Document:

Exhibit 10.11

 

Execution Version

 

THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE
TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.

 

THE PURCHASE OF THE SECURITIES INVOLVES A HIGH
DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement (this “Agreement”)
is entered into as of October 26, 2021 between LF Capital Acquisition Corp. II, a Delaware corporation (the “Company”),
Level Field Capital II, LLC, a Delaware limited liability company (the “Sponsor”) and                                 (the
“Purchaser”).

 

RECITALS

 

WHEREAS, the Company was incorporated for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business
combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company has submitted confidentially with
the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Registration
Statement”) for its initial public offering (“IPO”) of units (the “Public Units”), at
a price of $10.00 per Public Unit, each Public Unit comprised of one share of the Company’s Class A common stock, par value $0.0001
per share (“Class A Common Stock”, and the shares of Class A Common Stock included in the Public Units, the “Public
Shares”), and one-half of one redeemable warrant, where each whole warrant is initially exercisable to purchase one share of
Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment (the “Warrants”, and the Warrants
included in the Public Units, the “Public Warrants”);

 

WHEREAS, proceeds from the IPO and the sale of the Private
Placement Warrants (as defined below) in an aggregate amount equal to 102% of the aggregate gross proceeds from the IPO will be deposited
into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the
Registration Statement;

 

WHEREAS, following the closing of the IPO (the “IPO
Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, in connection with the IPO, the Sponsor and
the Purchaser will purchase, in a private placement that will close simultaneously with the IPO Closing, warrants which are identical
to the Public Warrants except with respect to the transfer restrictions and registration rights described in the Registration Statement
(the “Private Placement Warrants”), for a purchase price of $1.00 per Private Placement Warrant, subject to adjustment
as set forth in Schedule A;

 

WHEREAS, the parties wish to enter into this Agreement,
pursuant to which the Purchaser shall subscribe for and purchase (i) from the Sponsor, shares of Class B common stock, par value
$0.0001 per share, of the Company (“Class B Common Stock” and collectively with the shares of Class A Common Stock,
the “Common Stock”) at the Business Combination (“Founder Shares”) and (ii) from the Company,
Private Placement Warrants to be issued at the IPO Closing (together with the Founder Shares, the “Subscribed Securities”);

 

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WHEREAS, the Company and the Sponsor have entered into
or intend to concurrently with this Agreement enter into agreements (collectively, the “Subscription Agreements”) in
the form of this Agreement with certain affiliates of the Purchaser (together with the Purchaser, the “Subscribing Parties”)
for the purchase of Founder Shares and Private Placement Warrants set forth therein; and

 

WHEREAS, the Company, the Sponsor and the Subscribing
Parties intend for the purchase of Founder Shares and Private Placement Warrants as set forth herein to be made pursuant to Section 4(a)(1)
and Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), respectively.

 

NOW, THEREFORE, in consideration of the premises, representations,
warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1. Sale and Purchase.

 

(a)           Securities.

 

(i)             Subject to the terms and conditions hereof,
the Purchaser hereby irrevocably subscribes for and agrees to purchase from the Company, and the Company agrees to issue and sell to the
Purchaser, the number of Private Placement Warrants set forth on Schedule A hereto for the aggregate purchase price set forth
on Schedule A hereto (the “Initial Warrant Purchase Price”).

 

(ii)            On the Business Combination Closing (as
defined below), the Purchaser shall purchase from the Sponsor, and the Sponsor shall transfer and sell to the Purchaser, the number of
Founder Shares set forth on Schedule A hereto for the aggregate purchase price set forth on Schedule A hereto
(subject to adjustment as set forth in Section 2 below), by wire transfer of immediately available funds or other means approved
by the Sponsor. If the Business Combination Closing has not occurred by the date that is 15 months from the IPO Closing (or 18 months
from the IPO Closing if the Company has executed a letter of intent, agreement in principle or definitive agreement for its initial business
combination within 15 months from the IPO Closing but has not completed its initial business combination within such 15 month period)
or any stockholder-approved extension period (including pursuant to an amendment of the Company’s certificate of incorporation or
in connection with any Extension Election (as defined in the Registration Statement)), then no purchase of Founder Shares shall occur
pursuant to this Section 1(a)(ii).

 

(iii)           The
Purchaser acknowledges that the Subscribed Securities, and any securities of the Company that may be distributed to the Purchaser on account
of the Subscribed Securities (collectively, the “Securities”), will be subject to restrictions on transfer as set forth
in this Agreement.

 

(iv)          The Company shall notify the
Purchaser in writing of the anticipated date of the effectiveness of the Registration Statement (the “Effective Date”)
at least three (3) Business Days (as defined below) prior to the Effective Date, and the Purchaser shall remit the Initial Warrant Purchase
Price to the Company’s transfer agent (to be held in escrow pending the IPO Closing), by wire transfer of immediately available
funds or other means approved by the Company, on the date that is one (1) Business Day prior to the Effective Date, or such other date
as the Company and the Purchaser may agree upon in writing; provided, however, that if the actual number of Public Units offered
and sold in the IPO is less than 20,000,000 or greater than 40,000,000, then the Purchaser shall not be obligated to remit the Initial
Warrant Purchase Price as set forth in this Section 1(a)(iv) and any of the Purchaser, the Company or the Sponsor may in its sole
discretion terminate this Agreement, and this Agreement shall then be of no further force or effect. As used herein, “Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions
are generally authorized or required by law or regulation to close in the City of New York, New York. If the IPO Closing has not occurred
by the date that is seven (7) Business Days after the date on which the Purchaser remitted the Initial Warrant Purchase Price to
the Company’s transfer agent, then, unless the Purchaser otherwise agrees in writing, the Company will promptly cause its transfer
agent to return such amounts to the Purchaser. If the IPO Closing has not occurred by January 31, 2022, this Agreement shall terminate
and be of no further force or effect.

 

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(v)            In
the event that the underwriters’ over-allotment option in connection with the IPO (the “Over-allotment Option”)
is exercised, the Purchaser agrees to purchase additional Founder Shares as indicated on Schedule A at a price per share. The additional
Founder Shares shall be purchased on the date of the Business Combination Closing.

 

(vi)          On
the date of the IPO Closing, the Company shall issue to the Purchaser the number of Private Placement Warrants set forth on Schedule
A hereto.

 

(b)           Closing
Conditions. The Purchaser’s obligation to purchase the Subscribed Securities and the Sponsor’s and the Company’s
obligation to sell the Subscribed Securities to the Purchaser is conditioned upon satisfaction of the following conditions precedent (any
or all of which may be waived by each of the Company, the Sponsor and the Purchaser in its sole discretion with respect to the other parties’
conditions):

 

(i)                  
On the IPO Closing or the Business Combination Closing, as applicable, no legal, administrative or
regulatory action, suit or proceeding shall be pending which seeks to restrain or prohibit the transactions contemplated by this Agreement;

 

(ii)                
The representations and warranties of the Company and the Sponsor contained in this Agreement shall
have been true and correct on the date of this Agreement and shall be true and correct on the IPO Closing or the Business Combination
Closing, as applicable, as if made on the date of such closing (other than the representations and warranties set forth in Sections 4(b)
and 4(h) hereof, which shall be true and correct as of the IPO Closing); and 

 

(iii)               
The representations and warranties of the Purchaser contained in this Agreement shall have been true
and correct on the date of this Agreement and shall be true and correct on the IPO Closing and the Business Combination Closing, as applicable,
as if made on the date of such closing. 

