   Maturity of Leases.    The Lease has a Scheduled Lease End Date of not greater than 48 months   from the date of the Lease.
    	
 
    	
Test   3.3(v) – 1: Maturity of Leases

 

Observe the “Lease Term   in Months” on the Lease and confirm it is not greater than 48.
    

 

SB-8EX-4.3

 Exhibit 4.3 

EXECUTED VERSION 
 FI N°
91322 
 FI N° 92632 
 Serapis
N° 2019-0497 
 DATED August 20, 2020 

SPIRE (EGFF) 

SPIRE GLOBAL, INC. 

as the Company 

AND 

THE EUROPEAN INVESTMENT BANK 

as the Original Warrantholder 

WARRANT AGREEMENT 

							
	Contents	  	 	  	 	 
			
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	1	 
			
	2.	  	THE WARRANTS	  	 	8	 
			
	3.	  	EVENTS	  	 	10	 
			
	4.	  	WARRANT SETTLEMENT	  	 	11	 
			
	5.	  	WARRANTHOLDER RIGHTS	  	 	12	 
			
	6.	  	ISSUE OF WARRANT SHARES	  	 	15	 
			
	7.	  	REPRESENTATIONS AND UNDERTAKINGS	  	 	15	 
			
	8.	  	WINDING UP OF THE COMPANY	  	 	17	 
			
	9.	  	TERMINATION	  	 	18	 
			
	10.	  	INTEREST ON OVERDUE SUMS; PAYMENTS	  	 	18	 
			
	11.	  	ASSIGNMENT AND JOINDER AGREEMENT	  	 	18	 
			
	12.	  	BUSINESS DAYS	  	 	19	 
			
	13.	  	AMENDMENT	  	 	19	 
			
	14.	  	WAIVER	  	 	19	 
			
	15.	  	RIGHTS AND REMEDIES ARE CUMULATIVE	  	 	20	 
			
	16.	  	INVALIDITY	  	 	20	 
			
	17.	  	NO PARTNERSHIP	  	 	20	 
			
	18.	  	NOTICES	  	 	20	 
			
	19.	  	COSTS	  	 	21	 
			
	20.	  	TAXES, DUTIES AND FEES	  	 	21	 
			
	21.	  	EUR	  	 	21	 
			
	22.	  	SET-OFF	  	 	21	 
			
	23.	  	COUNTERPARTS	  	 	22	 
			
	24.	  	FURTHER ASSURANCE	  	 	22	 
			
	25.	  	THIRD PARTY RIGHTS	  	 	22	 
			
	26.	  	ENTIRE AGREEMENT	  	 	22	 
			
	27.	  	GOVERNING LAW; JURISDICTION; WAIVER OF TRIAL BY JURY	  	 	22	 

							
			
	Schedule 1	  	 Shareholders
	  	 	23	 
			
	Schedule 2	  	 Form of Warrants Certificate
	  	 	24	 
			
	Schedule 3	  	 Warrantholder’s Notice of Cancellation
	  	 	2	 
		
	Annex Supporting Calculations	  	 	3	 
			
	Schedule 4	  	 Expert Determination
	  	 	4	 
			
	Schedule 5	  	 Joinder Agreement
	  	 	6	 
			
	Schedule 6	  	 Capitalization Table
	  	 	8	 
			
	Exhibit A	  	 Articles
	  	 	32	 

  
 - i - 

 THIS WARRANT AGREEMENT (this
“Agreement”) is dated August 20, 2020 
 BETWEEN: 

 

	(1)	 Spire Global, Inc., a corporation incorporated under the laws of Delaware (the “Company”); and

  

	(2)	 The European Investment Bank, having its seat at 98-100 Boulevard Konrad Adenauer, L-2950 Luxembourg
(the “Original Warrantholder”). 

 WHEREAS: 

 

	(A)	 The Company is an unlisted corporation. 

 

	(B)	 The Original Warrantholder has agreed to provide a loan facility to the Borrower pursuant to the Finance
Contract and entry into this Agreement is a condition precedent to disbursement of Tranches associated with Facility A and Facility B under the Finance Contract. 

 

	(C)	 The Company has agreed to grant the Original Warrantholder certain rights to subscribe for shares in the
Company. 

  

	(D)	 The Company has agreed to take all actions available to it and its corporate bodies (including passing all
necessary Shareholder and other corporate resolutions) to enable the Company to grant such rights and to issue such Shares as set out in this Agreement. 

IT IS AGREED as follows: 

 

	 	1.	 DEFINITIONS AND INTERPRETATION

  

	1.1	 In this Agreement: 

“Adjustment Event” means the issue of any convertible securities or warrants or other issue of Shares by the Company (other
than the issuance of Carve Out Stock or the issuance of convertible securities or warrants convertible into or exercisable for Carve Out Stock). 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company. 
 “Applicable Law” means all applicable law and regulation which is binding on the
Company. 
 “Articles” means the Amended and Restated Certificate of Incorporation of the Company in the form attached
hereto as Exhibit A. 
 “Bankruptcy or Insolvency Event” means of any of the following: (i) the admission
by the Company or Borrower of its inability to pay its debts when and as they become due; (ii) the execution by the Company or Borrower of a general assignment for the benefit of creditors; (iii) the filing by or against the Company or
Borrower of a petition in bankruptcy or any petition for relief under any bankruptcy, insolvency, or debtor’s relief law, or, in the case of any involuntary filing of a petition against the Company or Borrower, the continuation of such petition
without dismissal for a period of sixty (60) days or more; (iv) the appointment of a receiver or trustee to take possession of the property or assets of the Company or Borrower; (v) any action to liquidate, dissolve, transfer, or wind
up the business of the Company or Borrower under any applicable law; or (vi) any other corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium of any indebtedness,
dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) under any applicable law. 

  
 - 1 - 

 “Borrower” means the Borrower under the Finance Contract, Spire Global
Luxembourg S.à.r.l., a company incorporated in Luxembourg and a wholly owned Subsidiary of the Company. 
 “Business
Day” means a day (other than a Saturday or Sunday) on which the Original Warrantholder and commercial banks are open for general business in Luxembourg and New York. 

“Carve Out Stock” has the meaning set out in the Articles. 

“Change-of-Control Event” means: 
  

	 	(a)	 any person or group of persons acting in concert gains Control of the Borrower or the Company or of any entity
directly or ultimately Controlling the Borrower or the Company; 

  

	 	(b)	 the Majority Shareholders (as defined in the Finance Contract) cease to control the Company and the Borrower,
or be the beneficial owner directly or indirectly through wholly owned subsidiaries of more than 50% (fifty per cent) of the issued share capital of the Company and the Borrower; or 

 

	 	(c)	 the Company ceases to control 100% (one hundred per cent) of the issued capital of the Borrower.

 “Common Shares” means the shares of common stock of the Company, par value $0.0001 per share. 

“Company Share Sale” means a sale, assignment, transfer or other disposal of all (or substantially all) of the issued share
capital in the Company. 
 “Completion” means the issuance of Warrants in favor of the Original Warrantholder and the
subscription by the Original Warrantholder of the Warrants. 
 “Control” means the power to direct the management and
policies of an entity, whether through the ownership of voting capital, by contract or otherwise, and, for the avoidance of doubt, owning more than 50% (fifty per cent) of the shares of an entity would constitute Control.
“Controlling” has the corresponding meaning. 
 “Debt Repayment Event” means a prepayment or repayment of
any principal amount due in respect of a Loan, whether on a voluntary or compulsory basis. 
 “Directors” or “Board
of Directors” means the directors or the board of directors of the Company from time to time. 
 “Distribution”
means any dividend, distribution, payment or benefit of any kind given by the Company to its Shareholders (in their capacity as shareholders) after the date of this Agreement of its assets, profits, reserves or capital. 

“Encumbrance” means any encumbrance, debenture, mortgage, blocking order, court decision, court order, leases, subleases,
preliminary agreements on the conclusion of subleases, arrest, execution order, order preventing the sale of any assets, charge, pledge, lien, restriction, assignment, hypothecation, security interest, title retention or any other agreement or
arrangement the effect of which is the creation of security, or any other interest, equity or other right of any person (including any right to acquire, option, right of first refusal or right of pre-emption), or any agreement or arrangement to
create any of the same. 
 “EUR” means the lawful currency of the Member States of the European Union which adopt or have
adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties. 

  
 - 2 - 

 “Event” means: 

 

	 	(a)	 an Exit; 

  

	 	(b)	 a Change-of-Control Event; 

 

	 	(c)	 a Debt Repayment Event; or 

 

	 	(d)	 the service by the Original Warrantholder on the Borrower of an Event of Default Repayment Demand.

  

	 	“Event	 Date” means the date on which any Event occurs, being the first of: 

 

	 	(a)	 in case of an Exit: 

  

	 	(i)	 the date on which any of the relevant shares are admitted to trading in connection with a Listing; or

  

	 	(ii)	 the date on which a Sale is consummated; 

 

	 	(b)	 the date on which a Change-of-Control Event occurs; 

 

	 	(c)	 the date on which a Debt Repayment Event occurs; and 

 

	 	(d)	 the date on which the Original Warrantholder serves on the Borrower an Event of Default Repayment Demand.

 “Event Notification” means a written notice from the Company to the Warrantholder informing it of the
occurrence of an Event or that it anticipates an Event is reasonably likely to occur, and which sets out: 
  

	 	(a)	 details of the Event or anticipated Event; 

 

	 	(b)	 the Event Date or, in respect of an anticipated Event, the expected Event Date; and 

 

	 	(c)	 such other information the Company reasonably believes is material to the Warrantholder, including all such
information as may reasonably be required by the Warrantholder in order for the Warrantholder to calculate the Fair Market Value of the Warrants and the Warrant Shares. 

“Event of Default Repayment Demand” means a written demand by the Original Warrantholder on the Borrower for repayment of all
or part of an outstanding Loan pursuant to Article 9 (Events of Default) of the Finance Contract. 
 “Exit” means:

  

	 	(a)	 a Listing; or 

  

	 	(b)	 a Sale. 

“Expert” means an expert appointed in accordance with Schedule 4 (Expert Determination). 

“Facility A Maturity Date” means the fifth (5th) anniversary of the
disbursement of the Tranche associated with Facility A under the Finance Contract. 

  
 - 3 - 

 “Fair Market Value” means the value of a Warrant or a Warrant Share as
determined in accordance with the valuation principles set out in paragraph 3 (Basis of Valuation) of Schedule 4 (Expert Determination) (for the avoidance of doubt, such principles will apply regardless of whether the valuation is
being determined by the Warrantholder, the Company or the Expert as contemplated by any provision of this Agreement). 
 “Final
Availability Date” has the meaning set out in the Finance Contract. 
 “Finance Contract” means the finance
contract (governed by the laws of Luxembourg) dated on or about 24 July 2020, by and among the Company, the Borrower, and the Original Warrantholder, as lender, pursuant to which a loan facility of up to EUR 20,000,000 guaranteed by the
Company, is made available. 
 “First Refusal Agreement” means the Amended and Restated First Refusal and Co-Sale Agreement,
by and among the Company, and the investors and common holders, each as defined therein, dated as of 17 August 2017. 
 “Fully
Diluted Share Capital” means, as at the relevant date, the aggregate of: 
  

	 	(a)	 all issued and outstanding Shares; and 

 

	 	(b)	 all Shares capable of being issued and outstanding by the Company pursuant to the exercise in full of all
outstanding rights (whether or not contingent and assuming full performance of any performance-linked rights) to subscribe for or convert into Shares (including under this Agreement). 

“Group” means the Company or any of its Subsidiaries, taken together as a whole. 

“Group Asset Sale” means a sale, assignment, transfer or other disposal of all (or substantially all) of the assets and
undertakings of the Group. 
 “Holding Company” means, in relation to a person, any entity in respect of which that person
is a Subsidiary. 
 “Intercreditor Agreement” means an intercreditor agreement in form and substance satisfactory to the
Original Warrantholder, entered or to be entered into by and among Silicon Valley Bank, the Borrower, the Company and the Original Warrantholder. 

