Document:

Exhibit 10.6

 

ASSIGNMENT OF STOCK

 

This Assignment of Stock (this
“Assignment”) is entered into as of December 31, 2022 (the “Effective Date”), by and
between Vital Behavioral Health Inc., a Nevada corporation (“Assignor”), and Afgin Investments, LLC,
a Florida limited liability company (“Assignee”). Each of Assignor and Assignee may be referred to herein as a “Party”
or collectively as the “Parties”.

 

WHEREAS, Assignor is the controlling
shareholder of VBH Kentucky Inc., a Nevada corporation (“VBHK”), and desires to assign to Assignee Three
Thousand Seven Hundred (3,700) shares of common stock, $0.001 par value, of VBHK (the “Stock”); and

 

WHEREAS, Assignee and/or its
affiliates have expended certain funds on behalf of, and contributed significant value to, VBHK in exchange for which Assignee desires
to receive the Stock from Assignor in full settlement thereof.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.       Each
of the foregoing recitals is an integral part of this Assignment and is binding upon the Parties as if set forth below in full.

 

2.       Assignor
hereby assigns all of its right, title, and interest in and to the Stock to Assignee, free and clear of any pledge, lien, or encumbrance
placed upon the Stock by Assignor.

 

3.       Assignor
makes no representations or warranties to Assignee concerning the threat or existence of any adverse claims against the Stock or VBHK
by any third parties, whether known or unknown.

 

4.       Subject
to the foregoing reservations and exceptions by Assignor with respect to the Stock and VBHK, Assignee hereby assumes all of Assignor’s
right, title, and interest in and to the Stock.

 

5.       Each
Party agrees to timely execute any and all papers and documents and do all other and further lawful acts that are necessary to give effect
to the intent of this Assignment.

 

    	 	Page 1 of 2	 

    	 

    

 

6.       Each
Party further agrees that: (i) no Party has made any representations or warranties to any other Party concerning the terms, enforceability,
and implications of this Assignment; (ii) it has had a full and fair opportunity to consult with legal counsel or other advisers of its
own choosing concerning the terms, enforceability, and implications of this Assignment; (iii) it has had a full and fair opportunity to
review, comment, and make compromise revisions to this Assignment; (iv) this Assignment will be governed by and interpreted in accordance
with the laws of the State of Nevada without giving effect to the conflicts of laws principals thereof; (v) it hereby submits to the jurisdiction
and venue of the courts located in Washoe County, Nevada, for purposes of any arbitration or litigation related to this Assignment; (vi)
each provision of this Assignment is severable, and the unenforceability or invalidity of any provision of this Assignment will not affect
the validity or enforceability of the remaining provisions of this Assignment; provided, however, that each Party will use reasonable
efforts to give effect to the economic or other intended purpose of any provision that is unenforceable or invalid; (vii) this Assignment
may be executed in counterparts, each of which when executed and delivered will be deemed an original, but all of which will constitute
one and the same instrument; and (viii) this Assignment may be executed by original, facsimile, and electronic signatures, each of which
when affixed will be deemed to be an original that is enforceable against the executing Party.

 

IN WITNESS WHEREOF, the Parties
have executed and delivered this Assignment as of the Effective Date.

 

	“ASSIGNOR”	“ASSIGNEE”
	 	 
	VITAL BEHAVIORAL HEALTH INC.	AFGIN INVESTMENTS, LLC
	 	 
	 	 
	 	 
	
    By: ______________________________

    Name: Mark W. Conte

    Title: Authorized Signatory
	
    By: ______________________________

    Name: Christina Plichta

    Title: Authorized Signatory

 

Reviewed, acknowledged, and agreed
to by:

 

VBH KENTUCKY INC.

 

 

 

By: ______________________________

Name: Mark W. Conte

Title: Authorized Signatory

 

 

Page 2 of 2Exhibit 10.7

 

ASSIGNMENT OF STOCK

 

This Assignment of Stock (this
“Assignment”) is entered into as of December 31, 2022 (the “Effective Date”), by and
between Vital Behavioral Health Inc., a Nevada corporation (“Assignor”), and USR Holdings LLC, a Florida
limited liability company (“Assignee”). Each of Assignor and Assignee may be referred to herein as a “Party”
or collectively as the “Parties”.

