Document:

EX-10.33

 Exhibit 10.33 

FIFTH AMENDMENT 
 TO

 LOAN AND SECURITY AGREEMENT 

This FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of August 3, 2022, is executed and
delivered by ZEROFOX, INC. (“Borrower”), Borrower’s subsidiaries, RBP FINANCIAL SERVICES, LLC, ZEROFOX CHILE HOLDINGS, LLC, ZEROFOX INDIA HOLDING, LLC, and VIGILANTEATI, INC. (each a
“Guarantor” and, collectively, “Guarantors”; Borrower and Guarantors are each a “Loan Party” and, collectively, “Loan Parties”) and STIFEL BANK (“Bank”).
Except where otherwise noted, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to those terms in the Loan Agreement (as defined below). 

RECITALS 
 a. Bank
and Loan Parties are parties to that certain Loan and Security Agreement dated as of January 7, 2021, as amended by the First Amendment and Joinder to Loan and Security Agreement dated as of June 7, 2021, the Waiver dated as of
August 27, 2021, the Second Amendment and Waiver to Loan and Security Agreement dated as of December 8, 2021, the Third Amendment to Loan and Security Agreement dated as of December 16, 2021, and the Fourth Amendment to Loan and
Security Agreement dated as of February 10, 2022 each among Loan Parties and Bank (as so amended, the “Existing Loan Agreement”). 

b. From and after the date hereof, Loan Parties and Bank desire to amend the terms and provisions of the Existing Loan Agreement as provided
herein, and the Existing Loan Agreement, as supplemented by this Amendment, and as hereafter further supplemented, amended, modified or restated from time to time, shall be referred to collectively as the “Loan Agreement.” 

NOW, THEREFORE, in consideration of the promises herein contained, and for other good and valuable consideration (the receipt, sufficiency and
adequacy of which are hereby acknowledged), the parties hereto (intending to be legally bound) hereby agree as follows: 
 1.
Incorporation. The foregoing preamble and recitals are incorporated herein by this reference. 
 2. Amendment. The Loan
Agreement is hereby amended as follows: 
 (a) The following defined terms are hereby added in Section 1.1 of the Loan Agreement, as
follows: 
 “Cash Burn” means the sum of (a) Borrower’s cash flow from operations, plus
(b) Borrower’s cash flow from investments, in each case disregarding changes to cash as a result of non-recurring transaction-related items, with the result (x) if negative, expressed as a
positive number and (y) if positive, expressed as a negative number. 
 “Convertible Notes” means those
certain 7.00%/8.75% Convertible Senior Cash/PIK Toggle Notes due 2025 issued by ZeroFox Holdings, Inc. pursuant to the Indenture, together with any amendments or supplements thereto or replacements therefor. 

“Indenture” means that certain Indenture, dated on or about August 3, 2022, between ZeroFox Holdings,
Inc., as issuer, and Wilmington Trust, National Association, as trustee, as it may be amended, restated, supplemented, or otherwise modified from time to time. 

“Liquidity” means (a) the sum of (i) Borrower’s cash at Bank, plus (ii) unused
availability for Formula Revolving Line Advances under Section 2.1(a) of this Agreement. 

 (b) The defined term “Permitted Subordinated Debt” and its definition in
Section 1.1 of the Loan Agreement are hereby deleted. 
 (c) The following paragraph is hereby added at the end of Section 6.3 of
the Loan Agreement, as follows: 
 If Borrower intends to pay cash interest or principal on account of the Convertible Notes,
Borrower shall notify Bank at least five Business Days before the date on which Borrower intends to make such payment. 
 (d) Section 6.8 of
the Loan Agreement is hereby amended and restated, as follows: 
 6.8 Financial Covenants. Borrower shall
maintain the financial covenant in Section 6.8(a) below at all times on and before October 2, 2022. Borrower shall maintain the financial covenant in Section 6.8(b) below at all times on and after October 3, 2022. 