“Investors’ Rights Agreement” means the Amended and Restated Investors’ Rights Agreement among the Company, and the
Shareholders listed on the schedules thereto, entered into on 17 August 2017, as amended from time to time. 
 “Joinder
Agreement” means a joinder agreement to this Agreement in substantially the form set out in Schedule 5 (Joinder Agreement). 

“Lead Organization” means the European Union, the United Nations, the International Monetary Fund, the Financial Stability
Board, the Financial Action Task Force and the Organization for Economic Cooperation and Development. 
 “Listing” means the
admission of: 
  

	 	(a)	 any Shares (or the shares in any company or vehicle created by the Shareholders for such purposes); or

  

	 	(b)	 any shares of the Shareholders or any Holding Company of the Company (or the shares in any company created by
the holders of the first mentioned shares for such purposes), to trading on any recognised investment exchange. 

  
 - 4 - 

 “Loan” has the meaning set out in the Finance Contract. 

“Objection Period” means 15 Business Days from delivery of the draft Warrantholder’s Notice of Cancellation. 

“Obligor” means the Company. 

“Party” means a party to this Agreement. 

“Put Option” means the Original Warrantholder’s right (but not the obligation) to require the Company to cancel or
purchase any Warrant in consideration of the payment by the Company to the Warrantholder of the Termination Fee, exercisable one time at any time and in the Original Warrantholder’s sole discretion following the occurrence of an Event
(including, for the avoidance of doubt, at any time after the Facility A Maturity Date). 
 “Recipient” means the recipient
detailed in the relevant Warrant Exercise Notice. 
 “Sale” means: 

 

	 	(a)	 a Group Asset Sale; or 

 

	 	(b)	 a Company Share Sale. 

“Shareholder” means any person or entity holding, at any time, Shares, which at the date of this Agreement are the holders of
the issued and outstanding Shares of the Company listed on Schedule 1 (Shareholders) hereto. 
 “Shares” means the
issued shares of any class in the share capital of the Company or, as applicable, shares of any class in the share capital of the Company to be issued, at any given point in time. 

“Strike Price” means $0.0001 for each Warrant Share. 

“Subsidiary” means in relation to a person, an entity over which that person has direct or indirect Control or in respect of
which such person owns directly or indirectly more than 50% (fifty per cent.) of the voting capital or similar right of ownership. 

“Supporting Calculations” means the basis of calculation, assumptions and working papers used to determine the Fair Market
Value of any Warrant or Warrant Share. 
 “Termination Fee” means the fee payable by the Company to the Warrantholder
following the delivery of the Warrantholder’s Notice of Cancellation, being an amount equal to the lesser of (a) the Fair Market Value of that Warrant, and (b) EUR 10,000,000 for the Warrants issued in connection with Facility A under
the Finance Contract, and EUR 10,000,000 for the Warrants issued in connection with Facility B under the Finance Contract; provided that the Warrantholder may keep, or without restriction sell, transfer, or exercise Warrants representing the amount
of Fair Market Value in excess of EUR 10,000,000 for the Warrants issued in connection with Facility A under the Finance Contract, and EUR 10,000,000 for the Warrants issued in connection with Facility B under the Finance Contract. 

“Tranche” has the meaning set out in the Finance Contract. 

“USD” means United States Dollars, the lawful currency of the United States of America. 

  
 - 5 - 

 “Warrant Exercise Notice” means a notice in writing informing the Company
of the Warrantholder’s exercise of its rights under any or all of the Warrants then outstanding and exercisable, setting out the full name and address of each Recipient to whom the Warrantholder wishes to have the Warrant Shares issued in
accordance with the terms of this Agreement, and being accompanied by: 
  

	 	(a)	 a remittance to the Company for the total Strike Price for the relevant number of Warrant Shares; or

  

	 	(b)	 (in the case of the Original Warrantholder) a written direction from the Original Warrantholder to the Company
to apply any sums due and owing by the Company to the Original Warrantholder under the Finance Contract in satisfaction of a corresponding amount of the Warrantholder’s liability to pay the Strike Price for the relevant number of Warrant
Shares. 

 “Warrant Sale” means, in relation to any Warrant: 

 

	 	(a)	 a sale, assignment, transfer or other disposal of that Warrant by the Warrantholder to any person or persons
selected by the Warrantholder in accordance with and as contemplated by clause 11.4 (Assignment and Joinder Agreement); or 

  

	 	(b)	 the exercise of that Warrant by the Warrantholder where the Warrantholder nominates a person (other than the
Warrantholder or one of its Affiliates) to whom the corresponding Warrant Share is to be directly issued. 

“Warrant Sale Option” means the right of the Warrantholder to carry out a Warrant Sale in relation to a Warrant. 

“Warrant Share” means each Common Share to be issued upon the exercise of a Warrant. 

“Warrantholder” means: 
  

	 	(a)	 the Original Warrantholder; and 

 

	 	(b)	 any person or persons to whom any Warrant (and any related rights) is at any time sold, assigned, transferred
or otherwise disposed pursuant to clause 11.4 (Assignment and Joinder Agreement), 

 and only for so long as each of
the foregoing holds any Warrant (and any related rights). 
 “Warrantholder’s Notice of Cancellation” means a notice of
cancellation served by the Warrantholder on the Company in substantially the form set out in Schedule 3 (Warrantholder’s Notice of Cancellation). 

“Warrants” means the right (but not the obligation) to subscribe for Warrant Shares pursuant to the terms of this Warrant
Agreement. 
 “Warrants Certificate” means each of the physical certificates, duly signed by an authorized signatory, issued
by the Company and registered on its books representing the Warrants issued pursuant to paragraph 2.1(b)(i), in each case substantially in the form set out in Schedule 2 (Warrants Certificate). 

  
 - 6 - 

	1.2	 Interpretation 

Unless a contrary indication appears, a reference in this Agreement: 
  

	 	(a)	 to this Agreement or any other agreement or instrument is a reference to this Agreement or other agreement or
instrument as amended, novated, supplemented, extended or restated at any time; 

  

	 	(b)	 to clause, paragraph or schedule is, unless stated otherwise, a reference to a clause or paragraph of, or
schedule to, this Agreement; 

  

	 	(c)	 in a clause or schedule to a paragraph is, unless otherwise stated, a reference to a paragraph in that clause
or schedule, where that schedule is split into parts, a reference to a paragraph in that part of that schedule; 

  

	 	(d)	 to a statute or statutory provision includes a reference to any subordinate legislation and is a reference to:

  

	 	(i)	 that statute, statutory provision or subordinate legislation as modified, consolidated, superseded, re-enacted,
re-numbered, or replaced (whether with or without modification) from time to time after the date of this Agreement; and 

  

	 	(ii)	 any statute, statutory provision or subordinate legislation which it consolidates, supersedes, re-enacts or
replaces (whether with or without modification); 

  

	 	(e)	 to a “person” includes any individual, company, corporation, firm, partnership, joint venture,
association, state, state agency, institution, foundation or trust (whether or not having a separate legal personality); 

  

	 	(f)	 to a Party will be deemed to be a reference to any successor to such Party or to any person or persons to whom
that Party assigns or otherwise transfers any or its rights and/or obligations under this Agreement in accordance with this Agreement; 

  

	 	(g)	 to the Warrantholder in the context of any Warrant or related Warrant Share means the person or persons within
the definition of “Warrantholder” who at that time holds or hold that Warrant; 

  

	 	(h)	 to one gender is a reference to all or any genders, and references to the singular include the plural and vice
versa; 

  

	 	(i)	 to a legal term for a legal document, court, judicial process, action, remedy, legal status, official or any
other legal concept or thing which is specific to a particular jurisdiction shall, in respect of any other jurisdiction, be deemed to be a reference to whatever most closely equates to that legal term in the relevant jurisdiction; and

  

	 	(j)	 to “including” or “includes” does not limit the scope of the meaning of the
words preceding it but shall be taken as meaning “including without limitation” or “includes without limitation”. 

  

	1.3	 The schedules form part of this Agreement and a reference to “this Agreement” includes its
schedules. 

  

	1.4	 The recitals, index and headings in this Agreement do not affect its interpretation. 

 

	1.5	 Notwithstanding any provision to the contrary in this Agreement: 

 

	 	(a)	 this Agreement is subject to, has the benefit of and shall be read in accordance with the terms of the
Intercreditor Agreement; and 

  
 - 7 - 

	 	(b)	 the terms of the Intercreditor Agreement will prevail if there is a conflict between the terms of this
Agreement and the terms of the Intercreditor Agreement. 

  

	 	2.	 THE WARRANTS 

 

	2.1	 Issuance of the Warrants 

 

	 	(a)	 Before Completion: 

  

	 	(i)	 the Board of Directors must approve the board resolution, in form and substance satisfactory to the Original
Warrantholder, which resolves, among other matters, to issue the Warrants to the Original Warrantholder, and to amend the Articles so as to increase the Company’s authorized shares, if necessary, to be issued pursuant to the terms of this
Agreement; and 

  

	 	(ii)	 if necessary, the Company will cause the required Shareholders to approve a shareholder resolution, in form and
substance satisfactory to the Original Warrantholder, which resolves, among other matters amend the Articles to increase the number of authorized shares in relation to the subscription of the Warrants by the Warrantholder and of the issue and
subscription by the Original Warrantholder of the Warrant Shares pursuant to the terms of this Agreement. 

  

	 	(b)	 On Completion: 

  

	 	(i)	 the Company undertakes to issue to the Original Warrantholder the Warrants, exercisable at any time following
issuance, on the terms and subject to the conditions set out in this Agreement and which shall entitle the Original Warrantholder to subscribe for, subject to clause 2.3 (Anti-dilution), (i) such number of Warrant Shares representing
454,899 (as adjusted for stock splits, stock dividends, combinations, reclassifications, and the like) of the Company’s Common Shares, which comprise 1% of the Fully Diluted Share Capital of the Company (after taking into account the issuance
of the Warrants) as of the date of this Agreement, issued in connection with Facility A under the Finance Contract, and (ii) such number of Warrant Shares (as adjusted for stock splits, stock dividends, combinations, reclassifications, and the
like) of the Company’s Common Shares which comprise 1% of the Fully Diluted Share Capital of the Company (after taking into account the issuance of the Warrants) as of the date of this Agreement, issued in connection with Facility B under the
Finance Contract; and 

  

	 	(ii)	 the Company shall deliver an original copy of the Warrants Certificate in respect of the Warrants.

  

	 	(c)	 The Warrants will have the following main features: 

 

	 	(i)	 one Warrant entitles the Warrantholder to one Warrant Share; 

 

	 	(ii)	 the Warrants may be exercised for the Strike Price at any time following issuance; and 

 

	 	(iii)	 the Warrant term is indefinite; 

 

	 	(iv)	 the Warrants shall be issued free from Encumbrances and from pre-emptive rights of the Shareholders.

  
 - 8 - 

	 	(d)	 The Warrant Shares issued pursuant to the exercise of the Warrants shall: 

 

	 	(i)	 be credited as fully paid; 

 

	 	(ii)	 rank at least pari passu in all respects, from the effective date of issue, with the Company’s
Common Shares in issue at such date; 

  

	 	(iii)	 be entitled to all dividends and distributions; and 

 

	 	(iv)	 otherwise have the same rights and privileges as the Company’s Common Shares set out in the Articles.

  

	 	(e)	 For the avoidance of any doubt, the Warrants shall be issued and delivered to the Warrantholder prior to the
disbursement of any funds in connection with Facility A and Facility B under the Finance Contract. 

  

	2.2	 Fractional entitlements 

If the number of Warrants to be exercisable to the Warrantholder would result in a fraction of a Warrant, the number of Warrants to be issued
shall be rounded up to the nearest whole number. 
  

	2.3	 Anti-dilution 

 

	 	(a)	 The Company must notify the Warrantholder of any Adjustment Event. 