 

WHEREAS, Assignor is the controlling
shareholder of VBH Kentucky Inc., a Nevada corporation (“VBHK”), and desires to assign to Assignee Three
Thousand Seven Hundred (3,700) shares of common stock, $0.001 par value, of VBHK (the “Stock”); and

 

WHEREAS, Assignee and/or its
affiliates have expended certain funds on behalf of, and contributed significant value to, VBHK in exchange for which Assignee desires
to receive the Stock from Assignor in full settlement thereof.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.       Each
of the foregoing recitals is an integral part of this Assignment and is binding upon the Parties as if set forth below in full.

 

2.       Assignor
hereby assigns all of its right, title, and interest in and to the Stock to Assignee, free and clear of any pledge, lien, or encumbrance
placed upon the Stock by Assignor.

 

3.       Assignor
makes no representations or warranties to Assignee concerning the threat or existence of any adverse claims against the Stock or VBHK
by any third parties, whether known or unknown.

 

4.       Subject
to the foregoing reservations and exceptions by Assignor with respect to the Stock and VBHK, Assignee hereby assumes all of Assignor’s
right, title, and interest in and to the Stock.

 

5.       Each
Party agrees to timely execute any and all papers and documents and do all other and further lawful acts that are necessary to give effect
to the intent of this Assignment.

 

    	 	Page 1 of 2	 

    	 

    

 

6.       Each
Party further agrees that: (i) no Party has made any representations or warranties to any other Party concerning the terms, enforceability,
and implications of this Assignment; (ii) it has had a full and fair opportunity to consult with legal counsel or other advisers of its
own choosing concerning the terms, enforceability, and implications of this Assignment; (iii) it has had a full and fair opportunity to
review, comment, and make compromise revisions to this Assignment; (iv) this Assignment will be governed by and interpreted in accordance
with the laws of the State of Nevada without giving effect to the conflicts of laws principals thereof; (v) it hereby submits to the jurisdiction
and venue of the courts located in Washoe County, Nevada, for purposes of any arbitration or litigation related to this Assignment; (vi)
each provision of this Assignment is severable, and the unenforceability or invalidity of any provision of this Assignment will not affect
the validity or enforceability of the remaining provisions of this Assignment; provided, however, that each Party will use reasonable
efforts to give effect to the economic or other intended purpose of any provision that is unenforceable or invalid; (vii) this Assignment
may be executed in counterparts, each of which when executed and delivered will be deemed an original, but all of which will constitute
one and the same instrument; and (viii) this Assignment may be executed by original, facsimile, and electronic signatures, each of which
when affixed will be deemed to be an original that is enforceable against the executing Party.

 

IN WITNESS WHEREOF, the Parties
have executed and delivered this Assignment as of the Effective Date.

 

	“ASSIGNOR”	“ASSIGNEE”
	 	 
	VITAL BEHAVIORAL HEALTH INC.	USR HOLDINGS LLC
	 	 
	 	 
	 	 
	
    By: ______________________________

    Name: Mark W. Conte

    Title: Authorized Signatory
	
    By: ______________________________

    Name: Samuel Kesaris

    Title: Manager

 

Reviewed, acknowledged, and agreed
to by:

 

VBH KENTUCKY INC.

 

 

 

By: ______________________________

Name: Mark W. Conte

Title: Authorized Signatory

 

 

Page 2 of 2EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO CREDIT AGREEMENTS 

This Third Amendment to Credit Agreements (this “Amendment”) is entered into as of December 30, 2022 by and among Local
Bounti Operating Company LLC, a Delaware limited liability company and successor by merger to Local Bounti Corporation, a Delaware corporation (the “Company”), Local Bounti Corporation, a Delaware corporation formerly known as Leo
Holdings III Corp (“Holdings”) and the other Guarantors signatory hereto, the Subsidiary Borrowers signatory hereto, Cargill Financial Services International, Inc., a Delaware corporation (“CFSI”), in its capacity
as the Senior Lender (as defined below), and CFSI, in its capacity as the Subordinated Lender (as defined below). 
 The Company and CFSI
are parties to (i) a Credit Agreement dated as of September 3, 2021 (as amended by a First Amendment to Credit Agreements and Subordination Agreement dated as of March 14, 2022 (the “First Amendment”), a Second
Amendment to Credit Agreements dated as of August 11, 2022 (and effective as of June 30, 2022) (the “Second Amendment”), and as further amended, restated, supplemented or otherwise modified from time to time, the
“Senior Credit Agreement”), among the Company, certain Subsidiaries of the Company from time to time party thereto, as borrowers (the “Subsidiary Borrowers” and, together with the Company, the
“Borrowers”), and CFSI, as lender (in such capacity, the “Senior Lender”), and (ii) a Subordinated Credit Agreement dated as of September 3, 2021 (as amended by the First Amendment and the Second
Amendment, and as further amended, restated, supplemented or otherwise modified from time to time, the “Subordinated Credit Agreement” and, together with the Senior Credit Agreement, the “Credit Agreements”), among
the Company, the Subsidiary Borrowers from time to time party thereto, and CFSI, as lender (in such capacity, the “Subordinated Lender”). 