 

(c)          Delivery of Securities.

 

(i)             The Company shall register the Purchaser
as the owner of the Subscribed Securities with the Company’s transfer agent by book entry upon the purchase thereof (provided that
prior to the Company’s appointment of a transfer agent it shall register the Purchaser as the owner of such securities in the Company’s
stock ledger upon the purchase thereof).

 

(ii)            Each register and book entry for the Securities
shall contain a notation, and each certificate (if any) evidencing the Securities shall be stamped or otherwise imprinted with a legend
(in addition to any other required legends, as applicable), in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT
BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.

 

THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN SUBSCRIPTION AGREEMENT BY AND AMONG THE HOLDER AND THE OTHER PARTIES
THERETO. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

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(d)           Legend
Removal. Following the expiration of the transfer restrictions set forth in Section 6(a), if the Securities are eligible
to be sold without restriction under, and without the Company being in compliance with the current public information requirements of,
Rule 144 under the Securities Act, or if they are registered for resale under the Securities Act pursuant to a shelf registration
statement, then at the Purchaser’s written request, the Company will use commercially reasonable efforts to cause the Company’s
transfer agent to remove the legend set forth in Section 1(c)(ii), subject to compliance by the Purchaser with the reasonable
and customary procedures for such removal required by the Company or its transfer agent. In connection therewith, if required by the Company’s
transfer agent, the Company will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together
with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent
to issue such Securities without any such legend.

 

(e)           Registration Rights. On the Effective Date,
the Company shall enter into a Registration Rights Agreement (the “Registration Rights Agreement”) with the Sponsor,
the Subscribing Parties and certain other parties thereto, in substantially the form provided to the Purchaser prior to the date hereof.
The Registration Rights Agreement shall provide the Purchaser with registration rights with respect to the Subscribed Securities that
are no less favorable to the Purchaser than the registration rights of the Sponsor set forth therein.

 

 2.          Potential Forfeiture.The Purchaser agrees that
if, in connection with a Business Combination, the Sponsor decides (i) to forfeit, transfer to a third person, exchange, subject to transfer,
vesting or conditional forfeiture provisions or amend the terms of all or any portion of the Founder Shares and/or the Private Placement
Warrants (or the Sponsor’s membership interests representing an interest in any of the foregoing) or (ii) to enter into any other
arrangements with respect to the Founder Shares and/or the Private Placement Warrants (or the Sponsor’s membership interests representing
an interest in any of the foregoing), including voting in favor of any amendment to the terms of the Founder Shares and/or the Private
Placement Warrants (each, a “Change in Investment”), such Change in Investment shall apply pro rata to the Purchaser
and the Sponsor based on the relative number of Founder Shares and/or Private Placement Warrants to be held by each on the Business Combination
Closing; provided, however that in no event shall such Change in Investment apply to more than 25% of the Founder Shares to be purchased
by the Purchaser and/or 25% of the Private Placement Warrants held by the Purchaser. The Purchaser agrees to take all steps and execute
all such agreements as may be necessary or reasonably requested by the Sponsor to effectuate such Change in Investment on the same terms
as applicable to the Sponsor. By way of example and without limiting the foregoing, in the event the Sponsor agrees to (x) forfeit 10%
of its Private Placement Warrants and 10% of its Founder Shares as part of the Business Combination, the Purchaser also would be obligated
to forfeit 10% of its Private Placement Warrants and 10% of its Founder Shares, or (y) transfer 50% of its Private Placement Warrants
and 50% of its Founder Shares as part of the Business Combination, the Purchaser would only be obligated to transfer 25% of its Private
Placement Warrants and forfeit 25% of its Founder Shares because in no event shall a Change in Investment apply to more than 25% of the
Founder Shares to be purchased by the Purchaser and/or 25% of the Private Placement Warrants held by the Purchaser.

 

3.             Representations and Warranties of the Purchaser.
The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a)           Organization and Power. The Purchaser is
duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation and has all requisite power
and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)           Authorization. The Purchaser has full power
and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute the valid and
legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting
enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

 

(c)           Governmental Consents and Filings. No consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental
authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement,
except for filings pursuant to applicable securities laws, rules or regulations.

 

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(d)           Compliance with Other Instruments. The execution,
delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated by
this Agreement will not result in any violation or default (i) under any provisions of its organizational documents, (ii) under
any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or
mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it
is a party or by which it is bound or (v) under any provision of federal or state statute, rule or regulation applicable to
the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser’s ability to consummate
the transactions contemplated by this Agreement.

 

(e)           Purchase Entirely for Own Account. This Agreement
is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution
of this Agreement, the Purchaser hereby confirms, that the Securities to be acquired by the Purchaser will be acquired for investment
for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof
in violation of any state or federal securities laws, and that the Purchaser has no present intention of selling, granting any participation
in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser
does not presently have any contract, undertaking, agreement or arrangement with any Person (other than the Company) to sell, transfer
or grant participations to such Person or to any third Person, with respect to any of the Securities. For purposes of this Agreement,
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity or any government or any department or agency thereof.

 

(f)            Disclosure of Information. The Purchaser
has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions of the offering
of the Securities, as well as the terms of the Company’s proposed IPO, with the Company’s management.

 

(g)           Restricted Securities. The Purchaser understands
that the offer and sale of the Securities to the Purchaser has not been and will not be registered under the Securities Act, by reason
of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature
of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that
the Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, the Purchaser must hold the Securities indefinitely unless they are registered with the SEC and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no
obligation to register or qualify the Securities except pursuant to the Registration Rights Agreement. The Purchaser further acknowledges
that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which
are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser
acknowledges that the Company has confidentially submitted the Registration Statement for its proposed IPO. The Purchaser understands
that the offering of Securities and transactions contemplated hereunder are not and are not intended to be part of the IPO, and that the
Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with respect to its purchase of Securities
hereunder.

 

(h)           No Public Market. The Purchaser understands
that no public market now exists for the Securities, and that the Company has not made any assurances that a public market will ever exist
for the Securities.

 

(i)            High Degree of Risk. The Purchaser understands
that the purchase of the Subscribed Securities involves a high degree of risk which could cause the Purchaser to lose all or part of its
investment.

 

(j)            Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

(k)           No General Solicitation. Neither the Purchaser,
nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through
a broker or finder (i) to its knowledge, engaged in any general solicitation, or (ii) published any advertisement in connection
with the offer and sale of the Securities.

 

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(l)            Place of Investment Decision. The Purchaser’s
investment decision was made in the office or offices located at the address of the Purchaser set forth on the signature page hereof.

 

(m)          Adequacy of Financing. The Purchaser
will, when such funds are due hereunder, have sufficient funds to satisfy its obligations under this Agreement.