 

	 	(b)	 If the Company consummates an Adjustment Event that occurs at a pre-money valuation below USD 320,000,000 (the
“Dilutive Issuance”), the number of Warrant Shares shall be proportionally adjusted, at no additional cost to the Warrantholder, such that the Company’s Common Shares (on an as-converted basis) issuable upon the exercise of the
Warrant are sufficient to maintain the Warrantholder’s ownership percentage of 2% of the Company’s Fully Diluted Share Capital, with 1% issued in connection with Facility A under the Finance Contract, and 1% issued in connection with
Facility B under the Finance Contract (the “Warrant Adjustment”). For the avoidance of any doubt, this Warrant Adjustment shall be in addition to, and not in lieu of, any adjustments and dilution protections provided for in the
Warrant Certificate. Notwithstanding anything else herein to the contrary, no issuance of Carve Out Stock will be deemed a Dilutive Issuance and shall not result in any Warrant Adjustment (the “Carve Out Stock Exception”).

  

	 	(c)	 The anti-dilution protection set out in paragraph 2.3(b) above shall not apply if (i) the Company
consummates an Adjustment Event to sell and issue additional shares of its capital stock (or any options or warrants to purchase such shares) for the purpose of raising capital with a pre-money valuation that is higher than USD 320,000,000; and,
(ii) concurrently, the Company provides satisfactory evidence to the Warrantholder that the proceeds resulting from the issuance of new Shares are to be applied substantially to the growth of the business of the Company. For clarity, the Carve
Out Stock Exception shall also apply to this paragraph 2.3(c) and shall not result in any Warrant Adjustment. 

  

	 	(d)	 If the percentage of Fully Diluted Share Capital of the Company represented by the Warrants (and any Warrant
Adjustment made pursuant to paragraph 2.3(b) above) is lower than 2%, with 1% linked to Facility A under the Finance Contract and 1% linked 

  
 - 9 - 

	 	
to Facility B under the Finance Contract, as a result of any issuances or Adjustment Events that are not Dilutive Issuances, then any Warrant Adjustment under paragraph 2.3(c) shall apply only to
maintain the percentage of Fully Diluted Share Capital of the Company represented by the Warrants immediately prior to the issuance or Adjustment Event triggering such Warrant Adjustment. As an example, if the Warrants represent 1.5% of the Fully
Diluted Share Capital of the Company as a result of issuances of Carve Out Stock (i.e., no Warrant Adjustment was made because of the Carve Out Stock Exception), then any Warrant Adjustment made under paragraph 2.3(c) shall be limited to 1.5% of the
Fully Diluted Share Capital of the Company. 

  

	 	(e)	 For the avoidance of doubt, (i) no Warrant Adjustment will result in a decreased number of shares
exercisable under the Warrant, and (ii) this clause 2.3 (Anti-dilution) is without prejudice to the consequences of a Change-of-Control Event under and as defined in the Finance Contract. 

 

	 	3.	 EVENTS 

 

	3.1	 Notification of Events 

 

	 	(a)	 Each Obligor shall promptly inform the Warrantholder if an Event has occurred or is likely to occur (having
regard to the relevant facts or circumstances at the time) by serving an Event Notification on the Warrantholder. 

  

	 	(b)	 If the Warrantholder has reasonable cause to believe that an Event is about to occur, the Warrantholder may
request the Obligors to consult with it. Such consultation shall take place within 10 days from the date of the Warrantholder’s request. After the earlier of: 

 

	 	(i)	 the lapse of 10 days from the date of such Warrantholder’s request (if the Company has confirmed during
such consultation that the anticipated Event or Event Date will occur); or 

  

	 	(ii)	 at any time thereafter, upon the occurrence of the anticipated Event, the Obligors will be deemed to have
served an Event Notification. 

  

	3.2	 Ongoing Information about Events 

Following service (or deemed service) of an Event Notification, the Obligors shall keep the Warrantholder informed in a timely manner of any
and all material developments in relation to that Event, or anticipated Event and provide the Warrantholder in a timely manner with any information of which it becomes aware that might reasonably be required by the Warrantholder in order for the
Warrantholder to calculate the Fair Market Value of the Warrants and the Warrant Shares by reference to such Event. 
  

	3.3	 Notice if Event unlikely to occur 

If, following service (or deemed service) of an Event Notification, it becomes apparent to any Obligor that the Event in question will not take
effect, that Obligor shall as soon as practicable give written notice of that fact to the Warrantholder. 

  
 - 10 - 

	 	4.	 WARRANT SETTLEMENT 

 

	4.1	 Exercise of Warrant 

 

	 	(a)	 At any time following issuance of the Warrants, the Warrantholder may physically exercise the Warrants in full
or in part by nominating itself as the person (or one of its Affiliates) to whom the corresponding Warrant Share is to be issued. 

  

	 	(b)	 Any Warrant may be physically exercised at the sole discretion of the Warrantholder by the Warrantholder
serving upon the Obligor, a Warrant Exercise Notice with the relevant accompaniments. 

  

	 	(c)	 Once lodged in accordance with paragraph (b) above, a Warrant Exercise Notice is irrevocable except with
the consent of the Company. 

  

	4.2	 Warrant Sale Option 

 

	 	(a)	 At any time after the occurrence of an Event, the Warrantholder has the right to exercise a Warrant Sale Option
in respect of all or part of the Warrants. 

  

	 	(b)	 If in relation to any Warrant the Warrantholder has exercised the Put Option and the Termination Fee is not,
for whatever reason, paid to the Warrantholder in accordance with, and within the time frame set out in, clause 4.3 (Put Option) or the Fair Market Value is greater than the amount of the Termination Fee, a Warrant Sale can be made by the
Warrantholder without compliance with any of the conditions set out in this clause 4.2 (Warrant Sale Option). The exercise of any Warrant Sale Option shall be without prejudice to any remedies the Warrantholder may otherwise have in respect
of the Company’s breach of its obligation to pay the Termination Fee under paragraph (f) of clause 4.3 (Put Option), save that this paragraph (b) shall apply. 

 

	4.3	 Put Option 

  

	 	(a)	 The Company irrevocably grants the Put Option to the Warrantholder on the terms set forth in this Agreement.
The Put Option may be exercised one time by the Warrantholder at its sole discretion in relation to any Warrant on and at any time after the occurrence of an Event (including, for the avoidance of doubt, at any time after the Facility A Maturity
Date). 

  

	 	(b)	 The Put Option shall be exercised by the Warrantholder serving upon the Company a draft Warrantholder’s
Notice of Cancellation which upon being served is irrevocable except with the consent of the Company. Notwithstanding the foregoing, the Put Option shall automatically be exercised, without notice of further action by any party, upon a Bankruptcy or
Insolvency Event. 

  

	 	(c)	 The Warrantholder shall specify the Fair Market Value of the relevant Warrants and Warrant Shares and the
aggregate Termination Fee in respect of the relevant Warrants in the draft Warrantholder’s Notice of Cancellation, such calculations to be based on the valuation as set forth in Schedule 4 (Expert Determination) (taking into account any
adjustment under clause 2.3 (Anti-dilution)), together with the Supporting Calculations. 

  

	 	(d)	 The Company shall have the Objection Period to agree or dispute the Warrantholder’s calculation of the
Fair Market Value of the relevant Warrants and Warrant Shares and/or the aggregate Termination Fee in respect of the relevant Warrants as set out in the Supporting Calculations. If by the end of the Objection Period: 

 

	 	(i)	 the Company has not delivered a notice in writing to the Warrantholder disputing the Fair Market Value of the
relevant Warrants and Warrant Shares and/or the aggregate Termination Fee in respect of the relevant Warrants, the Company shall be deemed to have agreed the Fair Market Value of the relevant

  
 - 11 - 

	 	
Warrants and Warrant Shares and the aggregate Termination Fee in respect of the relevant Warrants specified in the draft Warrantholder’s Notice of Cancellation, and the draft
Warrantholder’s Notice of Cancellation shall automatically become final and binding on the Parties; or 

  

	 	(ii)	 the Company has delivered a notice in writing to the Warrantholder disputing the Fair Market Value of the
relevant Warrants and Warrant Shares and/or the aggregate Termination Fee in respect of the relevant Warrants, either or both of the Warrantholder and the Company shall refer the matter to the Expert for determination in accordance with Schedule 4
(Expert Determination), 

  

	 	 	 then, in the case of paragraph (ii) above, within five (5) Business Days of the Expert’s
decision, the Warrantholder must deliver to the Company a revised Warrantholder’s Notice of Cancellation (together with the Supporting Calculations) incorporating such adjustments, if any, as have been determined by the Expert. The revised
Warrantholder’s Notice of Cancellation will supersede the initial draft Warrantholder’s Notice of Cancellation and will be final and binding on the Parties from the date of its delivery to the Company provided that it reflects the changes
that have been determined by the Expert. 

  

	 	(e)	 Within ten (10) Business Days of the Warrantholder’s Notice of Cancellation becoming final and
binding in accordance with this clause 4.3 (Put Option), the Company must pay the aggregate Termination Fee in respect of the relevant Warrants in cash by electronic transfer of funds for same day value to such bank account as the
Warrantholder has specified in the Warrantholder’s Notice of Cancellation, whereupon the relevant Warrants will be cancelled and be of no further force and effect. 

 

	 	(f)	 If the Company fails to pay the aggregate Termination Fee pursuant to this clause 4.3, then Paragraph 4.3 of
the Finance Contract relating to the interest on overdue sums shall apply to any overdue Termination Fee. 

  

	 	5.	 WARRANTHOLDER RIGHTS 

 

	5.1	 Tag Along 

  

	 	(a)	 The provisions concerning the Right of Co-Sale (as defined in the First Refusal Agreement) set out in
Section 2.2 of the First Refusal Agreement (or a corresponding amended provision or a provision replacing such provision) shall apply mutatis mutandis in respect of the Warrants, save that the Warrantholder shall not be obliged to (i) give
any warranty or indemnity to the purchaser(s) or any other party, and (ii) accept any other consideration for its Warrants or Warrant Shares than cash or other equivalent monetary instruments; provided, that the Warrantholder’s rights
pursuant to this Section 5.1 shall be deemed waived if the Right of Co-Sale is waived pursuant to the terms of the First Refusal Agreement. 

  

	 	(b)	 If the Company is unable to provide the Right of Co-Sale to the Warrantholder pursuant to paragraph
(a) above, then the Company will have the obligation to buy back the Warrants at the Fair Market Value determined upon exit, or shall negotiate with any new Shareholders that the Warrants be acquired at the same Fair Market Value, on
as-converted basis, with payment to be made within three (3) Business Days of the completion of the event giving rise to the Right of Co-Sale. 

  
 - 12 - 

	5.2	 Listing 

  

	 	(a)	 The Company may only proceed with a Listing of its Shares if, as part of the terms of the Listing, a listing or
quotation is obtained for the class of Shares which the Warrant Shares is a part. 

  

	 	(b)	 In the event of a Listing by a person other than the Company (including for the avoidance of doubt any new
Holding Company of the Company), each Obligor shall ensure that all Warrants in issue are at the latest with effect as of the Listing: 

  

	 	(i)	 exchanged for immediately exercisable warrants issued by the relevant person whose shares are being admitted to
trading in connection with the Listing giving rights to the Warrantholder to subscribe to shares in that person in such amounts and on such terms specified by the Warrantholder (acting reasonably) which, to avoid doubt, should as nearly as possible
reflect the number and terms relating to the Warrants Shares to which the Warrantholder is entitled in accordance with the provisions of this Agreement; or 

  

	 	(ii)	 at the sole discretion of the Warrantholder, deemed exercised and exchanged for shares in the relevant person
whose shares are being admitted to trading in connection with the Listing in such amounts and on such terms specified by the Warrantholder (acting reasonably) which, to avoid doubt, should as nearly as possible reflect the number and terms relating
to the Warrants Shares to which the Warrantholder is entitled in accordance with the provisions of this Agreement, 

  

	 	 	 and the Obligor undertakes that prior to any Listing, they will take such steps as are reasonably required in
order to exchange any Warrants or Warrant Shares that are capable of being exercised (or which have been deemed to have been exercised) under this Agreement for shares in the relevant person whose shares are being admitted to trading in connection
with the Listing. 