The Borrowers have requested that the Senior Lender and the Subordinated Lender make certain amendments to the Credit Agreements, and the
Senior Lender and the Subordinated Lender is each willing to grant such request on the terms and subject to the conditions set forth herein. 

ACCORDINGLY, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 1. Definitions. As used herein, capitalized terms defined in the Credit
Agreements and not otherwise defined herein shall have the meanings given them in the Credit Agreements. 
 2. Amendments to Senior
Credit Agreement. The Senior Credit Agreement is hereby amended as follows: 
 (a) Section 1.1 of the Senior Credit
Agreement is amended by adding or amending and restating, as the case may be, the following definitions: 
 “Capital
Expenditure” means, with respect to any Person, any expenditure that is required under GAAP, consistently applied, to be capitalized on the balance sheet of such Person. 

“Capital Expenditures Compliance Certificate” means a certificate substantially in the form of Exhibit G
attached hereto or such other form approved by the Lender. 

 “Minimum P&I Amount” means, as of any date of
determination occurring during the periods described in the table below, the amount set forth opposite each such applicable period: 
  

			
	 Period
	  	 Minimum P&I Amount

	The period commencing on the Third Amendment Effective Date and ending on April 1, 2024	  	$11,271,693.32
		
	The period commencing on April 2, 2024 and at all times thereafter	  	An amount equal to the sum of interest and principal payments that would be required pursuant to Section 2.3 for two (2) calendar quarters, calculated based on the outstanding principal balance of the Term Loans as of the
Term Loan Commitment Termination Date

 “Term Loan Amount” means, initially, up to $150,000,000; provided
that, from and after the First Amendment Funding Date, “Term Loan Amount” shall mean up to $127,500,000 plus the amount of the Specified 2022 PIK Interest. 

“Third Amendment Effective Date” means December 30, 2022. 

(b) Section 1.1 of the Senior Credit Agreement is further amended by deleting therefrom the definitions of “Minimum
Interest Amount” and “Qualified Reduced Interest Reserve Period”. 
 (c) Section 2.1(b) of the Senior Credit
Agreement is amended by deleting “$5,000,000” appearing in the last sentence thereof and inserting “$2,000,000” in substitution therefor. 

(d) Section 2.3(a) of the Senior Credit Agreement is amended and restated in its entirety to read as follows: 

(a) The Borrowers shall pay accrued interest on the Term Loans in cash on the first Business Day of each calendar quarter (in
arrears through the last day of the immediately preceding quarter) and on the Maturity Date. Notwithstanding the foregoing, unless a Default or Event of Default has occurred and is continuing, the quarterly interest payment of the Borrowers due and
payable on January 2, 2023 (for interest accruing for the quarter ending December 31, 2022) may be paid in kind (such interest, the “Specified 2022 PIK Interest”). The Specified 2022 PIK Interest shall be deemed paid and
discharged, without the taking of any further action by the Borrowers, by automatically adding such Specified 2022 PIK Interest to the principal balance of the Term Loans. After such Specified 2022 PIK Interest is added to the principal balance,
such Specified 2022 PIK Interest shall be treated as principal for all purposes hereunder and shall itself bear interest. 

(e) Section 2.3(b) of the Senior Credit Agreement is amended and restated in its entirety to read as follows: 

(b) In addition to any prepayments made pursuant to Sections 2.4 and 2.5, commencing on April 1, 2024, and on the first
Business Day of each calendar quarter thereafter, the Borrowers shall pay the outstanding principal balance of the Term Loans in equal consecutive quarterly installments, with such installments calculated by applying a
10-year amortization schedule to the outstanding principal balance of the Term Loans as of the Term Loan Commitment Termination Date; provided, if not sooner paid, the outstanding principal balance of
the Term Loans, all accrued interest thereon, any unpaid fees with respect thereto and all other Obligations shall be due and payable in full in cash on the Maturity Date. 