(a) Minimum Cash at Bank. Borrower shall maintain cash at Bank of at least the amount of Credit Extensions then
outstanding, tested on a continuous basis. Borrower acknowledges and agrees that any request by Borrower or any other Person to pay or otherwise transfer funds that would cause Borrower’s balance of cash at Bank to be less than the amount
required by this Section 6.8(a) shall constitute an immediate Event of Default. 
 (b) Minimum Liquidity.
Tested on a continuous basis, Borrower shall maintain Liquidity of at least the sum of (i) the lesser of: (A) Borrower’s Cash Burn for the most recent month for which monthly reporting has been provided in accordance with
Section 6.3 of this Agreement (provided that if Cash Burn is negative, then this amount shall be deemed to be zero (0)), multiplied by two (2), or (B) Borrower’s Cash Burn for the preceding two (2) months for which monthly
reporting has been provided in accordance with Section 6.3 of this Agreement (provided that if Cash Burn is negative, then this amount shall be deemed to be zero (0)), plus (ii) all Indebtedness of Borrower to Bank then outstanding.
Borrower acknowledges and agrees that any request by Borrower or any other Person to pay or otherwise transfer funds that would cause Borrower’s Liquidity to be less than the amount required by this Section 6.8(b) shall constitute an
immediate Event of Default. 
 (e) Section 6.13 of the Loan Agreement is hereby deleted in its entirety. 

(f) Section 7.1 of the Loan Agreement is hereby amended and restated, as follows: 

7.1 Dispositions. Convey, sell, lease, transfer, or otherwise dispose of (collectively, a
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any material part of its business or property, other than: (a) Transfers of Inventory in the ordinary course of business; (b) Transfers of non-exclusive licenses and similar arrangements for the use of the property of any Loan Party or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of
the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States of America in the ordinary course of business;
(c) Transfers of worn-out or obsolete equipment in the ordinary course of business; (d) Transfers to non-U.S. Subsidiaries that constitute Permitted
Investments; (e) the sale to Citibank, N.A. or Citibank Europe PLC of Accounts of account debtor Proctor & Gamble pursuant to the P&G Receivables Purchase Agreement; (f) Investment, distribution or other Transfer of property
made by (x) ZeroFox Holdings, Inc. to any Loan Party or (y) any Subsidiary of ZeroFox Holdings, Inc. to ZeroFox Holdings, Inc. or to any Loan Party (clause (a) through clause (f), collectively, the “Permitted
Transfers”). 

 (g) Section 7.6 of the Loan Agreement is hereby amended and restated, as follows: 

7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption,
retirement or purchase of any capital stock, except that such Loan Party may (a) repurchase the stock of former employees or directors pursuant to stock repurchase agreements in an aggregate amount not to exceed Two Hundred Fifty Thousand
Dollars ($250,000) in any fiscal year, so long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such repurchase, (b) repurchase the stock of former employees or directors pursuant to stock
repurchase agreements by the cancellation of indebtedness owed by such former employees or directors to such Loan Party regardless of whether an Event of Default exists, (c) pay dividends or make other distributions to any other Loan Party or
any Subsidiary thereof, the proceeds of which are used to pay salaries and wages in the ordinary course of business consistent with past practice, (d) pay dividends or make other distributions to ZeroFox Holdings, Inc., and (e) waive,
release or forgive any Indebtedness owed by any employees, officers or directors in an amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate. 

(h) Section 7.9 of the Loan Agreement is hereby amended and restated, as follows: 

7.9 Subordinated Debt; Repayment of Indebtedness. (a) Make any payment in respect of any Subordinated Debt,
or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt in any manner adverse to Bank as
senior secured lender to Borrower without Bank’s prior written consent; or (b) pay in cash any principal or interest on account of financial Indebtedness (including without limitation the Convertible Notes), except for Indebtedness to Bank
or Permitted Indebtedness, without Bank’s prior written consent, which consent shall not be unreasonably withheld. 
 (i) Section 8.6
of the Loan Agreement is hereby amended and restated, as follows: 
 8.6 Other Agreements. If there is a
default or other failure to perform in any agreement to which any Loan Party is a party or by which it is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Convertible Note or any
other Indebtedness in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000), or if a Fundamental Change (as defined in the Indenture) occurs; 

(j) The first entry under “Permitted Indebtedness” in the Schedule is hereby amended and restated, as follows: 

Indebtedness, if any, under a supplier receivables purchase agreement by and between Borrower and Citibank, N.A. and/or Citibank Europe PLC (a
“P&G Receivables Purchase Agreement”), to the extent that receivables purchases thereunder are characterized as the incurrence of a debt obligation by Borrower in favor of Citibank, N.A. and/or Citibank Europe PLC. 