  

	 	(c)	 The Warrantholder hereby agrees that it will not, without the prior written consent of the managing
underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial Listing and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty
(180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or
indirectly, any Shares or any securities convertible into or exercisable or exchangeable for Shares held immediately before the effective date of the registration statement for such offering, or (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Shares or other securities, in
cash or otherwise. The foregoing provisions shall only be applicable to the Warrantholder if all of the Company’s officers and directors and holders of 1% or more of the Company’s outstanding stock enter into similar agreements. In the
event that any director or officer, or any holder of 1% or more of the Company’s outstanding stock are released from his, her or its lock-up agreement pursuant to this paragraph 5.2(c), the Company will use its best efforts to cause the
underwriters to release the Warrantholder pro rata; provided, however, that neither the Company nor the underwriters shall be required to comply with such pro rata release of the Warrantholder if the Company’s board of directors determines that
such director or officer, or holder of 1% or more of the Company’s outstanding stock is experiencing financial hardship 

  
 - 13 - 

	 	
and has no other reasonably available sources of liquidity. The underwriters in connection with the Company’s initial Listing are intended third party beneficiaries of this paragraph 5.2(c)
and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Warrantholder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s
initial Listing that are consistent with this paragraph 5.2(c) or that are necessary to give further effect thereto, subject to customary exceptions contained therein. In order to enforce the foregoing covenant, the Company may impose stop transfer
instructions with respect to the Shares of the Warrantholder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. For the avoidance of any doubt, the provisions of this paragraph
5.2(c) will in no way affect, limit, or prevent the Original Warrantholder’s rights to exercise the Put Option at any time in its sole discretion following the occurrence of an Event. 

 

	5.3	 Third Party Offers. 

 

	 	(a)	 If the Company becomes aware of a bona fide offer to purchase Shares (whether involving a formal offer by way
of an offer document, an invitation to join a transaction to be evidenced by a sale and purchase agreement or otherwise) is made to the Shareholders of more than (i) 50% (fifty per cent) of the Shares or (ii) 50% (fifty per cent) of the
Shareholders, the Company shall: 

  

	 	(i)	 immediately upon becoming aware of the offer, give notice of the offer to the Warrantholder:

  

	 	(1)	 specifying the number of shares proposed to be sold; 

 

	 	(2)	 naming the potential buyer; 

 

	 	(3)	 specifying the price and terms of such proposed offer; and 

make commercially reasonable efforts to ensure that the Warrantholder is treated as a Shareholder as if it had exercised the Warrants then
outstanding and exercisable. 
  

	 	(b)	 For the avoidance of doubt, if any consideration is receivable by any Shareholders pursuant to the sale
referred to in paragraph (a) above, the Company shall use commercially reasonable efforts to procure that the Warrantholder receives the same consideration it would have been entitled to receive had it been the shareholder of the Warrant Shares
following an exercise of those Warrants, after deducting the Strike Price in respect of those Warrant Shares. If the Warrantholder is to exercise the Warrants in order to sell such Warrant Shares in such transaction, the exercise will be effective
immediately prior to the consummation of the transaction, and in no event earlier than twenty-four hours prior to the effective time of the closing of such transaction, for subsequent sale to a known purchaser. The Company agrees to cooperate with
the Warrantholder and use its commercially reasonable best efforts to ensure that the Warrant exercise occurs within these parameters and does not violate any statutory limitations or regulations to which the Warranholder may be subject regarding
shareholding or warrant exercise. 

  
 - 14 - 

	 	6.	 ISSUE OF WARRANT SHARES

  

	6.1	 Issue 

Any Warrant Shares to be issued under this Agreement shall be issued by the Company to the Recipient no later than two (2) Business Days
after that Warrant Exercise Notice was lodged pursuant to paragraph (b) of clause 4.1 (Exercise of Warrant) and the Company shall deliver original copies of the share certificates (or the e-shares equivalent if the Company is
uncertificated) in respect of such Warrant Shares to the Recipient within that two (2) Business Days period. 
  

	6.2	 Registration 

Immediately after the exercise of the relevant Warrant Shares, the Company shall enter the name of the Recipient(s) in the Company’s
register of shareholders as the holder of the relevant Warrant Shares and provide the Recipient of evidence of such. 
  

	 	7.	 REPRESENTATIONS AND UNDERTAKINGS

  

	7.1	 Representations of the Obligor 

 

	 	(a)	 Each Obligor represents and warrants to the Warrantholder on the date of this Agreement and as of the date of
issuance of any subsequent Warrants that: 

  

	 	(i)	 the Company has full power and authority to enter into and perform this Agreement in accordance with its terms;

  

	 	(ii)	 the Company has the authority to grant the Warrants in accordance with the terms of this Agreement;

  

	 	(iii)	 the Company will, at such time as any Warrant is issued, have authority to issue the corresponding Warrant
Share and the Company will have authority to issue the Warrant Shares in accordance with Applicable Law, the Articles and the applicable Board of Director and Shareholder resolutions; and 

 

	 	(iv)	 the Company will have full corporate power and capacity and has obtained all corporate approvals to pay the
Termination Fee or any part thereof as and when due. 

  

	 	(b)	 Further, each Obligor represents and warrants to the Warrantholder on the date of this Agreement and at the
time of Completion: 

  

	 	(i)	 Except for: 

  

	 	(1)	 the warrants issued to Silicon Valley Bank to purchase 23,940 Common Shares, 

 

	 	(2)	 the warrants issued to Silicon Valley Bank to purchase 32,412 Common Shares, 

 

	 	(3)	 the warrants issued to SVB Financial Group to purchase 104,848 Common Shares, 

 

	 	(4)	 the warrants issued to WestRiver Mezzanine Loans—Loan Pool V, LLC to purchase 104,847 Common Shares,

  

	 	(5)	 the warrants issued to In-Q-Tel to purchase 86,129 shares of the Company’s Series C Preferred Stock, par
value $0.0001 per share, 

  
 - 15 - 

	 	(6)	 $42,333,647.11 in convertible notes, 

 

	 	(7)	 the conversion privileges of the Company’s preferred stock, 

 

	 	(8)	 the outstanding options issued, and any options and/or securities of the Company to be issued to the
Company’s current and former employees or consultants, pursuant to the Company’s Stock Plan, and 

  

	 	(9)	 except as set forth in the Investors’ Rights Agreement, 

no other warrants, options or other rights for the issue of Shares have been granted by the Company; 

 

	 	(ii)	 the issue of any Warrant Shares will not, at such time as the Warrant Shares are issued, be subject to any
pre-emption pursuant to Applicable Law, the Articles or otherwise; 

  

	 	(iii)	 the capitalization table set out in Schedule 6 (Capitalization Table) is true, correct, and complete.

  

	7.2	 Representations of the Warrantholder 

 

	 	(a)	 The Warrantholder has full power and authority to enter into and perform this Agreement in accordance with its
terms. Any Warrantholder that is a corporation, partnership, or trust represents that it has not been organized, reorganized, or recapitalized specifically for the purpose of investing in the Company. 

 

	 	(b)	 The Warrantholder understands that the Warrant covered hereby involves substantial risk. The Warrantholder
(a) has experience as an investor in unregistered securities, (b) has sufficient knowledge and experience in financial and business affairs that the Warrantholder is capable of evaluating the risks and merits of its investment in the
Warrants and Warrant Shares and (c) has the ability to bear the economic risk of the Warrantholder’s investment in the Warrants and Warrant Shares. 

  

	 	(c)	 The Warrantholder is an “accredited investor” as such term is defined in Regulation D under the
Securities Act of 1933, as amended. 

  

	7.3	 Positive undertakings 

For so long as any Warrants remain exercisable or outstanding, the Company undertakes to the Warrantholder to: 

 

	 	(a)	 take all acts at its own initiative or upon reasonable request from the Warrantholder in order to implement or
facilitate any of the transactions contemplated in this Agreement, in particular for: 

  

	 	(i)	 the grant of the Warrantholder’s rights under this Agreement; 

 

	 	(ii)	 the grant of the Warrants; and 

 

	 	(iii)	 the Warrant Shares to be issued to the Warrantholder following exercise of the Warrants, irrespective of
whether the Strike Price is satisfied in cash or via set-off (in relation to amounts owing by the Company to the Warrantholder including (in relation to the Original Warrantholder) under the Finance Contract) free from pre-emption rights and any
Encumbrance; 

  
 - 16 - 

	 	(b)	 notify the Warrantholder as soon as reasonably practicable of, and in any event at least five (5) days
before, any issue of Shares that would trigger anti-dilution right of the Warrantholder pursuant to clause 2.3 (Anti-dilution); and 

  

	 	(c)	 notify the Warrantholder as soon as reasonably practicable of any amendments to the Articles.

  

	7.4	 Negative undertakings 

For so long as any Warrants remain exercisable or outstanding, no Obligor shall, except with the written consent of the Warrantholder: 

 

	 	(a)	 take any action that may result in any Warrants not being exercisable or the Warrant Shares not being issuable
in the terms set out in this Agreement, including revoking any authority granted to any corporate body of the Company to issue the Warrants or the Warrant Shares; 

 

	 	(b)	 provided that any amounts under the Loan remain outstanding, convert the Company into an entity of another form
under any jurisdiction other than for the purposes of and in preparation for a Listing, unless such conversion is permitted under the Finance Contract; provided, however, that in no event shall any such conversion be permitted if the resulting
entity will be incorporated or located in a country which is in a jurisdiction that is blacklisted by any Lead Organization in connection with activities such as money laundering, financing of terrorism, tax fraud and tax evasion or harmful tax
practices as such blacklist may be amended from time to time; or; or 

  

	 	(c)	 make any issue, grant or Distribution or take any other action if, on the exercise of any of the Warrants or
the issue of the Warrant Shares, the effect of such issue, grant or Distribution would result in Warrant Shares being issued in a manner different from the one contemplated herein. 

 

	7.5	 Investors’ Rights Agreement 

The Company and Warrantholder agree that: 
  

	 	(a)	 in the event of any inconsistency between the terms of this Agreement and of the Investors’ Rights
Agreement and/or other Company shareholder agreements, the terms of this Agreement shall prevail; and 

  

	 	(b)	 the Warrantholder is not a party, and is not required to be a party, to the Investors’ Rights Agreement
and, therefore, it shall not be bound by any provision of the Investors’ Rights Agreement. 

  

	 	8.	 WINDING UP OF THE
COMPANY 

  

	8.1	 If, at any time any Warrants remain exercisable or outstanding, an order is made, or an effective resolution is
passed for the liquidation, winding up or dissolution of the Company or for any other dissolution of the Company by operation of law: 

  

	 	(a)	 the Company shall immediately send to the Warrantholder a written notice stating that such an order has been
made or resolution has been passed or other dissolution is to be effected; and 

  
 - 17 - 

	 	(b)	 to the extent permitted by Applicable Law, the Warrantholder will be entitled to receive out of the
Company’s assets which would otherwise be available in the liquidation to the holders of Shares, the amount it would have received under the Articles had it been the holder of the Warrant Shares to which it would have become entitled by virtue
of an exercise of all outstanding Warrants. 

  

	 	(c)	 Notwithstanding the foregoing, the Put Option shall automatically be exercised, without notice of further
action by any party, upon a Bankruptcy or Insolvency Event. 

  

	8.2	 Subject to compliance with clause 2.1 (Issuance of the Warrants) and 8.1 (Winding up of the
Company), this Agreement will lapse on liquidation of the Company. 

  

	 	9.	 TERMINATION 

This Agreement ceases to have effect when the Warrantholder has exercised all of the Warrants, or when all the Warrants have been cancelled in
accordance with the terms of this Agreement. 
  