  
 -2- 

 (f) Section 2.6(a) of the Senior Credit Agreement is amended and restated in
its entirety to read as follows: 
 (a) Unused Commitment Fee. Accruing from the Closing Date until the Term Loan
Commitment Termination Date, the Borrowers agree to pay to the Lender a nonrefundable unused commitment fee (the “Unused Commitment Fee”) equal to the Unused Commitment Fee Rate (computed on the basis of a year of 360 days and
actual days elapsed) multiplied by the average daily difference between (i) the Term Loan Amount and (ii) the aggregate principal amount of Term Loans actually funded under the Term Loan Facility. All Unused Commitment Fees shall be
payable quarterly in cash on the first Business Day of each calendar quarter (in arrears through the last day of the immediately preceding quarter) and on the Term Loan Commitment Termination Date. 

(g) Section 5.2(a) of the Senior Credit Agreement is amended and restated in its entirety to read as follows: 

(a) (i) concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of the Company (x) certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto and (y) setting forth reasonably detailed calculations demonstrating compliance with the covenants set forth in Sections 6.8(a) through (e); and 

(ii) not later than 15 days after the end of each calendar month (commencing with the calendar month ending January 31,
2023), a duly completed Capital Expenditures Compliance Certificate signed by a Responsible Officer of the Company setting forth reasonably detailed calculations demonstrating compliance with the covenant set forth in Section 6.8(f) as of the
last day of such month; 
 (h) Section 5.17(b) of the Senior Credit Agreement is amended by deleting therefrom the words
“the end or expiration of the Qualified Reduced Interest Reserve Period”. 
 (i) Section 6.8 of the Senior Credit
Agreement is amended by inserting a new clause (f) immediately after clause (e) thereof to read in its entirety as follows: 

(f) Maximum Capital Expenditures. 

(i) None of the Loan Parties or Subsidiaries may make or incur Capital Expenditures with respect to any Farm Project (other
than the existing Farm Projects located at the Paragon Properties, at the Montana Property, in Pasco, Washington or in Mount Pleasant, Texas) without the prior written consent of the Lender. 

(ii) Without limiting the foregoing or any other provision of the Loan Documents, commencing January 6, 2023, the
Borrowers will not make or incur, or permit any Loan Party or Subsidiary to make or incur, Capital Expenditures for Project Costs in excess of $1,000,000 in the aggregate among all Loan Parties and Subsidiaries in any fiscal

  
 -3- 

 
year of the Company, beginning with the fiscal year ending December 31, 2023, other than (x) Capital Expenditures for Project Costs made or incurred in accordance with the Loan
Documents in respect of the existing Farm Projects located at the Paragon Properties, at the Montana Property, in Pasco, Washington or in Mount Pleasant, Texas, in an amount not to exceed 105% of the Initial Construction Budget for such existing
Farm Project (provided that the Borrowers shall have delivered, or caused to be delivered, to the Lender an Initial Construction Budget in respect of such existing Farm Project, in form and substance satisfactory to the Lender in its reasonable
discretion), and (y) Capital Expenditures for the restoration, repair or replacement of any fixed or capital asset of such Person that was destroyed or damaged, in whole or in part, to the extent paid from proceeds of an insurance policy
maintained by such Person or any reimbursement or indemnification payment made by a third party to such Person and, in each case, netting from such expenditures any credit or offset received by such Person on account of assets sold or traded-in concurrently therewith. 
 (j) Exhibit B to the Senior Credit Agreement is
amended and restated in its entirety in the form of Exhibit B attached hereto. 
 (k) The Senior Credit Agreement is
amended by adding a new Exhibit G in the form of Exhibit G attached hereto. 
 3. Amendments to Subordinated Credit Agreement.
The Subordinated Credit Agreement is hereby amended as follows: 
 (a) Section 1.1 of the Subordinated Credit Agreement is
amended by adding or amending and restating, as the case may be, the following definitions: 
 “Capital
Expenditure” means, with respect to any Person, any expenditure that is required under GAAP, consistently applied, to be capitalized on the balance sheet of such Person. 