(k) The disclosure under “Permitted Liens” in the Schedule is hereby amended and restated, as follows: 

Any lien held by Citibank, N.A. and/or Citibank Europe PLC (evidenced by UCC Filing No. 2020 6598066 and UCC filing No. 2020
7553581), if any, covering Accounts and other payment obligations from Borrower’s customer contract with Procter & Gamble, granted pursuant to a P&G Receivables Purchase Agreement, to the extent that receivables purchases
thereunder are characterized as the incurrence of a debt obligation by Borrower in favor of Citibank, N.A. and/or Citibank Europe PLC. 
 3.
Consent to Acquisition and Business Combination. Borrower has informed Bank that Borrower has entered into that certain Business Combination Agreement, dated as of December 17, 2021, by and among L&F Acquisition Corp., a Cayman
Islands exempted company to be domesticated as a Delaware corporation that will be renamed ZeroFox Holdings, Inc. (“Acquiror”), L&F Acquisition Holdings, LLC, a Delaware limited liability company and direct, wholly-owned
subsidiary of Acquiror that will be renamed ZeroFox Holdings, LLC (“L&F Holdings”), ZF Merger Sub, Inc., a Delaware corporation and direct, wholly-owned subsidiary of L&F Holdings (“ZF Merger
Sub”), IDX Merger Sub, Inc., a Delaware corporation and direct, wholly-owned subsidiary 

 
of L&F Holdings (“IDX Merger Sub”), IDX Forward Merger Sub, LLC, a Delaware limited liability company and direct, wholly-owned subsidiary of L&F Holdings that will be
renamed IDX Holdings, LLC (“IDX Forward Merger Sub”), Borrower, and ID Experts Holdings, Inc., a Delaware corporation (“IDX”) (such agreement, the “Business Combination Agreement”). Pursuant to the
Business Combination Agreement: 
 (a) ZF Merger Sub will merge with and into Borrower, with Borrower surviving that merger as a wholly
owned subsidiary of L&F Holdings (the “ZF Merger”); and 
 (b) IDX Merger Sub will merge with and into IDX, with IDX
surviving that merger as a wholly owned subsidiary of L&F Holdings, and thereafter IDX will merge with and into IDX Forward Merger Sub, with IDX Forward Merger Sub surviving that merger as a wholly owned subsidiary of L&F Holdings
(collectively, the “IDX Mergers”); 
 all as more particularly described in the Business Combination Agreement (the ZF Merger and the IDX
Mergers, collectively, the “Business Combination Transactions”). In consideration for the ZF Merger and the IDX Mergers, Borrower’s stockholders will receive shares of common stock of Acquiror, and the stockholders of IDX will
receive a combination of cash and shares of common stock of Acquiror, as described more fully in the Business Combination Agreement. In addition, immediately prior to the closing of the Business Combination Transactions, Acquiror will sell equity
securities to certain institutional investors and receive proceeds (including (x) any portion of cash consideration to be received by IDX stockholders that funds the PIPE Investment (as defined in the Business Combination Agreement) and (y)
$5,000,000 in principal amount of the ZF PIK Promissory Notes (as defined in the Business Combination Agreement), to the extent that such principal amount is discharged and settled by funding the PIPE Investment of the holders of the ZF PIK
Promissory Notes) of approximately $20,000,000 from those sales (collectively, the “Private Placement”), and Acquiror will issue convertible notes to certain institutional investors and receive proceeds of approximately $150,000,000
from those issuances (collectively, the “Convertible Note Issuance”). 
 Bank hereby consents to the Business Combination Transactions, the
Private Placement, and the Convertible Note Issuance, subject to the satisfaction of the conditions set forth in Section 10 of this Amendment and the following express conditions: 