	 	10.	 INTEREST ON OVERDUE SUMS;
PAYMENTS 

  

	10.1	 If the Company fails to pay any amount payable by it under this Agreement on its due date, interest shall
accrue on any such overdue amount from the due date to the date of actual payment at an annual rate equal to 3% (300 basis points), and shall be payable in accordance with the demand of the Original Warrantholder. 

 

	10.2	 If the overdue amount is in a currency other than the currency of the Loan (as defined in the Finance
Contract), the relevant interbank rate that is generally retained by the Original Warrantholder for transactions in that currency plus 3% (300 basis points) shall apply, calculated in accordance with the market practice for such rate.

  

	10.3	 Any amount due under this Contract and calculated in respect of a fraction of a year shall be determined based
on a year of 360 (three hundred and sixty) days and the number of days elapsed. 

  

	10.4	 Any sum payable by the Company under this Agreement shall be paid promptly to such account as notified by the
Original Warrantholder to the Company in writing. 

  

	10.5	 Any disbursements by and payments to the Original Warrantholder under this Agreement shall be made using
account(s) acceptable to the Original Warrantholder. Any account in the name of the Company held with a duly authorized financial institution in the jurisdiction where the Company is incorporated or where the Investment (as defined in the Finance
Contract) is undertaken is deemed acceptable to the Original Warrantholder. 

  

	10.6	 All payments to be made by the Company under this Agreement shall be calculated and be made without (and free
and clear of any deduction for) set-off or counterclaim. 

  

	 	11.	 ASSIGNMENT AND JOINDER
AGREEMENT 

  

	11.1	 Except as provided in clauses 11.2, 11.4 and 11.6 or where otherwise consented to by the Parties in writing, no
Party may assign, transfer, charge or deal in any other manner with any of its rights or obligations under this Agreement. 

  

	11.2	 Without prejudice to the Applicable Law, the Articles and the consequences of a Change-of-Control Event under
and as defined in the Finance Contract: 

  

	 	(a)	 a transfer by the Warrantholder of any of the Warrants held by it; or 

  
 - 18 - 

	 	(b)	 the issue of Warrants by the Company to any person who is not a Party, 

shall not occur until: 
  

	 	(i)	 the intended new holder of such Warrants adheres to this Agreement by entering into a Joinder Agreement, which
will not require counter-signature by any other Party other than the Company and the intended new holder of such Warrants in order to become effective in relation to all Parties; 

 

	 	(ii)	 the Company has served written notice on the Warrantholder confirming that such Joinder Agreement has been
entered into (together with an executed copy of the Joinder Agreement); and 

  

	 	(iii)	 the Original Warrantholder is satisfied that the new holder of Warrants is not an entity incorporated or
located in a country which is a jurisdiction backlisted by any Lead Organization in connection with activities such as money laundering, financing of terrorism, tax fraud, tax evasion or harmful tax practices, as such backlist may be amended from
time to time. 

  

	11.3	 The Company agrees that it shall not issue or register any transfer to any intended new holder of any Warrants
in its share register where those Warrants have been transferred or issued in breach of this clause 11 (Assignment and Joinder Agreement). 

  

	11.4	 The Original Warrantholder agrees not to transfer the Warrants (other than to Affiliates) prior to the Final
Availability Date unless an Event has occurred. 

  

	11.5	 Subject to clause 4.2 (Warrant Sale Option), the Warrantholder may sell, assign, transfer or otherwise
dispose of that Warrant to any person or persons and/or all or any of its rights and/or obligations under this Agreement relating to that Warrant, including, for the avoidance of any doubt, any rights under clause 4.3 (Put Option).

  

	11.6	 At the Warrantholder’s request the Company shall provide to a potential purchaser such information about
the Company and/or the Group as the Warrantholder may reasonably request, including reasonable access to the Company’s management, staff and Directors as necessary or desirable. 

 

	 	12.	 BUSINESS DAYS 

Any payment under this Agreement which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same
calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	 	13.	 AMENDMENT 

Any amendment to this Agreement shall be made in writing and shall be signed by the Parties. For the avoidance of doubt, any accession to this
Agreement pursuant to 11.2 (Assignment and Joinder Agreement) shall not be deemed to be an amendment to this Agreement. 
  

	 	14.	 WAIVER 

Failure to exercise, or a delay in exercising, a right or remedy provided by this Agreement or by law does not constitute a waiver of the right
or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents the further exercise of the right or remedy or the exercise of another right or remedy. A waiver of a
breach of this Agreement does not constitute a waiver of a subsequent or prior breach of this Agreement. 

  
 - 19 - 

	 	15.	 RIGHTS AND REMEDIES ARE
CUMULATIVE 

 The rights and remedies provided by this Agreement are cumulative and do
not exclude any rights and remedies provided by law. 
  

	 	16.	 INVALIDITY 

If, at any time, any term of this Agreement is or becomes illegal, invalid or unenforceable in any respect, or this Agreement is or becomes
ineffective in any respect, under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect: 
  

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any other term of this Agreement or the
effectiveness in any other respect of this Agreement in that jurisdiction; or 

  

	 	(b)	 the legality, validity or enforceability in other jurisdictions of that or any other term of this Agreement or
the effectiveness of this Agreement under the laws of such other jurisdictions. 

  

	 	17.	 NO PARTNERSHIP 

Nothing in this Agreement constitutes a partnership between the Parties or constitutes any Party as agent of another Party for any purpose
whatever and no Party has authority or power to bind the other or to contract in the name of or create liability against another Party in any way or for any purpose. 
  

	 	18.	 NOTICES 

 

	18.1	 Notices and other communications given under this Agreement addressed to a Party shall be made to the address
or fax number as set out below, or to such other address or fax number as a Party previously notifies to the other Parties in writing: 

  

	 	(a)	 For the Original Warrantholder 

 

			
	 Attention:
	  	OPS/ENPST/3-GC&IF
	 Address:
	  	 98-100 boulevard Konrad Adenauer

L-2950 Luxembourg

	 Email address:
	  	OPS_ENPST-3@eib.org

  

	 	(b)	 For the Company 

  

			
	 Attention:
	  	Attention: Legal Department
	 Address:
	  	 Spire Global, Inc.

251 Rhode Island Street, Suite 204 San Francisco, CA 94104

		
	 Email address:
	  	legal@spire.com

  

	 	(c)	 For any Warrantholder other than the Original Warrantholder, such address, attention and fax number as that
Warrantholder may notify the other Parties. 

  

	18.2	 Any notice or other communication given under this Agreement must be in writing and in the English language.

  
 - 20 - 

	18.3	 Notices and other communications, for which fixed periods are laid down in this Agreement or which themselves
fix periods binding on the addressee, may be made by hand delivery, registered letter or fax. Such notices and communications shall be deemed to have been received by the relevant Party on the date of delivery in relation to a hand-delivered or
registered letter or on receipt of transmission in relation to a fax. 

  

	18.4	 Other notices and communications may be made may be made by hand delivery, registered letter, fax or e-mail.

  

	18.5	 Without affecting the validity of any notice delivered by fax or e-mail according to the paragraphs above, a
copy of each notice delivered by fax or e-mail as applicable shall also be sent by letter to the relevant Party on the next Business Day at the latest. 

  

	18.6	 Notices issued by any Obligor pursuant to any provision of this Agreement shall, where required by the
Warrantholder, be delivered to the Warrantholder together with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of that Obligor and the authenticated specimen signature of such person or
persons. 

  

	 	19.	 COSTS 

Except as provided in section 20.3 below, each party shall bear their own costs and expenses, including legal, accountancy and other advisers
and any exchange charges, incurred in relation to the preparation, negotiation, execution, implementation, enforcement and termination of this Agreement or any ancillary documents, any amendment, supplement or waiver in respect of this Agreement or
any ancillary document. 
  

	 	20.	 TAXES, DUTIES AND FEES

  

	20.1	 The Company shall pay all taxes, duties, fees and other impositions of whatsoever nature, including stamp duty
and registration fees, arising out of the execution or implementation of this Agreement or any ancillary document, except for any Luxembourg registration or stamp duties (droits d’enregistrement) and other similar taxes payable as a result of a
voluntary registration of this Agreement (or any Warrant or any other document in connection therewith) by the Warrantholder with a public authority (autorité constituée) (including the Administration de l’Enregistrement et des
Domaines) in Luxembourg. 

  

	20.2	 The Obligor shall pay all amounts due under this Agreement gross without any withholding or deduction of any
national or local impositions whatsoever, provided that if the is required by law or an agreement with a governmental authority or otherwise to make any such withholding or deduction, it will gross up the payment to the Warrantholder so that after
withholding or deduction, the net amount received by the Warrantholder is equivalent to the sum due. 

  

	20.3	 All legal costs incurred by the Original Warrantholder, including local counsel, shall be borne by the Company
and payable as a condition precedent to the disbursement of the Tranche associated with Facility A under the Finance Contract. 

  

	 	21.	 EUR 

Payments to be made by any Obligor shall be made in EUR, unless otherwise agreed in writing with the Warrantholder. 

 

	 	22.	 SET-OFF 

 

	22.1	 All payments to be made by an Obligor under this Agreement shall be calculated and be made without (and free
and clear of any deduction for) set-off or counterclaim. 

  
 - 21 - 

	22.2	 A Warrantholder may set off any matured obligation due from an Obligor (to the extent beneficially owned by
that Warrantholder) against any matured obligation owed by that Warrantholder to that Obligor (including, without limitation, the Strike Price), regardless of the place of payment, booking branch or currency of either obligation. If the obligations
are in different currencies, the Warrantholder may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Warrantholder may
set off in an amount estimated by it in good faith to be the amount of that obligation. 

  

	 	23.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each
counterpart is an original, but all counterparts shall together constitute one and the same instrument. 
  

	 	24.	 FURTHER ASSURANCE 

Each Obligor shall, at its cost, execute all documents and do all acts and things as the Warrantholder might reasonably consider necessary or
desirable for the purpose of giving the Warrantholder the full benefit of all the provisions of this Agreement. 
  

	 	25.	 THIRD PARTY RIGHTS 

Except as set forth in paragraph 5.2(c), a person who is not a Party hereto is not entitled to any rights under this Agreement. 

 

	 	26.	 ENTIRE AGREEMENT 

This Agreement constitutes the entire agreement between Parties in relation to the grant of the Warrants and the issue of Warrant Shares, and
supersedes any previous agreement, whether express or implied, on the same matter. 
  

	 	27.	 GOVERNING LAW; JURISDICTION; WAIVER OF TRIAL BY JURY

  

	27.1	 This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to any to principles of conflicts or choice of law. 

  

	27.2	 Each of the Parties irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the courts of the State of Delaware sitting in New Castle County and of the United States District Court of the District of Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees, to the fullest extent permitted by applicable law, that all claims in respect of any such action or proceeding may
be heard and determined in such Delaware state court or in such federal court. Each of the parties hereto agrees 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.

  

	27.3	 EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION OR LITIGATION ARISING OUT OF, OR IN CONNECTION WITH , OR RELATING TO, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. 

 [The remainder of this page is intentionally
left blank. Signatures to follow.] 

  
 - 22 - 

 SCHEDULE 1 

SHAREHOLDERS 

  
 - 23 - 

 SCHEDULE 2 

FORM OF WARRANTS CERTIFICATE 

[See attached] 

  
 - 24 - 

 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND
SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION, AND THE REQUIREMENTS OF SECTIONS 5.3 AND 5.4 BELOW ARE SATISFIED. 