“Capital Expenditures Compliance Certificate” means a certificate substantially in the form of Exhibit G
attached hereto or such other form approved by the Lender. 
 “Minimum Interest Amount” means, as of any
date of determination occurring during the periods described in the table below, the amount set forth opposite each such applicable period: 
  

			
	 Period
	  	 Minimum Interest Amount

	The period commencing on the Third Amendment Effective Date and ending on April 1, 2024	  	$0
		
	The period commencing on April 2, 2024 and at all times thereafter	  	An amount equal to interest payments that would be required for two (2) calendar quarters, calculated based on the aggregate principal balance of outstanding Term Loans during such period

 “Term Loan Amount” means, initially, up to $50,000,000; provided that, from
and after the First Amendment Funding Date, “Term Loan Amount” shall mean up to $42,500,000 plus the amount of the Specified 2022 PIK Interest. 

“Third Amendment Effective Date” means December 30, 2022. 

  
 -4- 

 (b) Section 1.1 of the Subordinated Credit Agreement is further amended by
deleting therefrom the definitions of “Initial Minimum Interest Amount” and “Qualified Reduced Interest Reserve Period”. 

(c) Section 2.3(a) of the Subordinated Credit Agreement is amended and restated in its entirety to read as follows: 

(a) The Borrowers shall pay accrued interest on the Term Loans in cash on the first Business Day of each calendar quarter (in
arrears through the last day of the immediately preceding quarter) and on the Maturity Date. Notwithstanding the foregoing, unless a Default or Event of Default has occurred and is continuing, the quarterly interest payment of the Borrowers due and
payable on January 2, 2023 (for interest accruing for the quarter ending December 31, 2022) may be paid in kind (such interest, the “Specified 2022 PIK Interest”). The Specified 2022 PIK Interest shall be deemed paid and
discharged, without the taking of any further action by the Borrowers, by automatically adding such Specified 2022 PIK Interest to the principal balance of the Term Loans. After such Specified 2022 PIK Interest is added to the principal balance,
such Specified 2022 PIK Interest shall be treated as principal for all purposes hereunder and shall itself bear interest. 

(d) Section 2.6(a) of the Subordinated Credit Agreement is amended and restated in its entirety to read as follows: 

(a) Unused Commitment Fee. Accruing from the Closing Date until the Term Loan Commitment Termination Date, the Borrowers
agree to pay to the Lender a nonrefundable unused commitment fee (the “Unused Commitment Fee”) equal to the Unused Commitment Fee Rate (computed on the basis of a year of 360 days and actual days elapsed) multiplied by the average
daily difference between (i) the Term Loan Amount and (ii) the aggregate principal amount of Term Loans actually funded under the Term Loan Facility. All Unused Commitment Fees shall be payable quarterly in cash on the first Business Day
of each calendar quarter (in arrears through the last day of the immediately preceding quarter) and on the Term Loan Commitment Termination Date. 

(e) Section 5.2(a) of the Subordinated Credit Agreement is amended and restated in its entirety to read as follows: 

(a) (i) concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of the Company (x) certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto and (y) setting forth reasonably detailed calculations demonstrating compliance with the covenants set forth in Sections 6.8(a) through (e); and 

(ii) not later than 15 days after the end of each calendar month (commencing with the calendar month ending January 31,
2023), a duly completed Capital Expenditures Compliance Certificate signed by a Responsible Officer of the Company setting forth reasonably detailed calculations demonstrating compliance with the covenant set forth in Section 6.8(f) as of the
last day of such month; 

  
 -5- 

 (f) Section 5.17(b) of the Subordinated Credit Agreement is amended by
deleting therefrom the words “the end or expiration of the Qualified Reduced Interest Reserve Period”. 
 (g)
Section 6.8 of the Subordinated Credit Agreement is amended by inserting a new clause (f) immediately after clause (e) thereof to read in its entirety as follows: 

(f) Maximum Capital Expenditures. 

(i) None of the Loan Parties or Subsidiaries may make or incur Capital Expenditures with respect to any Farm Project (other
than the existing Farm Projects located at the Paragon Properties, at the Montana Property, in Pasco, Washington or in Mount Pleasant, Texas) without the prior written consent of the Lender. 