 

(o)           No Other Representations and Warranties; Non-Reliance.
Except for the specific representations and warranties contained in this Section 3 and in any certificate or agreement
delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the Purchaser’s affiliates
(the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or
warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim any such representation or warranty. Except
for the specific representations and warranties expressly made by the Company and the Sponsor in Section 4 and Section
5 of this Agreement, respectively, and in any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically
disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any person on behalf
of the Company or any of the Company’s affiliates (collectively, the “Company Parties”) or by the Sponsor, any
person on behalf of the Sponsor or any of the Sponsor’s affiliates (collectively, the “Sponsor Parties”) with
respect to the transactions contemplated hereby.

 

4.             Representations, Warranties and Covenants of the
Company. The Company represents, warrants and covenants to the Purchaser as follows:

 

(a)           Organization and Corporate Power. The Company
is incorporated and validly existing and in good standing as a corporation under the laws of Delaware and has all requisite corporate
power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)           Capitalization. The authorized share capital
of the Company consists, as of the date hereof, of:

 

(i)            100,000,000
shares of Class A Common Stock, none of which are issued and outstanding;

 

(ii)           10,000,000 shares of Class B Common Stock,
6,468,750 of which are issued and outstanding and held by the Sponsor. All of the outstanding shares of Class B Common Stock have been
duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

(iii)          1,000,000 shares of preferred stock,
none of which are issued and outstanding.

 

(c)           Authorization. All corporate action required
to be taken by the Company’s Board of Directors and stockholders in order to authorize the Company to enter into this Agreement,
and to issue the Subscribed Securities, has been taken on or prior to the date hereof. All action on the part of the stockholders, directors
and officers of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company
under this Agreement, and the issuance and delivery of the Subscribed Securities has been taken on or prior to the date hereof. This Agreement,
when executed and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against
the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally
or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

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(d)           Valid Issuance of Private Placement Warrants.

 

(i)             The Private Placement Warrants, when issued,
sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued and fully
paid, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof
and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities
laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in
this Agreement and subject to the filings described in Section 4(e) below, the Private Placement Warrants will
be issued in compliance with all applicable federal and state securities laws, rules and regulations.

 

(ii)            No “bad actor” disqualifying
event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable
to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event
as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. “Company Covered Person” means, with respect
to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the
first paragraph of Rule 506(d)(1).

 

(e)           IPO.
The offers and sales of securities in the IPO will be made pursuant to an effective Registration Statement and otherwise in compliance
with the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws, rules and regulations.

 

(f)            Governmental Consents and Filings. Assuming
the accuracy of the representations made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of
the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation
D of the Securities Act and applicable state securities laws, if any.

 

(g)           Compliance with Other Instruments. The execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in
any violation or default (i) under any provisions of the certificate of incorporation, bylaws or other governing documents of the
Company, (ii) under any instrument, judgment, order, writ or decree to which the Company is a party or by which it is bound, (iii) under
any note, indenture or mortgage to which the Company is a party or by which it is bound, (iv) under any lease, agreement, contract
or purchase order to which the Company is a party or by which it is bound or (v) under any provision of federal or state statute,
rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on
the Company or its ability to consummate the transactions contemplated by this Agreement.

 

(h)           Operations. As of the date hereof, the Company
has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other than organizational activities and
activities in connection with offerings of the Securities.

 

(i)            Foreign Corrupt Practices. Neither the Company,
nor any director, officer, agent, employee or other Person acting on behalf of the Company has, in the course of its actions for, or on
behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses
relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official
or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of
1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign
or domestic government official or employee.

 

(j)            Compliance with Anti-Money Laundering Laws.
The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, those
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering
statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with
respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

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(k)           Absence of Litigation. There is no action,
suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body
pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s officers or directors,
whether of a civil or criminal nature or otherwise, in their capacities as such.

 

(l)            No General Solicitation. Neither the Company
nor any of its officers has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation
or (ii) published any advertisement in connection with the offer and sale of the Subscribed Securities.

 

(m)          Non-Public Information. The Company represents
and warrants that none of the information conveyed to the Purchaser in connection with the transactions contemplated by this Agreement
will constitute material non-public information of the Company upon the effectiveness of the Registration Statement.

 

(n)           No Other Representations and Warranties; Non-Reliance.
Except for the specific representations and warranties contained in this Section 4 and in any certificate or agreement
delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any other express or implied representation
or warranty with respect to the Company or the offering of Securities hereunder, and the Company Parties disclaim any such representation
or warranty. Except for the specific representations and warranties expressly made by the Purchaser in Section 3 of
this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are
relying upon any other representations or warranties that may have been made by the Purchaser Parties.

 

5.             Representations,
Warranties and Covenants of the Sponsor. The Sponsor represents, warrants and covenants as follows:

 

(a)            Organization
and Power. The Sponsor is duly organized, validly existing, and in good standing under the laws of its jurisdiction of its formation
and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)           Authorization.
The Sponsor has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Sponsor, will
constitute the valid and legally binding obligation of the Sponsor, enforceable against the Sponsor in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application
affecting enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

 

(c)           Encumbrances.
The Founder Shares to be sold to the Purchaser (i) are owned by the Sponsor free and clear of any security interests, liens, claims or
other encumbrances, subject only to restrictions upon transfer under the Securities Act and any applicable state securities laws and as
described in the Registration Statement, (ii) are subject to certain transfer restrictions as set forth in the Registration Statement,
and (iii) will not subject the Purchaser to personal liability upon its acquisition of such Founder Shares by reason of being a holder
of such Founder Shares.

 

(d)           No Other
Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 5 and
in any certificate or agreement delivered pursuant hereto, none of the Sponsor Parties has made, makes or shall be deemed to make any
other express or implied representation or warranty with respect to the Sponsor or the offering of Securities hereunder, and the Sponsor
Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Purchaser
in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Sponsor Parties
specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Purchaser Parties.

 

(e)          Most Favored Nation.Except with respect
to the contemplated sale by the Sponsor of 20,000 Founder Shares to each of the Company’s independent directors and the contemplated
sale by the Company of certain Private Placement Warrants to each of Jefferies LLC and the Sponsor (each, as set forth in the Registration
Statement), none of the Sponsor, the Company or any of their affiliates will enter into any arrangement, agreement or understanding containing
terms relating to the subscription of the Founder Shares and/or the Private Placement Warrants that are more favorable to the counterparty
or offeree than the terms set forth in the Agreement.

 

    8 

     

    

 

6.             Additional Agreements and Acknowledgements of
the Purchaser.

 