COMMON STOCK WARRANT 
 Company: SPIRE
GLOBAL, INC., a Delaware corporation, d/b/a Spire Global 
 Number of Shares of Common Stock:
[            ] 
 Warrant Price: $0.0001 per share 

Issue Date: [            ] 

Credit Facility: This Common Stock Warrant (this “Warrant”) is issued in connection with that
certain Finance Contract, dated as of July 24, 2020, by and among Spire Global, Inc. (the “Company”), Spire Global Luxembourg S.à.r.l. (the “Borrower”), and The European Investment Bank
(the “Bank”), and pursuant to that certain Warrant Agreement, dated as of August 20, 2020, by and among the Company, the Borrower, and the Bank (the “Warrant Agreement”). Capitalized terms used
herein and not otherwise defined will have the meanings ascribed to such terms in the Warrant Agreement. 
 THIS WARRANT CERTIFIES THAT, for
good and valuable consideration, THE EUROPEAN INVESTMENT BANK (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to acquire the
number of fully paid and non-assessable shares of the above-stated common stock (the “Common Stock”) of the Company at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this
Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant and the Warrant Agreement. 
 SECTION 1.
EXERCISE. 
 1.1    Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in
whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Warrant Exercise Notice in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a
cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being acquired.

 1.2    Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price
in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being
exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

X = Y*(A-B)/A 
 where: 

 

					
	                        	  	X =	  	the number of Shares to be issued to the Holder;

  
 - 25 - 

					
	                        	 	Y =	  	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);
			
		 	A =	  	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and
			
		 	B =	  	the Warrant Price.

 1.3    Fair Market Value. If the Company’s Common Stock is then traded or
quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing price or last sale price of a share
of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Warrant Exercise Notice to the Company. If the Company’s Common Stock is not traded in a Trading Market, the Board
of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4    Delivery of Certificate and New Warrant. Within five (5) Business Days after the Holder exercises this
Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a
new warrant of like tenor representing the Shares not so acquired. 
 1.5    Replacement of Warrant. On receipt
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of a loss affidavit and indemnity reasonably satisfactory in form, substance
and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount. 
 1.6    Treatment of Warrant Upon a Sale of the Company or Change-of-Control Event. 

(a)    Upon the closing of any Sale or Change-of-Control Event (collectively, an “Acquisition”)
the acquiring, surviving or successor entity shall assume the obligations of this Warrant and the Warrant Agreement, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the
Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this
Warrant and the Warrant Agreement. 
 (b)    As used in this Warrant, “Marketable Securities”
means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be
received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to
the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

  
 - 26 - 

 1.7    Warrant Agreement. For clarity’s sake, the Company
and the Holder hereby acknowledge that this Warrant is subject to Sections 2.3. 4.2 and 4.3 of the Warrant Agreement. 
 SECTION 2.
ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 
 2.1    Stock Dividends, Splits, Etc. 

(a)    If the Company declares or pays a dividend or distribution on the outstanding shares of the Common Stock payable in
securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had
Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or otherwise into a greater number of shares, the number of Shares
purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or consolidated, by reclassification or otherwise, into a lesser number of
shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

(b)    If the Company at any time declares or pays a dividend or distribution on the outstanding shares of the Common
Stock payable in cash or property of the Company (except any dividend or distribution specifically provided for in the foregoing subsection (a)), then, in each such of the Shares as of the record date fixed for the determination of the stockholders
of the Company entitled to receive such dividend or distribution. 
 2.2    Reclassification, Exchange, Combinations
or Substitution. Upon any event whereby all of the outstanding shares of the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and
after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to
further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.3 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or
other similar events. 
 2.3    No Fractional Share. No fractional Share shall be issuable upon exercise of this
Warrant and the number of Shares to be issued shall be rounded up to the nearest whole Share. 

2.4    Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Common Stock and/or number
of Shares, the Company, at the Company’s expense, shall notify Holder in writing promptly, setting forth the adjustments to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon
written request from Holder, furnish Holder with a certificate of its Chief Financial Officer or Chief Executive Officer, including computations of such adjustment and the Warrant Price, class and number of Shares in effect upon the date of such
adjustment. 
 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1    Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as
follows: 
 (a)    The initial Warrant Price referenced on the first page of this Warrant is not greater than the price
per share at which shares of the Company Common Stock or options to acquire shares of Company Common Stock were last sold and issued prior to the Issue Date hereof. 

  
 - 27 - 

 (b)    All Shares which may be issued upon the exercise of this
Warrant, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws.
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise in full of this Warrant. If at any time
the Company does not have sufficient authorized shares to comply with the foregoing, the Company promptly will take all steps necessary in order to comply. 

(c)    The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material
respects, as of the Issue Date. 
 (d)    The number of Shares first set forth above represents not less than 1.0% of
the Fully Diluted Share Capital of the Company (after taking into account the issuance of the Warrants) as of the date of the Finance Contract. 

3.2    Notice of Certain Events. If the Company at any time: 

(a)    proposes to declare any dividend or distribution upon the outstanding shares of the Company’s stock, whether
in cash, property, stock, or other securities and whether or not a regular cash dividend; 
 (b)    proposes to effect
any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Common Stock; 

(c)    proposes to liquidate, dissolve or wind up; 

(d)    becomes aware of a bona fide offer to purchase Shares (whether involving a formal offer by way of an offer
document, an invitation to join a transaction to be evidenced by a sale and purchase agreement or otherwise) is made to the Shareholders of more than (i) 50% (fifty per cent) of the Shares or (ii) 50% (fifty per cent) of the Shareholders;
or 
 (e)    becomes aware of, or proposes to effect an Event; 

then, in connection with each such event, the Company shall give Holder: 

(1)    in the case of the matters referred to in (a) above, at least three (3) Business Days
prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the
Common Stock will be entitled thereto) or for determining rights to vote, if any, 
 (2)    in the case
of the matters referred to in (b) above, promptly, and in any event at least five (5) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the
Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection
with such event giving rise to the notice); 
 (3)    in the case of the matter referred to in (c),
immediately shall send written notice of such event as set forth in Section 8.1 of the Warrant Agreement; 

  
 - 28 - 

 (4)    in the case of the matter referred to in (d),
immediately upon becoming aware of the offer, written notice of such offer as set forth in Section 5.3 of the Warrant Agreement; and 

(5)    in the case of an Event referred to in (e), an Event Notification as set forth in Section 3 of
the Warrant Agreement. 
 Company will also provide information requested by Holder that is reasonably necessary to enable
Holder to comply with Holder’s accounting or reporting requirements. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE HOLDER.

 The Holder represents and warrants to the Company as follows: 

4.1    Acquisition for Own Account. The Holder represents that it has not been organized, reorganized, or
recapitalized specifically for the purpose of investing in the Company. 
 4.2    Disclosure of Information. Holder
is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of
this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain
additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3    Investment Experience. The Holder understands that the Warrant involves substantial risk. The Holder
(a) has experience as an investor in unregistered securities, (b) has sufficient knowledge and experience in financial and business affairs that the Holder is capable of evaluating the risks and merits of its investment in the Warrant and
Shares issued upon any exercise hereof, and (c) has the ability to bear the economic risk of the Holder’s investment in the Warrant and Shares issued upon any exercise hereof. 

4.4    Accredited Investor Status. Holder is an “accredited investor” as such term is defined in
Regulation D promulgated under the Act. 
 4.5    The Act. Holder understands that this Warrant and the Shares
issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.
Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such
registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6    No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of
this Warrant. 
 SECTION 5. MISCELLANEOUS. 

5.1    Termination. This Warrant shall terminate when the Holder has exercised this Warrant in its entirety, or
when this Warrant has been cancelled in accordance with the terms of the Warrant Agreement. 
 5.2    Legends.
The Shares shall be imprinted with legends in substantially the following form: 

  
 - 29 - 

 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN COMMON STOCK WARRANT ISSUED BY THE ISSUER TO THE EUROPEAN INVESTMENT BANK DATED
[            ], MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER,
SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT
THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

5.3    Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this
Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with Section 5.4 below, Section 11 of the Warrant Agreement,
and applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D
promulgated under the Act (such transferee, a “Permitted Transferee”). Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated
under the Act. 
 5.4    Transfer Procedure. Subject to the provisions of Section 5.2 and Section 11 of
the Warrant Agreement, and upon providing the Company with written notice, Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the
Shares, if any) to a Permitted Transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification
number of the Permitted Transferee and Holder will surrender this Warrant to the Company for reissuance to the Permitted Transferee(s) (and Holder if applicable); and provided further, that such Permitted Transferee shall agree in writing with the
Company to be bound by all of the terms and conditions of this Warrant. 
 5.5    Notices. All notices and other
communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified
mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier
service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5.
All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

The European Investment Bank 

OPS/ENPST/3-GC&IF 

  
 - 30 - 

 98-100 boulevard Konrad Adenauer 

L-2950 Luxembourg 
 Email
address: OPS_ENPST-3@eib.org 
 With a copy, which shall not constitute notice, to: 

Clifford Chance US LLP 
 31 West
52nd Street 
 New York, NY 10019 

Attention: Anand Saha 
 Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address: 
 SPIRE GLOBAL, INC. 

Attn: Legal Department 

251 Rhode Island Street, Suite 204 

San Francisco, CA 94104 

Email: legal@spire.com 

With a copy, which shall not constitute notice, to: 

Wilson Sonsini Goodrich & Rosati 

650 Page Mill Road 

Palo Alto, CA 94304-1050 

Attention: Andrew Hill; David Hu 

5.6    Amendments and Waivers. This Warrant and any term hereof may be changed, waived, discharged or terminated
(either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the Company and the Holder. No failure or other delay by the Holder hereof exercising any right, power, or privilege
hereunder will be or operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. 

5.7    Market Stand-off Agreement. The Holder hereby agrees that it will not, without the prior written consent of
the managing underwriter, during the period commencing on the date of the final prospectus relating to a Listing and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days)
(i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any
shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately before the effective date of the registration statement for such offering, or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock
or other securities, in cash or otherwise. The foregoing provisions shall only be applicable to the Holder if all of the Company’s officers and directors and holders of 1% or more of the Company’s outstanding stock enter into similar
agreements. In the event that any director or officer, or any holder of 1% or more of the Company’s outstanding stock are released from his, her or its lock-up agreement pursuant to this Section 5.7, the Company will use its best efforts
to cause the underwriters to release the Holder pro rata; provided, however, that neither the Company nor the underwriters shall be required to comply with such pro rata release of the Holder if the Company’s board of directors determines that
such director or officer, or holder of 1% or more of the Company’s outstanding stock is experiencing financial hardship and has no other reasonably available sources of liquidity. The underwriters in connection with the Company’s Listing
are intended third party beneficiaries of this Section 5.7 and shall have the right, power and authority to enforce the provisions hereof as though they were a party 

  
 - 31 - 

 
hereto. The Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s initial Listing that are consistent with this
Section 5.7 or that are necessary to give further effect thereto, subject to customary exceptions contained therein. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to the Shares of the
Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. For the avoidance of any doubt, the provisions of this Section 5.7 will in no way affect, limit, or prevent the
Holder’s rights to exercise the Put Option at any time in its sole discretion following the occurrence of an Event. 

5.8    Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of
this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.9    Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which
together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any
amendment thereto. 
 5.10    Governing Law. This Warrant shall be governed by and construed in accordance with
the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law. 

5.11    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise
affect the meaning of any provision of this Warrant. 
 5.12    Business Days. “Business
Day” means a day (other than a Saturday or Sunday) on which the Holder and commercial banks are open for general business in Luxembourg and New York. 

5.13    No Impairment. Except as set forth in Section 5.6, the Company will not, by amendment of its
certificate of incorporation, or through reorganization, consolidation, merger, dissolution, sale of assets, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant. 

[Remainder of page left blank intentionally] [Signature page follows] 

  
 - 32 - 

 IN WITNESS WHEREOF, the parties have caused this Common Stock Warrant to be executed by
their duly authorized representatives effective as of the Issue Date first above written. 
 COMPANY 

SPIRE GLOBAL, INC. 

