Document:

EX-10.10

 Exhibit 10.10 

LICENSE AND PRESERVATION AGREEMENT 

LICENSE AND PRESERVATION AGREEMENT, dated as of May 26, 2020 (the “Agreement”), by and among Laird J. Hamilton,
Gabrielle A. Reece (together with Mr. Hamilton, the “Licensors”) and Laird Superfood, Inc. (the “Company”). 

WHEREAS, each Licensor is the exclusive owner of all right, title and interest in and to (i) his or her image, signature, voice and
likeness and goodwill appurtenant thereto, (ii) certain rights of publicity in and to his or her name, image, likeness, voice, signature and other elements of his or her persona and identity, (iii) all rights in and to his or her name,
other than those owned by the Company (the “Company Name Rights”), and (iv) all common law and statutory rights in the foregoing (collectively, the “Property”); 

WHEREAS, each Licensor and the Company have previously entered into certain Predecessor Agreements (as defined herein) relating to the license
of certain intellectual property; and 
 WHEREAS, the Licensors and the Company wish to terminate the Predecessor Agreements and enter into
this Agreement, on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual premises set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1.    The Company’s Acknowledgment of Each Licensor’s Rights. The
Company hereby acknowledges that (a) each Licensor exclusively owns all right, title and interest throughout the world (the “Territory”) in and to his or her respective Property (other than the Company Name Rights), which
Property has intrinsic value, and (b) each Licensor otherwise reserves all rights to his or her respective Property except those specifically granted to the Company herein or in any other written agreement between such Licensor and Company
(other than the Predecessor Agreements). Each Licensor represents and warrants to the Company that, as of the date hereof, he or she has the power and authority to license the Property on the terms and conditions of this Agreement. For the avoidance
of doubt, the Company Name Rights include, without reservation, the trademarks which are the subject of U.S. Trademark Registration Nos. 5792515 and 5210869, and pending application Serial Number 88390538. 

2.    Use of the Property. 

(a)    Subject to the terms and conditions of this Agreement, each Licensor hereby grants to the Company a fully-paid and
royalty-free, exclusive license to use any of the Property throughout the Territory on or in connection with any products and services of the Company from time to time (such products and services are referred to herein as the “Licensed
Products” and the “Licensed Services,” respectively) during the term of this Agreement (and any applicable sell-off period). During the term of any license pursuant to this Agreement,
the Company shall use commercially reasonable efforts to preserve the historical goodwill of the Licensed Products and the Licensed Services. The Company may not transfer, assign or sublicense the licenses granted hereby, except (i) to any of
its Affiliates (subject to such transferee, assignee or sublicensee remaining an Affiliate of the Company) or contractors or (ii) as otherwise in accordance with all requirements identified in this Agreement.  

 (b)    During such time as Mr. Hamilton serves as an officer,
director or employee of, or consultant to, the Company, any use of the Property following the Effective Date in accordance with this Agreement that (1) satisfies the Historical Standard, and/or (ii) is not objected to by a Licensor within
thirty (30) days of the first intra-company disclosure of a bona-fide intent to make such use, in each case, including any such use relating to either Licensor on or in connection with a Licensed Product or Licensed Service, shall be deemed
approved by the applicable Licensor, provided that, with respect to any use that is deemed approved under clause (ii) but not clause (i), Company remains promptly responsive to Licensor inquiries regarding product development and
intent to make uses of the Property. For the avoidance of doubt, the Parties agree that all uses of the Property prior to the Effective Date satisfy the Historical Standard. 

(c)    During such time as Mr. Hamilton is no longer serving as an officer, director or employee of, or consultant
to, the Company, including without limitation by reason of his death, incapacity, resignation or removal, the Company must provide to a Licensor commercially reasonable notice of the intended use of the Property before (i) using the Property in
connection with Licensed Products, Licensed Services or other uses which were not deemed approved by the applicable Licensor while Mr. Hamilton served as an officer, director or employee of, or consultant to, the Company pursuant to
Section 2(b) hereof, or (ii) developing, using or registering new derivatives of the Property which were not deemed approved while Mr. Hamilton served as an officer, director or employee of, or consultant to, the
Company pursuant to Section 2(b) hereof (such new Licensed Products, Licensed Services, other uses and derivatives, “New Uses”). In the event of the death or incapacity of either Licensor, the remaining
Licensor shall have the right to receive the foregoing notice of New Uses of the Property of the deceased or incapacitated Licensor. All New Uses shall satisfy the Historical Standard. For the avoidance of doubt, the parties agree that any New Use
of the Property or of the Company Name Rights in connection to clothing or apparel shall be primarily directed to the advertising, promotion and/or marketing of Licensed Products or Licensed Services. 

(d)    In the event of the death or incapacity of both Licensors, the Company may use the Property for additional New Uses
without prior notice, provided that any such New Use satisfies the Historical Standard. 
 (e)    Upon request, to the
extent not provided per Section 2(c), the Company shall keep each Licensor (or his or her legal representatives, heirs or estates) advised of any New Uses that have occurred during the time period specified in such request,
so that each Licensor (or his or her legal representatives, heirs or estates) may evaluate the Company’s compliance with the terms hereof. 

(f)    Ms. Reece may, upon a Change in Control (as defined herein), revoke the license relating to the Property of
Ms. Reece, including uses of Property relating to Ms. Reece in any Licensed Products, Licensed Services or other uses pursuant to Section 2(b), or New Uses pursuant to Section 2(c), upon
thirty (30) day written notice given within 60 days after the effective date of such Change of Control and subject to a six-month sell-off period for the Company
with respect to its then-current inventory (which period shall commence on the effective date of such revocation). Such revocation shall terminate Ms. Reece’s status as a Licensor. 

(g)    Upon any Bankruptcy Event, all licenses granted by the Licensors hereunder shall be automatically revoked, subject
solely to a six-month sell-off period for the Company with respect to its then-current inventory. 

  
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 (h)    Notwithstanding the foregoing, in the event the Company and
either Licensor undertakes to collaborate on new Property (e.g., photo shoots, video production, etc.), such Licensor shall be provided a customary review and consent period for the content produced (and shall provide feedback promptly and within
ten calendar days). 
 3.    Term. The initial term of this Agreement shall commence on the date hereof
and shall end on the one-hundredth anniversary of the date hereof (“Initial Term”). Unless terminated by the Company with ninety (90) day written notice to the respective legal
representatives, heirs or estates of each Licensor prior to the end of the Initial Term or any Renewal Term, by other provisions in this Agreement, or by operation of law, this Agreement shall renew for consecutive ten (10) year periods (each,
a “Renewal Term”). The Initial Term, together with any and all Renewal Terms, shall be referred to collectively as the “Term” hereunder. 

4.    Quality Control. Upon reasonable written request and to the extent reasonably necessary to protect
each Licensor’s rights under this Agreement, each Licensor or his or her successor or assignee shall have the right to request and receive, at no cost to such Licensor, a sample of each Licensed Product’s stock-keeping unit, and an
opportunity to sample or observe any Licensed Service, in each case that is not freely available to the public and utilizes Property relating to such Licensor, as well as a prototype of each Licensed Product and each type of all promotional,
advertising and marketing material (to the extent not freely available to the public) used in connection therewith. In the event that in a Licensor’s reasonable and good faith judgment, any Licensed Product or Licensed Service utilizing
Property relating to such Licensor fails (other than in an immaterial manner) to satisfy the Historical Standard, then promptly upon written notice by such Licensor to the Company, the Company and such Licensor shall cooperate in good faith to make
commercially reasonable changes (if any) to such Licensed Product or Licensed Service to comply with the Historical Standard. For the avoidance of doubt, a Licensor’s right under this Section 4 shall apply only to a
Licensed Product or Licensed Property utilizing Property relating to such Licensor. 
 5.    The Properties. 

(a)    The Company shall not at any time commit any act anywhere in the world which would reasonably be expected to have a
material adverse effect on a Licensor’s rights in and to his or her respective Property (other than the Company Name Rights), or any registrations therefor or any applications for registration thereof. The Company shall never challenge anywhere
in the world a Licensor’s ownership of or the validity of the Property licensed hereunder, any application for registration therefor or any rights therein or thereto, except as otherwise expressly provided herein, or where such application or
registration is in violation of the rights granted to the Company hereunder. Licensors shall make no challenges to the Company Name Rights, the Derived Marks (as defined below), or Company’s right to use the Property other than action for a
breach of this Agreement per the terms in this Agreement or any remedy related to such breach available to the Licensor under applicable law. For the avoidance of doubt, nothing in this section shall be deemed to limit the terms of
Section 8 of this Agreement. During the Term, each Licensor shall not commit any act or do anything which is deceptive or obscene and is reasonably likely to materially damage the value of the Property to the Company. 

(b)    Subject to the terms of this Agreement, the Company may combine any designation with the Property so as to form a
new trademark, service mark, trade name or company name (such names or Property, the “Derived Marks”). For the avoidance of doubt, the 

  
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Derived Marks shall include any names or marks used by the Company prior to the date hereof which include or are derived from any Property. Subject to the terms of this Agreement, the Company
shall be the owner of the Derived Marks (but not of the Property incorporated therein). 
 (c)    The Company, at its
sole expense and discretion, shall file appropriate registrations in its own name or in the name of a Company subsidiary of any Derived Marks in a way so as to preserve the goodwill thereof and Licensors’ rights in the Property, shall prosecute
and defend such registrations and all common law rights in the Derived Marks and Property, to the extent used in connection with the Licensed Products and Licensed Services, consistent with good commercial practices, and shall use all reasonable
commercial efforts to defend and otherwise protect the Derived Marks and the Property, to the extent used in connection with the Licensed Products and Licensed Services. At the request of either Licensor or the legal representative, heirs or estate
of a Licensor, the Company shall, at the Company’s option: (i) prosecute, including by filing lawsuits or other actions, any potential infringement, dilution, libel, slander or other diminution in the goodwill or other denigration of the
Property by any third party, at the Company’s expense, (ii) take other commercially reasonable steps to abate the infringement, dilution, libel, slander, diminution of goodwill or other denigration, or (iii) upon written notice to the
requesting Licensor, allow Licensor (or their legal representative, heirs or estate) to file a lawsuit for such action at Licensor’s sole expense. The party commencing legal action under this Section 5(c) shall be
entitled to the proceeds, or other legal remedies, of any such action. The Company may, in its discretion and at its expense, also institute such prosecutions, lawsuits or other actions or take such other commercially reasonable steps, where not
requested by a Licensor, his or her legal representative, heirs or estate, in the event the Company determines that the protection of the Property or the Derived Marks reasonably requires such action. In such cases initiated by the Company, the
Company shall be entitled to the proceeds, or other legal remedies, of any such action. In the event that the Company learns of any infringement or other violation of rights in or to the Property, it shall promptly notify the Licensors thereof. 