(a)           Transfer Restrictions. The Purchaser agrees
that, except for Transfers (as defined below) to third parties required pursuant to Section 2 above, it shall not Transfer (i) any Founder
Shares or any shares of Class A Common Stock issuable upon conversion thereof until the earlier of (A) one year after the closing
of the Business Combination (the “Business Combination Closing”) and (B) the date following the Business Combination
Closing on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all
of the Company’s stockholders having the right to exchange their Common Stock for cash, securities or other property (such period,
the “Lock-up Period”) or (ii) any Private Placement Warrants (or any shares of Common Stock issuable upon exercise
of the Private Placement Warrants) until 30 days after the Business Combination Closing. Notwithstanding the foregoing, if subsequent
to the Business Combination Closing, the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty
(30) trading day period commencing at least one hundred and fifty (150) days after the Business Combination Closing, the Founder Shares
shall be released from the lockup referenced in this Section 6(a). Notwithstanding the first sentence hereinabove, Transfers of
the Securities are permitted (i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s
officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of
such affiliates; (ii) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a
trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable
organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in
the case of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection
with any forward purchase agreement or similar arrangement or in connection with the consummation of a Business Combination at prices
no greater than the price at which the applicable Securities were originally purchased; (vi) by virtue of the Purchaser’s organizational
documents upon liquidation or dissolution of the Purchaser; (vii) to the Company for no value for cancellation in connection with the
consummation of the Business Combination; (viii) in the event of the Company’s liquidation prior to the completion of the Business
Combination; (ix) in the event of the Company’s liquidation, merger, stock exchange, reorganization or other similar transaction
which results in all of the Company’s public shareholders having the right to exchange their Class A Common Stock for cash, securities
or other property subsequent to the Company’s completion of the Business Combination; and (x) to the Purchaser’s affiliates,
to any investment fund or other entity controlled or managed by the Purchaser, or to any investment manager or investment advisor of the
Purchaser or an affiliate of any such investment manager or investment advisor or to any investment fund or other entity controlled or
managed by such persons (each of the foregoing, a “Permitted Transferee”); provided, however, that in the case of clauses
(i) through (vi) and (x) these Permitted Transferees must enter into a written agreement agreeing to be bound by the terms of this
Agreement, including these transfer restrictions. As used in this Agreement, “Transfer” shall mean the (x) sale
or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise dispose
of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect
to or decrease of a call equivalent position (within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations of the SEC promulgated thereunder) with respect to, any of
the Securities; (y) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any of the Securities, whether any such transaction is to be settled by delivery of such Securities, in cash
or otherwise, or (z) public announcement of any intention to effect any transaction specified in clause (x) or (y); provided
further, that this Section 6(a) shall not prohibit the Purchaser from effecting a Short Sale (as defined below) with securities
that do not constitute “Securities” under this Agreement.

 

(b)           Trust Account.

 

(i)             The Purchaser hereby acknowledges that
it is aware that the Company will establish the Trust Account for the benefit of its public stockholders upon the IPO Closing. The Purchaser
hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset
of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may
have in respect of any Public Shares held by it.

 

    9 

     

    

 

(ii)            The Purchaser hereby agrees that it shall
have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in,
the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future,
except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event
the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation
rights, if any, the Purchaser may have in respect of any Public Shares held by it.

 

(c)           No
Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf, will engage in any Short
Sales with respect to securities of the Company prior to the closing of the Business Combination. For purposes of this Section 6(c),
“Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation
SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business
as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a
total return basis). Notwithstanding anything to the contrary set forth herein, (i) nothing herein shall prohibit any entities under common
management or that share an investment advisor with the Purchaser that have no knowledge of this Agreement or of the Purchaser’s
participation in the transactions contemplated in this Agreement (including the Purchaser’s controlled affiliates and/or other affiliates)
from entering into any Short Sales and (ii) in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, this Section 6(c) shall only apply with respect
to the portion of assets managed by the portfolio manager that made the investment decision to purchase the amount of Subscribed Securities
pursuant to this Agreement. The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Subscribed
Securities may be pledged by the Purchaser in connection with a bona fide margin agreement, provided that such pledge shall be (i) pursuant
to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance with, a registration
statement that is effective under the Securities Act at the time of such pledge, and the Purchaser effecting a pledge of Subscribed Securities
shall not be required to provide the Company with any notice thereof; provided, however, that neither the Company nor its counsel shall
be required to take any action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender
of such margin agreement with an acknowledgment that the Subscribed Securities may be subject to contractual lock ups or prohibition on
pledging (including specifically, but not by limitation, an acknowledgment that the Founder Shares are subject to such lock-up periods
as are described in the Registration Statement), the form of such acknowledgment to be subject to review and comment by the Company in
all respects. Notwithstanding the foregoing, Subscriber shall not pledge the Subscribed Securities unless the terms of such pledge permit
or require that voting control over any such pledged Subscribed Securities remains within the sole control of Subscriber.

 

(d)           Use of Purchaser’s Name. Neither the
Company nor the Sponsor will, without the written consent of the Purchaser in each instance, use in advertising, publicity or otherwise
the name of the Purchaser or any of its affiliates, or any director, officer or employee of the Purchaser, nor any trade name, trademark,
trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Purchaser or its affiliates or
any information relating to the business or operations of the Purchaser or its affiliates (including, for the avoidance of doubt, any
investment vehicles, funds or accounts managed thereby). Notwithstanding the foregoing, the Company may disclose (i) the Purchaser’s
name and information concerning the Purchaser (A) to the extent required by law, regulation or regulatory request, including in the
Registration Statement or (B) to the Company’s lawyers, independent accountants and to other advisors and service providers
who reasonably require the Purchaser’s information in connection with the provision of services to the Company, are advised of the
confidential nature of such information and are obligated to keep such information confidential, and (ii) the Purchaser’s name
and the terms of this Agreement to the other Subscription Parties. The Company and the Sponsor agree to provide to the Purchaser for the
Purchaser’s review any disclosure in any registration statement, proxy statement or other document in advance of the submission,
filing or disclosure of such document in connection with the transactions contemplated by this Agreement with respect to the Purchaser
or any of its affiliates, and will not make any such submission, filing or disclosure without including any revisions reasonably requested
in writing by the Purchaser or to the extent the Purchaser has a good faith objection to such submission, filing or disclosure.

 

    10 

     

    

  

(e)           Stock Exchange Listing. The Company will
use commercially reasonable efforts to effect and maintain the listing of the Class A Common Stock and Warrants on The Nasdaq Global Market
(or another national securities exchange) until the third anniversary of the Business Combination Closing.

 

7.             General Provisions.

 

(a)                
Notices. All notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to
be notified, (ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and
if not sent during normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day after
deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification
of receipt. All communications sent to the Company shall be sent to: LF Capital Acquisition Corp. II, 1909 Woodall Rodgers Freeway, Suite
500, Dallas, TX 75201, Attention: President, Chief Executive Officer, Email: sreed@lfcapital.com, with a copy to Dechert LLP, 1095 6th
Avenue, New York, NY 10036, Attention: Martin Nussbaum and Thomas Friedmann, Email: martin.nussbaum@dechert.com and
thomas.freidmann@dechert.com.

 

        All
communications to the Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereto, or to such
email address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 7(a).

 

(b)           No Finder’s Fees. Each party represents
that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction. The Purchaser agrees
to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s
or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability)
for which the Purchaser or any of its officers, employees or representatives are responsible. The Company agrees to indemnify and hold
harmless the Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising
out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or
any of its officers, employees or representatives is responsible.

 

(c)           Survival. All of the representations and
warranties contained herein, and the provisions of Section 2 hereof, shall survive the consummation of the transactions contemplated by
this Agreement.

 

(d)           Entire Agreement. This Agreement, together
with any other documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement
and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby.

 

(e)           Successors. All of the terms, agreements,
covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable
by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under
or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)            Assignments. Except as otherwise specifically
provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the other party.

 

(g)           Counterparts. This Agreement may be executed
in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

 

    11 

     

    

 

(h)           Headings. The section headings contained
in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.

 

(i)            Governing Law. This Agreement, the entire
relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity)
shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect
to its choice of laws principles.