(ii) Without limiting the foregoing or any other provision of the Loan Documents, commencing January 6, 2023, the
Borrowers will not make or incur, or permit any Loan Party or Subsidiary to make or incur, Capital Expenditures for Project Costs in excess of $1,000,000 in the aggregate among all Loan Parties and Subsidiaries in any fiscal year of the Company,
beginning with the fiscal year ending December 31, 2023, other than (x) Capital Expenditures for Project Costs made or incurred in accordance with the Loan Documents in respect of the existing Farm Projects located at the Paragon
Properties, at the Montana Property, in Pasco, Washington or in Mount Pleasant, Texas, in an amount not to exceed 105% of the Initial Construction Budget for such existing Farm Project (provided that the Borrowers shall have delivered, or caused to
be delivered, to the Lender an Initial Construction Budget in respect of such existing Farm Project, in form and substance satisfactory to the Lender in its reasonable discretion), and (y) Capital Expenditures for the restoration, repair or
replacement of any fixed or capital asset of such Person that was destroyed or damaged, in whole or in part, to the extent paid from proceeds of an insurance policy maintained by such Person or any reimbursement or indemnification payment made by a
third party to such Person and, in each case, netting from such expenditures any credit or offset received by such Person on account of assets sold or traded-in concurrently therewith. 

(h) The Subordinated Credit Agreement is amended by adding a new Exhibit G in the form of Exhibit G attached hereto.

 4. References. All references in each Credit Agreement to “this Agreement” shall be deemed to refer to such Credit
Agreement as amended hereby and any and all references in any other Loan Documents to the Credit Agreements shall be deemed to refer to the Credit Agreements as amended hereby. 

5. No Other Changes. Except as expressly set forth herein, all terms of each Credit Agreement and each of the other Loan Documents
remain in full force and effect. 
 6. Representations and Warranties. Each Loan Party represents and warrants to the Senior Lender
and the Subordinated Lender as follows: 
 (a) Such Loan Party is a corporation or limited liability company, as applicable,
duly formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization. Each Loan Party (i) has all requisite power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (A) own or lease its assets and carry on its business and (B) execute and deliver this Amendment and perform its obligations under this Amendment, the Credit Agreements as amended hereby and each agreement,
instrument or 

  
 -6- 

 
document entered into pursuant to any of the foregoing (collectively, the “Amendment Documents”), and (ii) is duly qualified and is licensed and, if applicable, in good
standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, except, in the case of clause (ii), in jurisdictions where the failure to be so
qualified or in good standing, individually or in the aggregate, has not had and could not reasonably be expected to result in a Material Adverse Effect. 

(b) The execution and delivery by such Loan Party of this Amendment, and the performance by such Loan Party of the Amendment
Documents, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of its Organizational Documents, (ii) conflict with or result in any breach or contravention
of, or the creation of any Lien under, or require any payment to be made under, (A) any Contractual Obligation (including, without limitation, any Material Agreement or any Contractual Obligation relating to borrowed money) to which such Loan
Party is a party or affecting any such Loan Party or the properties of such Loan Party or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject, or
(iii) violate any Law other than any violation, in the case of this clause (iii), that could not reasonably be expected to result in a Material Adverse Effect. 

(c) This Amendment has been duly executed and delivered by such Loan Party. Each Amendment Document constitutes a legal, valid
and binding obligation of each Loan Party that is a party thereto, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or
other Laws affecting creditors’ rights generally and by general principles of equity. 
 (d) All of the representations
and warranties contained in the Loan Documents, including without limitation in Article III of each Credit Agreement, are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by
materiality, in all respects) on and as of the date hereof. 
 (e) No Default or Event of Default has occurred and is
continuing, or would result from, (i) the execution and delivery of this Amendment or (ii) the consummation of the transactions contemplated under this Amendment or the Credit Agreements as amended hereby. 

7. Effectiveness. This Amendment shall be effective as of the date hereof only if the Senior Lender and the Subordinated Lender has
each received, on or before the date of this Amendment, a copy of this Amendment, in form and substance acceptable to the Senior Lender and the Subordinated Lender in their sole discretion and duly executed by the Loan Parties, the Senior Lender and
the Subordinated Lender. 
 8. No Waiver or Extension. Neither the execution of this Amendment or of any other agreement, instrument
or document contemplated hereunder, nor any oral communication between the Senior Lender, the Subordinated Lender and any Loan Party, nor the making of any financial accommodation, nor any acceptance of any payment of the Obligations, shall be
deemed to be a waiver of any Default or Event of Default or any other breach, default or event of default under any Loan Document or other document held by the Senior Lender or the Subordinated Lender, whether or not known to the Senior Lender or
the Subordinated Lender and whether or not existing on the date hereof. 
 9. Release of Lenders. By its signature below, each Loan
Party, for itself and on behalf of its respective present and former shareholders, members, directors and officers thereof and such Loan Party’s successors (including, without limitation, any trustees or receivers acting on behalf of such Loan
Party and any debtor-in-possession with respect to such Loan Party), assigns, subsidiaries and Affiliates 