(d)    At a Licensor’s request, the Company shall execute all documents reasonably requested by such Licensor to
confirm such Licensor’s ownership of rights in and to his or her respective Property (excluding, for the avoidance of doubt, any Company Name Rights or Derived Marks (other than the Property incorporated therein)). The Company shall cooperate
at a Licensor’s reasonable request in connection with the filing and prosecution of applications to register the Property and in connection with the maintenance and renewal of such registrations as may issue. Each Licensor and the Company shall
cooperate in good faith, taking into account their respective interests in and rights to the Property, to determine whether or not such applications are filed and prosecuted and registrations are maintained. The Company shall pay all commercially
reasonable costs and expenses of any such filings or proceedings and have sole direction over the prosecution of any such applications. 

(e)    At the Company’s request, a Licensor shall execute all documents reasonably requested by the Company necessary
to perfect the Company’s rights in the Company Name Rights and/or Derived Marks. The Licensors shall cooperate at the Company’s reasonable request in connection with the filing and prosecution of applications to register the Company Name
Rights and/or Derived Marks and in connection with the maintenance and renewal of such registrations as may issue. Each Licensor and the Company shall cooperate in good faith, taking into account their respective interests in and rights to the
Company Name Rights and/or Derived Marks, to determine whether or not such applications are filed and prosecuted and registrations are maintained. The Company shall pay all costs and expenses of any such filings or proceedings. 

  
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 (f)    If either Licensor, on the one hand, or the Company, on the other
hand, reasonably requests of the other to take an action in connection with the foregoing, the other party shall cooperate in connection with any such action, including, without limitation, by being a plaintiff or
co-plaintiff and by causing its officers, directors, and employees to execute documents and to testify. If the Company desires to take action with respect to a violation or infringement of the Property, it
shall consult with the applicable Licensor. All commercially reasonable costs and expenses of the actions described in this paragraph shall be borne by the party requesting the other party(ies) to take such action(s) pursuant to this
Section 5(f). 
 (g)    The Company shall take actions to protect the Derived Marks and the
goodwill related thereto consistent with the provisions of this Section. 
 6.    Indemnity. 

(a)    The Company hereby saves and holds each Licensor, his or her heirs, estate, successors and assigns (the
“Indemnified Parties”) harmless of and from, and indemnifies and agrees to defend them against any and all losses, liability, damages and expenses (including, without limitation, reasonable attorney’s fees and expenses) which
they may incur or be compelled to pay, or for which they may become liable or be compelled to pay in any action, claim or proceeding against them, for or by reason of (i) any acts, whether of omission or commission, that may be committed or
suffered by the Company or any of its officers, directors, employees, agents or servants and relate to the Company’s use of the Property and the Derived Marks, or (ii) the breach by the Company of any covenant contained herein. 

(b)    In the event that an Indemnified Party receives notice of a claim as to which indemnification is sought,
such party shall promptly (and in any event, within ten (10) business days of the Indemnified Party’s receipt of such notice) notify the Company thereof; provided that the failure to so promptly notify shall not exempt the Company from
its obligations hereunder except to the extent that such failure has actually prejudiced the Company’s or such Indemnified Party’s legal position with respect to the claim. Upon receipt of notice from the Indemnified Party, the Company
shall advise the Indemnified Party that it has assumed the defense thereof. The Indemnified Party shall have the right, at its sole expense, to retain legal counsel to participate in and monitor the defense of the claim, provided that the Company
shall have the right to direct and control such defense. The Company shall not settle or compromise any claim or consent to entry of any judgment related to the Property which does not include as an unconditional term thereof the giving by the
claimant or the plaintiff to the Indemnified Party of a release from all liability in respect of such claim, or settle or compromise any claim relating to the Property or the Derived Marks which would materially limit the use by a Licensor of the
Property. 
 (c)    In connection with any action by the Company to enforce, protect or defend the Property, to the
extent used in connection with the Licensed Products and Licensed Services, or the Derived Marks, each Licensor may elect to retain counsel of his or her own choosing, in addition to the Company counsel, in order to monitor and participate in such
action. The Company agrees to consider in good faith the views of such counsel and to keep the applicable Licensor and such counsel reasonably informed of the progress of any such action, subject to the preceding sentence. 

  
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 7.    Protective Provisions. 

(a)    From the date of this Agreement and continuing until the occurrence of a Bankruptcy Event or the approval by the
Company’s shareholders of a plan of liquidation or dissolution of the Company (the “Non-Competition Period”), neither Licensor shall, directly or as owner, partner, investor, consultant,
agent, officer, director, employee, co-venturer or otherwise, engage in Competitive Activity. 

(b)    Each Licensor agrees that during the Non-Competition Period, such Licensor
will not, either directly or through any agent or employee, Solicit any officer or employee of the Company or any of its subsidiaries to terminate his or her relationship with the Company or any of its subsidiaries or to apply for or accept
employment with any enterprise, or Solicit any customer, supplier, licensee or vendor of the Company or any of its subsidiaries to terminate or materially modify its relationship with them, or, in the case of a customer, to conduct with any person
any business or activity which such customer conducts or could conduct with the Company or any of its subsidiaries. 

(c)    Notwithstanding any other provision of this Agreement, but subject to any employment or other agreement that a
Licensor may have from time to time with the Company, other than as specified in Section 7(d) below, the licenses provided herein shall not prohibit either Licensor from: (i) engaging in other endeavors that do not
compete with the Licensed Products or Licensed Services, including without limitation any fitness programs such as the XPT fitness program; (ii) using the Property to endorse products or engage in business activities that do not compete with
the Company; (iii) making speeches or public appearances (including on radio, television, in films or over the Internet or similar media) for any purpose other than the promotion of a product or service that competes in any material respect
with the Licensed Products or Licensed Services; (iv) writing any books, articles, movies, plays, scripts or other literary products, or appearing or performing in any plays, television shows, movies or other media, provided that such acts by
Licensors do not promote a product or service that competes in any material respect with the Licensed Products or Licensed Services; (v) becoming a director, employee, partner, advisor, member, consultant or shareholder of, investor in or
otherwise be engaged with any other company, corporation, partnership or other entity that does not compete in any material respect with the Licensed Products or Licensed Services; and (vi) activities which are incidental and do not infringe on
the Company’s rights hereunder. In the event Company reasonably and in good faith determines that such activities have a materially adverse impact on the Company, the Company Name Rights, or the Derived Marks, Licensor shall cooperate in good
faith to make such adjustments necessary to abate or minimize such adverse impact. 
 (d)    Prior to either Licensor
entering an agreement to commence any commercial relationship (including without limitation as a promoter, brand ambassador, director, officer, consultant or investor) with a dietary supplement, food, or beverage provider that would not otherwise be
prohibited by Section 7(a) (the “ROFR Supplement”), such Licensor shall provide the Company with written notice, which shall include the material details of such proposed commercial relationship (the
“ROFR Notice”), and the Company shall have a right of first refusal over such activities (the “ROFR”). Upon receipt of the ROFR Notice, the Company shall have thirty (30) days to inform the relevant Licensor of
its intention to exercise or waive its ROFR. The Company shall be deemed to have waived the ROFR if it shall not have informed the relevant Licensor within such thirty (30) day period of its intention to exercise the ROFR. Upon exercise of the
ROFR, Licensor shall terminate any business discussions with the relevant nutritional or supplement provider and, if (a) the commercial relationship involves payment of an 

  
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immediate cash sum to the Licensor, the Company shall promptly pay such Licensor such amount, or (b) the commercial relationship involves payment of an amount which is uncertain or subject
to other restrictions (e.g., a delayed payment, a royalty or an equity interest), the Company and Licensor shall promptly endeavor to agree to a materially equivalent arrangement (the “ROFR Payment”), as determined in the reasonable
judgment of the Board of Directors of the Company. Upon agreement to pay the ROFR Payment, the ROFR Supplement (and materially similar products) shall be deemed to be within the Product Scope for purposes of this Agreement with respect to both
Licensors. 
 (e) If the duration of, the scope of, or any business activity covered by any provision of this
Section 7 is in excess of what is determined to be valid and enforceable under applicable law, such provision shall be construed to cover only that duration, scope or activity that is determined to be valid and enforceable.
Each Licensor hereby acknowledges that this Section 7 shall be given the construction that renders its provisions valid and enforceable to the maximum extent, not exceeding its express terms, possible under applicable law.

 8.    Certain Remedies. 

(a)    The parties agree that the remedies at law for any material breach or threatened material breach of this Agreement,
including monetary damages, are inadequate compensation for any loss and that the non-breaching party shall be entitled to seek specific performance of this Agreement. The parties hereto waive any defense to
such claim that a remedy at law would be adequate. In the event of any actual or threatened material default in, or material breach of, any of the terms hereof, the party aggrieved thereby shall have the right to seeks specific performance and
injunctive or other equitable relief with respect to its rights hereunder, in addition to any remedies available at law. 

(b)    In the event that a Change in Control has occurred and in a Licensor’s reasonable and good faith judgment, any
Licensed Product or Licensed Service utilizing Property relating to such Licensor fails (other than in an immaterial manner) to satisfy the Historical Standard following modifications to such Licensed Product or Licensed Service in connection with
Section 4 hereof, then such Licensor, after providing the Company with thirty (30) business days’ notice, during which the Company may cure such failures, shall have the right to terminate the license granted
under this Agreement to the Company for the use of the Property relating to such Licensor, subject to a six-month sell-off period for the Company with respect to its
then-current inventory. In the event the Company or a Licensor brings legal action relating to this Section 8(b), such termination shall be tolled until such legal action is resolved either by settlement or final, un-appealable judgment. 
 9.    Certain Definitions. 

(a)    “Affiliate” shall mean, with respect to a person, any other person which, directly or indirectly,
controls, or is controlled by, or is under common control with, such person; as used in this definition, “control” (including, with its correlative uses “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise. 

(b)    “Bankruptcy Event” shall mean the Company or any of the Company’s significant subsidiaries
(as defined under clauses (1) or (2) of Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934, as amended; provided that references to “10
percent” in 

  
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clauses (1) and (2) of such definition shall be replaced with “20 percent”), pursuant to or within the meaning of any Debtor Relief Law: 

(1)    commences proceedings to be adjudicated bankrupt or insolvent; 

(2)    consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it
of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Debtor Relief Laws; 

(3)    consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator,
assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; or 

(4)    makes a general assignment for the benefit of its creditors. 

In addition, a “Bankruptcy Event” shall be deemed to have occurred when a court of competent jurisdiction enters an order or
decree under any Debtor Relief Law (and the order or decree remains unstayed and in effect for 60 consecutive days) that: 

(1)    is for relief against the Company or any significant subsidiary in a proceeding in which the Company
or any significant subsidiary is to be adjudicated bankrupt or insolvent; 
 (2)    appoints a receiver,
interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any significant subsidiary, or for all or substantially all of the property of the Company or any significant subsidiary;
or 
 (3)    orders the liquidation, dissolution or winding up of the Company or any significant
subsidiary. 
 (c)    “Change in Control” shall mean: 

(1)    any transaction (or series of related transactions) that results in the acquisition of 50% or more
of the outstanding voting securities of the Company by another entity or group (i.e., an entity or group other than all existing beneficial owners of the Company at the time of such transaction or series of related transactions); excluding, however,
any acquisition by the Company; 
 (2)     consummation of a merger or consolidation of the Company with
any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting shares
of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 

(3)    the Company’s shareholders approve a plan of complete liquidation of the Company or the sale or
disposition of all or substantially all of the Company’s assets, and such liquidation, sale or disposition, as applicable, actually occurs. 