 

(j)             Jurisdiction. The parties hereby irrevocably
and unconditionally (i) submit to the jurisdiction of the state courts of New York and the United States District Court for the Southern
District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree
not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of New York or
the United States District Court for the Southern District of New York, and (iii) waive, and agree not to assert, by way of motion,
as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought
in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof
may not be enforced in or by such court.

 

(k)           WAIVER OF JURY TRIAL. THE PARTIES HERETO
HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

(l)            Amendments. This Agreement may not be amended,
modified or waived as to any particular provision, except with the prior written consent of the Company and the Purchaser.

 

(m)          Severability. The provisions of this Agreement
will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the
other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged
by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that
the governmental authority, arbitrator, or mediator making such determination will have the power to modify the provision in a manner
consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such
provision will then be enforceable and will be enforced.

 

(n)           Expenses. Each of the Company, the Sponsor
and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this
Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial
advisors, legal counsel and accountants, except that the Sponsor will be responsible for the Purchaser’s legal fees in an amount
up to $50,000 (less any such legal fees for which the Sponsor reimbursed the Purchaser prior to the date hereof). The Company shall be
responsible for the fees of its transfer agent, stamp taxes and all of The Depository Trust Company’s fees associated with the issuance
of the Securities and the securities issuable upon conversion or exercise of the Securities.

 

(o)           Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement
will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring
any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign
law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires
otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without
limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the
singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement
as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty,
and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant
contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject
matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the
fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

    12 

     

    

 

(p)           Waiver. No waiver by any party hereto of
any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any
prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because
of any prior or subsequent occurrence.

 

(q)           Specific Performance. Each party hereto agrees
that irreparable damage may occur in the event any provision of this Agreement was not performed by the other party hereto in accordance
with the terms hereof and that the such party shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or equity.

 

(r)            No Third-Party
Beneficiaries. This Agreement is for the sole benefit of the parties hereto (and their respective successors and permitted assigns)
and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement.

 

(s)           Confidentiality.
Except as may be required by law, regulation or applicable stock exchange listing requirements (but subject in any case to the provisions
of Section 6(d) hereof), unless and until the transactions contemplated hereby and the terms hereof are publicly announced
or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not publicly disclose the existence
or terms of this Agreement. Notwithstanding the foregoing, the Purchaser shall be permitted to disclose any information to its affiliates
and its and their respective directors, officers, employees, advisors, director or indirect owners, agents and representatives, in each
case so long as such person or entity has been advised of the confidentiality obligations hereunder; provided that the Purchaser shall
be liable for any breach of such confidentiality obligations by any such person or entity.

 

[Signature page follows]

 

    13 

     

    

 

IN WITNESS WHEREOF, the undersigned have executed
this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	LF CAPITAL ACQUISITION CORP. II
	 	 
	 	By:	 
	 	Name: 	Scott Reed
	 	Title: 	Chief Executive Officer
	 	 
	 	SPONSOR:
	 	 
	 	LEVEL FIELD CAPITAL II, LLC
	 	 
	 	By:	LEVEL FIELD PARTNERS II, LLC,
	 	 	its managing member
	 	 	 
	 	By:	LEVEL FIELD MANAGEMENT II, LLC,
	 	 	its managing member
	 	By:	 
	 	 	Name: Elias Farhat
	 	 	Title: Member
	 	 	 
	 	By:	 
	 	 	Name: Djemi Traboulsi
	 	 	Title: Member

 

[Signature Page to Subscription Agreement]

 

    

     

    

 

	 	PURCHASER:
	 	 
	 	By: 	BlackRock Financial Management Inc., in its capacity as investment
advisor
	 	 
	 	 
	 	Name: 	Christopher Biasotti
	 	Title: 	Authorized Signatory

  

	 	Purchaser’s Address for Notices:
	 	 
	 	
    c/o BlackRock Financial Management, Inc.

    55 East 52nd Street

    New York, NY 10055

    Attn: Christopher Biasotti

     

    with copies to:

c/o BlackRock, Inc.

Office of the General Counsel

40 East 52nd Street, New York, NY 10022

Attn: David Maryles and Reid Fitzgerald

Email: legaltransactions@blackrock.com

     

    And

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, NY 10036

Attn: Christopher S. Auguste

Email: cauguste@kramerlevin.com

 

[Signature Page to Subscription Agreement]

 

    

     

    

 

Schedule A

 

	 	 	Number of
 Subscribed Securities*	 	Initial Purchase Price
	Founder Shares	 	 		 	 	$		 
	Private Placement Warrants	 	 		 	 	$		 

 

*In the event that the Over-allotment Option is exercised, the
Purchaser agrees to purchase up to an additional $                        of
Founder Shares at a price of $                  per
share (or up to                             Founder
Shares), in the same proportion as the amount of the Over-allotment Option that is exercised.Document

Exhibit 10.1

AMERICAN TOWER CORPORATION

2000 EMPLOYEE STOCK PURCHASE PLAN
As Amended and Restated Effective September 10, 2021

1.         PURPOSE

The purpose of this 2000 Employee Stock Purchase Plan (the "Plan") is to provide employees of the participating Subsidiaries of American Tower Corporation (the "Company") the opportunity to acquire a proprietary interest in the Company by providing favorable terms for them to purchase its stock.  The Plan, which is intended to qualify as an employee stock purchase plan within the meaning of Section 423 of the Code, is hereby amended and restated in its entirety, effective on and after September 10, 2021.

2.         DEFINITIONS

(a)  "Board" shall mean the Board of Directors of the Company.

(b)  "Code" shall mean the Internal Revenue Code of 1986, as amended. Any reference to a particular Section shall include any successor and regulation thereto.

(c)  "Committee" shall have the meaning set forth in Section 3.

(d)  "Common Stock" shall mean the shares of the Company's Common Stock, $0.01 par value per share.

(e)  "Compensation" shall mean wages paid through regularly scheduled payrolls, such as base salary, hourly pay, overtime, shift premiums and holiday, vacation and sick pay, as well as non-periodic remuneration, such as commissions, salary continuation payments, but excluding per diem expense reimbursements, relocation payments, fringe benefits, bonuses, equity compensation and other similar non-cash amounts, long-term disability payments, workers’ compensation, and wages received after termination of employment.  The Committee or its designee shall have the authority to modify the definition of “Compensation” for a specified group of employees, provided that such definition applies in a nondiscriminatory manner and on a prospective basis.

(f)  "Employee" shall mean any individual who has been employed by the Company or any Subsidiary for at least 45 days prior to an Offering Date.  The term Employee shall not include: (i) any individual who is not  a common law employee of the Company or a Subsidiary; (ii) any Employee who owns, directly or indirectly, as of the Offering Date five percent or more of the total combined voting power or value of all class of stock of the Company or a Subsidiary; (iii) any individual who is a common law employee of a Subsidiary, none of the employees of which participate in the Plan, as determined by the Committee; and (iv) any Employee who is a member of a collective bargaining unit with which the Company or a Subsidiary has bargained in good faith with respect to participation in the Plan and as a result of such bargaining the labor organization made an affirmative decision not to participate in the Plan.