  
 -7- 

 
(collectively, the “Releasors”), hereby absolutely and unconditionally releases and forever discharges each of the Senior Lender and the Subordinated Lender, and any and all of
the Senior Lender’s and the Subordinated Lender’s respective participants, parent companies, subsidiaries, Affiliates, insurers, indemnitors, successors and assigns, together with all of the present and former directors, officers, agents
and employees of any of the foregoing (collectively, the “Released Parties”), from any and all claims, demands or causes of action of any kind, nature or description, whether arising in Law or equity or upon contract or tort or
under any state or federal Law or otherwise, which any Releasor has had, now has or has made claim to have against any Released Party for or by reason of any act, omission, matter, cause or thing whatsoever occurring or arising prior to the date of
this Amendment, whether such claims, demands and causes of action are matured or unmatured, known or unknown, liquidated or unliquidated, matured or unmatured, or fixed or contingent. 

10. Acknowledgment and Agreement of Guarantors. By its signature below, each Guarantor (i) consents to the terms and execution of
this Amendment; (ii) acknowledges that (x) all indebtedness arising under the Senior Credit Agreement, as amended hereby, constitutes indebtedness guarantied under each Guaranty (as defined in the Senior Credit Agreement) and secured by
the Security Agreement (as defined in the Senior Credit Agreement), and (y) all indebtedness arising under the Subordinated Credit Agreement, as amended hereby, constitutes indebtedness guarantied under each Guaranty (as defined in the
Subordinated Credit Agreement) and secured by the Security Agreement (as defined in the Subordinated Credit Agreement); (iii) reaffirms (x) all of its obligations to the Senior Lender pursuant to the terms of its Guaranty (as defined in the
Senior Credit Agreement), the Security Agreement (as defined in the Senior Credit Agreement) and the other Loan Documents (as defined in the Senior Credit Agreement) to which it is a party, and (y) all of its obligations to the Subordinated
Lender pursuant to the terms of its Guaranty (as defined in the Subordinated Credit Agreement), the Security Agreement (as defined in the Subordinated Credit Agreement) and the other Loan Documents (as defined in the Subordinated Credit Agreement)
to which it is a party; and (iv) acknowledges that (x) the Senior Lender may amend, restate, extend, renew or otherwise modify the Senior Credit Agreement and any indebtedness or agreement of the Borrowers thereunder, or enter into any
agreement or extend additional or other credit accommodations in connection therewith, without notifying or obtaining the consent of such Guarantor and without impairing the liability of such Guarantor under any Guaranty (as defined in the Senior
Credit Agreement), the Security Agreement (as defined in the Senior Credit Agreement) or any other Loan Document (as defined in the Senior Credit Agreement) to which it is a party, and (y) the Subordinated Lender may amend, restate, extend,
renew or otherwise modify the Subordinated Credit Agreement and any indebtedness or agreement of the Borrowers thereunder, or enter into any agreement or extend additional or other credit accommodations in connection therewith, without notifying or
obtaining the consent of such Guarantor and without impairing the liability of such Guarantor under any Guaranty (as defined in the Subordinated Credit Agreement), the Security Agreement (as defined in the Subordinated Credit Agreement) or any other
Loan Document (as defined in the Subordinated Credit Agreement) to which it is a party. 
 11. Costs and Expenses. Each Borrower
hereby reaffirms its obligation under Section 8.3(a) of each Credit Agreement to pay or reimburse the Senior Lender or the Subordinated Lender, as applicable, for all reasonable and documented out-of-pocket expenses incurred by the Senior Lender or the Subordinated Lender, as applicable, and their respetive Affiliates (including the reasonable and documented fees, charges and disbursements of
outside counsel for the Senior Lender and the Subordinated Lender) to the extent required pursuant to Section 8.3(a) of each Credit Agreement, in connection with the preparation, negotiation, execution, delivery and administration of this
Amendment and the other documents, agreements and certificates contemplated hereunder. 