  
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 (d)    “Competitive Activity” shall mean any activity
that, whether conducted as an individual, partner, shareholder, director, officer, principal, agent, employee, trustee, consultant, or in any other relationship or capacity, competes with the natural food and beverage business, which shall without
limitation include all products within the Product Scope (or any other business using any Property of either Licensor) of the Company or any of its subsidiaries, any dietary supplement, food, or beverage products of the Company approved by the
Licensors, and any commercial partnership, joint venture or other strategic agreement between the Company or any of its subsidiaries and any third party in connection to the marketing, sale or distribution of such products; provided, however, that
nothing contained in this Section 9(d) shall be deemed to prohibit a Licensor from acquiring, solely as a passive investment, less than 1% of the total outstanding securities of any publicly-traded corporation. 

(e)    “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally. 
 (f)    The “Historical Standard” shall mean,
generally, the reputation for quality of the Licensed Products, Licensed Services or other use of the Property by the Company before the date that Mr. Hamilton ceases to be an officer, director or employee of, or consultant to, the Company. The
“Historical Standard” as applied to any Licensed Product shall additionally mean a nutritionally-focused product proposition, the ethical sourcing of ingredients, and the use of organic sourcing of ingredients to a commercially
reasonable extent. 
 (g)    “Predecessor Agreements” shall mean that certain License Agreement between
the Company and Ms. Reece, dated May 2, 2018, that certain License Agreement between the Company and Mr. Hamilton, dated August 3, 2015, and that certain License and Preservation Agreement between the Company, Ms. Reece and
Mr. Hamilton, dated November 19, 2018. 
 (h)     “Product Scope” shall include: foods and
beverages incorporating coconut products; teas, coffees, “creamer” or “whitener” coffee-additive products; products marketed as “superfood” products; powdered mushroom supplements; children’s and adult hydration
beverages; “green drink” products; natural sleep-enhancing beverage products; natural focus-enhancing beverage products; natural “brain support” (BDNF)-beverage products; protein powder mixes for beverages; maca and botanical
products; coffee and fat “chew”-type snack products; and any dietary supplement, food and beverage items manufactured or distributed by the Company during the term of this Agreement. 

(i)     “Solicit” shall means any direct or indirect communication of any kind whatsoever, regardless of
by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, with respect to any action. 

10.    Miscellaneous. 

(a)    This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified except by a written agreement executed by the parties
hereto or their respective successors and legal representatives. The parties agree that all actions and proceedings arising out of or relating directly or indirectly to this Agreement shall 

  
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be litigated solely and exclusively in the state or federal courts located in the City of New York, New York, and that such courts are convenient forums. Each party hereby submits to the personal
jurisdiction of such courts for purposes of any such actions or proceedings. 
 (b)    Subject to
Section 2(a), this Agreement is not assignable by the either party without the prior written approval of the other party or parties, as applicable (or his, her or its legal representatives, heirs or estates), such approval
not to be unreasonably withheld. Any such successor or assignee shall, upon written request, promptly provide the other party or parties (or his, her or its legal representatives, heirs or estates) with a written acknowledgement that it shall be
bound by all the terms of this Agreement. This Agreement shall inure to the benefit of and be binding upon the successors, legal representative, heirs and assigns of each party hereto. 

(c)    All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery
to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the
Licensors, their legal representatives, heirs or estates: 
 At the address(es) on file with the Company 

If to the Company: 
 Laird
Superfood, Inc. 
 275 W. Lundgren Mill Drive 

Sisters, Oregon 97759 
 Attention:
Chief Financial Officer 
 or to such other address as either party furnishes to the other in writing in accordance with this Section. Notices and
communications shall be effective when actually received by the addressee, except in the event that (1) the postal service provides notice that a mailed notice is undeliverable or (2) a Party (or the Party’s legal representatives,
heirs or estates) has failed to provide notice of a change of address in accordance with the terms of this Section 10(c) (either, a “Non-Deliverable Notice Event”). Upon a Party’s good
faith determination that a Non-Deliverable Notice Event has occurred, notice shall be effective as of three (3) days from the date of the deposit of such notice with the postal service or hand-delivery
courier service. 
 (d)    The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement. If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of this Agreement,
shall remain valid and enforceable and continue in full force and effect to the fullest extent consistent with law. 

(e)    None of the provisions contained in this Agreement are intended by the parties hereto, nor shall they be deemed, to
confer any benefit on any person not a party to this Agreement. 
 (f)    Each Licensor and the Company acknowledge that
this Agreement supersedes any other agreement between them concerning the subject matter hereof, including the Predecessor Agreements, which are hereby terminated. To the extent any rights in any Predecessor Agreement conflict with the terms of this
Agreement, the terms of this Agreement shall control and be binding upon the parties. 

  
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 g)    This Agreement may be executed in several counterparts, each of
which shall be deemed an original, and said counterparts shall constitute but one and the same instrument. 
 (h)    The
failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that
term or any other term of this Agreement. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be executed in its
name on its behalf, all as of the day and year first above written. 
  

	
	LICENSORS:
	
	  /s/ Laird J. Hamilton
	Laird J. Hamilton
	
	  /s/ Gabrielle A. Reece
	Gabrielle A. Reece

  

			
	COMPANY:
	
	LAIRD SUPERFOOD, INC.
		
	By:	 	/s/ Paul Hodge
	Name:	 	Paul Hodge
	Title:	 	Chief Executive Officer and PresidentEX-10.11

 Exhibit 10.11 

Execution Version 
 LOAN
AGREEMENT 
 This Loan Agreement (“Agreement”) is entered into by and between Laird Superfood, Inc., an Oregon corporation with its
chief executive offices at 207 N. Fir St., Unit B, Sisters, OR 97759 (“Borrower”), and East Asset Management, LLC, a Delaware limited liability company, with an office at 7777 NW Beacon Square Boulevard, Boca Raton, FL 33487
(“Lender”) effective as of August 10, 2017 (“Effective Date”). 
 RECITALS 

Borrower has requested Lender to make the loans as provided herein and Lender is willing to make such loans to Borrower subject to the terms and conditions
hereof. 
 NOW, THEREFORE, Borrower and Lender, in consideration of their mutual covenants contained in this Agreement and intending to be legally bound
hereby, agree as follows: 
 SECTION 1.    TERM 

Lender’s commitment to make Loans (as defined below) pursuant to the terms of this Agreement (the “Commitment”) shall commence as of the
Effective Date and shall continue thereafter until August 10, 2022 (the “Maturity Date”), at which time the Commitment shall terminate and all Indebtedness (as defined below) of Borrower to Lender shall be due and payable. 

SECTION 2.    DEFINITIONS. 

2.1    Capitalized Terms. Unless defined elsewhere in this Agreement, capitalized terms used in this Agreement will
have the meanings ascribed to them in the attached Appendix A. 
 2.2    UCC Terms. Unless the context
clearly indicates otherwise, terms used in this Agreement that are not capitalized but that are defined in the UCC will have the meanings ascribed to them in the UCC.  

SECTION 3.    LINE OF CREDIT LOANS 

3.1    Primary Line of Credit Loan. 

(a)    Subject to the terms and conditions and relying upon the representations and warranties set forth in this Agreement
and the other Loan Documents, Lender agrees to make loans (the “Primary Loans”) to Borrower at any time or from time to time on or after the Effective Date up to and including the day immediately preceding the Maturity Date in an
aggregate principal amount not exceeding, at any one time outstanding, the lesser of (i) the Borrowing Base (as described in Section 3.1(c) of this Agreement) and (ii) Three Million Dollars ($3,000,000) (collectively, the
“Primary Loans Limit”). If Lender and Borrower mutually agree in writing, the Primary Loan Limit may be increased up to a maximum of Ten Million Dollars ($10,000,000). The obligations of Borrower to repay the unpaid principal amount
of the Primary Loans and to pay interest on the unpaid principal amount thereof will be evidenced in part by a revolving credit note (the “Primary Note”) of Borrower in substantially the form attached as Exhibit A to this Agreement.
Borrower shall use the proceeds of the Primary Loans for acquisition of inventory and other working capital purposes, and for no other purposes. 

(b)    Borrower shall provide Lender written notice of each request for a Primary Loan, which written notice shall include
the amount of the requested Primary Loan and a copy of the most recent Monthly Availability Report, as that term is defined in Section 3.1(c) below. If the amount of the requested Primary Loan is $1,000,000 or less and all other
conditions precedent to funding the requested Primary 

 
Loan are satisfied, then Lender shall disburse the funds to Borrower within five (5) business days of Lender’s receipt of the written notice of the request. If the amount of the
requested Primary Loan is greater than $1,000,000 and all other conditions precedent to funding the requested Primary Loan are satisfied, then Lender shall disburse the funds to Borrower within ten (10) business days of Lender’s receipt of
the written notice of the request. Lender shall not be required to fund any Primary Loan to Borrower if: (i) Lender has already made a Primary Loan in the calendar month in which Lender would be required to fund the requested Primary Loan
pursuant to this Section 3.1(b); or (ii) the amount of the requested Primary Loan is less than $100,000, unless the amount of Primary Loans available for disbursement to Borrower based on the Primary Loan Limit at the time of the
request is less than $100,000, in which case Lender shall be required to fund the requested Primary Loan so long as the amount thereof, together with all then outstanding Primary Loans, is not less than the then applicable Primary Loan Limit. 

(c)    “Borrowing Base” shall be equal to the sum of: (i) ninety percent (90%) of the value of
Borrower’s Qualified Accounts utilizing the average of a trailing three (3) months of actual book value, plus (ii) ninety percent (90%) of the value of Borrower’s Inventory, utilizing the average of a trailing three
(3) months of actual book value, plus (iii) ninety percent (90%) of the value of Borrower’s Prepaid Inventory, utilizing the average of a trailing three (3) months of actual book value. If more than ninety (90) days have
passed since Borrower acquired an item of Prepaid Inventory and that item of Prepaid Inventory has not arrived at or been delivered to Borrower’s Premises, then the value of that item of Prepaid Inventory may not be used in calculating the
Borrowing Base unless and until it reaches Borrower’s Premises, at which time the item of Prepaid Inventory shall cease to be Prepaid Inventory and shall constitute Inventory. At the time of each request for a Primary Loan and in any event on
or before the 20th day of each calendar month, Borrower shall provide Lender with a report as of the first day of such month (the “Monthly Availability Report”) setting forth a
calculation of the Borrowing Base and including the information required by Section 7.1(i). Borrower’s calculation of the Borrowing Base as stated in a Monthly Availability Report shall be conclusive unless Lender provides Borrower
with written notice objecting to Borrower’s calculation within five (5) business day of Lender’s receipt of the Monthly Availability Report. 