1

(g)  "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

(h)  "Exercise Date" shall mean the date(s) designated by the Committee from time to time on which an Optionee may exercise an Option; provided, however, that no Exercise Date shall be more than 12 months after the applicable Offering Date; and provided, further, that if such date is not a business day, the Exercise Date shall be the business day immediately preceding the applicable date.

(i)  "Fair Market Value" shall be determined according to the following rules: (i) if the Common Stock is not at the time listed or admitted to trading on a stock exchange or the Nasdaq National Market, the fair market value shall be the closing price of the Common Stock on the date in question in the over-the-counter market, as such price is reported in a publication of general circulation selected by the Board and regularly reporting the price of the Common Stock in such market; provided, however, that if the price of the Common Stock is not so reported, the fair market value shall be determined in good faith by the Board, which may take into consideration (1) the price paid for the Common Stock in the most recent trade of a substantial number of shares known to the Board to have occurred at arm's length between willing and knowledgeable investors, or (2) an appraisal by an independent party, or (3) any other method of valuation undertaken in good faith by the Board, or some or all of the above as the Board shall in its discretion elect; or (ii) if the Common Stock is at the time listed or admitted to trading on any stock exchange or the Nasdaq National Market, then the fair market value shall be the closing sale price of the Common Stock on the date in question on the principal exchange on which the Common Stock is then listed or admitted to trading. If no reported sale of Common Stock takes place on the date in question on the principal exchange or the Nasdaq National Market, as the case may be, then the reported closing sale price (or the reported closing asked price) of the Common Stock on the prior trading date immediately preceding such date on the principal exchange or the Nasdaq National Market, as the case may be, shall be determinative of fair market value.

(j)  "Insider" shall mean a person subject to Section 16 of the Exchange Act.

(k)  "Offering" shall mean any offering of Common Stock in accordance with Section 7.

(l)  "Offering Date" shall mean the date(s) designated by the Committee from time to time on which an Option is granted; provided, however, that there shall be at least one Offering Date in any consecutive 12-month period while the Plan remains in effect; and provided, further, that if such date is not a business day, the Offering Date shall be the business day immediately succeeding the applicable date.

(m)  "Option" shall mean the right of a Participant to purchase Common Stock pursuant to an Offering.

(n)  "Option Price" shall have the meaning set forth in Section 8.

(o)  "Optionee" shall mean any individual who has been granted an Option that remains outstanding under the terms of any Offering or who owns Common Stock as a result of an Offering.

2

(p)  "Participant" shall mean an Employee who has in effect a payroll deduction authorization in accordance with Section 6.

(q)  "Securities Act" shall mean the Securities Act of 1933, as amended.

(r)  "Subsidiary" shall mean a corporation of which the Company owns, directly or indirectly through an unbroken chain of ownership, fifty percent or more of the total combined voting power of all classes of stock, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary.

3.         ADMINISTRATION OF THE PLAN

The Plan shall be administered by the Board or, in the discretion of the Board, a committee composed of at least two individuals who may be members of the Board or employees of the Company or a Subsidiary (the "Committee").  In the event that a vacancy on the Committee occurs on account of the resignation of a member or the removal of a member by vote of the Board, a successor member shall be appointed by vote of the Board. No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan. All references in the Plan to the "Committee" shall be understood to refer to the Committee or the Board, whoever shall administer the Plan.

The Committee shall select one of its members as Chairman and shall hold meetings at such times and places as it may determine.  A majority of the Committee shall constitute a quorum, and acts of the Committee at which a quorum is present, or acts reduced to or approved in writing by all the members of the Committee, shall be the valid acts of the Committee.  The Committee shall have the authority to adopt, amend and rescind such rules and regulations as, in its opinion, may be advisable in the administration of the Plan. All questions of interpretation and application of such rules and regulations, of the Plan and of Options granted thereunder shall be subject to the determination of the Committee, which shall be final and binding.

The Committee shall have the authority, without the need for further approval, to establish a different Offering Date and/or Exercise Date, to modify the amount of time between an Offering Date and an Exercise Date and to increase or decrease the number of Offerings in a year.

With respect to Insiders, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successor under the Exchange Act.  To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed to be modified so as to be in compliance with such Rule or, if such modification is not possible, it shall be deemed to be null and void, to the extent permitted by law and deemed advisable by the Committee.

4.         OPTION SHARES

The total amount of Common Stock with respect to which Options may be granted under the Plan shall not exceed in the aggregate 5,000,000 shares from either authorized but unissued shares or treasury shares; provided, however, that such aggregate number of shares shall be subject to adjustment in accordance with Section 15.  If any outstanding Option expires for any 
3

reason, including a withdrawal pursuant to Section 10, or terminates by reason of the severance of employment of the Participant or any other cause, or is surrendered, the shares of Common Stock allocable to the unexercised portion of the Option may again be made subject to an Option under the Plan.

5.         ELIGIBILITY

An Employee shall be eligible to become a Participant in the Plan on any Offering Date on which the Employee is employed by the Company or a Subsidiary; provided, however, that no Employee shall be granted an Option:

(i)  if immediately after the grant (determined in accordance with regulations issued pursuant to Section 423 of the Code), the aggregate amount of stock the Employee would be considered to own under Section 424(d) of the Code, including stock that may be purchased with outstanding options, would represent five percent or more of the total combined voting power or value of all classes of capital stock of the Company or of any Subsidiary; or

(ii)  that permits the Employee's right to purchase shares under all employee stock purchase plans (within the meaning of Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 for any calendar year, determined by reference to the Fair Market Value of the shares at the time any option is granted (determined in accordance with regulations issued pursuant to Section 423 of the Code).

            For purposes of Subsection (i) of this Section 5 and clause (ii) of Subsection 2(f), the total combined voting power or value of all classes of capital stock of the Company or of any Subsidiary shall not include the voting power or value of treasury shares or shares authorized for issue under outstanding options, and whether the stock ownership of an Employee equals or exceeds the five percent limit shall be determined by applying the rules of Section 424(d) of the Code relating to attribution of stock ownership.

6.         PARTICIPATION

(a)  An Employee who satisfies the eligibility requirements of Section 5 may become a Participant in any Offering by completing an authorization for payroll deductions in connection with the Offering at such time (prior to the Offering Date) and in such manner as the Committee may prescribe. Payroll deductions pursuant to an authorization shall commence with the first payroll date on or after the Offering Date and shall end with the last payroll paid on or prior to the Exercise Date for the Offering to which the authorization applies, unless the authorization is sooner terminated by the Participant as provided in Section 10.  The Committee may provide that in the case of the first Offering, payroll deductions shall commence with the first payroll period ending after the initial Offering Date. All payroll deductions shall be made on an after-tax basis.  Notwithstanding anything to the contrary herein, the Committee may adopt rules for specified groups of Participants pursuant to which the payroll deductions of such Participants for an entire month will be withheld from their last paycheck in that month. 

(b)  A Participant shall elect in the authorization for payroll deduction to have deductions made from his or her Compensation on each payday in an amount equal to a whole percentage of from one to fifteen percent of his Compensation.  All payroll deductions made for a Participant 
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shall be credited to a bookkeeping account maintained for such Participant under the Plan. In no event shall interest be paid to a Participant with respect to payroll deductions credited to the Participant's account, whether such deductions are used in connection with the exercise of an Option or are returned to the Participant or the Participant's estate in cash.