(x) That Borrower has provided Bank with a fully executed version of the Business Combination Agreement, along with all accompanying exhibits,
certificates, and schedules; and 
 (y) That, within forty-five (45) days after the consummation of the Business Combination
Transactions, each of Acquiror, L&F Holdings, IDX Forward Merger Sub, and Identity Theft Guard Solutions, Inc., a Delaware corporation, join the Loan Agreement as a “Borrower” or “Guarantor” thereunder by the execution of a
joinder agreement in form and substance satisfactory to Bank (clause (y) above, the “Post-Closing Condition”). Bank and Loan Parties hereby agree that Borrower’s failure to cause the Post-Closing Condition to be achieved
by the required date shall be an immediate Event of Default under the Loan Agreement. 
 4. Consent to Subordinated Debt Repayment.
As stated in Section 3 of that certain Subordination Agreement, dated as of January 7, 2021, by and between ORIX Growth Capital, LLC (“ORIX”) and Bank and acknowledged by Loan Parties (as amended from time to time, the
“ORIX Subordination Agreement”), no Loan Party may pay, and ORIX may not receive, payments on account of the Subordinated Debt (as defined therein) except for Permitted Payments (as defined therein). Notwithstanding the foregoing or
anything to the contrary in the Loan Agreement, Bank hereby consents to Loan Parties’ payment and ORIX’s receipt of repayment of Subordinated Debt in the principal amount of $37,500,000, plus any and all accrued interest, fees, expenses,
and costs related thereto, totaling approximately $39,000,000, pursuant to the Subordinated Loan Documents (as defined in the ORIX Subordination Agreement) (the “ORIX Prepayment”). Bank’s consent to the ORIX Prepayment is
expressly conditioned upon and subject to the consummation of the Business Combination Transactions and Borrower’s receipt of the proceeds from the Private Placement and the Convertible Note Issuance. 

 5. Release. 

(a) Loan Parties acknowledge that Bank would not enter into this Amendment without Loan Parties’ assurance hereunder. Except for the
obligations arising hereafter under the Loan Agreement, Loan Parties hereby absolutely discharge and release Bank, any person or entity that has obtained any interest from Bank under the Loan Agreement and each of Bank’s and such entity’s
former and present partners, stockholders, officers, directors, employees, successors, assignees, agents, and attorneys from any known or unknown claims which Loan Parties now have against Bank of any nature, including any claims that Loan Parties,
their successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort, or pursuant to any other theory of liability, including but not limited
to any claims arising out of or related to the Loan Agreement or the transactions contemplated thereby. 
 (b) The provisions, waivers, and
releases set forth in this Section are binding upon Loan Parties’ shareholders, members, agents, employees, assigns, and successors in interest. The provisions, waivers, and releases of this Section shall inure to the benefit of Bank and its
agents, employees, officers, directors, assigns, and successors in interest. 
 (c) Loan Parties warrant and represent that Loan Parties are
the sole and lawful owners of all right, title and interest in and to all of the claims released hereby, and Loan Parties have not heretofore voluntarily, by operation of law or otherwise, assigned or transferred or purported to assign or transfer
to any person any such claim or any portion thereof. Loan Parties shall indemnify and hold harmless Bank from and against any claim, demand, damage, debt, liability (including payment of attorneys’ fees and costs actually incurred whether or
not litigation is commenced) based on or arising out of any assignment or transfer. 
 (d) The provisions of this Section shall survive
payment in full of the Obligations, full performance of all of the terms of this Amendment and the Loan Agreement, and/or Bank’s actions to exercise any remedy available under the Loan Agreement or otherwise. 

6. No Course of Dealing; Strict Performance. No course of dealing on the part of Bank or its officers, nor any failure or delay in the
exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Loan
Parties of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 

7. Ratification; No Amendment. The Loan Agreement, as amended hereby, shall be and remain in full force and effect in accordance with
its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or
remedy of Bank under the Loan Agreement, as in effect prior to the date hereof. 
 8. Representations and Warranties; No Event of
Default. Loan Parties hereby represent and warrant to Bank, which representations and warranties shall survive the execution and delivery hereof, that: (a) this Amendment is the legally valid and binding obligation of each Loan Party,
enforceable against such Loan Party in accordance with its terms, (b) each of the representations and warranties contained in the Loan Agreement, as well as all other representations and warranties contained in the other Loan Documents, are
true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) to the extent required under the Loan Agreement, and (c) no Event of Default has occurred and is
continuing. 
 9. Counterparts; Facsimile and Other Electronic Transmission. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Receipt of an executed
signature page to this Amendment by facsimile or other electronic transmission shall constitute for all purposes effective delivery thereof. Electronic records of this executed Third Amendment maintained by Bank shall be deemed to be originals. 