(d)    If the Borrowing Base calculated in any Monthly Availability Report is less than the sum of all Primary Loans
outstanding, Borrower shall, within 45 days of delivery of the Monthly Availability Report, repay to Lender, in funds immediately available, the amount of such excess together with all accrued interest on the amount of such repayment. 

(e)    With respect to all accounts from time to time scheduled, listed or referred to in any Monthly Availability Report
or in any other certificate, statement or report delivered to Lender as Qualified Accounts, Borrower warrants and represents to Lender that: 

(i)    the accounts meet all specifications applicable to Qualified Accounts; 

(ii)    the accounts are genuine, are in all respects what they purport to be, and are not evidenced by a note,
instrument or judgment; and 
 (iii)    there are no facts, events or occurrences which in any way impair the validity
or enforcement of any account or tend to reduce the amount payable under any account as shown on statements delivered to Lender with respect to any accounts. 

  
 2 

 3.2    Secondary Line of Credit Loan. 

(a)    Subject to the terms and conditions and relying upon the representations and warranties set forth in this Agreement
and the other Loan Documents, Lender agrees to make loans (the “Secondary Loans”) to Borrower at any time or from time to time on or after the Effective Date up to and including the day immediately preceding the Maturity Date in an
aggregate principal amount not exceeding, at any one time outstanding, Two Hundred Thousand Dollars ($200,000) (the “Secondary Loans Limit”). Borrower may borrow, repay and reborrow the Secondary Loans on a revolving basis, which
means that there shall be available for disbursement to Borrower at all times during the term of this Agreement Secondary Loans in an amount equal to $200,000 minus the principal amount of Borrower’s then outstanding Secondary Loans. The
obligations of Borrower to repay the Secondary Loans and to pay interest on the unpaid principal amount thereof will be evidenced in part by a revolving credit note (the “Secondary Note”) of Borrower in substantially the form
attached as Exhibit B to this Agreement. Borrower shall use the proceeds of the Secondary Loans for working capital purposes, and for no other purposes. 

(b)    Borrower shall provide Lender with written notice of each request for a Secondary Loan, which written notice shall
include the amount of the requested Secondary Loan. If all conditions precedent to funding the requested Secondary Loan are satisfied, Lender shall disburse the Secondary Loan to Borrower within five (5) business days of Lender’s receipt
of the written notice of the request. Lender shall not be required to make a Secondary Loan to Borrower if: (i) Lender has made a Secondary Loan in the calendar month in which Lender would be required to fund the requested Secondary Loan
pursuant to this Section 3.2(b); or (ii) the amount of the requested Secondary Loan is less than $100,000, unless the amount of Secondary Loans available for disbursement to Borrower at the time of the request is less than $100,000,
in which case Lender shall be required to make the requested Secondary Loan to Borrower so long as the amount thereof, together with all then outstanding Secondary Loans, is not less than the Secondary Loan Limit. 

3.3    Repayment of Loans. The entire outstanding principal amount of, and all accrued and unpaid interest on, the
Primary Loans and the Secondary Loans (each a “Loan” and together the “Loans”) shall be due and payable on the Maturity Date. Borrower may prepay all or any portion of the Indebtedness owed under either the Primary
Loans or the Secondary Loans at any time, on the following conditions: (1) no more than one prepayment with respect to each of such Loans (in other words, a total of two prepayments each month) may occur within a calendar month; (2) the
amount of each prepayment must be greater than or equal to $100,000, unless the outstanding principal amount of the Loan with respect to which the prepayment is being made is less than $100,000, in which case the amount of the prepayment must be
equal to the outstanding principal amount of the Loan; and (3) the prepayment must be accompanied by all accrued and unpaid interest on the principal amount of the Loan being prepaid. 

3.4    Interest Rate. 

(a)    The outstanding principal balances of the Loans shall accrue interest at a fixed rate of fifteen percent
(15%) per annum until paid in full; provided that, if Borrower fails to perform any Obligation within fifteen (15) days after Lender notifies Borrower of the failure to perform the Obligation when due with reasonable particularity, then the
outstanding principal balances of the Loans shall accrue interest at a fixed rate of twenty percent (20%) per annum (the “Default Rate”) until the earlier of the payment in full of the Loans or the date on which the failure to
perform the Obligation is cured to the reasonable satisfaction of Lender. 

  
 3 

 (b)    Interest on the Loans shall be computed on the basis of a 365-day year. In computing interest on any Loan, the date of the making of the Loan shall be included and the date of payment shall be excluded if payment is received on or before Noon, Boca Raton time. 

3.5    Payment of Interest. Interest accrued on the principal amount of the Loans shall be due and payable on the
tenth (10th) day of each calendar month following the month during which such interest accrued; all accrued interest that is unpaid as of the Maturity Date shall become immediately due and payable
on the Maturity Date without notice, presentment or demand of any kind. 
 3.6    Payments. All payments to be
made in respect of principal, interest, fees or other amounts due from Borrower under this Agreement or under the Notes are payable at noon, prevailing time in Boca Raton, Florida, on the day when due, without presentment, demand, protest or notice
of any kind, all of which are expressly waived, and an action for the payments will accrue immediately. All such payments must be made to Lender in U.S. dollars and in funds immediately available at such office, without setoff, counterclaim or other
deduction of any nature. All such payments shall be applied first to costs and expenses due to Lender, then to accrued interest and then to principal. 

3.7    Indemnity. Borrower will indemnify Lender against any loss or expense which Lender sustains or incurs as a
consequence of an Event of Default, including, without limitation, any failure of Borrower to pay when due (by demand or otherwise) any principal, interest or any other amount due under this Agreement or the other Loan Documents, but excluding any
loss or expense that Lender sustains or incurs to the extent arising or resulting from Lender’s gross negligence, willful misconduct, legal violation, or breach of this Agreement. If Lender sustains or incurs any such loss or expense, it will,
from time to time, notify Borrower in writing of the amount determined in good faith by Lender (which determination will be presumptively deemed correct absent manifest error), to be necessary to indemnify Lender for the loss or expense. Any amount
payable to Lender under this Section will bear interest at the Default Rate until paid. In no event will Borrower have any liability for any lost profits or any indirect, special, incidental, consequential or punitive damages. 

SECTION 4.    CONDITIONS PRECEDENT TO THE MAKING OF EACH LOAN. 

Lender’s obligation to make a disbursement of a Primary Loan or a Secondary Loan (a “Loan Advance”) under this Agreement shall be subject
to the performance by Borrower of its Obligations to be performed hereunder and to the fulfillment of all of the conditions set forth in this Agreement and in the other Loan Documents, including without limitation, the following: 

4.1 Loan Documents. Borrower shall have executed (as applicable) and delivered to Lender in form satisfactory to Lender this Agreement
and the other Loan Documents, including the following documents: (a) the Note for the applicable Loan, (b) the Security Agreement, (c) a UCC-1 Financing Statement perfecting Lender’s
Security Interests, (d) evidence of insurance as required in Section 7.1(b) below, and (e) any other instruments, documents, legal opinions and certificates required under this Agreement or the other Loan Documents or
reasonably requested by Lender or its counsel, including without limitation any guaranties described below; and all filings contemplated by any of the foregoing shall have been made.  

4.2 Representations and Warranties. The representations and warranties of Borrower set forth in this Agreement and in the other Loan
Documents shall be true and correct on the Effective Date and on the date of such Loan with the same effect as if made on and as of such date. 

  
 4 

 4.3    Primary Loan Limit. With respect to a Primary Loan, the
outstanding principal amount of the Primary Loans (including any requested Primary Loan) must not exceed the Primary Loan Limit as provided in Section 3.1(c).  

4.4    No Event of Default. There shall not exist at the time of any funding of a Loan an Event of Default or
Potential Default. 
 4.5    Certificate. There shall be delivered to Lender a certificate dated as of the
Effective Date and signed by the secretary or an assistant secretary of Borrower certifying as to: 
 (a)    all
corporate action taken by Borrower relative to this Agreement and any other Loan Document; 
 (b)    the names of the
officer or officers of Borrower authorized to sign this Agreement and any other Loan Document and the true signatures of such officer or officers on which Lender may conclusively rely; and 

(c)    copies of the articles of incorporation (recently certified by the Oregon Secretary of State) and bylaws of
Borrower as in effect on the Effective Date. 
 4.6    Certificate of Existence. Borrower shall have delivered to
Lender a Certificate of Existence issued by the Oregon Secretary of State no later than ten (10) days after the Effective Date. 

4.7    Financial Statements. Borrower shall have delivered to Lender financial statements dated as of
June 30, 2017, for the year-to-date operations evidencing operating conditions satisfactory to Lender in its sole discretion. 

4.8    Insurance. Lender shall receive evidence that it has been named as lender loss payee/mortgagee on
Borrower’s property insurance and an additional insured with respect to all liability coverage. 

4.9    Material Adverse Change. Lender shall receive evidence reasonably satisfactory to Lender that no Material
Adverse Change has occurred with respect to Borrower since December 31, 2016. 
 4.10    Fees. Borrower
shall have reimbursed Lender for all fees, costs and out-of-pocket expenses incurred in connection with the negotiation, drafting, execution, and delivery of this
Agreement and the other Loan Documents, including without limitation reimbursement of attorneys’ fees and expenses in an amount not to exceed $15,000. 

4.11    Legal Details. All legal details and proceedings in connection with the transactions contemplated by this
Agreement and all Loan Documents delivered to Lender pursuant to this Section 4 shall be in form and substance reasonably satisfactory to Lender and to counsel for Lender, and Lender shall have received all such other counterpart
originals or certified or other copies of such documents and proceedings in connection with such transactions, in form and substance reasonably satisfactory to Lender and said counsel, as Lender or said counsel may reasonably request. 

  
 5 

 SECTION 5.    BORROWER’S REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants to Lender that, as of the Effective Date, as of the date of the making of each Loan, as of the date of any renewal, extension
or modification of any of the Loans, and at all times any Indebtedness exists: 5.1 Organization. Borrower is a corporation that is duly organized, validly existing and in good standing under the laws of the State of Oregon. Borrower is duly
qualified or licensed to do business as a foreign corporation and is in good standing in all jurisdictions in which the ownership of its properties or the nature of its activities or both makes such qualification or licensing necessary. Borrower has
the corporate power and authority to execute, deliver and perform its obligations under this Agreement and the other Loan Documents executed by Borrower. Borrower has the full power, authority, licenses and permits to own and operate its properties
and to transact the businesses in which it is presently engaged or presently proposes to engage. 

5.2    Authorization. The execution, delivery, and performance of this Agreement and all other Loan Documents by
Borrower, to the extent to be executed, delivered or performed by Borrower, have been duly authorized by all necessary corporate action by Borrower, do not require the consent or approval of any other person or Official Body, and do not conflict
with, result in a violation of, or constitute a default under any provision of Borrower’s articles of incorporation or bylaws, any agreement or other instrument to which Borrower is a party or by which Borrower or any of its properties is bound
or subject, or violate any Law applicable to Borrower. 
 5.3    Books and Records. The books of account and
records of Borrower are complete and accurate in all material respects and represent actual, bona fide transactions.  