(c)  Except as may be required by law, a Participant may not make any payments to the Participant's account other than by authorization for payroll deduction.  Where the Committee or its designee determines that tax and/or labor laws of a foreign jurisdiction prohibit or hinder payroll deductions, a Participant employed by a Subsidiary subject to such laws may be permitted in lieu thereof to make monthly payments directly to the Company or the Subsidiary equal to a whole percentage from one to fifteen percent of his monthly Compensation which shall be credited to the Participant’s account in the same manner as the payroll deductions described in Subsection 6(b), provided that the Participant completes such authorization form as the Committee or its designee may require.

(d)       A Participant may elect to decrease the payroll deduction rate at such time and in such manner as the Committee may prescribe.  In no event shall a Participant increase the amount of payroll deductions during an Offering.  A Participant may discontinue participation in the Offering as provided in Section 10.

7.         GRANT OF OPTIONS

(a)  Options under the Plan shall be granted in a series of Offerings, the first of which shall begin on the first Offering Date designated by the Committee. Successive Offerings shall begin on each Offering Date thereafter until all of the shares of Common Stock available under the Plan are exhausted or until the Plan is terminated pursuant to Section 18 or Section 19. Participation by an Employee in any Offering shall neither limit nor require his participation in any other Offering.

(b)  Each Participant in an Offering shall be granted, as of the applicable Offering Date, an Option to purchase that number of whole shares of Common Stock that the accumulated payroll deductions credited to his account during the Offering is able to purchase at the Option Price.

(c)  If the total number of shares for which Options are to be granted as of any Offering Date exceeds the number of shares then available under the Plan, the Committee shall make a pro rata allocation of the available shares in a manner as nearly uniform as practicable, and as it shall determine to be equitable.  In that event, the payroll deductions made or to be made pursuant to authorizations for that Offering shall be reduced accordingly, and the Committee shall give written notice of such reduction to each affected Participant.

(d)  In no event shall a Participant be granted an Option in any Offering to acquire more than that number of whole shares of Common Stock equal to $25,000 divided by the Fair Market Value of the shares as of the Offering Date; provided, however, that such limit shall be subject to Section 5(ii) and to the adjustment in accordance with Section 15.

8.         OPTION PRICE

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The Option Price of shares of Common Stock for any Offering shall be the lesser of: (a) 85 percent of the Fair Market Value of the shares on the Offering Date; or (b) 85 percent of the Fair Market Value of the shares on the Exercise Date.

9.         EXERCISE OF OPTIONS

(a)  A Participant's Option for an Offering will be exercised automatically as of the Exercise Date for the Offering to purchase that number of whole shares of Common Stock equal to the accumulated payroll deductions credited to the Participant's account as of the Exercise Date divided by the Option Price.

(b)  As promptly as practicable after each Exercise Date the Company shall deliver to each Participant in the Offering, in accordance with the Participant's election, either (a) the shares purchased upon the exercise of the Participant's Option, together with a cash payment equal to the balance of any payroll deductions credited to the Participant's account during the Offering that were not used for the purchase of shares, other than amounts representing fractional shares, or (b) a cash payment equal to the total of the payroll deductions credited to the Participant's account during the Offering. Amounts representing fractional shares will, at the discretion of the Committee, either be carried forward for use in the next Offering if the Participant will participate in that Offering or paid to the Participant in cash.

(c)  The shares purchased upon exercise of an Option shall be deemed to be transferred to the Participant on the Exercise Date.

10.       WITHDRAWAL FROM OFFERING

A Participant may at any time prior to the Exercise Date at such time and in such manner as the Committee may prescribe withdraw from an Offering and request payment of an amount in cash equal to the accumulated payroll deductions credited to the Participant's account under the Plan.  Such amount will be paid to the Participant as promptly as practicable after receipt of the Participant's request to withdraw, and no further payroll deductions will be made from the Participant's Compensation with respect to the Offering then in progress and any outstanding Option shall be cancelled.  A Participant's withdrawal from an Offering will have no effect upon his or her eligibility to participate in any subsequent Offering or in any employee stock purchase plan (within the meaning of Section 423 of the Code) that may hereafter be adopted by the Company or a Subsidiary.

11.       EXPIRATION OF OPTIONS ON TERMINATION OF EMPLOYMENT

Options shall not be transferable by a Participant and no amount credited to a Participant's account may be assigned, transferred, pledged or otherwise disposed of in any way by a Participant.  An Option shall expire unexercised immediately if a Participant ceases to satisfy the definition of the term Employee for any reason other than death and the amount of the accumulated payroll deductions then credited to the Participant's account under the Plan will be paid in cash.  Upon termination of the Participant's employment with the Company or a Subsidiary for any reason other than death, an amount in cash equal to the accumulated payroll deductions then credited to the Participant's account under the Plan will be paid to the Participant. In the case of a Participant's death, the provisions of Section 16 shall control.  An 
6

authorized leave of absence or absence on military or government service shall not constitute severance of the employment relationship between the Company or Subsidiary and the Participant for purposes of this Section 11, provided that the Employee's right to be re-employed after the absence is guaranteed either by statute or by contract.

12.       REQUIREMENTS OF LAW

The Company shall not be required to sell or issue any shares of Common Stock under the Plan if the issuance of such shares would constitute or result in a violation by the Optionee or the Company of any provision of any law, statute or regulation of any governmental authority. Specifically, in connection with the Securities Act, upon the exercise of any Option the Company shall not be required to issue shares unless the Board has received evidence satisfactory to it to the effect that the Optionee will not transfer such shares except pursuant to a registration statement in effect under the Securities Act or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect that such registration is not required.  Any determination in this connection by the Board shall be final, binding and conclusive.  The Company shall not be obligated to take any affirmative action to cause the exercise of an Option or the issuance of shares pursuant to an Option to comply with any laws or regulations of any governmental authority including, without limitation, the Securities Act or applicable state securities laws.

13.       NO RIGHTS AS STOCKHOLDER

No Participant shall have rights as a stockholder with respect to shares covered by his Option until the applicable Exercise Date and, except as otherwise provided in Section 15, no adjustment shall be made for dividends of which the record date precedes the applicable Exercise Date.

14.       FORFEITURE FOR DISHONESTY

Notwithstanding anything to the contrary in the Plan, if the Board determines, after full consideration of the facts presented on behalf of both the Company and the individual, that a Participant or an Optionee has been engaged in fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of the individual's employment by the Company or a Subsidiary, or has disclosed trade secrets or other proprietary information of the Company or a Subsidiary, (a) such individual's participation in an Offering shall terminate and the individual shall forfeit the right to receive any Common Stock pursuant to an Offering that has not yet been delivered and (b) the Company shall have the right to repurchase all or any part of the shares of Common Stock acquired by an Optionee upon the earlier exercise of any Option, at a price equal to the amount paid to the Company upon such exercise, increased by an amount equal to the interest that would have accrued in the period between the date of exercise of the Option and the date of such repurchase upon a debt in the amount of the exercise price, at the prime rate(s) announced from time to time during such period in the Federal Reserve Statistical Release Selected Interest Rates. The decision of the Board as to the cause of a Participant's or Optionee's discharge and the damage done to the Company or a Subsidiary shall be final, binding and conclusive.  No decision of the Board, however, shall affect in any manner the finality of the discharge of a Participant or Optionee by the Company or a Subsidiary.