 10. Conditions to Effectiveness. As a condition to the effectiveness of this
Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this Amendment, duly executed by Loan
Parties; 
 (b) evidence that the Business Combination Transactions, the Private Placement, and the Convertible Note Issuance have occurred
or will occur concurrently with the effectiveness of this Amendment; 
 (c) a payoff letter, duly executed by ORIX Growth Capital, LLC, that
addresses the ORIX Prepayment, along with evidence that the ORIX Prepayment will occur concurrently with the consummation of the Business Combination Transactions, the Private Placement, and the Convertible Note Issuance; 

(d) a letter, duly executed by ORIX, terminating that certain Secondary Deposit Account Control Agreement, dated as of January 7, 2021, by
and among Bank, Borrower, and ORIX; 
 (e) payment of a $5,000 facility fee, which may be debited from Borrower’s accounts; 

(f) payment of all Bank Expenses, including Bank’s expenses for the documentation of this Amendment and any related documents, which may
be debited from Borrower’s accounts; and 
 (g) such other documents and completion of such other matters as Bank may reasonably deem
necessary or appropriate. 
 11. Governing Law. This Amendment shall be deemed to have been made under and shall be governed by the
laws of the State of New York (without regard to choice of law principles except as set forth in Section 5-1401 of the New York General Obligations Law) in all respects, including matters of construction,
validity and performance, and none of its terms or provisions may be waived, altered, modified or amended except as Bank may consent thereto in a writing duly signed for and on its behalf. 

12. Post-Closing. Borrower shall deliver to Bank, within seven (7) days after the date of this Amendment, original wet-ink signatures to the documents executed by Loan Parties referenced in Section 10 of this Amendment. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed and
delivered as of the date first above written. 
  

			
	BORROWER:
	
	ZEROFOX, INC.
		
	By:	 	/s/ James C. Foster
	Name: James C. Foster
	Title: Chief Executive Officer and President
	
	GUARANTORS:
	
	RBP FINANCIAL SERVICES, LLC
		
	By:	 	/s/ James C. Foster
	Name: James C. Foster
	Title: Authorized Person
	
	ZEROFOX CHILE HOLDINGS, LLC
		
	By:	 	/s/ James C. Foster
	Name: James C. Foster
	Title: Authorized Person
	
	ZEROFOX INDIA HOLDING, LLC
		
	By:	 	/s/ James C. Foster
	Name: James C. Foster
	Title: Authorized Person
	
	VIGILANTE ATI, INC.
		
	By:	 	/s/ James C. Foster
	Name: James C. Foster
	Title: Chief Executive Officer and President

 [Signature Page to Fifth Amendment to Loan and Security Agreement] 

 
	
	BANK:
	
	STIFEL BANK
	
	/s/ James C. Binz
	By: James C. Binz
	Title: Executive Vice President

 [Signature Page to Fifth Amendment to Loan and Security Agreement]EX-10.1

  Exhibit 10.1

  Vivid Seats Inc.
Non-Employee Director Compensation Policy

  (as amended and restated, effective June 7, 2022) 

  Non-employee members of the board of directors (the “Board”) of Vivid Seats Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy became effective after the effectiveness of the Company’s Form S-4 Registration on September 23, 2021 (the “Effective Date”), was amended and restated effective as of and with effect from and after the Company’s 2022 Annual Meeting on June 7, 2022, and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors.