5.4    Legal Effect. This Agreement constitutes, and upon execution by Borrower each other Loan Document to which
Borrower is a party and any instrument or agreement required hereunder to be given by Borrower when delivered will constitute, the legal, valid and binding obligation of Borrower enforceable against Borrower, as well as on Borrower’s
successors, representatives and assigns, in accordance with their respective terms, except as the foregoing may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, civil forfeiture, moratorium or similar laws, or by equitable
principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

5.5    Ownership and Control. The outstanding shares of Borrower’s capital stock have been duly authorized and
validly issued, and are fully paid and nonassessable. Borrower is owned by the people or entities identified on Schedule 5.5 to this Agreement. There are no options, warrants, acquisition or purchase rights, sale agreements, pledges, proxies,
voting trusts, powers of attorney or other agreements or instruments binding upon Borrower or any of its shareholders with respect to ownership of or voting rights with respect to shares of the capital stock of Borrower, except as set forth on
Schedule 5.5 hereto. Borrower may periodically update the information on Schedule 5.5 over the term of this Agreement. 

5.6    Subsidiaries. Except as set forth on Schedule 5.6, Borrower does not own any shares of stock or other
equity interest, directly or indirectly, in any Subsidiary. 
 5.7    Financial Statements. All financial
statements of Borrower (including the notes thereto) delivered to Lender present fairly in all material respects the financial condition of Borrower as of the end of the specified fiscal periods and, as applicable, the results of operations and the
changes in financial position for the fiscal periods then ended, all in conformity with GAAP applied on a basis consistent with that of the preceding fiscal periods. 

  
 6 

 5.8    Compliance with Laws. Borrower is not (a) in
violation of any Law, the violation of which could result in a Material Adverse Change, or (b) subject to any material contingent liability on account of any Law. 

5.9    Pension Plans. (a) Each Plan has been and will be maintained and funded in accordance with its terms and
with all provisions of ERISA and other applicable Laws; (b) no termination or other event exists or has occurred with respect to the Plan which has resulted, or may result, in any liability to the Pension Benefit Guaranty Corporation (the
“PBGC”) or any other Official Body; and (c) no withdrawal, either complete or partial, has occurred or commenced with respect to any multi-employer Plan, and there exists no intent to withdraw either completely or partially
from any multi-employer Plan. 
 5.10    Patents, Licenses, Franchises. Borrower owns or possesses all the
material patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises, permits and rights necessary to own and operate its properties and to carry on its business as presently conducted and planned to be conducted
by Borrower, without known conflict with the rights of others. 
 5.11    Environmental Matters.
(a) Borrower is not in violation of any Law concerning or relating to the environment or the existence, generation, storage, transportation or disposal of any material or substance regulated by any such Law (collectively referred to in this
Section as the “Environmental Laws”) the violation of which could result in a Material Adverse Change; (b) neither Borrower nor any of its directors, officers, employees, agents or independent contractors, nor, to
Borrower’s Knowledge, any predecessor person or entity, at such location has arranged, by contract, agreement or otherwise, (i) for the disposal or treatment of, or (ii) with a transporter for the transport for disposal or treatment
of, any substance or material regulated by an Environmental Law at or to any location identified under an Environmental Law concerning cleanup of waste disposal sites; (c) Borrower is not an “owner” or “operator” of a
“facility”, as defined under any Environmental Law; and (d) Borrower has not “owned” or “operated” any “facility” at the time when any hazardous substances were disposed of within the meaning of any
Environmental Law. 
 5.12    No Event of Default; No Material Adverse Change. No event has occurred and is
continuing and no condition exists which constitutes an Event of Default or Potential Default. Since the date of Borrower’s last fiscal year-end financial statement delivered to Lender, there has been no
Material Adverse Change. 
 5.13    Property. Except for Permitted Encumbrances, Borrower owns and has good and
marketable title to the Collateral, free and clear of all Security Interests, and has not executed any security documents or financing statements relating to the Collateral. 

5.14    Litigation and Claims. Except as otherwise provided on Schedule 5.14, no litigation, claim,
investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or, to Borrower’s Knowledge, threatened. 

5.15    Taxes. Prior to the Effective Date, Borrower has delivered to Lender a true and accurate copy of
Borrower’s federal income tax return for its tax year ended December 31, 2016. All tax returns and reports of Borrower that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have
been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided on the books and records of Borrower. 

  
 7 

 5.16    Lien Priority. Borrower has not entered into or granted
any Security Interests, or consented to the filing or attachment of any Security Interests on or affecting any of the Collateral as of the Effective Date that directly or indirectly secures repayment of the Loans and the Notes. 

5.17    Commercial Purposes. Borrower intends to use the Loan proceeds solely for business and commercial related
purposes. 
 5.18    Information. All information heretofore or contemporaneously herewith furnished by Borrower
to Lender for the purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all information hereafter furnished by or on behalf of Borrower to Lender will be, true and accurate in every material respect on the
date as of which such information is dated or certified; and none of such information is or will be materially incomplete by omitting to state any material fact necessary to make such information not misleading. Borrower has disclosed to Lender in
writing every fact known to it which materially and adversely affects, and would materially and adversely affect, the assets, business, operations or financial condition of Borrower or the ability of Borrower to perform its obligations under this
Agreement and the other Loan Documents. 
 5.19    Survival of Representations and Warranties. Borrower agrees
that the foregoing representations and warranties shall be continuing in nature and shall remain in full force and effect until such time as the Indebtedness is paid in full, or until this Agreement is terminated in the manner provided below,
whichever is the last to occur. 
 SECTION 6.    LENDER’S REPRESENTATIONS AND WARRANTIES. 

Lender represents and warrants to Borrower that, as of the Effective Date: 

6.1    Organization. Lender is a limited liability company that is duly organized, validly existing and in good
standing under the laws of the State of Delaware. Lender has the full power and authority to own its properties and to transact the businesses in which it is presently engaged or presently proposes to engage. 

6.2    Authorization. The execution, delivery, and performance of this Agreement and all other Loan Documents by
Lender, to the extent to be executed, delivered or performed by Lender, have been duly authorized by all necessary action by Lender; do not require the consent or approval of any other person or Official Body; and do not conflict with, result in a
violation of, or constitute a default under any provision of Lender’s articles of organization, operating agreement, or any agreement or other instrument binding on Lender. 

6.3    Legal Effect. This Agreement constitutes, and upon execution by Lender each other Loan Document to which
Lender is a party when delivered will constitute, the legal, valid and binding obligation of Lender enforceable against Lender, in accordance with its terms, except as the foregoing may be limited by bankruptcy, insolvency, reorganization,
fraudulent transfer, civil forfeiture, moratorium or similar laws, or by equitable principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

  
 8 

 SECTION 7.    BORROWER’S COVENANTS. 

7.1    Covenants. Borrower covenants and agrees with Lender that, while this Agreement is in effect and until
payment in full of the Indebtedness, unless otherwise consented to in writing by Lender: 
 (a)    Preservation of
Existence, Franchise and Licenses. Borrower will maintain its corporate existence, rights, franchises, licenses and permits in full force and effect so long as maintaining such corporate existence, rights, franchises, licenses, and permits in full
force and effect is necessary or advisable for the reasonable and prudent conduct of the Company’s business. Borrower will remain in good standing in its jurisdiction of incorporation and will qualify and remain qualified as a foreign
corporation in each jurisdiction in which failure to receive or retain qualification would result in a Material Adverse Change. 

(b)    Insurance. Borrower will maintain, with financially sound and reputable insurers, insurance with respect to
its properties and business and against such liabilities, casualties and contingencies and of such types and in such amounts as is reasonably satisfactory to Lender and as is customary in the case of corporations or other entities engaged in the
same or similar business or having similar properties similarly situated, provided that Borrower shall insure the Collateral on a replacement cost basis. Risk of loss of, damage to or destruction of the Collateral is on Borrower. Each of
Borrower’s policies of insurance shall contain lender loss payable/mortgagee clauses in favor of Lender, shall insure Lender regardless of the conduct or neglect of Borrower, and shall contain provision for written notification of Lender at
least thirty (30) days prior to termination of such policy. If Borrower fails to effect and keep in full force and effect such insurance or fails to pay the premiums when due, Lender may (but shall not be obligated to) do so for the account of
Borrower and add the cost thereof to the Obligations. Borrower assigns and sets over to Lender (as its interest may appear) all monies, up to the amount of any unpaid Indebtedness, which may become payable on account of such insurance and directs
the insurers to pay Lender (as its interest may appear) any amount so due. Lender is irrevocably appointed attorney-in-fact of Borrower to endorse any draft or check
which may be payable to Borrower in order to collect the proceeds of such insurance. Any money that Lender obtains on account of Borrower’s insurance shall be applied to the Indebtedness owed under the Loans. Any money that Lender receives in
excess of the outstanding Indebtedness shall promptly be distributed to Borrower. Borrower shall furnish to Lender, on request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including
without limitation the following: (i) the name of the insurer; (ii) the risks insured; (iii) the amount of the policy; (iv) the properties insured; (v) the then-current property values on the basis of which insurance has
been obtained; and (vi) the expiration date of the policy. 
 (c)    Financial Accounting Practices.
Borrower will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and will maintain an adequate system of internal accounting controls. 

(d)    Visitation. Borrower will permit such persons as Lender may designate from time to time to visit and inspect
any of the properties of Borrower, to examine, and to make copies and extracts from, the books and records of Borrower and to discuss its affairs with its officers and employees and its independent accountants, at such reasonable times and as often
as Lender may reasonably request. 
 (e)    Compliance with Laws. Borrower shall comply with all applicable Laws.

 (f)    Pension Plans. Borrower shall make contributions to all of Borrower’s Plans in a timely manner and
comply with all material requirements of ERISA which relate to such Plans. 

  
 9 

 (g)    Maintenance of Patents, Trademarks, etc. Borrower shall
maintain in full force and effect all patents, trademarks, trade names, copyrights, licenses, franchises, permits and other authorizations necessary for the ownership and operation of its properties and business if the failure to so maintain the
same would substantially interfere with the normal operations of Borrower or could reasonably be expected to result in a Material Adverse Change. 