  
 -8- 

 12. Miscellaneous. This Amendment shall be governed by, and construed in accordance
with, the internal law of the State of New York (without giving effect to the conflict of laws principles thereof other than Sections 5-1401 and 5-1402 of the New York
General Obligations Law, which shall apply to this Amendment and all documentation hereunder). This Amendment, together with the Credit Agreements as amended hereby and the other Loan Documents, comprises the final and complete integration of all
prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to such subject matter, superseding all prior oral or written understandings. Any
provision of this Amendment which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by e-mail transmission
of a PDF or similar copy shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart signature page by facsimile or by e-mail
transmission shall also deliver an original executed counterpart, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability or binding effect of this Amendment. 

Signature pages follow. 

  
 -9- 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year
first above written.  
  

			
	 LOCAL BOUNTI OPERATING COMPANY LLC,
as Borrower

 
			
		
	 By:
	 	/s/ Kathleen Valiasek
	 Name: Kathleen Valiasek

	 Title:   Chief Financial Officer

	
	 BOUNTI BITTERROOT LLC, as Borrower

 
			
		
	By:	 	/s/ Kathleen Valiasek
	 Name: Kathleen Valiasek

	 Title:   Chief Financial Officer

	
	 CONTROLLED ENVIRONMENT PROPERTY COMPANY, LLC, as
Borrower

 
					
		
		 	 By: LOCAL BOUNTI OPERATING COMPANY LLC, its sole member

			
	       
	 	 By:
	 	/s/ Kathleen Valiasek
		 	 Name: Kathleen Valiasek

		 	 Title:   Chief Financial Officer

	
	 GROW BOUNTI NORTHWEST, LLC, as Borrower

		
		 	 By: CONTROLLED ENVIRONMENT PROPERTY COMPANY, LLC, its sole
member

 
							
			
	       
	 	       
	 	 By: LOCAL BOUNTI OPERATING COMPANY LLC, its sole member

				
		 		 	 By:
	 	/s/ Kathleen Valiasek
		 		 	 Name: Kathleen Valiasek

		 		 	 Title:   Chief Financial Officer

  
 Signature Page to
Third Amendment to Credit Agreements 

 
			
	 531 FOLEY LANE HAMILTON, LLC, as Borrower

 
			
		
	 By:
	 	/s/ Kathleen Valiasek
	 Name: Kathleen Valiasek

	Title:   President
	
	 LOCAL BOUNTI CORPORATION, as Holdings

 
			
		
	 By:
	 	/s/ Kathleen Valiasek
	 Name: Kathleen Valiasek

	Title:   Chief Financial Officer

  
 Signature Page to
Third Amendment to Credit Agreements 

 
			
	 2139 E. 8TH STREET GREELEY, LLC, as Guarantor

		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President
	
	HOLLANDIA PRODUCE GROUP, INC., as Guarantor
		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President
	
	 HOLLANDIA PRODUCE GA, LLC, as Guarantor

		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President
	
	ADVANCED SUSTAIN ABILITY, LLC, as Guarantor
		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President
	
	 HOLLANDIA REAL ESTATE, LLC, as Guarantor

		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President
	
	 GREEN GROWTH CONSULTING, LLC, as Guarantor

		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President

  
 Signature Page to
Third Amendment to Credit Agreements 

 
			
	 HOLLANDIA FLOWERS, LLC, as Guarantor

		
	By:	 	/s/ Kathleen Valiasek
	Name : Kathleen Valiasek
	Title:    President
	
	 HOLLANDIA PRODUCE, LLC, as Guarantor

		
	By:	 	/s/ Kathleen Valiasek
	Name: Kathleen Valiasek
	Title:   President

  
 Signature Page to
Third Amendment to Credit Agreements 

 
			
	 CARGILL FINANCIAL SERVICES INTERNATIONAL, INC., as Senior
Lender

		
	By:	 	/s/ Erik Haugen
	Name: Erik Haugen
	Title:   TM Settlement Manager
	
	 CARGILL FINANCIAL SERVICES INTERNATIONAL, INC., as Subordinated
Lender

		
	By:	 	/s/ Erik Haugen
	Name: Erik Haugen
	Title:   TM Settlement Manager

  
 Signature Page to
Third Amendment to Credit Agreements

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