			
		
	By:	 	 
	Name:	 	
	Title:	 	

 HOLDER 
 THE EUROPEAN
INVESTMENT BANK 

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

 APPENDIX 1 

WARRANT EXERCISE NOTICE 

1.     The undersigned Holder hereby exercises its right acquire shares of the Common Stock of SPIRE GLOBAL, INC. (the
“Company”) in accordance with the attached Common Stock Warrant, and tenders payment of the aggregate Warrant Price for such shares as follows: 

[    ] check in the amount of $             payable to
order of the Company enclosed herewith 
 [    ] Wire transfer of immediately available funds to the Company’s
account 
 [    ] Cashless Exercise pursuant to Section 1.2 of the Warrant 

[    ] Other [Describe]
                                         
                                

2.     Please issue a certificate or certificates representing the Shares in the name specified below: 

 

                       
                                         
         
     Holder’s Name 

 

                       
                                         
         
  

                       
                                         
         
     (Address) 

3.     By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and
warranties in Section 4 of the Warrant to Purchase Common Stock as of the date hereof. 
  

			
	 HOLDER
	 	
	 
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	(Date):	 	 

  
 - 34 - 

 SCHEDULE 1 

Company Capitalization Table 

  
 - 1 - 

 SCHEDULE 3 

WARRANTHOLDER’S NOTICE OF CANCELLATION 

To:    Spire Global, Inc. 

251 Rhode Island Street, Suite 204 

San Francisco, CA 94104 

FAO:    [🌑] 

WARRANT AGREEMENT BETWEEN, SPIRE GLOBAL, INC.
AND THE EUROPEAN INVESTMENT BANK DATED AUGUST    , 2020 (THE “WARRANT
AGREEMENT”) 
 We refer to the Warrant Agreement. Capitalised terms used in this Notice have the meanings ascribed to them in the
Warrant Agreement. 
 Our good faith assessment of the number of Warrant Shares and the Fair Market Value of the Warrant Shares, is set out in the annex to
this Notice, where the basis of calculation, assumptions and working papers are shown. Accordingly, the Termination Fee is EUR [ *** ]. 
 Please
countersign this Notice to indicate your acceptance of this Notice and remit the Termination Fee to the following account: 
  

			
	Bank:	  	[🌑]
	Branch:	  	[🌑]
	Sort Code:	  	[🌑]
	Account Number:        	  	[🌑]
	Account name:	  	[🌑]
	BIC:	  	[🌑]
	SWIFT:	  	[🌑]
	IBAN:	  	[🌑]
	Reference:	  	Cancellation of Spire Global, Inc. Warrants

  

			
	 Signed by
	 	 
	 for and on behalf of 

	 European Investment Bank 

	 Full Name    
	 	 
	 Address
	 	 
	 
	 

 We hereby confirm our agreement to the Notice of Cancellation becoming final and binding 

 

			
	 Signed by
	 	 
	 for and on behalf of 

	 Spire Global, Inc.

		
	 Full Name    
	 	 
		
	 Address
	 	 251 Rhode Island Street, Suite 204

San Francisco, CA 94104

  
 - 2 - 

 ANNEX 

SUPPORTING CALCULATIONS 

[See attached] 

  
 - 3 - 

 SCHEDULE 4 

EXPERT DETERMINATION 
  

	1.	 IDENTITY AND SELECTION OF EXPERT

 The Expert will be an independent, international and leading investment bank, a leading global firm of accountants,
or a leading valuation firm, as jointly appointed by the Company and the Warrantholder. Failing agreement as to such appointment after ten Business Days of the proposed referral to the Expert pursuant to paragraph (d) of clause 4.3 (Put
Option) by the Warrantholder and/or the Company, the Company shall (in its sole discretion acting reasonably) appoint an Expert satisfying the following criteria: an independent valuation firm of recognized standing engaged in the business of
valuing venture capital backed companies at all stages of development (from start-up to maturity), and not formerly or as of the date of valuation engaged by the Company or any of its affiliates or the Warrantholder. For the avoidance of any doubt,
any valuations produced by Carta Inc., its successors or affiliates, or any similar equity management provider, will not be an acceptable valuation for any purposes, and Carta Inc., its successors or affiliates, or any similar equity management
provider, or their respective enterprise valuation teams or analysts, will not be an acceptable Expert. 
  

	2.	 DUTIES OF EXPERT 

The Expert will: 
  

	 	(a)	 determine (as appropriate) the Fair Market Value for any Warrant Shares on the basis set out in paragraph 3
(Basis of Valuation); and 

  

	 	(b)	 within one month of the matter being referred to it, give written notice of its determination to the Parties
(the “Expert’s Certificate”), together with a written explanation setting out in reasonable detail the basis and methods used for the purposes of the calculations performed under the previous subparagraph.

  

	3.	 BASIS OF VALUATION 

The valuation of the fair market value shall be determined: 
  

	 	1.	 assuming the Warrants then outstanding are fully exercisable; 

 

	 	2.	 by applying techniques that are appropriate in light of the nature, facts, and circumstances of the financial
instrument; 

  

	 	3.	 using reasonable current market data and inputs combined with market participant assumptions; and

  

	 	4.	 based on the price that would be received for an asset or paid to transfer a liability in an Orderly
Transaction, given market conditions at the measurement date, between market participants that are (i) independent of each other, (ii) knowledgeable of the market, (iii) able to transact and willing to transact, that is, they are
motivated but not forced or otherwise compelled to do so. 

 The valuation shall be by guided by the International Private
Equity and Venture Capital Valuation Guidelines as such are amended from time to time or the valuation guidelines applicable in a specific jurisdiction. 

For the purposes of this paragraph 3 (Basis of valuation), “Orderly Transaction” means a transaction that assumes
exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving the respective assets or liabilities. 

  
 - 4 - 

	4.	 TERMS OF APPOINTMENT OF EXPERT

 The Parties shall co-operate with each other and shall take all reasonable action as is necessary to ensure that the
terms of appointment of the Expert will enable the Expert to give effect to and act in accordance with the provisions of this Schedule 4. 
  

	5.	 EXPERT REFUSING OR CEASING TO
ACT 

 If the Expert is unable for whatever reason to act, or does not deliver the decision within the
time required by paragraph 2(b) (Duties of Expert), the Company and the Warrantholder shall appoint a replacement expert in accordance with paragraph 1 (Identity and selection of Expert) of this Schedule 4 (Expert
Determination). 
  

	6.	 LANGUAGE 

All matters under this Schedule 4 will be conducted, and the Expert’s decision will be written, in the English language. 

 

	7.	 PARTIES TO PROVIDE INFORMATION
AND MAKE SUBMISSIONS 

 The Parties are entitled to make submissions to
the Expert including oral submissions and shall provide (or procure that others provide) the Expert with such information assistance and documents as the Expert reasonably requires for the purpose of reaching a decision subject to the Expert
agreeing to give such confidentiality undertakings as the Parties may reasonably require. 
  

	8.	 EXPERT MAY DETERMINE PROCEDURES

 To the extent not provided for by this Schedule 4, the Expert may, in its reasonable discretion, determine such
other procedures to assist with the conduct of the determination as he considers just or appropriate, including (to the extent he considers necessary) instructing professional advisers to assist it in reaching its determination. 

 

	9.	 CONDUCT OF PARTIES 

The Parties shall promptly take all such reasonable action which is necessary to give effect to the terms of this Schedule 4. 

 

	10.	 EXPERT NOT ARBITRATOR 

The Expert will act as an expert and not as an arbitrator. The Expert will determine any dispute arising in connection with the provisions of
this Schedule 4, its jurisdiction to determine the matters and issues referred to it, or its terms of reference. The Expert’s written decision on the matters referred to it will be final and binding in the absence of manifest error or fraud.

  

	11.	 COSTS OF THE EXPERT 

The Expert’s fees and any costs properly incurred by it in arriving at its determination (including any fees and costs of any advisers
appointed by the Expert) will be borne by the Company. 

  
 - 5 - 

 SCHEDULE 5 

JOINDER AGREEMENT 

THIS AGREEMENT is made on 20[ *** ] by the person whose contact details appear in the schedule (the
“New Shareholder”). 
 WHEREAS: 
  

	(A)	 Pursuant to a Warrant Agreement dated August         , 2020
between the Company and the Original Warrantholder (the “Warrant Agreement”) (as those expressions are defined in the Warrant Agreement) 

Option A: to be used where Shares are to be transferred  

and to which [ *** ] (the “Transferor”) is a party [by virtue of a Joinder Agreement dated [•]], the Transferor has
agreed to sell and transfer to the New Shareholder [Insert number and class of Shares] (the “Shares”) conditional upon the New Shareholder entering into this Joinder Agreement. 

Option B: to be used when Shares are to be subscribed  

, the Company will issue to the New Shareholder [insert number and class of Shares] (the “Shares”), conditional upon
the New Shareholder entering into this Joinder Agreement. 
  

	(A)	 The New Shareholder wishes to acquire the Shares, subject to such condition, and to enter into this Joinder
Agreement pursuant to the Warrant Agreement. 

 THIS AGREEMENT WITNESSES: 

 

	1.	 The New Shareholder undertakes to and covenants with all the parties to the Warrant Agreement from time to time
(including any person who enters into a Joinder Agreement pursuant to the Warrant Agreement, whether before or after this Agreement is entered into) to comply with the provisions of and to perform all the obligations in the Warrant Agreement insofar
as they remain to be observed and performed, as if the New Shareholder had been an original party to the Warrant Agreement [in place of the Transferor] as a Shareholder. 

 

	2.	 Except as expressly varied by this Joinder Agreement, the Warrant Agreement will continue in full force and
effect, and the Warrant Agreement will be interpreted accordingly. 

  

	3.	 The interpretation provisions and the provisions of clauses 1 (Definitions and Interpretation), 17
(No Partnership), 18 (Notices), 23 (Counterparts), 24 (Further Assurance), 26 (Entire Agreement), and 27 (Governing Law; Jurisdiction; WAIVER OF TRIAL BY JURY) of the Warrant Agreement apply to this
Agreement as if those provisions had been set out expressly in this Agreement, which will take effect from the date set out above. 

The schedule 
 Details of New
Shareholder 
  

			
	 Name
	  	:
	 Registered number (if a company)
	  	:
	 Country of incorporation (if a company)
	  	:
	 Address
	  	:

 [The remainder of this page is intentionally left blank. Signatures to follow.] 

  
 - 6 - 

 EXECUTED by 

					
	 

  
	 	 Executed by

[ *** New Shareholder]

acting by:

		 	 
		 	 Name:    
	 	 
		 	 Title:
	 	 

 Agreed and Acknowledged: 

COMPANY 
  

					
	 

  
	 	 Executed by

Spire Global, Inc.

acting by:

		 	 
		 	 Name:    
	 	 
		 	 Title:
	 	 

  
 - 7 - 

 SCHEDULE 6 

CAPITALIZATION TABLE 

[See attached] 

  
 - 8 - 

 SIGNATURE PAGE TO THE
WARRANT AGREEMENT 
 THIS AGREEMENT has been entered
into on the date stated at the beginning of this Agreement. 
 COMPANY 

 

											
	 Executed by
 Spire Global, Inc.

acting by:
	 		 		 	 
 

        
	 	
						
	/s/ Peter Platzer	 		 		 		 		 	 
	 Name: Peter Platzer

Title: CEO
	 		 		 		 	 Name:
  

Title: 

 ORIGINAL WARRANTHOLDER 

 

											
	 Executed by
 The European Investment
Bank
 acting by:
	 		 	 
 

        
	 		 	
					
	/s/ Martin Vatter	 		 		 		 	/s/ Kinga Soltesz
	 Name: Martin Vatter
  

Title: Head of Unit
	 		 		 		 	 Name: Kinga Soltesz
 Title: Senior
Counsel

 EXHIBIT A 

ARTICLES 

[See Attached] 

  
 - 32 - 

 FIRST AMENDMENT 

TO 
 WARRANT AGREEMENT

 THIS FIRST AMENDMENT (the “First Amendment”) to Warrant Agreement (as defined below) is entered into by and between
Spire Global, Inc., a Delaware corporation (the “Company”), and The European Investment Bank, having its seat at 98-100 Boulevard Konrad Adenauer,
L-2950 Luxembourg (the “Bank”). The effective date of this First Amendment will be the “Effective Date” defined in the Finance Contract (each as defined below). 