(h)    Notifications. Borrower shall promptly inform Lender in writing of: (a) Borrower forming any
Subsidiary; (b) any amendment of Borrower’s Articles of Incorporation or Bylaws; (c) the existence or threat of any material proceeding by or before any Official Body, including without limitation, (i) the Food and Drug
Administration issuing an enforcement notice to Borrower and (ii) the Occupational Safety and Health Administration issuing a notice of violation to Borrower; (d) all legal actions filed against Borrower; (e) any Event of Default or
Potential Default; (f) any Material Adverse Change. 
 (i)    Monthly Availability Reports. On or before the
20th day of each month, Borrower shall provide Seller with a Monthly Availability Report, which shall include the following: 

 

	 	(1)	 A statement of Borrower’s calculation of the Borrowing Base; 

 

	 	(2)	 A balance sheet of Borrower as of the first day of the month, a statement of cash flow of Borrower as of the
first day of the month, and statements of income and surplus of Borrower as of the first day of the month and for that part of the fiscal year ending as of the first day of the month, all in reasonable detail; 

 

	 	(3)	 Agings of accounts payable and accounts receivable as of the first day of the month, in form and detail as
Lender may request, together with a report reconciling Borrower’s accounts payable, accounts receivable, Inventory, and Prepaid Inventory to Borrower’s general ledger and the preceding Monthly Availability Report; and

  

	 	(4)	 An updated listing of all Inventory and Prepaid Inventory of Borrower, including a report showing the value of
such Inventory and Prepaid Inventory and a report reconciling Inventory and Prepaid Inventory to Borrower’s general ledger and the preceding Monthly Availability Report. Each listing of Prepaid Inventory shall state the date that Borrower
acquired each item of Prepaid Inventory. 

 (j)    Annual Financial Reports. As soon as
practicable, and in any event within one hundred and twenty (120) days after the close of each fiscal year of Borrower, Borrower will furnish to Lender statements of income, retained earnings and cash flow of Borrower for such fiscal year and a
balance sheet of Borrower as of the close of such fiscal year, and notes to each, all in reasonable detail, setting forth in comparative form the corresponding figures for the preceding fiscal year, with such statements and balance sheet to be
reviewed by independent certified public accountants of recognized standing selected by Borrower. 

(k)    Guaranty. If Borrower establishes any Subsidiaries, then Borrower shall cause any such Subsidiaries to
execute an agreement guaranteeing the Loans in form and substance reasonably acceptable to Lender. 

  
 10 

 (l)    Other Agreements. Borrower shall materially comply with
all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender promptly in writing of any material default in connection with any other such agreements that, in
Borrower’s reasonable judgment, could result in a loss or claim against Borrower in excess of $50,000. 

(m)    Taxes, Charges and Liens. Borrower shall pay and discharge when due all of its indebtedness and other
obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed on Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all
lawful claims that, if unpaid, might become a lien or charge on any of Borrower’s properties, income, or profits. Provided however, Borrower shall not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so
long as (i) the legality of the same shall be contested in good faith by appropriate proceedings, and (ii) Borrower shall have established on its books adequate reserves with respect to such contested assessment, tax, charge, levy, lien,
or claim in accordance with GAAP. 
 (n)    Further Information. Borrower will promptly furnish to Lender such
other information, and in such form, as Lender may reasonably request from time to time. 
 (o)    Annual Tax Return
Filing. Borrower will promptly furnish to Lender a copy of its U.S. Income Tax Return upon its annual filing. 

(p)    Dissolution. Borrower shall not dissolve, and will not wind up or liquidate its business and affairs. 

(q)    Sales and Reorganizations. Borrower shall not enter into any transaction involving the sale of all or
substantially all of Borrower’s assets, or the reorganization, recapitalization, consolidation, conversion, or merger of Borrower. 

(r)    Debt; Security Interests. Borrower shall first provide written notice to Lender before Borrower incurs or
assumes any new obligation to pay money; provided, however, that Borrower shall not be required to provide Lender with prior written notice with respect to any accounts payable or other trade payables that Borrower incurs in the ordinary course of
Borrower’s business, any operating or capital leases, or any promissory notes that, in aggregate, amount to less than $10,000. Borrower shall not grant any security interest in Borrower’s accounts receivable, Inventory, Prepaid Inventory
or other Collateral except in favor of Lender. 
 SECTION 8.    RIGHT TO PARTICIPATE IN FUTURE EQUITY OFFERINGS 

8.1    Subsequent Offerings; Right to Participate. Subject to applicable securities laws, Borrower hereby grants to
Lender, for the period beginning on the Effective Date and ending on the fifth year anniversary of the Effective Date, a right of first refusal to purchase up to 20% of any shares of Borrower’s capital stock, or any options, rights, warrants or
securities convertible into or exchangeable for, shares of Borrower’s capital stock (“Equity Securities”), which are proposed to be offered and sold by Borrower, on the same terms and conditions being offered to other
investors, except at a price per Equity Security that is 80% of the price per Equity Security being offered to the other investors in such offering. Lender’s right of first refusal under this section may not be exercised at any time when Lender
is in breach of this Agreement or any other Loan Document.  

  
 11 

 8.2    Exercise of Rights. If Borrower proposes to issue any
Equity Securities that are subject to the right of first refusal set forth in Section 8.1 above, then Borrower shall give Lender written notice of its intention, describing the Equity Securities, the price, and the terms and conditions
on which Borrower proposes to issue the Equity Securities. Lender shall have fifteen (15) days from the delivery of such notice to notify Borrower in writing of the amount of the Equity Securities that Lender intends to purchase on the terms
and conditions specified in the notice and as authorized pursuant to Section 8.1 above. Lender may only exercise Lender’s right of first refusal with respect to those Equity Securities that are not purchased by Borrower’s
shareholders pursuant to their rights under the Shareholder Rights Agreement. If Lender does not notify Borrower of its intention to purchase Equity Securities within that time, Borrower shall be under no obligation to sell any of such offered
Equity Securities to Lender and may sell them as provided in Section 8.3 below.  
 8.3    Issuance of
Shares to Other Persons. If Lender does not elect to purchase Equity Securities as provided in Sections 8.1 and 8.2, then Borrower may sell any such Equity Securities to third parties at the price and on the terms and conditions
set forth in the notice to Lender or at a price and on terms and conditions more favorable to Borrower.  

8.4    Excluded Shares. Without limitation, the right of first refusal established by this Section 8 shall
have no application to any of the following Equity Securities: 
 (a)    Equity Securities representing, in the
aggregate, not more than five percent (5%) of Borrower’s issued and outstanding capital stock on a fully-diluted basis, issued as bona fide compensation to employees, consultants, directors, or advisors to Borrower or any Subsidiary of
Borrower, pursuant to any equity incentive plan that Borrower may adopt from time to time; 
 (b)    Equity Securities
issued for consideration other than cash pursuant to a bona fide arms’-length merger, consolidation, acquisition or similar business combination approved by Borrower’s board of directors; 

(c)    Equity Securities issued (i) in connection with the conversion, recapitalization or reorganization of
outstanding Equity Securities or (ii) as a pro rata distribution or dividend in respect of outstanding Equity Securities in connection with a stock split or similar event; 

(d)    Equity Securities issued (i) pursuant to any bona fide, arms-length equipment loan or leasing arrangement,
real property leasing arrangement, or debt financing from a bank or similar financial or lending institution or (ii) in connection with strategic transactions involving Borrower and other entities, such as joint ventures, marketing or
distribution arrangements; provided that with respect to any issuance of Equity Securities described in (i) and (ii), (A) Borrower’s board of directors has approved the issuance of such Equity Securities and (B) the Equity Securities
to be issued in such case represent 10% or more of Borrower’ issued and outstanding capital stock on a fully diluted basis; and 

(e)    Equity Securities that are issued by Borrower pursuant to a registration statement filed under the Securities Act
in connection with an initial public offering. 
 8.5    Survival. Lender’s rights under
Section 8.1 shall survive termination of this Agreement for the time period specified in Section 8.1, unless the termination is the result of Lender’s material default or material breach of this Agreement, in which case
Lender’s rights under Section 8.1 shall immediately terminate. 

  
 12 

 SECTION 9.    EVENTS OF DEFAULT. 

An “Event of Default” means the occurrence or existence of one or more of the following events or conditions: 

9.1    Borrower shall fail to pay any Obligation, including without limitation, any principal or interest on any
Loan, any other amount payable pursuant to this Agreement or any of the other Loan Documents, within ten days of when due. 

9.2    Any representation or warranty made by Borrower under this Agreement, the other Loan Documents or any
statement made by Borrower in any financial statement, certificate, report, exhibit or document furnished by Borrower to Lender pursuant to this Agreement or the other Loan Documents shall prove to have been false or misleading in any material
respect as of the time when made. 
 9.3    Lender’s Security Interest in the Collateral under the Security
Agreement or any of the other Loan Documents is or shall become unperfected, unless the Security Interest is or becomes unperfected due to the act or omission of Lender, or an Encumbrance other than a Permitted Encumbrance shall affect the
Collateral. 
 9.4    Borrower shall be in default in the performance or observance of any Obligation under this
Agreement, or any of the other Loan Documents or any of the other agreements, instruments, documents or undertakings arising under or in connection with any of Loans, other than those referred to in Section 9.1, if such default shall
continue for longer than twenty (20) days after receipt of notice from Lender of the default with reasonable particularity; provided that, if the default is of such a nature that it cannot be completely remedied within the twenty (20) day
period, this provision shall be complied with and no Event of Default under this Agreement shall exist if Borrower begins correction of the default within the twenty (20) day period and thereafter proceeds with reasonable diligence and in good
faith to effect the remedy as soon as practicable. 
 9.5    Borrower fails to cause the outstanding principal
amount of the Primary Loans to cease to exceed the Borrowing Base within 45 days of Borrower’s delivery of a Monthly Availability Report that calculates a Borrowing Base that is less than the sum of all Primary Loans under
Section 3.1(c). 
 9.6    Lender does not consent in writing to this Agreement continuing in effect
within thirty (30) days after Laird Hamilton’s death. 
 9.7    Borrower shall (i) default (as
principal or guarantor or other surety) in any payment of principal of or interest on any obligation for borrowed money in excess of Fifty Thousand Dollars ($50,000) beyond any period of grace with respect thereto or, if such obligation or
obligations is or are payable or repayable on demand, shall fail to pay or repay such obligation or obligations when demanded or (ii) default in the observance of any covenant, term or condition contained in any agreement or instrument by which
such obligation or obligations is or are created, secured or evidenced if the effect of such default is to cause, or to permit the holder or holders of such obligation or obligations (or a trustee or agent on behalf of such holder or holders) to
cause, all or part of such obligation or obligations to become due before its or their otherwise stated maturity. 

9.8    (a) A judgment for the payment of money in excess of Fifty Thousand Dollars ($50,000) is entered, and
remains open and not stayed for a period in excess of thirty (30) days; or (b) a writ or warrant of attachment, garnishment, execution, distraint or similar process shall have been entered or issued against

  
 13 

 
Borrower or any of Borrower’s properties other than accounts receivable, Inventory, Prepaid Inventory or proceeds thereof and shall remain pending and not stayed for a period in excess of
thirty (30) days; or (c) a writ or warrant of attachment, garnishment, execution, distraint or similar process shall have been entered or issued against Borrower’s accounts receivable, Inventory, Prepaid Inventory or proceeds thereof.