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15.       CHANGES IN THE COMPANY'S CAPITAL STRUCTURE

(a)  If the outstanding shares of Common Stock are hereafter changed for a different number or kind of shares or other securities of the Company, by reason of a reorganization, recapitalization, exchange of shares, stock split, combination of shares or dividend payable in shares or other securities, a corresponding adjustment shall be made by the Committee in the number and kind of shares or other securities, and in the Option Price, covered by outstanding Options, and for which Options may be granted under the Plan; provided, however, that no adjustment shall be made that would constitute a modification as defined in Section 424 of the Code.  Any such adjustment made by the Committee shall be conclusive and binding upon all affected persons, including the Company and all Participants and Optionees.

(b)  If while unexercised Options remain outstanding under the Plan the Company merges or consolidates with a wholly-owned subsidiary for the purpose of reincorporating itself under the laws of another jurisdiction, the Optionees will be entitled to acquire shares of common stock of the reincorporated Company upon the same terms and conditions as were in effect immediately prior to such reincorporation (unless such reincorporation involves a change in the number of shares or the capitalization of the Company, in which case proportional adjustments shall be made as provided above), and the Plan, unless otherwise rescinded by the Board, will remain the Plan of the reincorporated company.

(c)  Except as otherwise provided in (a) or (b) above, if while unexercised Options remain outstanding under the Plan the Company merges or consolidates with one or more corporations (whether or not the Company is the surviving corporation), or is liquidated or sells or otherwise disposes of substantially all of its assets to another entity, then the Committee, in its discretion, shall provide that either:

(i)  after the effective date of such merger, consolidation, liquidation or sale, as the case may be, each Optionee shall be entitled, upon exercise of an Option to receive in lieu of shares of Common Stock the number and class of shares of such stock or other securities to which he would have been entitled pursuant to the terms of the merger, consolidation, liquidation or sale if he had been the holder of record of the number of shares of Common Stock as to which the Option is being exercised immediately prior to such merger consolidation, liquidation or sale; or

(ii)  all outstanding Options shall be exercised as of the day preceding the effective date of any such merger, consolidation, liquidation or sale, which day shall be the Exercise Date for purposes of the Offering; provided, however, that each Optionee shall be notified of the right to withdraw from the Offering in accordance with the requirements of Section 10.

(d)  Except as expressly provided to the contrary in this Section 15, the issuance by the Company of shares of stock of any class for cash or property or for services, either upon direct sale or upon the exercise of rights or warrants, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect the number, class or price of shares of Common Stock then subject to outstanding Options.

16.       DISPOSITION OF ACCOUNT AT DEATH
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In the event that a Participant dies after the Exercise Date but before the delivery of the stock certificates, such certificates when issued together with any cash remaining in the Participant's account shall be transferred to the Participant's estate. In the event that a Participant dies prior to the Exercise Date, a payment shall be made to the Participant's estate of an amount in cash equal to the accumulated payroll deductions credited to the Participant's account under the Plan; provided, however, that the executor, administrator or personal representative of the estate of the Participant may by notice to the Committee in the form and manner prescribed by the Committee request that the balance of the Participant's account shall be used to exercise on the Exercise Date the outstanding Option granted prior to the Participant's death. Any such election by the executor, administrator or personal representative shall be made not later than the Exercise Date.  The Company shall transfer such shares and any cash remaining in the Participant's account to the executor, administrator or personal representative of the estate of the Participant.

17.       MISCELLANEOUS

(a)  Accumulated payroll deductions and the proceeds from the sale of shares pursuant to the exercise of Options shall constitute general funds of the Company.

(b)  To the extent required by law, the Company or a Subsidiary shall withhold or cause to be withheld income and other taxes with respect to any income recognized by an Optionee by reason of the exercise of an Option.  An Optionee shall agree that if the amount payable to him by the Company and any Subsidiary in the ordinary course is insufficient to pay such taxes, then he shall upon request of the Company pay to the Company an amount sufficient to satisfy its tax withholding obligations.

(c)  All notices or other communications by a Participant or Optionee to the Company pursuant to the Plan shall be deemed to have been given when received in the form specified by the Company at the location or by the person designated by the Company for the receipt thereof.

(d)  Neither the Plan nor the grant of an Option pursuant to the Plan shall impose upon the Company or a Subsidiary any obligation to employ or continue to employ any Participant, and the right of the Company or a Subsidiary to terminate the employment of any person shall not be diminished or affected by reason of the fact that an Option has been granted to him.

(e)  The titles of the sections of the Plan are included for convenience only and shall not be construed as modifying or affecting their provisions.  The masculine gender shall include both sexes; the singular shall include the plural and the plural the singular unless the context otherwise requires.

(f)  The Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to the principles of conflicts of law.

18.       AMENDMENT OR TERMINATION OF PLAN

The Board may at any time terminate or from time to time amend, modify or suspend this Plan (or any part thereof); provided, however, that without approval by holders of a majority of 
9

the outstanding shares of common stock present, or represented, and entitled to vote thereon (voting as a single class) at a duly held meeting (or written consents in lieu thereof) of the shareholders of the Company there shall be no:  (a) change in the number of shares of Common Stock that may be issued under the Plan, except by operation of the provisions of Section 15; (b) change in the class of persons eligible to participate in the Plan; or (c) other change in the Plan that requires stockholder approval under applicable law.  Notwithstanding the preceding sentence, the Board shall in all events have the power to make such changes in the Plan and the Committee shall in all events have the power to make such changes in the regulations and administrative provisions under the Plan or in any outstanding Option as, in the opinion of counsel for the Company, may be necessary or appropriate from time to time to enable the Plan to qualify as an employee stock purchase plan as defined in Section 423 of the Code, so as to enable any Option to receive preferential federal income tax treatment.  No amendment shall materially affect outstanding Options without the consent of the Optionee and the termination of the Plan will not terminate Options then outstanding, without the consent of the Optionee.

Notwithstanding the foregoing, at such time after the Company is not required to file periodic reports under the Exchange Act, at its option, the Company may terminate the Plan and, upon the termination, outstanding Options shall be cancelled and each Participant shall receive in cash an amount equal to the accumulated payroll deductions without interest credited to the Participant’s account under the Plan immediately prior to termination.

19.       EFFECTIVE DATE AND DURATION OF THE PLAN

            The Plan shall be effective as of July 1, 2000, subject only to ratification by the holders of a majority of the outstanding shares of common stock present, or represented, and entitled to vote thereon (voting as a single class) at a duly held meeting (or written consents in lieu thereof) of the shareholders of the Company within 12 months before or after such date.  Unless the Plan shall have terminated earlier, the Plan shall terminate on the business date as of which there are no longer any shares available pursuant to Section 4 to be offered and no Option shall be granted pursuant to the Plan after that date.

            IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly executed in its name and on its behalf this   22  day of       October        , 2021. 

                                                                                    AMERICAN TOWER CORPORATION

 By:   /s/ Edmund DiSanto
                                                                                     Title:  Executive Vice President, Chief
Administrative Officer, General
Counsel and Secretary

ATTEST:

/s/ Mneesha O. Nahata            

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