WHEREAS, the Company and the Bank are parties to the Warrant Agreement, dated as of 20 August 2020 (the
“Agreement”); and 
 WHEREAS, the signatories hereto represent the parties necessary to make an amendment to the
Agreement in writing, pursuant to Section 13 of the Agreement; 
 NOW THEREFORE, in consideration of the mutual covenants set
forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Bank hereby agree to amend the Agreement by this First Amendment, and the parties to this First Amendment
further agree, as follows: 
 1.    Addition of Definition of “Effective Date.” The following
definition of “Effective Date” is hereby added in Section 1.1 of the Agreement, after the definition of “Distribution” and before the definition of “Encumbrance”: 

“Effective Date” has the meaning given to it in the Finance Contract. 

2.    Amendment to Definition of “Finance Contract.” The definition of “Finance
Contract” provided in Section 1.1 of the Agreement is hereby deleted and replaced with the following: 
 “Finance
Contract” means the Finance Contract originally signed in Luxembourg and Seattle, Washington on 24 July 2020, by and among the Company, the Borrower, and the Original Warrantholder, as lender, pursuant to which a loan facility of up to
EUR 20,000,000 guaranteed by the Company, is made available, as amended and restated pursuant to an amendment agreement (governed by the laws of Luxembourg), dated as of the Effective Date, and as may be further amended, modified, restated,
replaced, or supplemented from time to time. 
 3.    Amendment to Definition of “Intercreditor
Agreement.” The definition of “Intercreditor Agreement” provided in Section 1.1 of the Agreement is hereby deleted and replaced with the following: 

 “Intercreditor Agreement” means an intercreditor agreement in form and
substance satisfactory to the Original Warrantholder, entered or to be entered into by and among Eastward Fund Management, LLC, the Borrower, the Company, Austin Satellite Design, LLC, and the Original Warrantholder, dated as of the Effective Date,
and as may be further amended, modified, restated, replaced, or supplemented from time to time. 

4.    Affirmation.    The parties to this First Amendment hereby affirm all other
provisions, commitments, obligations, and agreements as set forth in the Agreement, except as specifically amended and modified herein, and confirm that the Agreement, as amended by this First Amendment, will be enforceable against the parties
hereto in all respects. The Agreement and this First Amendment will be read and construed together as a single agreement and the term “Agreement” as used throughout the Agreement, will henceforth be deemed a reference to the Agreement as
amended by this First Amendment. 
 5.    Headings. The headings of the various sections of this First
Amendment have been inserted for convenience of reference only and will not be deemed to be a part of this First Amendment. 

6.    Governing Law. This First Amendment will be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to principles of conflicts of law. 
 7.    Counterparts.
This First Amendment may be executed in any number of counterparts, each of which will be deemed to be an original and all of which together will constitute one and the same instrument. In making proof of this First Amendment, it will not be
necessary to produce or account for more than one such counterpart. Signature pages delivered by facsimile, email, or in .PDF format will be valid as originals for all purposes hereof. 

[The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF, the parties have executed this First Amendment to Warrant Agreement as
of the Effective Date first above written. 
  

			
		 	SPIRE GLOBAL, INC.
		
	                	 	By:    /s/ Peter Platzer                    
		 	Name: Peter Platzer
		 	Title: CEO

  

			
		 	 THE EUROPEAN
 INVESTMENT
BANK

		
		 	By:    /s/ Donald Fitzpatrick            
	                	 	Name: Donald Fitzpatrick
		 	Title: Head of Division

  

			
		
		 	By:    /s/ Aleksander Skornik          
		 	Name: Aleksander Skornik
	                	 	Title: Head of Division

 [Signature Page to First Amendment to Warrant Agreement] 

 SECOND AMENDMENT 

TO 
 WARRANT AGREEMENT

 THIS SECOND AMENDMENT (the “Second Amendment”) to Warrant Agreement (as defined below) is made as of this
30th day of August, 2021, by and between Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.), a Delaware corporation (the “Company”), and The European Investment Bank, having its seat at 98-100 Boulevard Konrad Adenauer, L-2950 Luxembourg (the “Bank”). 

WHEREAS, the Company and the Bank are parties to the Warrant Agreement, dated as of 20 August 2020, as amended by that certain
First Amendment to Warrant Agreement dated 30 December 2020 (collectively, the “Agreement”); and 

WHEREAS, the signatories hereto represent the parties necessary to make an amendment to the Agreement in writing, pursuant to
Section 13 of the Agreement; 
 NOW THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Bank hereby agree to amend the Agreement by this Second Amendment, and the parties to this Second Amendment further agree, as follows: 

1.    Amendment to the Definition of “Put Option.” The definition of “Put Option”
provided in Section 1.1 of the Agreement is hereby deleted and replaced in its entirety with the following: 
 “Put
Option” means the Original Warrantholder’s right (but not the obligation) to require the Company to cancel or purchase any Warrant (or any portion of any Warrant) in consideration of the payment by the Company to the Warrantholder of
the Termination Fee, exercisable in whole (one time only) or in part (but in no more than two (2) separate partial exercises), at any time and in the Original Warrantholder’s sole discretion following the occurrence of an Event (including,
for the avoidance of doubt, at any time after the Facility A Maturity Date). 
 2.    Amendment to the Exercise of
the Put Option.” Sections 4.3(a) and 4.3(b) (Put Option) of the Agreement are hereby deleted in their entirety and replaced with the following: 

(a)    The Company irrevocably grants the Put Option to the Warrantholder on the terms set forth in this Agreement. The Put
Option may be exercised in whole at one time or in part (but in no more than two (2) separate partial exercises) by the Warrantholder at its sole discretion in relation to any Warrant on and at any time after the occurrence of an Event
(including, for the avoidance of doubt, at any time after the Facility A Maturity Date). 
 (b)     

 (i)    The Put Option shall be exercised by the Warrantholder serving
upon the Company a draft Warrantholder’s Notice of Cancellation which upon being served is irrevocable except with the consent of the Company. The Warrantholder’s Notice of Cancellation shall indicate whether the Put Option is being
exercised in full or in part, and, if in part, shall indicate the number of Warrants subject to cancellation. Notwithstanding the foregoing, the Put Option shall automatically be exercised in full, without notice of further action by any party, upon
a Bankruptcy or Insolvency Event. 
 (ii)    If the Put Option is exercised by the Warrantholder in part, then in
connection with the initial partial exercise of the Put Option, the Company shall cancel the underlying Warrants Certificate(s) in respect of such Warrants, and shall issue and deliver new replacement Warrants Certificate(s) of like tenor for the
balance of such Warrants. The replacement Warrants Certificate(s) will be delivered to the Warrantholder promptly, and in any event no later than the date of delivery of the aggregate Termination Fee in respect of the relevant Warrants, as set forth
in clause 4.3(e). 
 3.    Fees. Without prejudice to any previous agreements on the payment of fees and
expenses between the Company and the Original Warrantholder, the Company shall bear the Original Warrantholder’s reasonable out-of-pocket legal costs, including
reasonable fees of local counsel, incurred in respect of (i) the preparation, execution, and delivery of the Second Amendment to the Agreement, and (ii) local counsel’s review for purposes of assessing the impact of the contemplated
public listing of the Company following its merger with a special purpose acquisition company (SPAC) on the Original Warrantholder’s rights under the Warrant Agreement, payable when and as invoiced; provided that the Company may deduct from the
proceeds of any future Termination Fee paid to the Original Warrantholder the amount of such legal costs incurred by the Original Warrantholder referred to in clauses (i) and (ii) above, which shall in no event exceed USD 35,000. 

4.    Amendment to the Form of Warrantholder’s Notice of Cancellation. Schedule 3
(Warrantholder’s Notice of Cancellation) is hereby deleted in its entirety and replaced with the form of Warrantholder’s Notice of Cancellation set forth in Exhibit A hereto. 

5.    Affirmation.    The parties to this Second Amendment hereby affirm all other
provisions, commitments, obligations, and agreements as set forth in the Agreement, except as specifically amended and modified herein, and confirm that the Agreement, as amended by this Second Amendment, will be enforceable against the parties
hereto in all respects. The Agreement and this Second Amendment will be read and construed together as a single agreement and the term “Agreement” as used throughout the Agreement, will henceforth be deemed a reference to the Agreement as
amended by this Second Amendment. 

 6.    Headings. The headings of the various sections of
this Second Amendment have been inserted for convenience of reference only and will not be deemed to be a part of this Second Amendment. 

7.    Governing Law. This Second Amendment will be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to principles of conflicts of law. 
 8.    Counterparts.
This Second Amendment may be executed and delivered in any number of counterparts, each of which will be deemed to be an original and all of which together will constitute one and the same instrument. In making proof of this Second Amendment, it
will not be necessary to produce or account for more than one such counterpart. Signature pages delivered by facsimile, email, or in .PDF format will be valid as originals for all purposes hereof. 

[The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF, the parties have executed this Second Amendment to Warrant Agreement as
of the date first above written. 
  

			
	SPIRE GLOBAL SUBSIDIARY, INC.
		
	By:	 	 /s/ Ananda Martin

	Name:	 	Ananda Martin
	Title:	 	General Counsel and Secretary
	
	THE EUROPEAN INVESTMENT BANK
		
	By:	 	 /s/ Donald Fitzpatrick

	Name:	 	Donald Fitzpatrick
	Title:	 	Head of Division
		
	By:	 	 /s/ Aleksander Skornik

	Name:	 	Aleksander Skornik
	Title:	 	Head of Division

 [Signature Page to Second Amendment to Warrant Agreement] 

 EXHIBIT A 

SCHEDULE 3 

WARRANTHOLDER’S NOTICE OF CANCELLATION 

(THE “NOTICE”) 
  

	To:	 Spire Global Subsidiary, Inc. 

251 Rhode Island Street, Suite 204 

San Francisco, CA 94104 
 FAO:
    [●] 
 Warrant Agreement between, Spire Global Subsidiary, Inc. and the European Investment Bank dated August 20,
2020, as amended and in effect to date (the “Warrant Agreement”) 
 We refer to the Warrant Agreement. Capitalised terms used in this Notice
have the meanings ascribed to them in the Warrant Agreement. 
 Our good faith assessment of the number of Warrant Shares and the Fair Market Value of the
Warrant Shares, is set out in the annex to this Notice, where the basis of calculation, assumptions and working papers are shown. 
 We hereby provide [this
one time]1 notice for cancellation of [ *** ]% of the outstanding Warrant Shares (or [ *** ] Warrant Shares) underlying the Common Stock Warrant(s) issued as of [August 20, 2020 [and/or]
October 29, 2020]. Accordingly, the associated Termination Fee in respect of such cancellation is EUR [ *** ]. [Please note that we may deliver a second Notice for the balance of the Warrant Shares at any time hereafter and in our sole
discretion.]2 
 Please countersign this Notice to indicate your acceptance of this Notice and remit
the Termination Fee to the following account: 
  

			
	Bank:	  	[●]
	Branch:	  	[●]
	Sort Code:	  	[●]
	Account Number:	  	[●]
	Account name:	  	[●]
	BIC:	  	[●]
	SWIFT:	  	[●]
	IBAN:	  	[●]
	Reference:	  	Cancellation of Spire Global, Inc. Warrants

 Signed by    ................................................... 

 
  

	1 	 [Note: To be included if it will be a one-time exercise of the
Put Option.] 

	2 	 [Note: To be included if it will be a two-time exercise of the
Put Option in tranches.] 

 for and on behalf of 

European Investment Bank 

			
	Full Name	 	...................................................
	Address	 	...................................................
	...................................................
	...................................................

 We hereby confirm our agreement to the Notice of Cancellation becoming final and binding 

 

			
	Signed by	 	...................................................
	for and on behalf of
	Spire Global Subsidiary, Inc.
		
	Full Name	 	...................................................
		
	Address	 	251 Rhode Island Street, Suite 204
		 	San Francisco, CA 94104

 ANNEX 

SUPPORTING CALCULATIONS 

[See attached]

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