 9.9    The indictment or threatened indictment of Borrower under any criminal statute, or commencement or
threatened commencement of criminal or civil proceedings against Borrower pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture of any of the property of Borrower or are in excess of Fifty Thousand
Dollars ($50,000). 
 9.10    A Material Adverse Change shall have occurred, in which event, (i) Borrower
shall have sixty (60) days to make payment in full of all Obligations before Lender may exercise any of its rights under Section 10(a) or (c) of this Agreement or under Section 7 of the Security Agreement, and
(ii) Borrower shall pay all proceeds of the Collateral, in excess of the ordinary course expenses of the Company, to Lender, which payments shall be applied by Lender as provided in Section 3.6. 

9.11    Borrower shall become insolvent, shall become generally unable to pay its debts as they become due, shall
voluntarily suspend transaction of its business, shall make a general assignment for the benefit of creditors, shall dissolve, wind-up or liquidate itself or any substantial part of its property, or shall take
any action in furtherance of any of the foregoing; or 
 9.12    A proceeding shall: (a) be instituted by
Borrower: seeking to have an order for relief entered or seeking a declaration or entailing a finding that Borrower is insolvent or a similar declaration or finding, or seeking dissolution, winding-up, charter
revocation or forfeiture, liquidation, reorganization, arrangement, adjustment, composition or other similar relief or with respect to Borrower’s assets or debts under any law relating to bankruptcy, insolvency, relief of debtors or protection
of creditors, termination of legal entities of any other similar law now or in the future in effect; or seeking appointment of a receiver, trustee, custodian, liquidator, assignee, sequestrator or other similar official for Borrower or for all or
any substantial part of Borrower’s property; or (b) have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Borrower in an involuntary case under any applicable bankruptcy,
insolvency, reorganization or other similar law now or hereafter in effect, or for a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of Borrower for any substantial part of its property, or for the
winding-up or liquidation of its affairs, and such proceeding shall remain undismissed or unstayed and in effect for a period of thirty (30) consecutive days or such court shall enter a decree or order
granting any of the relief sought in such proceeding. 
 SECTION 10.    EFFECT OF AN EVENT OF DEFAULT. 

10.1    Default by Borrower. 

(a)    If an Event of Default specified in Sections 9.1 through 9.10 of this Agreement occurs and continues
or exists, Lender will be under no further obligation to make Loans and may demand all amounts owing by Borrower under this Agreement and the other Loan Documents to be immediately due and payable without presentment, demand, protest or further
notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately. If an Event of Default specified in Sections 9.11 or 9.12 of this Agreement occurs and continues or exists, Lender will
be under no further obligation to make Loans and all amounts owing by Borrower under this Agreement, any of the other Loan Documents and any other agreement, instrument, document or undertaking arising under or in connection with any of the
Indebtedness, shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately. 

  
 14 

 (b)    If an Event of Default occurs or exists, Lender may, in its sole
discretion, reduce the Borrowing Base by adjusting the advance rates or by creating such reserves as Lender shall, in its sole discretion, deem appropriate. 

(c)    If an Event of Default occurs and continues or exists, Lender may exercise each and every right and remedy granted
to Lender under the Loan Documents, the UCC and any other applicable Law and at equity. All such rights and remedies are cumulative and not exclusive of any rights or remedies which Lender would otherwise have. 

SECTION 11.    TERMINATION 

11.1    Termination of Credit Facility. The Loans made available to Borrower under this Agreement shall be
terminable on the Maturity Date, or upon the occurrence of an Event of Default under this Agreement. 

11.2    Effect of Termination. In the event that this Agreement or the Loans are terminated for any reason, the
outstanding balance of the Loans, together with any accrued and unpaid interest thereon, any fee payable pursuant to this Agreement, and any other sums then due pursuant to the terms of this Agreement, the other Loan Documents or any other
agreement, instrument, or document or undertaking arising under or in connection with the Indebtedness, shall be due and payable immediately. Notwithstanding termination of this Agreement or an Event of Default, all covenants and agreements of
Borrower will continue in full force and effect from and after the date of this Agreement until irrevocable payment and performance in full of all Obligations of Borrower and payment of the Indebtedness. All obligations of Borrower to indemnify
Lender expressly provided for in any one or more of the Loan Documents will survive the payment in full of all Obligations of Borrower under this Agreement and the other Loan Documents. 

SECTION 12. MISCELLANEOUS PROVISIONS. 

12.1    Time of Essence. Time is of the essence with respect to all dates and time periods in this Agreement. 

12.2    No Assignment. Neither party may assign or delegate any of the party’s rights or obligations under
this Agreement to any person without the prior written consent of the other party, which the other party may withhold in the other party’s sole discretion; provided, however, Lender may assign its rights and obligations under this Agreement and
the other Loan Documents without the consent of Borrower to any of the following people, provided that Lender shall agree to perform Lender’s obligations hereunder in the event such assignee fails to perform such obligations: (A) to one or
more of the owners of Lender, (B) to an entity that controls, is controlled by or is under common control with Lender, or (C) to a trust or other entity established by one or more of the owners of Lender for the benefit of such
owner’s spouse and/or one or more of such owner’s descendants. 
 12.3    Authority. The signatories to
this Agreement warrant that they have the authority to execute this Agreement on behalf of the party for whom they are signing, and to bind such party to the terms of this Agreement. 

  
 15 

 12.4    Binding Effect. This Agreement will be binding on
the parties and their respective heirs, personal representatives, successors, and permitted assigns, and will inure to their benefit. 

12.5    Amendment. This Agreement may be amended only by a written document signed by the party against whom
enforcement is sought. 
 12.6    Notices. All notices or other communications required or permitted by
this Agreement: 
 (a)    must be in writing; 

(b)    must be delivered to the parties at the addresses set forth below, or any other address that a party may designate
by notice to the other parties; and 
 (c)    are considered delivered: 

 

	 	(1)	 on actual receipt if delivered personally, by e-mail, or by a
nationally recognized overnight delivery service; or 

  

	 	(2)	 at the end of the third business day after the date of deposit in the United States mail, postage pre-paid, certified, return receipt requested. 

  

			
	 To Lender:
	  	To Borrower:
		
	 East Asset Management, LLC
	  	Laird Superfood, Inc.
	 7777 NW Beacon Square Blvd.
	  	P.O. Box 2270
	 Boca Raton, FL 33487
	  	Sisters, OR 97759
	 agusky@emslp.com
	  	paul@lairdsuperfood.com
	 Attn: Adam Gusky
	  	Attn: Paul Hodge
		
	 With a copy to:
	  	With a copy to:
	 David J. Lowe
	  	Jon J. Napier
	 Sherrard, German & Kelly, P.C.
	  	Karnopp Petersen LLP
	 535 Smithfield Street, Suite 300
	  	360 SW Bond Street, Suite 400
	 Pittsburgh, PA 15222
	  	Bend, OR 97702
	 djl@sgkpc.com
	  	jjn@karnopp.com

 12.7    Severability. If a provision of this Agreement is determined to be
unenforceable in any respect, the enforceability of the provision in any other respect and of the remaining provisions of this Agreement will not be impaired. 

12.8    Confidentiality. Lender shall treat all non-public information
concerning Borrower that is provided to Lender by Borrower or otherwise accessed by Lender, including without limitation the copy of Borrower’s 2016 income tax return, all information provided to Lender in each Monthly Availability Report, and
all information concerning Borrower accessed under the Security Agreement, as strictly confidential. Lender shall not disclose such information to any person without Borrower’s specific prior written authorization and shall not use such
information except in connection with this Agreement and the Loans. Notwithstanding the foregoing, Lender may disclose information concerning Borrower (i) pursuant to what Lender reasonably and in good faith believes to be the lawful
requirements or request of any Official 

  
 16 

 
Body, (ii) as required by any applicable Law, and (iii) to its attorneys, accountants and auditors. To the extent that Lender discloses any information pursuant to items (i) or
(ii) above, Lender shall endeavor to provide to the extent permitted by law prompt notice of such disclosure to Borrower.  

12.9    Further Assurances. The parties will sign other documents and take other actions reasonably necessary to
further effect and evidence this Agreement. 
 12.10    Remedies. The parties will have all remedies available to
them at law or in equity. All available remedies set forth herein and in the other Loan Documents are cumulative and may be exercised singularly or concurrently. 

12.11    Construction. The language in all parts of this Agreement shall in all cases be construed according to its
fair meaning and not strictly for or against any party. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part of it. 

12.12    Governing Law. This Agreement is governed by, and construed and enforced in accordance with the laws of
the State of Oregon, the state in which this Agreement shall be deemed to have been executed and delivered without giving effect to any conflict-of-law principle that
would result in the laws of any other jurisdiction governing this Agreement. 
 12.13    CONSENT TO JURISDICTION;
SERVICE OF PROCESS; JURY TRIAL WAIVER. 
 (A)    EXCLUSIVE JURISDICTION. EXCEPT AS
PROVIDED IN SECTION 12.13, EACH OF THE PARTIES HERETO AGREES THAT ALL DISPUTES BETWEEN THEM ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT, WHETHER ARISING IN
CONTRACT, TORT OR OTHERWISE, SHALL BE RESOLVED EXCLUSIVELY BY STATE COURTS LOCATED IN PALM BEACH COUNTY, FLORIDA OR THE FEDERAL COURTS IN THE SOUTHERN DISTRICT OF FLORIDA. EACH OF THE PARTIES HERETO WAIVES IN ALL DISPUTES BROUGHT PURSUANT TO THIS
AGREEMENT ANY OBJECTIONS THAT IT MAY HAVE TO THE LOCATION OF THE COURT CONSIDERING THE DISPUTE. 

(B)    OTHER JURISDICTIONS. BORROWER AGREES THAT LENDER SHALL HAVE THE RIGHT TO PROCEED IN A
COURT IN ANY LOCATION TO ENABLE LENDER TO (1) OBTAIN PERSONAL JURISDICTION OVER BORROWER OR ANY PROPERTY OF BORROWER, INCLUDING ANY PROPERTY WHICH IS SECURITY FOR THE OBLIGATIONS TO LENDER OR (2) TO ENFORCE A JUDGMENT OR OTHER COURT ORDER
IN FAVOR OF LENDER. BORROWER WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN THE WHICH LENDER HAS COMMENCED A PROCEEDING DESCRIBED IN THIS SUBSECTION. 

(C)    WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO OR 

  
 17 

 
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN
CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY
OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THE RIGHT TO TRIAL BY JURY. 

(D)    ADVICE OF COUNSEL. EACH OF THE PARTIES REPRESENTS AND WARRANTS TO THE OTHER PARTY HERETO
THAT IT HAS DISCUSSED, OR HAS HAD AN OPPORTUNITY TO DISCUSS, THIS AGREEMENT, AND SPECIFICALLY THE PROVISIONS OF THIS SECTION 12.13, WITH COUNSEL OF ITS OWN CHOOSING. 