  1.Cash Compensation.

  a.Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board.

  b.Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers:

  i.Audit Committee. A Non-Employee Director serving as a member of the Audit Committee shall receive an additional annual retainer for such service as follows: (x) $20,000 for a member who is the chairperson of the Audit Committee; and (y) $10,000 for any other member.

  ii.Compensation Committee. A Non-Employee Director serving as a member of the Compensation Committee shall receive an additional annual retainer for such service as follows: (x) $15,000 for a member who is the chairperson of the Compensation Committee; and (y) $7,500 for any other member.

  iii.Nominating and Corporate Governance Committee. A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee shall receive an additional annual retainer for such service as follows: (x) $15,000 for a member who is the chairperson of the Nominating and Governance Committee; and (y) $7,500 for any other member.

  c.Payment of Retainers. The annual retainers described in Sections 1(a)and 1(b)shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a)and 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b)during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

  d.Stock Election. Non-Employee Directors may elect to have all or a portion of the annual retainers described in this Section 1(the “Cash Retainers”) to which they become entitled paid in fully vested shares of Class A Common Stock (“Common Stock”) in lieu of cash (a “Stock Election”). Any Stock Election must be made on or prior to the last trading day of the calendar quarter with respect to which the applicable Cash Retainers will be paid. A Stock Election shall not be effective with respect to Cash Retainers to be paid for any calendar quarter where a Non-Employee Director ceases to be a Non-Employee Director prior to the end of such calendar quarter. If a Non-Employee Director is subject to tax withholding as a non-U.S. person with regard to Cash Retainers, a Stock Election will apply only with respect to the portion of the Cash Retainers to which the Non-Employee Director is entitled after such tax withholding. The number of shares of Common Stock granted will be determined by dividing the amount of the applicable Cash Retainers by the closing price of the Common Stock on the last trading day of the calendar quarter with respect to which such Cash Retainers will be paid (rounded down to nearest whole share). Notwithstanding the foregoing, (i) once a Stock Election is made, such election shall remain in effect until revoked in writing in 

  

  accordance with this Policy, and (ii) a Non-Employee Director may not make a Stock Election or revoke a previously made Stock Election during a Company trading blackout period or when the director is otherwise in possession of material non-public information (i.e., a Company designated “closed window”).

  2.Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

  a.Annual Awards. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting, shall be automatically granted, on the date of such Annual Meeting, an award of restricted stock units (unless otherwise determined by the Board), that has an aggregate fair value on the date of grant of $160,000 (as determined in accordance with FASB Accounting Codification Topic 718 (“ASC 718”) and subject to adjustment as provided in the Equity Plan), provided, that, on each Non-Employee Director’s first Annual Meeting following the date on which he or she is initially elected or appointed to the Board (the “First Annual Meeting”), the Non-Employee Director shall be automatically granted, on the date of such First Annual Meeting, an award of restricted stock units (unless otherwise determined by the Board) that has an aggregate fair value equal to the product of (i) $160,000 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is the number of days in the period beginning on the Non-Employee Director’s Start Date and ending on the date of such Non-Employee Director’s First Annual Meeting and the denominator of which is 365 (with the number of shares of common stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(a) shall be referred to as the “Annual Awards.” 

  b.Initial Awards. Except as otherwise determined by the Board, each Non-Employee Director who is a Non-Employee Director as of the Effective Date or who is initially elected or appointed to the Board after the Effective Date on any date other than the date of an Annual Meeting shall be automatically granted, on the date that a Form S-8 Registration Statement is filed to register the shares of common stock of the Company to be issued under the Equity Plan, or, if later, the date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s “Start Date”), an award of restricted stock units that has an aggregate fair value on such Non-Employee Director’s Start Date (or if later, the Effective Date) of $320,000 (as determined in accordance with ASC 718); provided that if the date of such Non-Employee Director’s initial election or appointment occurs prior to the Effective Date, such Non-Employee Director shall receive his or her Initial Award on or promptly following the Effective Date. The awards described in this Section 2(b) shall be referred to as “Initial Awards.” For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.

  c.Termination of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(b)above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(a)above.

  d.Vesting of Awards Granted to Non-Employee Directors. Each Annual Award shall vest on the earlier of (i) the day immediately preceding the date of the first Annual Meeting following the date of grant and (ii) the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date. Each Initial Award shall vest in five equal installments on the first five anniversaries of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date. No portion of an Annual Award or Initial Award that is unvested at the time of a Non-Employee Director’s termination of service on the Board shall become vested thereafter. All of a Non-Employee Director’s Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.

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