12.14    Attorney’s Fees. If any arbitration, action, suit, or proceeding is instituted to interpret, enforce,
or rescind this Agreement, or otherwise in connection with the subject matter of this Agreement, the prevailing party on a claim will be entitled to recover with respect to the claim, in addition to any other relief awarded, the prevailing
party’s reasonable attorney’s fees and other fees, costs, and expenses of every kind, incurred in connection with the arbitration, action, suit, or proceeding, any appeal or petition for review, the collection of any award, or the
enforcement of any order, as determined by the arbitrator or court. 
 12.15    Entire Agreement. This Agreement
and the other Loan Documents contain the entire understanding of the parties regarding their subject matter and supersedes all prior and contemporaneous negotiations and agreements, whether written or oral, between the parties with respect to their
subject matter. 
 12.16    Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original and together shall constitute one instrument. Copies of signature by facsimile, electronic scan, or otherwise shall be treated as original signatures. 

12.17    Expenses. Borrower shall bear its expenses and legal fees incurred with respect to this Agreement and the
transactions contemplated herein. Borrower shall reimburse Lender for fees and expenses incurred by Lender in the negotiation and preparation of this Agreement and the other Loan Documents, up to a maximum reimbursable amount of $15,000. 

12.18    Attorneys. The parties understand that the law firm of Karnopp Petersen LLP has served as legal counsel to
Borrower in the negotiation of the terms of this Agreement, and does not represent Lender in connection with this Agreement. Lender acknowledges that Lender has consulted with Lender’s own legal counsel or has knowingly waived Lender’s
right to do so. 
 [signature page follows] 

  
 18 

									
	 Dated effective as of the Effective Date.
	  		  		 	
			
	 Borrower:
	  		  	Lender:
			
	 LAIRD SUPERFOOD, INC., an Oregon corporation
	  		  	EAST ASSET MANAGEMENT, LLC, a
Delaware limited liability company
					
	 By:
	 	 

  
	  	                            	  	By:	 	
                     
            

		 	 Paul Hodge, President
	  		  	Name:	 	  

		 		  		  	Title:	 	  

									
	 Dated effective as of the Effective Date.
	  		  		 	
			
	 Borrower:
	  		  	Lender:
			
	 LAIRD SUPERFOOD, INC., an Oregon corporation
	  		  	EAST ASSET MANAGEMENT, LLC, a
Delaware limited liability company
					
	 By:
	 	  
	  	                            	  	By:	 	 

  

		 	 Paul Hodge, President
	  		  	Name:	 	 Adam Gusky

		 		  		  	Title:	 	 Treasurer

 APPENDIX A 

Definitions 
 The following words shall have the
following meanings when used in this Agreement. Terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful money of the
United States of America. 
 “Agreement” means this Loan Agreement, as this Loan Agreement may be amended or modified from time to time,
together with all appendices, exhibits and schedules attached to this Loan Agreement from time to time. 
 “Borrower” means Laird
Superfood, Inc., an Oregon corporation. 
 “Borrower’s Premises” means any premises, including without limitation any warehouse,
processing facility, or other site in the United States of America, that is owned, leased, or otherwise used by Borrower in conducting its business. 

“Borrower’s Knowledge” means the actual knowledge of Paul Hodge, Laird Hamilton, or Thomas Wetherald and the knowledge each such person
could reasonably be expected to obtain in the ordinary course of such individual’s duties and responsibilities for the Company. 

“Collateral” shall have the meaning given that term as set forth in the Security Agreement. “Encumbrance” means any lien, mortgage,
pledge, security interest, or other encumbrance. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 as in effect as of
the date of this Agreement and as amended from time to time in the future. 
 “Event of Default” means and includes without limitation any
of the Events of Default set forth above in Section 8. 
 “GAAP” means generally accepted accounting principles (as such
principles may change from time to time) applied on a consistent basis (except for changes in application in which Borrower’s independent certified public accountants concur). 

“Indebtedness” means and includes all Loans, together with all other Obligations, or any one or more of them. 

“Inventory” means and includes Borrower’s Goods that are held for sale, or consist of raw materials, work in process, or materials used
or consumed in Borrower’s business, as identified under the inventory line of Borrower’s balance sheet, and that are current assets of Borrower. 

“Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or
award of any Official Body. 
 “Loan Document” or “Loan Documents” mean individually or together, as the context may
require, this Agreement, the Security Agreement, the Notes, UCC-1 financing statements filed in accordance with this Agreement and the other Loan Documents, and any and all guaranty agreements, support
agreements, 

  
 LOAN AGREEMENT –
APPENDIX A 

 
collateral assignments and other documents, instruments, certificates, assignments, and agreements now or hereafter executed and delivered in connection with this Agreement or the Indebtedness,
as any of them may be amended, modified, extended or supplemented from time to time.  
 “Material Adverse Change” shall
mean a material adverse change in (a) the business, operations, properties, assets, condition (financial or otherwise) or prospects of Borrower; (b) the ability of Borrower to perform any of its payment or other obligations under this
Agreement or any of the other Loan Documents to which it is a party; (c) the legality, validity or enforceability of the obligations of Borrower under this Agreement or any of the other Loan Documents to which it is a party; or (d) the
ability of Lender to exercise its rights and remedies with respect to, or otherwise realize upon, any of the Collateral or any other security for the obligations set forth in this Agreement or any other Loan Document, unless the material adverse
change in Lender’s ability to exercise its rights and remedies arises from or is caused by Lender’s act or omission. 
 “Notes”
means, collectively, the Promissory Note in the principal amount of up to $3,000,000.00, dated of even date herewith, made by Borrower in favor of Lender; the Promissory Note in the principal amount of up to $200,000.00, dated of even date herewith,
made by Borrower in favor of Lender; and any substitute, replacement or refinancing note or notes therefor. 
 “Obligation” or
“Obligations” means and refers to any present and future obligation of any kind owed (or all such obligations) by Borrower to Lender, including but not limited to all of Borrower’s obligations arising out of any of the Loan
Documents. 
 “Official Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission,
department or instrumentality of either, or any court, tribunal grand jury or arbitrator, in each case whether foreign or domestic. 
 “Permitted
Encumbrances” means:  
  

	 	(a)	 Encumbrances in favor of Lender; 

 

	 	(b)	 Encumbrances arising by operation of law for taxes, assessments, or government charges not yet due;

  

	 	(c)	 statutory Encumbrances for services or materials arising in the ordinary course of Borrower’s business for
which payment is not yet due; and 

  

	 	(d)	 nonconsensual Encumbrances incurred or deposits made in the ordinary course of Borrower’s business for
workers’ compensation and unemployment insurance and other types of social security. 

 “Plan” means any deferred
compensation program, including both single and multi-employer plans, subject to Title IV of ERISA and established and maintained for employees of Borrower, any Subsidiary or any controlled group of trades or businesses under common control as
defined respectively in Section 1563 and 414(c) of the Internal Revenue Code of 1986, as amended, of which Borrower or any Subsidiary is or becomes a part. 

“Potential Default” means any event or condition which, with notice or the passage of time, or both, would constitute an Event of Default.

  
 LOAN AGREEMENT –
APPENDIX A 

 “Prepaid Inventory” means and includes Goods, as identified under the prepaid inventory
line of Borrower’s balance sheet, that Borrower acquires outside of the borders of the United States of America and that have not yet arrived at or been delivered to Borrower’s Premises. Any Good that is considered Prepaid Inventory shall
cease to be Prepaid Inventory and shall constitute Inventory when it reaches Borrower’s Premises. 
 “Qualified Accounts” means an
account receivable, net of any prepayments, progress payments, deposits and retention, owing to Borrower which meets the following specifications at the time it came into existence and continues to meet such specifications until it is collected in
full: 
 (i)    The account is not more than ninety (90) days from the date of the invoice on net thirty
(30) days or similar commercially reasonable terms; 
 (ii)    The account arose from the performance of services
or an outright sale of goods by Borrower in the ordinary course of Borrower’s business and such goods have been shipped, or services provided, to the account debtor and Borrower has possession of, or has delivered to Lender, in the case of
goods, shipping and delivery receipts evidencing such shipment and, in the case of services, receipts or other evidence satisfactory to Lender that such services have been provided; 

(iii)    The account is not subject to any assignment, claim, lien, or security interest other than the Security Interest
in favor of Lender, nor any attachment, levy, garnishment or other judicial process; 
 (iv)    The account is not
subject to set-off, credit, allowance or adjustment by the account debtor, except discounts allowed for prompt payment, and the account debtor has not complained as to his liability on the account and has not
returned, or retained the right to return, any of the goods from the sale of which the account arose; 
 (v)    The
account does not arise from a sale of goods that are delivered or to be delivered outside the United States of America or from a sale of goods to an account debtor domiciled outside of the United States of America unless Borrower has arranged and
delivered to Lender letter of credit facilities satisfactory to Lender in its reasonable discretion; 
 (vi)    The
account did not arise from the performance of services or a sale of goods to a supplier, an employee or an Affiliate of Borrower; 

(vii)    The account does not arise out of contracts with the United States or any State or political subdivision thereof,
any department, agency, or instrumentality of the United States, any State or any political subdivision, unless Borrower has executed any instruments and taken any steps required by Lender in order that all monies due and to become due under such
contracts shall be assigned to Lender and notice thereof given to the government to the extent required under the Federal Assignment of Claims Act or under any similar state or local law; 

(viii)    The account does not arise with respect to an account debtor located in any state in which Borrower is required
to make one or more filings in order for its claims against account debtors to be enforceable in the courts of such states (including, without limitation, New Jersey and Minnesota); 

(ix)    The account does not constitute a finance charge or lease receivable; 

  
 LOAN AGREEMENT –
APPENDIX A 

 (x)     No notice of bankruptcy, insolvency, or material adverse change
of the account debtor has been received by or is known to Borrower; 
 (xi)    The account does not relate to or arise
from a service or maintenance contract for future services or an obligation to supply goods or materials which has a term for performance of more than thirty (30) days; and 

(xii)    Lender has not notified Borrower that Lender has determined that in its sole discretion the account or account
debtor is unsatisfactory. 
 “Security Agreement” means the Security Agreement between Borrower and Lender dated of even date herewith.

 “Security Interest” means and includes without limitation any type of collateral security, whether in the form of a lien, charge,
mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other
security or lien interest whatsoever, whether created by law, contract, or otherwise. 
 “Subsidiary” means (i) any corporation,
limited liability company, limited partnership or other entity (each, an “Entity”) of which Borrower owns, directly or indirectly through one or more Subsidiaries, either (a) 50% or more of the shares in its capital or other
interest which entitle it to vote in the election of directors or comparable persons or Entities performing similar functions or (b) a 50% interest in the profits or capital of such Entity, or (ii) any other Entity whose net earnings, or
any portion thereof, are consolidated with the net earnings of Borrower and are recorded on the books of Borrower for financial reporting purposes, and includes any entity in like relation to a Subsidiary. 

“UCC” means the Uniform Commercial Code as enacted in the State of Oregon or any other jurisdiction which controls the perfection of a
security interest in any of the Collateral in favor of Lender, in effect on the Effective Date and as amended from time to time. 

  
 LOAN AGREEMENT –
APPENDIX A

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